How much debt does Adagene have?

Adagene had total debt of $6.26M as of Mar 31, 2026, against $74.52M in cash and short-term investments. Its debt-to-equity ratio was 0.18. Total debt was $18.49M a year earlier.

What are Adagene's total assets?

Adagene reported total assets of $78.26M as of Mar 31, 2026, down 12.3% from $89.27M a year earlier. Total liabilities were $42.91M.

What is Adagene's shareholders' equity?

Adagene's shareholders' equity was $35.35M as of Mar 31, 2026.

What is the debt-to-equity ratio?

The debt-to-equity ratio divides a company's total debt by its shareholders' equity. It shows how much of the business is financed with borrowed money; normal levels vary widely by industry.

Adagene (ADAG) Balance Sheet: Assets & Liabilities

Adagene Balance Sheet Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Balance sheet showing assets, liabilities, and shareholders' equity for Adagene Inc. (ADAG) - Annual data in millions USD
Breakdown	FY 2025	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2021	FY 2020	FY 2020	FY 2019	FY 2018
Period ending	Mar 2026	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Mar 2022	Dec 2021	Mar 2021	Dec 2020	Dec 2019	Dec 2018
Current Assets
Cash and Cash Equivalents	74.52	74.52	85.19	109.93	143.76	174.39	174.39	75.15	75.15	92.53	16.06
Short-Term Investments	0.00	1.32	0.00	0.00	0.00	0.00	-	0.00	-	8.00	33.00
Cash & Short-Term Investments	74.52	74.52	85.19	109.93	143.76	174.39	174.39	75.15	75.15	100.53	49.06
Accounts Receivable	0.02	0.02	0.01	0.22	0.62	7.51	3.00	0.13	0.13	2.14	1.43
Inventory	0.00	-	0.00	0.00	0.00	0.00	-	0.00	-	0.00	0.00
Other Current Assets	2.83	1.20	2.58	3.29	0.80	4.06	4.06	3.81	-	1.25	1.33
Total Current Assets	77.38	77.38	87.78	113.44	149.32	185.95	185.95	79.10	79.10	103.92	51.82
Non-Current Assets
Property, Plant & Equipment (Net)	0.86	0.86	1.41	2.20	2.97	3.49	3.49	2.07	2.07	1.88	2.55
Long-Term Investments	0.00	-	0.00	0.00	0.00	0.00	-	7.17	-	0.20	0.20
Other Non-Current Assets	0.03	0.03	0.10	0.08	0.11	0.07	0.07	-4.07	3.10	-0.11	-0.15
Total Non-Current Assets	0.89	0.89	1.51	2.29	3.08	3.56	3.56	5.17	-	1.97	2.60
Total Assets	78.26	78.26	89.27	115.73	152.40	189.51	189.51	84.26	84.26	105.89	54.42
Current Liabilities
Accounts Payable	2.88	2.88	4.24	3.09	3.67	3.32	13.79	1.81	1.81	0.71	0.56
Short-Term Debt	5.07	4.98	17.93	8.59	13.62	4.50	3.12	5.02	1.18	1.04	2.33
Current Portion of Long-Term Debt	-	0.71	12.92	4.16	2.85	-	1.38	-	1.18	-	-
Accrued Liabilities	-	2.18	2.82	3.00	2.75	-	4.38	-	8.45	-	-
Deferred Revenue	3.46	3.46	0.00	0.00	15.11	5.50	5.50	0.73	0.73	0.99	0.03
Other Current Liabilities	12.75	0.23	15.52	19.72	0.11	14.85	1.66	8.53	0.15	4.44	7.42
Total Current Liabilities	25.17	25.17	38.18	31.46	55.08	29.82	29.82	16.15	16.15	7.18	10.35
Non-Current Liabilities
Long-Term Debt	1.19	1.14	0.56	13.71	14.15	2.99	2.99	2.97	2.97	1.52	0.00
Deferred Tax Liabilities	0.00	-	0.00	0.00	0.00	0.04	0.04	0.00	-	0.00	0.00
Other Non-Current Liabilities	16.55	-	0.00	0.00	0.03	0.09	0.14	154.54	-	154.20	85.10
Total Non-Current Liabilities	17.74	17.74	0.56	13.71	14.23	3.13	3.13	157.51	-	155.72	85.10
Total Liabilities	42.91	42.91	38.74	45.17	69.31	32.95	32.95	173.65	19.20	162.90	95.44
Stockholders' Equity
Common Stock	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.00	0.00	0.00	0.00
Retained Earnings	-328.79	-328.79	-311.18	-277.75	-258.81	-178.83	-178.83	-105.66	-105.66	-63.26	-46.83
Accumulated Other Comprehensive Income	-1.91	-1.91	-0.53	-1.80	-0.85	-0.09	-0.09	-0.35	-7.52	-0.34	-0.41
Treasury Stock	-	-	-	0.00	0.00	-	0.62	-	-	-	-
Additional Paid-in Capital	366.04	366.04	362.22	350.11	342.74	335.48	336.10	9.44	-	154.00	84.76
Shares Outstanding	-	59.23	58.89	55.15	54.07	-	54.60	-	-	-	-
Total Stockholders' Equity	35.35	35.35	50.52	70.56	83.09	156.56	156.56	-89.39	65.06	-57.01	-41.03
Total Liabilities & Equity	78.26	78.26	89.27	115.73	152.40	189.51	189.51	84.26	-	105.89	54.42

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Adagene Balance Sheet Analysis

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