ADAG Nasdaq Pharmaceutical Preparations Financials FY2018βFY2025
Adagene Inc. had $7.7M of revenue in fiscal 2025, up 7,333.0% on the year before. Over five years, revenue changed +61.4% a year on average.
Hi! I read Adagene Inc.βs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+7,333.0%
Yes. Sales grew 7,333.0% last year.
Does it make a profit?
β229.6%
No. It lost money last year.
Does profit turn into cash?
β204.3%
No. It spent more cash than it brought in.
How healthy are the accounts?
5 / 8
Mixed. It passes 5 of 8 health tests.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
In plain words: Every quarter, companies publish how much they sold and earned. These are the days Adagene Inc. did it, and the next one. Share prices often move a lot on those days.
Next results
March 31, 2027
Wednesday Β· in 156 days
Estimated from the same quarter last year. It will be replaced by the announced date once there is one.
See who else reports that week β| Date | Results for | Time | Source |
|---|---|---|---|
| Apr 1, 2026 | Period ended Dec 31, 2025 | After the market closes | 20-F β |
| Mar 24, 2025 | Period ended Dec 31, 2024 | Before the market opens | 20-F β |
| Mar 29, 2024 | Period ended Dec 31, 2023 | During market hours | 20-F β |
| Apr 28, 2023 | Period ended Dec 31, 2022 | Before the market opens | 20-F β |
| Apr 26, 2022 | Period ended Dec 31, 2021 | After the market closes | 20-F β |
| Apr 28, 2021 | Period ended Dec 31, 2020 | Before the market opens | 20-F β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
KIRA Β· Adagene Inc. had $7.7M of revenue in fiscal 2025, up 7,333.0% on the year before. Over five years, revenue changed +61.4% a year on average. Its operating margin was β279.5%, up 34,557.2Β pts: of every 100 in sales, about β279 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Margins, % of revenue
KIRA Β· Adagene Inc. lost $17.6M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$15.7M in fiscal 2025, β204.3% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· No open-market insider trades in the last 12 months.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
No open-market insider trades in the last 12 months.
Can it carry its debts, and how well does it use its money?
KIRA Β· Adagene Inc. has $67.7M more cash than debt.
Cash, debt and the ratios that show how comfortably Adagene Inc. can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $174M | $144M | $110M | $85.2M | $74.5M |
| Debt incl. finance leases | $8.9M | $30.6M | $26.1M | $31.1M | $6.8M |
| Debt / equity | 0.1x | 0.4x | 0.4x | 0.6x | 0.2x |
| Interest coverage | β198.9x | β121.0x | β21.4x | β42.2x | β46.3x |
| Current ratio | 6.2x | 2.7x | 3.6x | 2.3x | 3.1x |
| Quick ratio | 6.2x | 2.7x | 3.6x | 2.3x | 3.1x |
| Total assets | $190M | $152M | $116M | $89.3M | $78.3M |
| Total liabilities | $33.0M | $69.3M | $45.2M | $38.7M | $26.4M |
| Shareholders' equity | $157M | $83.1M | $70.6M | $50.5M | $35.3M |
| Net debt (β = net cash) | β$166M | β$113M | β$83.8M | β$54.1M | β$67.7M |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Adagene Inc. passes 5 of 8 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β |
| F-score | β / 3 | β / 4 | 2 / 8 | 5 / 8 | 2 / 8 | 4 / 8 | 1 / 8 | 5 / 8 |
| Accruals ratio | β | 1.6% | β14.6% | β21.7% | β18.3% | 7.1% | β3.6% | β2.3% |
| Altman Z'' | β | β4.05 | β7.52 | 4.75 | β3.92 | β2.91 | β9.06 | β9.75 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||
| Revenue | $1.5M | $0.5M | $0.7M | $10.2M | $9.3M | $18.1M | $0.1M | $7.7M |
| Research and development | $16.1M | $16.2M | $33.5M | $68.1M | $81.3M | $36.6M | $28.8M | $22.0M |
| Operating income | β$17.3M | β$19.2M | β$43.2M | β$72.4M | β$83.9M | β$23.7M | β$36.0M | β$21.4M |
| Interest expense | $0.1M | $0.1M | $0.2M | $0.4M | $0.7M | $1.1M | $0.9M | $0.5M |
| Pretax income | β$15.3M | β$16.4M | β$42.4M | β$17.0M | β$13.5M | β$17.3M | β$33.4M | β$17.9M |
| Income tax | β | β | β | $1.7M | $0.5M | $1.7M | β$0.0M | β$0.3M |
| Net income | β$15.3M | β$16.4M | β$42.4M | β$73.2M | β$80.0M | β$18.9M | β$33.4M | β$17.6M |
| Net income to common | β$14.3M | β$16.7M | β$42.6M | β$73.2M | β$80.0M | β$18.9M | β$33.4M | β$17.6M |
| Diluted EPS | β$0.94 | β$1.10 | β$2.67 | β$1.46 | β$0.31 | β$0.35 | β$0.59 | β$0.30 |
| Diluted shares | 0.02B | 0.02B | 0.02B | 0.05B | 0.06B | 0.05B | 0.06B | 0.06B |
| Cash flow | ||||||||
| Cash from operations | β$14.3M | β$18.2M | β$28.5M | β$43.4M | β$48.6M | β$28.5M | β$29.7M | β$15.7M |
| Capital expenditure | $0.5M | $0.2M | $0.9M | $2.5M | $0.7M | $0.1M | $0.0M | $0.0M |
| Free cash flow | β$14.8M | β$18.3M | β$29.5M | β$45.9M | β$49.3M | β$28.5M | β$29.7M | β$15.7M |
| Depreciation and amortization | $0.9M | $0.8M | $0.9M | $1.1M | $1.1M | $1.0M | $0.7M | $0.4M |
| Stock-based compensation | $0.1M | $0.6M | $10.1M | $18.7M | $10.5M | $7.3M | $4.9M | $3.7M |
| Share buybacks | β | β | β | $2.4M | $4.0M | β | β | β |
| Dividends and buybacks | β | β | β | $2.4M | $4.0M | β | β | β |
| Balance sheet | ||||||||
| Cash and short-term investments | $16.1M | $101M | $75.2M | $174M | $144M | $110M | $85.2M | $74.5M |
| Total debt | β | $2.9M | $9.2M | $8.9M | $30.6M | $26.1M | $31.1M | $6.8M |
| Current assets | β | $104M | $79.1M | $186M | $149M | $113M | $87.8M | $77.4M |
| Current liabilities | β | $7.2M | $16.1M | $29.8M | $55.1M | $31.5M | $38.2M | $25.2M |
| Property and equipment, net | β | $1.9M | $2.1M | $3.5M | $2.8M | $1.8M | $1.1M | $0.7M |
| Total assets | β | $106M | $84.3M | $190M | $152M | $116M | $89.3M | $78.3M |
| Total liabilities | β | $8.7M | $19.2M | $33.0M | $69.3M | $45.2M | $38.7M | $26.4M |
| Shareholders' equity | β$41.0M | β$57.0M | β$89.4M | $157M | $83.1M | $70.6M | $50.5M | $35.3M |
| Margins | ||||||||
| Operating margin | β1,147.1% | β3,993.7% | β6,156.6% | β711.2% | β903.1% | β131.0% | β34,836.7% | β279.5% |
| EBITDA margin | β1,086.9% | β3,823.5% | β6,034.1% | β700.1% | β890.7% | β125.6% | β34,136.1% | β273.8% |
| Net margin | β1,010.2% | β3,423.4% | β6,049.0% | β719.2% | β860.6% | β104.6% | β32,387.7% | β229.6% |
| FCF margin | β978.0% | β3,813.6% | β4,203.9% | β451.3% | β530.6% | β157.6% | β28,812.6% | β204.3% |
| Returns | ||||||||
| Return on capital employed | β | β19.4% | β63.3% | β45.3% | β86.2% | β28.1% | β70.4% | β40.4% |
| Return on equity | β | β | β | β217.9% | β66.7% | β24.7% | β55.2% | β41.0% |
| Return on assets | β | β15.5% | β44.6% | β53.5% | β46.8% | β14.1% | β32.6% | β21.0% |
| Return on tangible equity | β | β | β | β46.8% | β96.2% | β26.9% | β66.2% | β49.8% |
| Growth | ||||||||
| Revenue growth | β | β68.2% | 46.0% | 1,351.7% | β8.7% | 94.9% | β99.4% | 7,333.0% |
| Share count change | β | 0.1% | 5.1% | 213.7% | 10.4% | β0.9% | 2.8% | 4.8% |
| Financial health | ||||||||
| Debt / equity | β | β | β | 0.1x | 0.4x | 0.4x | 0.6x | 0.2x |
| Interest coverage | β190.3x | β138.8x | β213.4x | β198.9x | β121.0x | β21.4x | β42.2x | β46.3x |
| Current ratio | β | 14.5x | 4.9x | 6.2x | 2.7x | 3.6x | 2.3x | 3.1x |
| Quick ratio | β | 14.5x | 4.9x | 6.2x | 2.7x | 3.6x | 2.3x | 3.1x |
| Capital allocation | ||||||||
| Capex / revenue | 34.1% | 31.6% | 133.4% | 24.7% | 7.4% | 0.5% | 32.6% | 0.2% |
| Stock comp / revenue | 8.4% | 127.4% | 1,445.2% | 183.6% | 113.2% | 40.1% | 4,757.4% | 48.8% |
| Quality scores | ||||||||
| Piotroski F-score | β | β | 2.0 | 5.0 | 2.0 | 4.0 | 1.0 | 5.0 |
| Altman Z'' | β | β4.1 | β7.5 | 4.8 | β3.9 | β2.9 | β9.1 | β9.8 |
| Accruals ratio | β | 1.6% | β14.6% | β21.7% | β18.3% | 7.1% | β3.6% | β2.3% |
Source: SEC EDGAR XBRL filings (CIK 0001818838). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
