ADAG

MKT CAP:$138M

Adagene Inc.

Market Cap

$138M

Healthcare·Biotechnology·🇨🇳 China·NASDAQ

Healthcare·Biotechnology·🇨🇳·NASDAQ

Stock Price

$3.74+$1.90 (+103.26%)

Apr 23, 2026

Company Details

Adagene Inc., a clinical stage biopharmaceutical company, engages in the research, development, and production of monoclonal antibody drugs for cancers. The company's product candidates include ADG106, a human ligand-blocking agonistic anti...

CEO

Peter Luo

IPO Date

Feb 9, 2021

Website

www.adagene.com

Key Metrics TTM

Revenue

$8M

-17.6% YoY

Net Income

-$51M

EPS (Diluted)

-$1.42

Free Cash Flow

-$45M

Revenue / Share

$0.21

Gross Margin

80.6%

Operating Margin

-736.8%

Net Margin

-655.2%

FCF Margin

-583.0%

P/S

17.7x

P/E

—

Earnings Reports

FY 2025

Apr 1, 2026

$8M+7332.8%EPS -$0.46

Q4 2025

Apr 1, 2026

$8M+7354.1%EPS -$0.11

Q2 2025

Aug 12, 2025

$0EPS -$0.36

FY 2024

Mar 24, 2025

$103.2K-99.4%EPS -$0.95

Q4 2024

Mar 24, 2025

$103.2K-74.7%EPS -$0.71

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 20	$0	$0	-$11M
Q1 21	$679.4K	$679.4K	-$19M
Q3 21	$4M	$4M	-$17M
Q1 22	$2M	$2M	-$24M
Q3 22	$3M	$3M	-$18M
Q4 22	$3M	$24.4K	-$18M
Q1 23	$9M	$9M	-$3M
Q2 23	$9M	$0	-$3M
Q3 23	$407.9K	$407.9K	-$9M
Q4 23	$407.9K	-$17.6K	-$9M
Q1 24	$0	$0	-$9M
Q2 24	$0	$0	-$9M
Q4 24	$103.2K	-$823.0K	-$27M
Q2 25	$0	-$300.3K	-$16M
Q4 25	$8M	$7M	-$6M

Valuation

Quarter	P/S	P/E
Q3 20	—	—
Q1 21	—	—
Q3 21	—	—
Q1 22	19.8x	—
Q3 22	4.5x	—
Q4 22	5.0x	—
Q1 23	2.8x	—
Q2 23	2.3x	—
Q3 23	2.5x	—
Q4 23	5.1x	—
Q1 24	12.0x	—
Q2 24	134.7x	—
Q4 24	141.7x	—
Q2 25	680.7x	—
Q4 25	8.7x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 20	-$11M	-$12M
Q1 21	$0	$0
Q3 21	$0	$0
Q1 22	$0	$0
Q3 22	$2M	$2M
Q4 22	$15M	$16M
Q1 23	-$7M	-$7M
Q2 23	-$7M	-$7M
Q3 23	$0	$0
Q4 23	$0	$0
Q1 24	-$7M	-$7M
Q2 24	-$7M	-$7M
Q4 24	-$23M	-$23M
Q2 25	-$11M	-$11M
Q4 25	-$5M	-$5M

Capital Expenditures

Quarter	CapEx
Q3 20	$332.5K
Q1 21	$0
Q3 21	$0
Q1 22	$0
Q3 22	$0
Q4 22	$787.5K
Q1 23	$15.5K
Q2 23	$15.5K
Q3 23	$0
Q4 23	$0
Q1 24	$6.3K
Q2 24	$6.3K
Q4 24	$27.3K
Q2 25	$2.5K
Q4 25	$14.6K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 22	—	+81.3%
Q4 22	+295.2%	+6.1%
Q1 23	+96.2%	-48.8%
Q2 23	+340.9%	-57.0%
Q3 23	-84.8%	-52.7%
Q4 23	-84.8%	-52.7%
Q1 24	-100.0%	-18.0%
Q2 24	-100.0%	-18.0%
Q4 24	-74.7%	+176.0%
Q2 25	-100.0%	+61.4%
Q4 25	—	+46.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 20	$952.7K	—
Q1 21	$5M	747.2%
Q3 21	$4M	96.7%
Q1 22	$3M	145.9%
Q3 22	$2M	89.3%
Q4 22	$2M	89.3%
Q1 23	$1M	14.3%
Q2 23	$1M	14.3%
Q3 23	$2M	397.4%
Q4 23	$2M	397.4%
Q1 24	$2M	—
Q2 24	$2M	—
Q4 24	$3M	2804.6%
Q2 25	$0	—
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q3 20	$9M	$3M	—	—
Q1 21	$16M	$4M	—	—
Q3 21	$18M	$4M	—	—
Q1 22	$23M	$3M	—	—
Q3 22	$18M	$3M	$17.4K	—
Q4 22	$18M	$3M	$2M	—
Q1 23	$11M	$2M	—	—
Q2 23	$11M	$2M	—	—
Q3 23	$8M	$2M	$6.8K	—
Q4 23	$8M	$2M	$2M	—
Q1 24	$7M	$2M	—	—
Q2 24	$7M	$2M	—	—
Q4 24	$20M	$5M	—	—
Q2 25	$12M	—	—	$4M
Q4 25	$10M	—	—	$3M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 21	$208M	$0	$208M
Q3 21	$174M	$0	$174M
Q4 21	$174M	$0	$174M
Q1 22	$168M	$0	$168M
Q2 22	$168M	$0	$168M
Q3 22	$144M	$0	$144M
Q4 22	$144M	$0	$144M
Q1 23	$129M	$0	$129M
Q2 23	$129M	$0	$129M
Q3 23	$110M	$0	$110M
Q4 23	$110M	$0	$110M
Q1 24	$96M	$0	$96M
Q2 24	$96M	$0	$96M
Q4 24	$85M	$0	$85M
Q2 25	$63M	$0	$63M
Q4 25	$75M	$0	$75M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 20	28M	—	—
Q1 21	29M	+5.8%	—
Q3 21	35M	+19.8%	—
Q1 22	35M	-0.0%	—
Q3 22	34M	-1.5%	+24.9%
Q4 22	34M	0.0%	+18.1%
Q1 23	35M	+1.6%	+0.1%
Q2 23	35M	0.0%	+0.1%
Q3 23	35M	+0.5%	+2.1%
Q4 23	35M	0.0%	+2.1%
Q1 24	35M	+0.6%	+1.1%
Q2 24	35M	0.0%	+1.1%
Q4 24	37M	+3.9%	+4.5%
Q2 25	38M	+2.7%	+7.3%
Q4 25	38M	+0.6%	+7.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 20	—	—
Q1 21	$3.4K	198
Q3 21	$22.3K	198
Q1 22	$7.6K	259
Q3 22	$10.4K	259
Q4 22	$10.8K	248
Q1 23	$34.9K	248
Q2 23	$34.9K	248
Q3 23	$1.6K	248
Q4 23	$2.3K	174
Q1 24	$0	174
Q2 24	$0	174
Q4 24	$748	138
Q2 25	$0	138
Q4 25	$769	10K

Revenue / Employee