Adagene Inc. balance sheet

At the end of fiscal 2025, Adagene Inc. had total assets of $78.3m, total liabilities of $26.4m and shareholders' equity of $35.3m. It held $74.5m in cash against $6.1m of debt: net cash of $68.4m.

Balance sheet

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Adagene Inc.: balance sheet, annual
Fiscal year	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash and equivalents	16	93	75	174	144	110	85	75
Receivables	—	0	—	3	—	—	—	—
Total current assets	—	104	79	186	149	113	88	77
Total assets	—	106	84	190	152	116	89	78
Accounts payable	—	1	2	3	4	3	4	3
Deferred revenue (current)	—	1	1	6	15	—	—	3
Total current liabilities	—	7	16	30	55	31	38	25
Short-term debt	—	1	5	4	14	8	18	5
Long-term debt	—	2	3	3	14	14	0	1
Total debt	0	3	8	7	28	22	18	6
Total liabilities	—	9	19	33	69	45	39	26
Shareholders' equity	−41	−57	−89	157	83	71	51	35
Non-controlling interests and other (assets − liabilities − equity)	—	154	154	—	—	—	—	17
Net debt (negative = net cash)	−16	−90	−67	−167	−116	−88	−67	−68
Shares outstanding	—	36m	40m	44m	43m	44m	47m	47m

Balances at each fiscal year end (quarter end in the quarterly view). Total debt is short- plus long-term borrowings, including lease debt where the company reports it within debt. Where assets do not equal liabilities plus shareholders' equity, the difference (non-controlling interests, redeemable preferred shares) is shown on its own line.

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Figures from Adagene Inc.'s SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to Adagene Inc.