← Adagene Inc.

Annual Trend FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by operating activities:
Net Income From Continuing Operations — — — — ($80.0m) ($18.9m) ($33.4m) ($17.6m)
Net Income (Loss) Attributable to Parent — ($16.4m) ($42.4m) ($73.2m) ($80.0m) ($18.9m) ($33.4m) ($17.6m)
Net Income (Loss) Available to Common Stockholders, Basic — ($16.7m) ($42.6m) ($73.2m) ($80.0m) ($18.9m) ($33.4m) ($17.6m)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest — ($16.4m) ($42.4m) ($73.2m) ($80.0m) ($18.9m) ($33.4m) ($17.6m)
Depreciation, Depletion and Amortization $909k $817k $858k $1.1m $1.1m $980k $723k $439k
Amortization of right-of use assets and interest of lease liabilities — — — — $304k $228k $216k $151k
Depreciation Amortization Depletion — — — — $1.4m $1.2m $939k $590k
Deferred Income Tax Expense (Benefit) — — — $44k ($44k) — — —
Share-based Payment Arrangement, Noncash Expense — $612k $10.1m $18.7m $10.5m $7.3m $4.9m $3.7m
Share-based Payment Arrangement, Expense — $612k $10.1m $18.7m $10.5m $7.3m $4.9m $3.7m
Share-based compensation $127k $612k $10.1m $18.7m $10.5m $7.3m $4.9m $3.7m
Gain (Loss) on Disposition of Property Plant Equipment $5k $2k ($327) ($19k) $5k $8k $169 $1k
Income Tax Expense (Benefit) — — — $1.7m $459k $1.7m ($18k) ($298k)
Interest Expense Nonoperating — — — — — — $852k $463k
Right-of-use assets obtained in exchange for operating lease obligations — — — — $217k $180k $215k —
Changes in operating assets and liabilities:
Additional Financial Items
Increase (Decrease) in Accounts Receivable — $480k ($480k) $3.0m ($3.0m) — — —
Increase (Decrease) in Accounts Payable — $154k $1.1m $1.5m $345k ($572k) $1.1m ($1.4m)
Proceeds from Stock Options Exercised — $460k $141k $232k $323k $6k $178k $138k
Foreign Currency Transaction Gain (Loss), before Tax — $22k ($645k) ($603k) $2.6m $1.4m ($906k) $1.3m
General and Administrative Expense — $3.4m $10.3m $14.4m $11.9m $8.7m $7.3m $7.1m
Investment Income, Interest — — — — — — $3.8m $2.3m
Proceeds from Contributed Capital — — — $381k — — — —
Net loss ($15.3m) ($16.4m) ($42.4m) ($73.2m) ($80.0m) ($18.9m) ($33.4m) ($17.6m)
Income related to short-term investments — — — — — — ($1.1m) ($492k)
Foreign exchange loss (gain), net ($13k) ($22k) $645k $603k ($2.6m) ($1.4m) $906k ($1.3m)
Change in fair value of warrant liabilities ($534k) ($1.2m) $0 — — — — ($48k)
Prepayments and other current assets ($1.3m) $112k ($2.3m) ($231k) ($881k) $1.6m $724k ($271k)
Amount due from related parties $269k ($704k) $1.3m ($4.4m) $3.9m $397k $214k ($9k)
Other non-current assets ($29k) ($38k) ($13k) ($24k) ($40k) $25k $3k $56k
Accounts payable $389k $154k $1.1m $1.5m $345k ($572k) $1.1m ($1.4m)
Contract liabilities — $993k ($268k) $4.8m $9.6m ($15.1m) — $3.5m
Amount due to related parties $2.1m ($1.8m) $640k $7.9m $8.9m ($2.6m) ($3.5m) ($2.8m)
Accruals and other current liabilities ($913k) ($34k) $1.2m $1.1m ($824k) ($122k) ($185k) ($70k)
Lease liabilities — — — — ($280k) ($237k) ($220k) ($151k)
Income tax payable — — — $1.7m ($1.7m) $53k ($48k) $405k
Other non-current liabilities — ($142k) $92k — ($30k) ($28k) — —
Placement of short-term investments ($58.0m) ($19.0m) — — — ($47.0m) ($128.5m) ($80.0m)
Withdrawal of short-term investments $29.0m $44.0m $8.0m — — $47.0m $129.6m $80.5m
Purchase of property, equipment and software ($515k) ($152k) ($935k) ($2.5m) ($691k) ($85k) ($34k) ($17k)
Proceeds from borrowings $2.4m $2.7m $6.1m $4.4m $25.8m $8.1m $4.9m $5.6m
Proceeds from exercise of share options — $460k $141k $232k $323k $6k $178k $138k
Repayment of borrowings ($1.4m) ($2.4m) ($1.1m) ($5.1m) ($4.4m) ($13.5m) ($8.3m) ($17.9m)
Payment of the ATM Offering setup costs — — ($722k) ($1.6m) — — ($316k) —
Retirement of treasury shares — — — $1.7m $4.6m — $4 —
Beginning Cash Position — — — — $174.4m $143.8m $109.9m $85.2m
Cash Flow From Continuing Financing Activities — — — — $17.8m ($5.4m) $3.8m $4.4m
Cash Flow From Continuing Investing Activities — — — — ($686k) ($77k) $1.1m $477k
Change In Account Payable — — — — $345k ($572k) $1.1m ($1.4m)
Change In Accrued Expense — — — — ($824k) ($122k) ($185k) ($70k)
Change In Income Tax Payable — — — — ($1.7m) $53k ($48k) $405k
Change In Other Current Assets — — — — ($40k) $25k $3k $56k
Change In Other Current Liabilities — — — — ($310k) ($266k) ($220k) ($151k)
Change In Other Working Capital — — — $4.8m $9.6m ($15.1m) — $3.5m
Change In Payable — — — — $7.5m ($3.1m) ($2.4m) ($3.8m)
Change In Payables And Accrued Expense — — — — $6.7m ($3.3m) ($2.6m) ($3.9m)
Change In Prepaid Assets — — — — ($881k) $1.6m $724k ($271k)
Change In Receivables — — — — $6.9m $397k $214k ($9k)
Change In Tax Payable — — — — ($1.7m) $53k ($48k) $405k
Change In Working Capital — — — — $21.9m ($16.6m) ($1.9m) ($775k)
Changes In Account Receivables — — — ($3.0m) $3.0m $0 $0 —
Changes In Cash — — — — ($31.5m) ($33.9m) ($24.8m) ($10.7m)
End Cash Position — — — — $143.8m $109.9m $85.2m $74.5m
Financing Cash Flow — — — — $17.8m ($5.4m) $3.8m $4.4m
Free Cash Flow — — — — ($49.3m) ($28.5m) ($29.7m) ($15.7m)
Gain Loss On Sale Of PPE — — — — $7k $9k $2k $1k
Investing Cash Flow — — — — ($686k) ($77k) $1.1m $477k
Issuance Of Capital Stock — — — — $0 $0 $7.3m $16.6m
Net Foreign Currency Exchange Gain Loss — — — — ($2.6m) ($1.4m) $906k ($1.3m)
Net PPE Purchase And Sale — — — — ($686k) ($77k) ($33k) ($16k)
Net Preferred Stock Issuance — — — $0 — $0 $0 $16.6m
Operating Gains Losses — — — — ($2.5m) ($1.4m) $909k ($1.4m)
Other Non Cash Items — — — ($10k) — — ($1.1m) ($239k)
Preferred Stock Issuance — — — $0 — $0 $0 $16.6m
Proceeds From Stock Option Exercised — — — — $323k $6k $178k $138k
Purchase Of PPE — — $935k $2.5m ($691k) ($85k) ($34k) ($17k)
Repurchase Of Capital Stock — — — ($2.4m) ($4.0m) $0 $0 —
Sale Of PPE — — — — $5k $8k $169 $1k
Stock Based Compensation — — — — $10.5m $7.3m $4.9m $3.7m
Net Cash Provided by (Used in) Operating Activities ($14.3m) ($18.2m) ($28.5m) ($43.4m) ($48.6m) ($28.5m) ($29.7m) ($15.7m)
Cash flows from investing activities:
Net Investment Purchase And Sale — — — — $0 $0 $1.1m $492k
Purchase Of Investment — — — — $0 ($47.0m) ($128.5m) ($80.0m)
Sale Of Investment — — — — $0 $47.0m $129.6m $80.5m
Net cash generated from (used in) investing activities ($29.5m) $24.9m $7.1m ($2.5m) ($686k) ($77k) $1.1m $477k
Net Cash Provided by (Used in) Investing Activities — $24.9m $7.1m ($2.5m) ($686k) ($77k) $1.1m $477k
Cash flows from financing activities:
Issuance Of Debt — — — — $25.8m $8.1m $4.9m $5.6m
Long Term Debt Issuance — — — — $25.8m $8.1m $4.9m $5.6m
Net Issuance Payments Of Debt — — — — $21.5m ($5.4m) ($3.4m) ($12.2m)
Net Long Term Debt Issuance — — — — $21.5m ($5.4m) ($3.4m) ($12.2m)
Long Term Debt Payments — — — — ($4.4m) ($13.5m) ($8.3m) ($17.9m)
Repayment Of Debt — — — — ($4.4m) ($13.5m) ($8.3m) ($17.9m)
Proceeds from Issuance of Common Stock — — — — — — $7.3m —
Common Stock Issuance — — — — $0 $0 $7.3m $0
Net Common Stock Issuance — — — — ($4.0m) $0 $7.3m $0
Payments for Repurchase of Common Stock — — — $2.4m $4.0m — — —
Common Stock Payments — — — ($2.4m) ($4.0m) $0 $0 —
Net Other Financing Charges — — — ($1.6m) — — ($316k) —
Net cash generated from (used in) financing activities $51.1m $69.7m $4.4m $145.4m $17.8m ($5.4m) $3.8m $4.4m
Net Cash Provided by (Used in) Financing Activities — $69.7m $4.4m $145.4m $17.8m ($5.4m) $3.8m $4.4m
Effect of exchange rate on cash and cash equivalents $39k $78k ($364k) ($192k) $842k $75k $82k $65k
Effect Of Exchange Rate Changes — — — — $842k $75k $82k $65k
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect — $76.5m ($17.4m) $99.2m ($30.6m) ($33.8m) ($24.7m) ($10.7m)
Net decrease in cash and cash equivalents $7.3m $76.5m ($17.4m) $99.2m ($30.6m) ($33.8m) ($24.7m) ($10.7m)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents — $92.5m $75.2m $174.4m $143.8m $109.9m $85.2m $74.5m
Cash and cash equivalents at the beginning of year $16.1m $92.5m $75.2m $174.4m $143.8m $109.9m $85.2m $74.5m
Supplemental disclosure of cash flow information:
Change In Cash Supplemental As Reported — — — — ($30.6m) ($33.8m) ($24.7m) ($10.7m)
Interest Paid, Excluding Capitalized Interest, Operating Activities $91k $142k $202k $360k $604k $1.0m $779k $403k
Income Taxes Paid, Net — — — — $2.4m $1.4m $34k $2k

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