Adagene
ADAG on Nasdaq. Pharmaceutical preparations. Market value $188m.
This company reports once a year (it is based outside the US), so every figure comes from its annual report for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Health care stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-9.03 of spare cash last year. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 50 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$2.93 a share, 125% above its 1-year low
Over the past year the price has ranged from $1.30 to $4.85.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $10m | $9m | $18m | $103,204 | $8m |
| Operating margin | |||||
| Operating margin | -711.2% | -903.1% | -131.0% | -34835.4% | -279.5% |
| Debt to equity | |||||
| Debt to equity | 0.05 | 0.33 | 0.31 | 0.36 | 0.17 |
| Shares outstanding | |||||
| Shares outstanding | 0.05bn | 0.05bn | 0.06bn | 0.06bn | 0.06bn |
Health checks
- Free cash flow positive0 of 5 years
- Accounting checksSkipped: company is not yet profitable
- Debt0.17× equity
- Revenue growth, five yearsStrong, 61.4% a year
- Buying back its own sharesNo, 8% more shares since 2021
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 1 April 2026
- Next quarterly (estimated, 10-Q)
- n/a
Who owns it
None of the long-term investors we follow own it. 36 funds in all.
Largest holders overall
- Jupiter Topco$28m
- Deerfield Management Company, L.P.$11mNew
- Siren, L.L.C.$11mNew
- Ameriprise Financial$7mAdded
- HSG Holding$6m
- Squadron Capital Management$5mNew
- Dauntless Investment Group$2mAdded
- Citadel Advisors$2mNew
- Exome Asset Management$2mCut
- Birchview Capital, LP$1mNew
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
9 investors own more than 5%.
- HAN 2020 Irrevocable TrustInsider or founderat least 11.2%−4.4 pts(filed with 1 related holder)Since 5 June 2026
What they said
On May 23, 2025, Mr. Luo received 191,667 ordinary shares from Great Han Fortune LP for the benefit of Peter Luo, and Xiaohong She received 23,333 ordinary shares from Great Han Fortune LP for the benefit of Xiaohong She. On May 23, 2025, Mr. Luo and Xiaohong She transferred…
Read the filing - JANUS HENDERSON GROUP PLCPassive investor10.1%Since 30 April 2026
- Smith Vincent CPassive investorat least 8.7%+1.8 pts(filed with 2 related holders)Since 31 December 2025
- OT Management, LLCPassive investorat least 8.1%(filed with 2 related holders)Since 6 September 2024
- Red Beard Holdings, LLCPassive investor5.6%Since 31 December 2024
- Chernett JoreyPassive investor5.1%Since 16 March 2026
- Panacea Venture Healthcare Fund II, L.P.Passive investorat least 3.8%−1.7 pts(filed with 3 related holders)Since 30 September 2025
- WuXi PharmaTech Healthcare Fund I L.P.Passive investorat least 3.5%−2.4 pts(filed with 1 related holder)Since 30 June 2026
- FIL LimitedPassive investorat least 1.8%−6.0 pts(filed with 2 related holders)Since 31 March 2025
- FMR LLCPassive investorSold down below 5%Since 30 June 2025
- GENERAL ATLANTIC, L.P.Passive investorSold down below 5%Since 31 December 2025
| Holder | Stake | Since | |
|---|---|---|---|
HAN 2020 Irrevocable Trust Insider or founder | at least 11.2%−4.4 pts (filed with 1 related holder) | 5 June 2026 | What they saidOn May 23, 2025, Mr. Luo received 191,667 ordinary shares from Great Han Fortune LP for the benefit of Peter Luo, and Xiaohong She received 23,333 ordinary shares from Great Han Fortune LP for the benefit of Xiaohong She. On May 23, 2025, Mr. Luo and Xiaohong She transferred… Read the filing |
JANUS HENDERSON GROUP PLC Passive investor | 10.1% | 30 April 2026 | |
Smith Vincent C Passive investor | at least 8.7%+1.8 pts (filed with 2 related holders) | 31 December 2025 | |
OT Management, LLC Passive investor | at least 8.1% (filed with 2 related holders) | 6 September 2024 | |
Red Beard Holdings, LLC Passive investor | 5.6% | 31 December 2024 | |
Chernett Jorey Passive investor | 5.1% | 16 March 2026 | |
Panacea Venture Healthcare Fund II, L.P. Passive investor | at least 3.8%−1.7 pts (filed with 3 related holders) | 30 September 2025 | |
WuXi PharmaTech Healthcare Fund I L.P. Passive investor | at least 3.5%−2.4 pts (filed with 1 related holder) | 30 June 2026 | |
FIL Limited Passive investor | at least 1.8%−6.0 pts (filed with 2 related holders) | 31 March 2025 | |
FMR LLC Passive investor | Sold down below 5% | 30 June 2025 | |
GENERAL ATLANTIC, L.P. Passive investor | Sold down below 5% | 31 December 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 3 insiders bought $162,244 of shares on the open market.
- Tam Man KinChief Financial Officer, DirectorBought
- Date
- 23 September 2026
- Shares
- 2,000
- Price
- $3.00
- Value
- $6,000
- Luo PeterChief Executive Officer, DirectorBought
- Date
- 16 September 2026
- Shares
- 20,290
- Price
- $3.15
- Value
- $63,980
- DO CUONG VDirectorBought
- Date
- 14 August 2026
- Shares
- 2,000
- Price
- $3.75
- Value
- $7,500
- Luo PeterChief Executive Officer, DirectorBought
- Date
- 5 August 2026
- Shares
- 279
- Price
- $3.65
- Value
- $1,018
- Luo PeterChief Executive Officer, DirectorBought
- Date
- 4 August 2026
- Shares
- 22,966
- Price
- $3.65
- Value
- $83,746
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 23 September 2026 | Tam Man Kin Chief Financial Officer, Director | Bought | 2,000 | $3.00 | $6,000 |
| 16 September 2026 | Luo Peter Chief Executive Officer, Director | Bought | 20,290 | $3.15 | $63,980 |
| 14 August 2026 | DO CUONG V Director | Bought | 2,000 | $3.75 | $7,500 |
| 5 August 2026 | Luo Peter Chief Executive Officer, Director | Bought | 279 | $3.65 | $1,018 |
| 4 August 2026 | Luo Peter Chief Executive Officer, Director | Bought | 22,966 | $3.65 | $83,746 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
Adagene doesn’t file a US annual report (10-K), so we haven’t checked it.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.