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Stocks · Health care · Pharmaceutical Preparations

Adagene Inc.

ADAG Clue Score44
China Fiscal year ends December CIK 0001818838
$2.76 -0.72% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $2.76 −77.99% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 9 Feb 2021. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2018Revenue1.5Operating income−17.3Net income−15.3EPS, diluted−0.94Fiscal year 2019Revenue0.5 −68.2%Operating income−19.2Net income−16.4EPS, diluted−1.10Fiscal year 2020Revenue0.7 +46.0%Operating income−43.2Net income−42.4EPS, diluted−2.67Fiscal year 2021Revenue10.2 +1,351.7%Operating income−72.4Net income−73.2EPS, diluted−1.46Fiscal year 2022Revenue9.3 −8.7%Operating income−83.9Net income−80.0EPS, diluted−1.48Fiscal year 2023Revenue18.1 +94.9%Operating income−23.7Net income−18.9EPS, diluted−0.35Fiscal year 2024Revenue0.1 −99.4%Operating income−36.0Net income−33.4EPS, diluted−0.59Fiscal year 2025Revenue7.7 +7,332.8%Operating income−21.4Net income−17.6EPS, diluted−0.30
FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 1.5 0.5 0.7 10.2 9.3 18.1 0.1 7.7
Growth −68.2% +46.0% +1,351.7% −8.7% +94.9% −99.4% +7,332.8%
Operating income −17.3 −19.2 −43.2 −72.4 −83.9 −23.7 −36.0 −21.4
Net income −15.3 −16.4 −42.4 −73.2 −80.0 −18.9 −33.4 −17.6
Growth
EPS, diluted −0.94 −1.10 −2.67 −1.46 −1.48 −0.35 −0.59 −0.30

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2018Operating margin−1,147.1%Net margin−1,010.2%Free cash flow margin−978.0%Fiscal year 2019Operating margin−3,993.7%Net margin−3,423.4%Free cash flow margin−3,813.6%Fiscal year 2020Operating margin−6,156.5%Net margin−6,048.9%Free cash flow margin−4,203.8%Fiscal year 2021Operating margin−711.2%Net margin−719.2%Free cash flow margin−451.3%Fiscal year 2022Operating margin−903.1%Net margin−860.6%Free cash flow margin−530.6%Fiscal year 2023Operating margin−131.0%Net margin−104.6%Free cash flow margin−157.6%Fiscal year 2024Operating margin−34,835.4%Net margin−32,386.4%Free cash flow margin−28,811.4%Fiscal year 2025Operating margin−279.5%Net margin−229.6%Free cash flow margin−204.3%
FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin −1,147.1% −3,993.7% −6,156.5% −711.2% −903.1% −131.0% −34,835.4% −279.5%
Net margin −1,010.2% −3,423.4% −6,048.9% −719.2% −860.6% −104.6% −32,386.4% −229.6%
Free cash flow margin −978.0% −3,813.6% −4,203.8% −451.3% −530.6% −157.6% −28,811.4% −204.3%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2018Operating cash flow−14.3Capital expenditure−0.5Free cash flow−14.8Fiscal year 2019Operating cash flow−18.2Capital expenditure−0.2Free cash flow−18.3Fiscal year 2020Operating cash flow−28.5Capital expenditure−0.9Free cash flow−29.5Fiscal year 2021Operating cash flow−43.4Capital expenditure−2.5Free cash flow−45.9Buybacks−2.4Fiscal year 2022Operating cash flow−48.6Capital expenditure−0.7Free cash flow−49.3Buybacks−4.0Fiscal year 2023Operating cash flow−28.5Capital expenditure−0.1Free cash flow−28.5Fiscal year 2024Operating cash flow−29.7Capital expenditure−0.0Free cash flow−29.7Fiscal year 2025Operating cash flow−15.7Capital expenditure−0.0Free cash flow−15.7
FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow −14.3 −18.2 −28.5 −43.4 −48.6 −28.5 −29.7 −15.7
Capital expenditure −0.5 −0.2 −0.9 −2.5 −0.7 −0.1 −0.0 −0.0
Free cash flow −14.8 −18.3 −29.5 −45.9 −49.3 −28.5 −29.7 −15.7
Growth
Buybacks n/a n/a n/a −2.4 −4.0 n/a n/a n/a

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2018Cash16.1Shareholders’ equity−41.0Fiscal year 2019Cash92.5Total debt1.8Net cash (debt)90.7Shareholders’ equity−57.0Fiscal year 2020Cash75.2Total debt4.1Net cash (debt)71.0Shareholders’ equity−89.4Fiscal year 2021Cash174.4Total debt4.4Net cash (debt)170.0Shareholders’ equity156.6Debt to equity0.03Fiscal year 2022Cash143.8Total debt17.0Net cash (debt)126.8Shareholders’ equity83.1Debt to equity0.20Fiscal year 2023Cash109.9Total debt17.7Net cash (debt)92.2Shareholders’ equity70.6Debt to equity0.25Fiscal year 2024Cash85.2Total debt13.3Net cash (debt)71.9Shareholders’ equity50.5Debt to equity0.26Fiscal year 2025Cash74.5Total debt1.8Net cash (debt)72.7Shareholders’ equity35.3Debt to equity0.05
FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 16.1 92.5 75.2 174.4 143.8 109.9 85.2 74.5
Total debt n/a 1.8 4.1 4.4 17.0 17.7 13.3 1.8
Net cash (debt) n/a 90.7 71.0 170.0 126.8 92.2 71.9 72.7
Shareholders’ equity −41.0 −57.0 −89.4 156.6 83.1 70.6 50.5 35.3
Debt to equity n/a n/a n/a 0.03 0.20 0.25 0.26 0.05

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021† 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
1.5 0.5 0.7 10.2 9.3 18.1 0.1 7.7
Growth −68.2% +46.0% +1,351.7% −8.7% +94.9% −99.4% +7,332.8%
16.1 16.2 33.5 68.1 81.3 36.6 28.8 22.0
2.8 3.4 10.3 14.4 11.9 8.7 7.3 7.1
−17.3 −19.2 −43.2 −72.4 −83.9 −23.7 −36.0 −21.4
Growth
−15.3 −16.4 −42.4 −71.5 −79.5 −17.3 −33.4 −17.9
n/a n/a n/a 1.7 0.5 1.7 −0.0 −0.3
−15.3 −16.4 −42.4 −73.2 −80.0 −18.9 −33.4 −17.6
Growth
Per share
−0.94 −1.10 −2.67 −1.46 −1.48 −0.35 −0.59 −0.30
−0.94 −1.10 −2.67 −1.46 −1.48 −0.35 −0.59 −0.30
Growth
15.2 15.2 16.0 50.0 54.1 54.7 56.3 59.0
15.2 15.2 16.0 50.0 54.1 54.7 56.3 59.0
Growth +0.1% +5.1% +213.7% +8.2% +1.1% +2.8% +4.8%

† The diluted share count jumps at 2021, so per-share figures either side of that column are not comparable. Usually a split, but the break lands on the restatement boundary rather than on the split date, because every column is that period’s latest filing.

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 61.4% a year over five years.
  • Operating margin is up 5,877.0 points on five years ago, at -279.5%.
  • A net loss in 8 of 8 years on file.