ADAG
Adagene Inc.Healthcare·Biotechnology
$3.97
$149M market cap
Revenue
$7.7M
Free Cash Flow
$-4.6M
Rev Growth
+0.0%
FCF Margin
-59.3%
P/FCF
--
EV/FCF
--
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Adagene Inc., a clinical stage biopharmaceutical company, engages in the research, development, and production of monoclonal antibody drugs for cancers. The company's product candidates include ADG106, a human ligand-blocking agonistic anti-CD137 monoclonal antibodies (mAbs) that is in Phase 1b/2 clinical trials for the treatment advanced solid tumors and non-Hodgkin's lymphoma; ADG126, a fully-human anti-CTLA-4 mAb that is in Phase 1 clinical trial for the treatment advanced/metastatic solid tu
2-Year Price History
$3.75+33.9%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2025-Q4 | 7.7 | -5.5 | -5.8 | -4.1 | -4.6 | -4.6 | -0.0 | 74.5 | 6.3 | 37.9 | -61.6% | -37.8x | -- |
Valuation & Metrics
Market Stats
Price$3.97
Market Cap$149M
Enterprise Value$81M
P/S Ratio19.4x
P/FCF--
EV/FCF--
FCF Margin (TTM)-59.3%
FCF Yield-3.1%
Dividend Yield (TTM)--
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$7.7M
Net Income$-4.1M
Free Cash Flow$-4.6M
Revenue Growth (YoY)+0.0%
EBITDA Margin-71.3%
Net Margin-53.9%
FCF Margin-59.3%
CapEx % of Revenue0.2%
SBC % of Revenue0.0%
ROIC-61.6%
WC Change % Rev0.0%
Interest Coverage-37.8x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares0.7M
Days to Cover3.1
Change (vs Prior)+62.6%
Need at least 2 settlement dates for chart
Employees
Headcount138
Revenue / Employee$55,746
Gross Profit / Employee$53,700
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
6.8%(-1.5% YoY)
22 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
0.0%(+0.0% YoY)
2 filers
Vanguard, iShares, SPDR
Market makers
0.1%(+0.1% YoY)
1 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| Exome Asset Management LLC | $2.9M | $2.06 | −$1.3M | +$2.9M | +3.1% | $166M |
| AMERIPRISE FINANCIAL INC | $2.4M | $3.92 | +$2.4M | +$2.4M | -0.1% | $430.96B |
| HSG Holding Ltd | $2.0M | $2.07 | +$0 | +$0 | -2.4% | $1.62B |
| Mill Creek Capital Advisors, LLC | $782K | $2.09 | +$0 | +$0 | +0.3% | $4.85B |
| MORGAN STANLEY | $259K | $2.02 | −$37K | −$129K | -0.3% | $1.65T |
| Invesco Ltd. | $185K | $3.92 | +$185K | +$185K | -0.2% | $652.04B |
| SmartHarvest Portfolios, LLC | $158K | $1.97 | +$6K | +$158K | +1.2% | $240M |
| Kamunting Street Capital Management, L.P. | $149K | $1.99 | −$345K | +$149K | -2.4% | $183M |
| Persistent Asset Partners Ltd | $138K | $3.92 | +$138K | +$138K | +3.6% | $257M |
| Dauntless Investment Group, LLC | $136K | $3.92 | +$136K | +$136K | +4.8% | $35.6M |
| RENAISSANCE TECHNOLOGIES LLC | $135K | $1.81 | +$63K | +$135K | +1.2% | $63.91B |
| JANE STREET GROUP, LLCMM | $119K | $3.92 | +$119K | +$119K | -0.1% | $92.10B |
| Alyeska Investment Group, L.P. | $81K | $3.92 | −$76K | +$81K | — | $35.33B |
| ROYAL BANK OF CANADA | $66K | $2.41 | +$0 | +$0 | -0.2% | $526.36B |
| NOMURA HOLDINGS INC | $58K | $1.89 | −$13K | +$58K | -0.4% | $9.84B |
| Quadrature Capital Ltd | $46K | $3.92 | +$46K | +$46K | +1.3% | $8.40B |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $40K | $2.07 | +$0 | +$0 | +2.3% | $1.61T |
| UBS Group AG | $16K | $2.69 | +$6K | +$16K | -0.3% | $562.11B |
| BNP PARIBAS FINANCIAL MARKETS | $15K | $2.45 | +$8K | +$8K | -0.2% | $149.31B |
| EverSource Wealth Advisors, LLC | $10K | $1.95 | −$0 | +$10K | -0.0% | $3.27B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)BULLISH
Holders
+0.54%
avg per quarter
Holders (ex-self)
+0.52%
excl. this stock
Buyers (this Q)
+0.38%
11 buyers · $0.00B in
Sellers (this Q)
-6.12%
9 sellers · $0.00B out
alpha coverage: 100% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
+16.3%
how holders react when this stock falls
On quiet Qs
-3.9%
−10% to +10% baseline
On rallies (+10%+)
-5.0%
how they react when this stock rises
Holders' portfolio flow this Q
-7.6%
outflows — trims may be forced
Sellers' portfolio flow this Q
+63.2%
Sellers grew AUM elsewhere — opinionated cut of this stock.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
+0.2%
Holder mid (any stock)
-5.1%
Holder rally (any stock)
-10.0%
Biggest decreases this quarter
Exome Asset Management LLC−$1.3Mα+3.1BARCLAYS PLC−$731Kα-0.1Kamunting Street Capital Management, L.P.−$345Kα-2.4FIFTH LANE CAPITAL, LPexited−$274KJPMORGAN CHASE & CO−$132KCITADEL ADVISORS LLCexited−$91KAlyeska Investment Group, L.P.−$76KMORGAN STANLEY−$37Kα-0.3NOMURA HOLDINGS INC−$13Kα-0.4SBI Securities Co., Ltd.−$0α+0.9
New buyers this quarter
Top-5 holders · 86.0%
Exome Asset Management LLC--
AMERIPRISE FINANCIAL INC--
HSG Holding Ltd--
Mill Creek Capital Advisors, LLC--
MORGAN STANLEY--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
MORGAN STANLEY66KHSG Holding Ltd1.3MFMR LLC—Capital International Investors—Artal Group S.A.—WuXi AppTec Co., Ltd.—MATTHEWS INTERNATIONAL CAPITAL MANAGEMENT LLC—FIL Ltd—GENERAL ATLANTIC, L.P.—Hudson Bay Capital Management LP—
Analyst Coverage
Analyst Coverage
Analyst Ratings
5
Buy: 5Consensus: Buy
Corporate
Order Flow (FINRA, ~3w lag)
21.5%retail-5.2pp
15.0%dark+8.1pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
Adagene Inc: The WuXi Dependency and Strategic Preferred Dilution
Overall Risk
7/10
Fraud
3/10
Dilution
8/10
Insolvency
4/10
Earnings Overstated
2/10
Hidden Liabilities
3/10
Legal
1/10
Audit Warnings
4/10
Hidden Upside
6/10
Contextually Acceptable
6/10