ADAG Adagene Inc. - ADS, each representing 1.25 ordinary shares
NASDAQ · Biotechnology · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Apr 1, 2026
$2.85
· of 52w range
· above low
· to high
$1.3052w low
$4.8552w high
Market Cap
$169M
P/E
-9.5
EPS
$-0.30
Revenue
$8M
your badges
52W Range
$1–$5
Analyst Rating
BUY
Price Target
$10
P/E
-9.5
ROE
-41.0%
Net Profit Margin
-229.6%
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ADAG Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$2.85
Market Cap
$169M
P/E
-9.5
EPS
$-0.30
Revenue
$8M
ROE
-41.0%
Debt/Equity
0.1
52W Range
$1–$5
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue$8M2018-12-31 → 2025-12-31
EPS$-0.302018-12-31 → 2025-12-31
Free Cash Flow$-16M2020-12-31 → 2025-12-31
Net margin-229.6%2020-12-31 → 2025-12-31
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | ADAG | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E | -9.55Y avg ≈-4.3 | ≈-4.3 | · | · | |
| P/S | 22.05Y avg ≈241.4 | ≈241.4 | · | · | |
| P/B | 4.85Y avg ≈2.1 | ≈2.1 | · | · | |
| EV / EBITDA | -4.65Y avg ≈-1.4 | ≈-1.4 | · | · | |
| Price / FCF | -10.85Y avg ≈-5.2 | ≈-5.2 | · | · | |
| Price / Cash Flow | -10.85Y avg ≈-5.3 | ≈-5.3 | · | · | |
| EV / Revenue | 12.55Y avg ≈93.2 | ≈93.2 | · | · | |
| EV / FCF | -6.15Y avg ≈-1.9 | ≈-1.9 | · | · | |
| Price / Tangible Book | 4.85Y avg ≈2.1 | ≈2.1 | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | ADAG | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Operating Margin | -279.5%5Y avg ≈-7372.0% | ≈-7372.0% | · | · | |
| EBITDA Margin | -273.8%5Y avg ≈-7225.0% | ≈-7225.0% | · | · | |
| Pretax Margin | -233.4%5Y avg ≈-6858.1% | ≈-6858.1% | · | · | |
| Net Profit Margin | -229.6%5Y avg ≈-6860.1% | ≈-6860.1% | · | · | |
| ROA | -21.0%5Y avg ≈-33.6% | ≈-33.6% | · | · | |
| ROE | -41.0%5Y avg ≈-81.1% | ≈-81.1% | · | · | |
| ROIC | -56.7%5Y avg ≈-54.6% | ≈-54.6% | · | · |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | ADAG | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Debt / Equity | 0.15Y avg ≈0.2 | ≈0.2 | · | · | |
| Current Ratio | 3.15Y avg ≈3.6 | ≈3.6 | · | · | |
| Quick Ratio | 3.05Y avg ≈3.4 | ≈3.4 | · | · | |
| Long-Term Debt / Equity | 0.05Y avg ≈0.1 | ≈0.1 | · | · |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
No data for this ratio group yet
Not enough fundamentals data to compute this ratio group yet.
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | ADAG | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.15Y avg ≈0.1 | ≈0.1 | · | · | |
| Revenue / Employee | ≈$59.9K | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-143.8%
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2025 | $-0.39 | $-0.35 | -12.5% | |
| Dec. 31, 2020 | $-1.55 | $-0.41 | -275.2% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $8M | $103.2K | $18M | $9M | $10M | $700.9K | $480.0K | |
| R&D Expense | $22M | $29M | $37M | $81M | $68M | $34M | $16M | |
| SG&A Expense | $7M | $7M | $9M | $12M | $14M | $10M | $3M | |
| Operating Income | $-21M | $-36M | $-24M | $-84M | $-72M | $-43M | $-19M | |
| Interest Expense | · | · | $1M | $693.3K | $363.8K | $202.2K | $138.1K | |
| Interest Income | $2M | $4M | $4M | $377.5K | · | · | · | |
| Pretax Income | $-18M | $-33M | $-17M | $-80M | $-71M | $-42M | $-16M | |
| Income Tax | $-297.9K | $-17.6K | $2M | $459.1K | $2M | · | · | |
| Net Income | $-18M | $-33M | $-19M | $-80M | $-73M | $-42M | $-16M | |
| EPS (Basic) | $-0.30 | $-0.59 | $-0.35 | $-1.48 | $-1.46 | $-2.67 | $-1.10 | |
| EPS (Diluted) | $-0.30 | $-0.59 | $-0.35 | $-1.48 | $-1.46 | $-2.67 | $-1.10 | |
| Shares (Basic) | 59,006,129 | 56,287,903 | 54,737,530 | 54,135,084 | 50,032,009 | 15,950,698 | 15,178,232 | |
| Shares (Diluted) | 59,006,129 | 56,287,903 | 54,737,530 | 54,135,084 | 50,032,009 | 15,950,698 | 15,178,232 | |
| EBITDA | $-21M | $-35M | $-23M | $-83M | $-71M | $-42M | · |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $75M | $85M | $110M | $144M | $174M | $75M | $93M | |
| Short-term Investments | $0 | $0 | $0 | · | · | · | $8M | |
| Receivables | · | · | · | · | $3M | · | $480.0K | |
| Prepaid Expense | $3M | $3M | $3M | $5M | $4M | $4M | $1M | |
| Other Current Assets | $1M | $527.7K | $905.4K | $805.0K | $619.9K | $259.8K | $67.9K | |
| Current Assets | $77M | $88M | $113M | $149M | $186M | $79M | $104M | |
| PP&E (Net) | $717.4K | $1M | $2M | $3M | $3M | $2M | $2M | |
| PP&E (Gross) | $9M | $8M | $9M | $9M | $9M | $6M | $5M | |
| Accum. Depreciation | $8M | $7M | $7M | $6M | $5M | $4M | $3M | |
| Other Non-current Assets | $25.2K | $81.4K | $84.9K | $109.6K | $69.3K | $3M | $87.2K | |
| Total Assets | $78M | $89M | $116M | $152M | $190M | $84M | $106M | |
| Accounts Payable | $3M | $4M | $3M | $4M | $3M | $2M | $712.7K | |
| Current Liabilities | $25M | $38M | $31M | $55M | $30M | $16M | $7M | |
| Capital Leases | $53.5K | $142.3K | $173.7K | $53.8K | · | · | · | |
| Deferred Tax | · | · | · | · | $44.2K | · | · | |
| Other Non-current Liabilities | · | · | · | $28.7K | $94.1K | $92.0K | · | |
| Total Liabilities | $26M | $39M | $45M | $69M | $33M | $19M | $9M | |
| Long-term Debt | $2M | $13M | $18M | $17M | $4M | $4M | $2M | |
| Total Debt | $2M | $13M | $18M | $17M | $4M | $4M | · | |
| Common Stock | $5.9K | $5.9K | $5.5K | $5.5K | $5.6K | $1.9K | $1.5K | |
| Paid-in Capital | $366M | $362M | $350M | $343M | $336M | $24M | $7M | |
| Retained Earnings | $-329M | $-311M | $-278M | $-259M | $-179M | $-106M | $-63M | |
| Treasury Stock | · | · | $4 | $4 | $619.6K | · | · | |
| AOCI | $-2M | $-526.9K | $-2M | $-849.3K | $-94.0K | $-351.0K | $-344.9K | |
| Stockholders' Equity | $35M | $51M | $71M | $83M | $157M | $-89M | $-57M | |
| Liabilities + Equity | $78M | $89M | $116M | $152M | $190M | $84M | $106M | |
| Shares Outstanding | 59,231,993 | 58,886,944 | 55,145,839 | 54,065,709 | 54,595,667 | 16,603,070 | 15,193,136 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| D&A | $438.9K | $723.0K | $980.1K | $1M | $1M | $858.4K | $816.7K | |
| Stock-based Comp | $4M | $5M | $7M | $11M | $19M | $10M | $611.7K | |
| Deferred Tax | · | · | · | $-44.2K | $44.2K | · | · | |
| Other Non-cash | $-2M | $-2M | $-18M | $20M | $10M | $3M | · | |
| Operating Cash Flow | $-16M | $-30M | $-28M | $-49M | $-43M | $-29M | $-18M | |
| CapEx | $17.1K | $33.6K | $85.0K | $690.9K | $3M | $935.2K | $151.8K | |
| Investing Cash Flow | $476.8K | $1M | $-77.4K | $-686.0K | $-3M | $7M | $25M | |
| Stock Issued | · | $7M | · | · | · | · | · | |
| Stock Repurchased | · | · | · | $4M | $2M | · | · | |
| Net Stock Activity | · | $7M | · | $-4M | $-2M | · | · | |
| Financing Cash Flow | $4M | $4M | $-5M | $18M | $145M | $4M | $70M | |
| Net Change in Cash | $-11M | $-25M | $-34M | $-31M | $99M | $-17M | $76M | |
| Taxes Paid | $1.6K | $33.9K | $1M | $2M | · | · | · | |
| Free Cash Flow | $-16M | $-30M | $-29M | $-49M | $-46M | $-29M | · | |
| Levered FCF | · | · | $-30M | $-50M | $-46M | · | · |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | -279.5% | -34835.4% | -131.0% | -903.1% | -711.2% | -6156.5% | · | |
| Net Margin | -229.6% | -32386.5% | -104.6% | -860.6% | -719.2% | -6048.9% | · | |
| Pretax Margin | -233.4% | -32403.5% | -95.3% | -855.6% | -702.4% | -6048.9% | · | |
| EBITDA Margin | -273.8% | -34134.9% | -125.6% | -890.8% | -700.1% | -6034.0% | · | |
| ROA | -21.0% | -32.6% | -14.1% | -46.8% | -53.5% | -44.6% | · | |
| ROE | -41.0% | -55.2% | -24.7% | -66.7% | -217.9% | 57.9% | · | |
| ROIC | -56.7% | -56.3% | -29.5% | -84.3% | -46.0% | · | · |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.1 | 2.3 | 3.6 | 2.7 | 6.2 | 4.9 | · | |
| Quick Ratio | 3.0 | 2.2 | 3.5 | 2.6 | 5.9 | 4.7 | · | |
| Debt / Equity | 0.1 | 0.3 | 0.3 | 0.2 | 0.0 | -0.0 | · | |
| LT Debt / Equity | 0.0 | 0.0 | 0.2 | 0.2 | 0.0 | -0.0 | · | |
| Interest Coverage | · | · | -21.4 | -121.0 | -198.9 | -213.4 | · |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.0 | 0.1 | 0.1 | 0.1 | 0.0 | · | |
| Receivables Turnover | · | · | · | · | 5.8 | · | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $0.60 | $0.86 | $1.28 | $1.54 | $2.87 | $-5.38 | · | |
| Revenue / Share | $0.13 | $0.00 | $0.33 | $0.17 | $0.20 | $0.04 | · | |
| Cash Flow / Share | $-0.27 | $-0.53 | $-0.52 | $-0.90 | $-0.87 | $-1.79 | · | |
| Cash / Share | $1.26 | $1.45 | $1.99 | $2.66 | $3.19 | $4.53 | · | |
| EPS (TTM) | $-0.30 | $-0.59 | $-0.35 | $-1.48 | $-1.46 | $-2.67 | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $8M | $103.2K | $18M | $9M | $10M | $700.9K | · | |
| Net Income TTM | $-18M | $-33M | $-19M | $-80M | $-73M | $-42M | · | |
| Market Cap | $112M | $117M | $106M | $72M | $440M | · | · | |
| Enterprise Value | $39M | $45M | $14M | $-55M | $270M | · | · | |
| P/E | -6.3 | -3.4 | -5.5 | -0.9 | -5.5 | · | · | |
| P/S | 14.6 | 1135.5 | 5.9 | 7.7 | 43.3 | · | · | |
| P/B | 3.2 | 2.3 | 1.5 | 0.9 | 2.8 | · | · | |
| P / Tangible Book | 3.2 | 2.3 | 1.5 | 0.9 | 2.8 | · | · | |
| P / Cash Flow | -7.1 | -3.9 | -3.7 | -1.5 | -10.1 | · | · | |
| P / FCF | -7.1 | -3.9 | -3.7 | -1.5 | -9.6 | · | · | |
| EV / EBITDA | -1.9 | -1.3 | -0.6 | 0.7 | -3.8 | · | · | |
| EV / FCF | -2.5 | -1.5 | -0.5 | 1.1 | -5.9 | · | · | |
| EV / Revenue | 5.1 | 439.2 | 0.8 | -5.9 | 26.6 | · | · | |
| Earnings Yield | -15.9% | -29.6% | -18.1% | -111.7% | -18.1% | · | · |
No quarterly filings for ADAG
We don't have SEC filings for this ticker yet.
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Revenue | $8M | $103.2K | $18M | $9M | $10M |
| Operating Margin % | -279.5% | -34835.4% | -131.0% | -903.1% | -711.2% |
| Net Income | $-18M | $-33M | $-19M | $-80M | $-73M |
| Diluted EPS | $-0.30 | $-0.59 | $-0.35 | $-1.48 | $-1.46 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Debt / Equity | 0.1 | 0.3 | 0.3 | 0.2 | 0.0 |
| Current Ratio | 3.1 | 2.3 | 3.6 | 2.7 | 6.2 |
| Quick Ratio | 3.0 | 2.2 | 3.5 | 2.6 | 5.9 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $-16M | $-30M | $-29M | $-49M | $-46M |
Institutional owners (13F) 35 filers · $53.6M total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Holders
35
Value held
$53.6M
New positions
17
Exited positions
5
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 17 (+8 vs prior Q) | 5 (+2 vs prior Q) | 9 (+6 vs prior Q) | 5 (-1 vs prior Q) | +9.9M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| Siren, L.L.C. | $11,199,997 | 2,666,666 | 20.90% | Shares |
| DEERFIELD MANAGEMENT COMPANY, L.P. | $11,199,997 | 2,666,666 | 20.90% | Shares |
| AMERIPRISE FINANCIAL INC | $7,210,186 | 1,716,711 | 13.45% | Shares |
| HSG Holding Ltd | $5,642,129 | 1,343,364 | 10.53% | Shares |
| Squadron Capital Management LLC | $5,250,000 | 1,250,000 | 9.80% | Shares |
| Dauntless Investment Group, LLC | $2,256,366 | 537,230 | 4.21% | Shares |
| CITADEL ADVISORS LLC | $2,129,123 | 506,934 | 3.97% | Shares |
| Exome Asset Management LLC | $2,050,831 | 488,293 | 3.83% | Shares |
| Birchview Capital, LP | $1,008,000 | 240,000 | 1.88% | Shares |
| MONETA GROUP INVESTMENT ADVISORS LLC | $840,000 | 200,000 | 1.57% | Shares |
| Pathstone Holdings, LLC | $838,362 | 199,610 | 1.56% | Shares |
| Mill Creek Capital Advisors, LLC | $782,471 | 199,610 | 1.46% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $615,300 | 146,500 | 1.15% | Shares |
| UBS Group AG | $521,065 | 124,063 | 0.97% | Shares |
| GOLDMAN SACHS GROUP INC | $443,512 | 105,598 | 0.83% | Shares |
| Quadrature Capital Ltd | $338,045 | 80,487 | 0.63% | Shares |
| MARSHALL WACE, LLP | $290,222 | 69,100 | 0.54% | Shares |
| Invesco Ltd. | $180,369 | 42,945 | 0.34% | Shares |
| SmartHarvest Portfolios, LLC | $175,115 | 41,694 | 0.33% | Shares |
| Kamunting Street Capital Management, L.P. | $160,000 | 38,070 | 0.30% | Shares |
| JANE STREET GROUP, LLC | $115,441 | 27,486 | 0.22% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $75,574 | 17,994 | 0.14% | Shares |
| ROYAL BANK OF CANADA | $72,000 | 17,070 | 0.13% | Shares |
| XTX Topco Ltd | $51,542 | 12,272 | 0.10% | Shares |
| TWO SIGMA INVESTMENTS, LP | $50,203 | 11,953 | 0.09% | Shares |
| MORGAN STANLEY | $33,436 | 7,961 | 0.06% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $33,180 | 7,900 | 0.06% | Shares |
| HUNTINGTON NATIONAL BANK | $10,349 | 2,464 | 0.02% | Shares |
| WELLS FARGO & COMPANY/MN | $6,355 | 1,513 | 0.01% | Shares |
| Tower Research Capital LLC (TRC) | $4,444 | 1,058 | 0.01% | Shares |
| BlackRock, Inc. | $2,667 | 635 | 0.00% | Shares |
| JPMORGAN CHASE & CO | $1,912 | 452 | 0.00% | Shares |
| Caitong International Asset Management Co., Ltd | $202 | 48 | 0.00% | Shares |
| HRT FINANCIAL LP | $91 | 21,735 | 0.00% | Shares |
| SBI Securities Co., Ltd. | $55 | 13 | 0.00% | Shares |
Activists & 5%+ owners 1 position
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Peter Luo, HAN 2020 Irrevocable Trust ×5 filings | June 8, 2026 | 11.20% | Amendment | Passive investment | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
Company insiders 6 insiders · 2 officers · 4 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Peter Luo | Chief Executive Officer | Sept. 16, 2026 P | 88,535 | 3 | 0 | $148,758 |
| Man Kin Tam | Chief Financial Officer | Sept. 23, 2026 P | 12,000 | 1 | 0 | $6,000 |
| DO CUONG V | Director | Aug. 14, 2026 P | 2,000 | 1 | 0 | $7,500 |
| Ulf Grawunder | Director | Aug. 13, 2026 A | · | 0 | 0 | $0 |
| Andy Yiu Leung Cheung | · | Aug. 13, 2026 A | · | 0 | 0 | $0 |
| Li Zhu | · | Aug. 13, 2026 A | · | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 1 ETF
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| PGJ · Invesco Exchange-Traded Fund Trust | 0.21% | 54,948 SH | Oct. 1, 2026 | Daily |
ADAG Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 12 analysts
BUY
Median target
$8.50
+198.2%
4 33.3%
Strong Buy
6 50.0%
Buy
2 16.7%
Hold
0 0.0%
Sell
0 0.0%
Strong Sell
12-Month Price Target
6 analysts · 2026-09-20Mean target $9.91 +247.7%
← Below all targets
Current price $2.85
Low$7.00
Mean$9.91
High$17.45
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
Latest News Recent headlines mentioning this company
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Source: SEC 20-F filed Apr 1, 2026