← Adagene Inc.

Annual Trend FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025
ASSETS
Current assets:
Cash and Cash Equivalents, at Carrying Value $92.5m $75.2m $174.4m $143.8m $109.9m $85.2m $74.5m
Prepaid Expense and Other Assets, Current $1.5m $3.8m $4.1m $4.9m $3.3m $2.6m $2.8m
Short-term Investments $8.0m — — — — $0 $0
Cash and cash equivalents $92.5m $75.2m $174.4m $143.8m $109.9m $85.2m $74.5m
Prepayments and other current assets $1.5m $3.8m $4.1m $4.9m $3.3m $2.6m $2.8m
Accounts Receivable — — $3.0m $0 — — —
Allowance For Doubtful Accounts Receivable — — $0 $0 — — —
Cash Cash Equivalents And Short Term Investments — — — $143.8m $109.9m $85.2m $74.5m
Gross Accounts Receivable — — $3.0m $0 — — —
Other Current Assets — — — $805k $905k $528k $1.2m
Prepaid Assets — — — $4.1m $2.4m $2.0m $1.6m
Accounts Receivable, after Allowance for Credit Loss $480k — $3.0m — — — —
Assets, Current $103.9m $79.1m $186.0m $149.3m $113.4m $87.8m $77.4m
Total current assets $103.9m $79.1m $186.0m $149.3m $113.4m $87.8m $77.4m
Property, Plant and Equipment, Net $1.9m $2.1m $3.5m $2.8m $1.8m $1.1m $717k
Operating Lease, Right-of-Use Asset — — — $192k $365k $284k $146k
Other Assets, Noncurrent $87k $3.1m $69k $110k $85k $81k $25k
Operating lease right-of-use assets — — — $192k $365k $284k $146k
Additional Financial Items
Accounts Receivable, after Allowance for Credit Loss, Current $480k — $3.0m — — — —
Amounts due from related parties $1.4m $132k $4.5m $619k $222k $8k $17k
Other non-current assets $87k $3.1m $69k $110k $85k $81k $25k
Contract liabilities $993k $726k $5.5m $15.1m — — $3.5m
Amounts due to related parties $1.9m $2.5m $10.5m $19.3m $16.7m $13.2m $10.3m
Accruals and other current liabilities $2.5m $6.1m $4.4m $3.2m $3.0m $2.8m $2.8m
Income tax payable — — $1.7m $0 $53k $5k $410k
Short-term borrowings $717k $3.8m $3.1m $10.8m $4.2m $4.9m $4.3m
Current portion of long-term borrowings $323k $1.2m $1.4m $2.9m $4.2m $12.9m $711k
Current portion of operating lease liabilities — — — $152k $196k $141k $92k
Operating lease liabilities — — — $54k $174k $142k $53k
Series A non-voting contingently redeemable convertible preferred shares (par value of US$0.0001 per share; nil authorized, issued and outstanding as of December 31, 2024; and 1,062,500 shares authorized, issued and outstanding as of December 31, 2025) 2k 2k 6k 5k 6k 6k 6k
Accumulated Depreciation — — — ($5.9m) ($6.7m) ($7.3m) ($7.8m)
Buildings And Improvements — — — $192k $365k $284k $146k
Capital Lease Obligations — — — $206k $370k $284k $146k
Current Accrued Expenses — — — $2.8m $2.4m $2.3m $2.2m
Current Capital Lease Obligation — — — $152k $196k $141k $92k
Current Debt — — — $13.6m $8.4m $17.8m $5.0m
Current Debt And Capital Lease Obligation — — — $13.8m $8.6m $17.9m $5.1m
Current Deferred Liabilities — — — $15.1m $0 $0 $3.5m
Duefrom Related Parties Current — — — $619k $222k $8k $17k
Dueto Related Parties Current — — — $19.3m $16.7m $13.2m $10.3m
Gross PPE — — — $8.9m $8.9m $8.7m $8.7m
Invested Capital — — — $110.9m $92.5m $68.7m $41.5m
Leases — — — $1.1m $1.0m $1.0m $1.1m
Line Of Credit — — — $10.8m $4.2m $4.9m $4.3m
Long Term Capital Lease Obligation — — — $54k $174k $142k $53k
Machinery Furniture Equipment — — — $5.8m $5.7m $5.6m $5.7m
Net PPE — — — $3.0m $2.2m $1.4m $863k
Net Tangible Assets — — — $83.1m $70.6m $50.5m $35.3m
Non Current Deferred Liabilities — — $44k $0 — — —
Ordinary Shares Number — — — $54.1m $55.1m $58.9m $59.2m
Other Current Borrowings — — — $2.9m $4.2m $12.9m $711k
Other Current Liabilities — — — $112k $120k $56k $232k
Other Equity Adjustments — — — ($849k) ($1.8m) ($527k) ($1.9m)
Other Non Current Liabilities — — $94k $29k — — —
Other Properties — — — $1.9m $1.8m $1.8m $1.8m
Preferred Securities Outside Stock Equity — — $0 — — $0 $16.6m
Properties — — — $0 $0 $0 $0
Share Issued — — — $54.1m $55.1m $58.9m $59.2m
Tangible Book Value — — — $83.1m $70.6m $50.5m $35.3m
Treasury Shares Number — — $94k $1 $1 $0 —
Working Capital — — — $94.2m $82.0m $49.6m $52.2m
Total shareholders' equity ($57.0m) ($89.4m) $156.6m $83.1m $70.6m $50.5m $35.3m
Total Capitalization — — — $97.2m $84.1m $50.9m $36.5m
Total Debt — — — $28.0m $22.3m $18.5m $6.3m
Total Non Current Assets — — — $3.1m $2.3m $1.5m $888k
Total Tax Payable — — — $349k $563k $486k $999k
Assets $105.9m $84.3m $189.5m $152.4m $115.7m $89.3m $78.3m
TOTAL ASSETS $105.9m $84.3m $189.5m $152.4m $115.7m $89.3m $78.3m
LIABILITIES AND EQUITY
Current liabilities:
Operating Lease, Liability, Current — — — $152k $196k $141k $92k
Accounts Payable, Current $713k $1.8m $3.3m $3.7m $3.1m $4.2m $2.9m
Operating Lease, Liability, Noncurrent — — — $54k $174k $142k $53k
Long-term Debt, Current Maturities $323k $1.2m $1.4m $2.9m $4.2m $12.9m $711k
Long-term Debt, Excluding Current Maturities $1.5m $3.0m $3.0m $14.1m $13.5m $417k $1.1m
Current Deferred Revenue — — — $15.1m $0 $0 $3.5m
Payables And Accrued Expenses — — — $26.1m $22.7m $20.2m $16.4m
Liabilities, Current $7.2m $16.1m $29.8m $55.1m $31.5m $38.2m $25.2m
Total current liabilities $7.2m $16.1m $29.8m $55.1m $31.5m $38.2m $25.2m
Deferred Income Tax Liabilities, Net — — $44k — — — —
Other Liabilities, Noncurrent — — $94k $29k — — —
Long Term Debt And Capital Lease Obligation — — — $14.2m $13.7m $560k $1.2m
Non Current Deferred Taxes Liabilities — — $44k $0 — — —
Deferred Tax Liabilities, Net — — $44k — — — —
Liabilities $8.7m $19.2m $33.0m $69.3m $45.2m $38.7m $26.4m
TOTAL LIABILITIES $8.7m $19.2m $33.0m $69.3m $45.2m $38.7m $26.4m
Stockholders’ equity:
Common Stock, Value, Issued $2k $2k $6k $5k $6k $6k $6k
Additional Paid in Capital $6.8m $23.8m $336.1m $342.7m $350.1m $362.2m $366.0m
Retained Earnings (Accumulated Deficit) ($63.3m) ($105.7m) ($178.8m) ($258.8m) ($277.8m) ($311.2m) ($328.8m)
Accumulated Other Comprehensive Income (Loss), Net of Tax ($345k) ($351k) ($94k) ($849k) ($1.8m) ($527k) ($1.9m)
Accumulated other comprehensive loss ($345k) ($351k) ($94k) ($849k) ($1.8m) ($527k) ($1.9m)
Accumulated deficit ($63.3m) ($105.7m) ($178.8m) ($258.8m) ($277.8m) ($311.2m) ($328.8m)
Capital Stock — — — $5k $6k $6k $6k
Gains Losses Not Affecting Retained Earnings — — — ($849k) ($1.8m) ($527k) ($1.9m)
Treasury Stock — — $620k $4 $4 $0 —
Stockholders' Equity Attributable to Parent ($57.0m) ($89.4m) $156.6m $83.1m $70.6m $50.5m $35.3m
Total Equity Gross Minority Interest — — — $83.1m $70.6m $50.5m $35.3m
Total Non Current Liabilities Net Minority Interest — — — $14.2m $13.7m $560k $17.7m
Liabilities and Equity $105.9m $84.3m $189.5m $152.4m $115.7m $89.3m $78.3m
TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY $105.9m $84.3m $189.5m $152.4m $115.7m $89.3m $78.3m

Data sourced from SEC EDGAR 10-K filings via EdgarTools. Amounts are shown in USD as reported in each fiscal year filing.