Adagene Inc. (ADAG) Income Statement
ADAG 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsADAG revenue and net income
Where ADAG's revenue goes
2025Each bar shows an amount and its share of revenue. ADAG kept −229.6% of revenue as net income.
ADAG profit margins
ADAG growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +7,332.8% | −6.2% | +74.1% | — |
| Gross profit | — | −6.2% | +74.1% | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
ADAG quarterly EPS vs estimates
Adagene beat the analyst EPS estimate in 7 of the last 8 quarters.
ADAG income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $7.7M | $103,204 | $18.1M | $9.3M | $10.2M | $480,000 | $480,000 | $1.5M |
| Cost of revenue | $582,638 | $926,248 | $0 | $0 | $0 | $0 | $0 | $0 |
| Gross profit | $7.7M | −$823,044 | $18.1M | $9.3M | $10.2M | $480,000 | $480,000 | $1.5M |
| Research & development | $22.0M | $28.8M | $36.6M | $81.3M | $68.1M | $16.2M | $16.2M | $16.1M |
| Sales, general & admin | $7.1M | $7.3M | $8.7M | $11.9M | $14.4M | $3.4M | $3.4M | $2.8M |
| Total operating expenses | $29.1M | $36.1M | $41.8M | $93.2M | $82.5M | $19.6M | $19.6M | $18.8M |
| Operating income | −$21.4M | −$36.0M | −$23.7M | −$83.9M | −$72.4M | −$19.2M | −$19.2M | −$17.3M |
| Interest income | $2.3M | $3.8M | $4.3M | $377,501 | $76,166 | $922,680 | $922,680 | $710,711 |
| Interest expense | $463,132 | $851,874 | $1.1M | $693,323 | $363,762 | $202,165 | $138,096 | $91,085 |
| Income before taxes | −$17.9M | −$33.4M | −$17.3M | −$79.5M | −$71.5M | −$16.4M | −$16.4M | −$15.3M |
| Income taxes | −$297,860 | −$17,553 | $1.7M | $459,055 | $1.7M | $3,164 | $861,572 | −$547,003 |
| Net income | −$17.6M | −$33.4M | −$18.9M | −$80.0M | −$73.2M | −$16.4M | −$17.3M | −$14.7M |
| EBITDA | −$16.9M | −$31.7M | −$15.0M | −$77.4M | −$70.0M | −$41.3M | −$15.5M | −$14.3M |
| EPS (diluted) | −$0.30 | −$0.57 | −$2.32 | −$2.93 | −$1.67 | −$2.29 | −$1.79 | −$0.30 |
| Gross margin | 100.0% | −797.5% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating margin | −279.5% | −34,835.4% | −131.0% | −903.1% | −711.2% | −3,993.7% | −3,993.7% | −1,147.1% |
| Net margin | −229.6% | −32,386.4% | −104.6% | −860.6% | −719.2% | −3,424.1% | −3,602.9% | −974.0% |
| Jun '26 | Mar '26 | Jun '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | Jun '23 | Mar '23 | Sep '22 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.6M | $7.7M | $0 | $103,204 | $0 | $0 | $0 | $407,873 | $407,873 | $8.6M | $8.6M | $2.7M |
| Cost of revenue | $256,457 | $282,320 | $300,326 | $926,248 | $509,049 | — | — | $425,462 | $0 | $8.6M | $2.7M | $0 |
| Gross profit | $1.4M | $7.4M | −$300,326 | −$823,044 | −$509,049 | — | — | −$17,589 | $407,873 | $17.3M | $8.6M | $2.7M |
| Research & development | $13.7M | $9.8M | $11.7M | $20.5M | $7.4M | $7.4M | $7.4M | $7.7M | $7.7M | $10.6M | $10.6M | $18.1M |
| Sales, general & admin | — | — | $3.7M | $3.7M | $1.8M | $1.8M | $1.8M | $2.1M | $2.1M | $2.2M | $2.2M | $2.5M |
| Total operating expenses | $18.0M | $13.2M | $15.4M | $26.9M | $9.2M | $9.2M | $9.3M | $9.1M | $9.1M | $10.2M | $10.2M | $18.8M |
| Operating income | −$16.6M | −$5.8M | −$15.7M | −$26.8M | −$9.2M | −$9.2M | −$9.2M | −$9.3M | −$9.3M | −$2.5M | −$2.5M | −$17.9M |
| Interest expense | $140,635 | $145,125 | $319,204 | $423,546 | $428,328 | $428,328 | — | $545,834 | — | $573,507 | $479,703 | — |
| Income before taxes | −$16.5M | −$4.4M | −$13.5M | −$24.9M | −$8.5M | −$8.5M | −$8.5M | −$7.7M | −$7.7M | −$897,835 | −$897,835 | −$16.2M |
| Income taxes | −$68,157 | −$299,174 | $459 | −$18,247 | $694 | $694 | $694 | −$310,864 | −$310,864 | $1.2M | $1.2M | −$49,944 |
| Net income | −$16.4M | −$4.1M | −$13.5M | −$24.9M | −$8.5M | −$8.5M | −$8.5M | −$7.4M | −$7.4M | −$2.1M | −$2.1M | −$16.2M |
| EBITDA | −$16.4M | −$5.5M | −$15.4M | −$23.0M | −$9.0M | −$9.0M | −$9.0M | −$9.1M | −$9.0M | −$2.3M | −$2.3M | −$17.6M |
| EPS (diluted) | — | $0.00 | −$0.23 | −$0.29 | $0.00 | −$0.28 | $0.00 | −$0.27 | −$0.42 | −$1.48 | −$0.15 | −$0.36 |
| Gross margin | 84.2% | 96.3% | — | −797.5% | — | — | — | −4.3% | 100.0% | 200.0% | 100.0% | 100.0% |
| Operating margin | −1,023.9% | −75.0% | — | −25,958.9% | — | — | — | −2,288.8% | −2,288.8% | −29.2% | −29.2% | −667.6% |
| Net margin | −1,011.1% | −53.9% | — | −24,144.7% | — | — | — | −1,818.9% | −1,818.9% | −23.8% | −23.8% | −602.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in ADAG's financial statements (latest annual report filed April 1, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
ADAG financial results
In fiscal year 2025 (ended December 31, 2025), Adagene reported revenue of $7.7 million, up 7,332.8% from the year before. It had a net loss of $17.6 million, a net profit margin of −229.6%. Diluted earnings per share came to −$0.30. Over five years revenue grew at an average rate of 74.1% a year.
See the ADAG stock overview for the latest quote and news, or the ADAG chart for price history and technical indicators.
ADAG income statement FAQ
What is Adagene's annual revenue?
Adagene reported total revenue of $7.7 million for fiscal year 2025, which ended on December 31, 2025. That was up 7,332.8% from $0.1 million the previous year.
Is Adagene profitable?
No. Adagene reported a net loss of $17.6 million in fiscal 2025, a net profit margin of −229.6%; its operating margin was −279.5%.
What is Adagene's gross margin?
Adagene's gross margin was 100.0% in fiscal 2025: for every $100 of revenue, Adagene kept $100 after the direct cost of its products and services.
How much does Adagene spend on research and development?
Adagene spent $22.0 million on research and development in fiscal 2025, 287.2% of revenue.
How fast is Adagene growing?
Revenue grew 74.1% a year on average over the last five fiscal years, from $0.5 million to $7.7 million.
What are Adagene's earnings per share?
Adagene earned $-0.30 per diluted share in fiscal 2025, compared with $-0.57 a year earlier.
When does Adagene's fiscal year end?
Adagene's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on April 1, 2026.