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Nasdaq · Healthcare

Adagene Inc. (ADAG)

As-reported financials and SEC filings for Adagene Inc. The latest annual period is FY2025. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About Adagene Inc.

Adagene Inc. is a holding company incorporated in the Cayman Islands that focuses on research and development activities in the biopharmaceutical sector. It operates through subsidiaries in China, the United States, Australia, Singapore, and Switzerland, primarily conducting R&D related to its intellectual properties. The company serves the global biopharmaceutical market with a focus on developing product candidates.

Snapshot

Revenue
$7.7M
Revenue growth (YoY)
7332.8%
Net income
$-17.6M
Diluted EPS
$-0.30
Gross margin
Operating margin
Net margin
FCF margin
ROE
net income / fiscal-year-end equity
P/E
trailing when available, otherwise FY EPS
Market cap
$235.7M
Long-term debt / equity
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at Adagene

  • Revenue grew 7332.8% to $8M in FY2025, after a 99.4% decline the year before.
  • Operating margin is -279.5% in FY2025, +431.7 pp against -711.2% in FY2021.
  • Free cash flow was negative $16M in FY2025.
  • Net loss narrowed to $18M in FY2025, from $33M in FY2024.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where Adagene’s fundamentals sit among the 198 pharmaceutical companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Revenue growth (YoY)+7332.8%
99th percentile of 187
Short interest8.14d
64th percentile of 197

Adagene’s revenue growth of +7332.8% ranks in the 99th percentile of the 187 pharmaceutical companies reporting it.

3 reported insider purchases (code P) totaling $92,264 in the last 90 days. For context, about 14% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among industry peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 3 quant / multi-strat books among the superinvestors we track; no conviction manager currently reports a position.

Conviction investors
0
+3 quant / multi-strat
Initiated / added
3
2 new, 1 added
Reduced / exited
0
0 trimmed, 0 exited
Combined position
$2.8M
reported long value
InvestorAs ofPosition valueSharesChange
Citadel AdvisorsquantQ2 2026$2.1M506.9KNew
Renaissance TechnologiesquantQ2 2026$615,300146.5KAdded
Two Sigma InvestmentsquantQ2 2026$50,20312.0KNew

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4. Multiple insiders have bought recently (a cluster buy).

Buys (90d)
3
2 insiders
Bought (90d)
$92K
code P value
Sells (90d)
0
Reported activity
Cluster buy
≥2 insiders buying
Trade dateInsiderTypeSharesPriceValue
2026-08-14
filed 2026-08-18
DO CUONG VDirectorBuy2.0K$3.75$8K
2026-08-05
filed 2026-08-06
Luo PeterChief Executive OfficerBuy279$3.65$1K
2026-08-04
filed 2026-08-06
Luo PeterChief Executive OfficerBuy23.0K$3.65$84K

Reported non-derivative purchases and sales (codes P/S) — which may be open-market or private; excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
2.1M
settled 2026-08-14
Change vs prior
-7.7%
vs previous settlement
Days to cover
8.14
at avg daily volume
Avg daily volume
259.3K
FINRA reported
SettlementShares shortChangeDays to cover
2026-08-142.1M-7.7%8.14
2026-07-312.3M+4.4%11.39
2026-07-152.2M+5.1%5.08
2026-06-302.1M+12.4%7.22
2026-06-151.9M+45.2%12.11
2026-05-291.3M+56.8%6.33
2026-05-15814.3K+21.8%10.67
2026-04-30668.8K+62.6%3.06

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022FY2021
Revenue$7.7M$103,204$18.1M$9.3M$10.2M
Gross profit
Operating income$-21.4M$-36.0M$-23.7M$-83.9M$-72.4M
Net income$-17.6M$-33.4M$-18.9M$-80.0M$-73.2M
Diluted EPS$-0.30$-0.59$-0.35$-1.48$-1.46

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Balance sheet (as reported)

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$-15.7M$-29.7M$-28.5M$-48.6M$-43.4M
Capital expenditure$17,053$33,580$85,012$690,938$2.5M
Free cash flow$-15.7M$-29.7M$-28.5M$-49.3M$-45.9M

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Company facts

ExchangeNasdaq
SectorHealthcare
SIC industryPharmaceutical Preparations
Latest annual periodFY2025 (ended December 31, 2025)
Oldest indexed filing2020
SEC CIK1818838

Selected SEC filings

20-F2026-04-01
View on EDGAR →
6-K2026-08-12
View on EDGAR →
6-K2026-07-06
View on EDGAR →
6-K2026-04-17
View on EDGAR →
6-K2026-04-02
View on EDGAR →

Largest pharmaceutical peers

All pharmaceutical stocksAll Healthcare companies →

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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.