A
Adagio Medical Holdings, Inc.
ADGMCIK 0002006986NasdaqEmerging GrowthSurgical & Medical Instruments & ApparatusDelawareFY ends Dec 31
Period
FY 2025
Revenue
$0
Net Income
—
Total Assets
$43.25M
Equity
$12.40M
Shares Out
22.21M
Op. Cash Flow
$-19.01M
Business
Adagio Medical Holdings, Inc. is a medical device company developing and commercializing catheter-based Ultra-Low Temperature Cryoablation (ULTC) technologies for treatment of cardiac arrhythmias, with an initial focus on ventricular tachycardia. The company offers the vCLAS™ ventricular cryoablation catheter, ULTC cryoablation consoles, and Pulsed Field Cryoablation (PFCA) systems that combine ULTC and pulsed field ablation. Its business is organized around product generations for VT and atrial ablation technologies, clinical development programs, regulatory and manufacturing functions. Adagio markets and distributes products through clinical trial networks, regulatory approvals, and international channels across the U.S., Europe and other jurisdictions.
Summary from filing dated 2025-03-27
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2023 2023-12-31 |
|---|---|---|---|
| Revenue | 0 | 300,000 | |
| Cost of revenue | 684,000 | 1 | |
| Research and development | 11 | 15 | |
| Selling, general, and administrative | 11 | 12 | |
| Impairment - Goodwill | 0 | 0 | |
| Total cost of revenue and operating expenses | 22 | 28 | |
| Loss from operations | −22 | −28 | |
| Interest expense | −3 | −2 | |
| Interest income | 477,000 | 3,000 | |
| Other (expense) income, net | 195,000 | −20,000 | |
| Total other (loss) income, net | −3 | −9 | |
| Net loss | −25 | — | |
| Foreign currency translation adjustment | −100,000 | −11,000 | |
| Comprehensive loss | −25 | −37 | |
| Basic net loss per share (in dollars per share) | −1.51 | −48.16 | |
| Diluted net loss per share (in dollars per share) | −1.51 | −48.16 | |
| Weighted-average shares outstanding - Basic (in shares) | 17 | — | |
| Weighted-average shares outstanding - Diluted (in shares) | 17 | — |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2024 2024-07-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 17 | 21 | — | 1 | — | |
| Accounts receivable, net | — | 35,000 | — | 71,000 | — | |
| Inventory, net | 2 | 3 | — | 3 | — | |
| Prepaid expenses | 989,000 | 2 | — | 232,000 | — | |
| Other current assets | 316,000 | 222,000 | — | 177,000 | — | |
| Total current assets | 20 | 25 | — | 5 | — | |
| Property and equipment, net | 2 | 2 | — | 1 | — | |
| Right-of-use assets, net | 697,000 | 188,000 | — | 130,000 | — | |
| Intangible assets, net | 7 | 7 | — | 0 | — | |
| Goodwill, net | 14 | 14 | — | 0 | — | |
| Other assets | 3,000 | 14,000 | — | 23,000 | — | |
| Total assets | 43 | 48 | — | 7 | — | |
| Accounts payable | 1 | 3 | — | 4 | — | |
| Accrued liabilities | 7 | 4 | — | 3 | — | |
| Operating lease liabilities, current | 155,000 | 143,000 | — | 79,000 | — | |
| Other accrued liabilities | — | 1 | — | 2 | — | |
| Total current liabilities | 8 | 8 | — | 47 | — | |
| Operating lease liabilities, long-term | 563,000 | 46,000 | — | 52,000 | — | |
| Convertible notes payable, net | 21 | 16 | — | — | — | |
| Warrant liabilities | 132,000 | 152,000 | — | — | — | |
| Deferred tax liabilities, net | 883,000 | 883,000 | — | — | — | |
| Other long-term liabilities | — | 4 | — | 8,000 | — | |
| Total liabilities | 31 | 29 | — | 47 | — | |
| Commitments and contingencies | — | — | — | — | — | |
| Common stock, $0.0001 par value; 210,000,000 shares authorized at December 31, 2025 and December 31, 2024; 22,210,459 and 15,198,232 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | 2,000 | 2,000 | — | 1,000 | — | |
| Additional paid-in capital | 108 | 90 | — | 2 | — | |
| Accumulated other comprehensive (loss) income | −99,000 | 1,000 | — | 17,000 | — | |
| Accumulated deficit | −96 | −71 | — | −134 | — | |
| Total stockholders' equity | 12 | 20 | −148 | −132 | −96 | |
| Total liabilities and stockholders' equity | 43 | 48 | — | 7 | — |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2023 2023-12-31 |
|---|---|---|---|
| Net loss | −25 | −37 | |
| Depreciation and amortization | 970,000 | 532,000 | |
| Stock-based compensation | 1 | 442,000 | |
| Change in fair value of convertible notes payable | 980,000 | — | |
| Change in fair value of warrant liabilities | −20,000 | — | |
| Accounts receivable, net | 38,000 | −70,000 | |
| Inventory, net | 931,000 | −3 | |
| Prepaid expenses and other current assets | 867,000 | 410,000 | |
| Accounts payable | −2 | 3 | |
| Accrued liabilities | 3 | 886,000 | |
| Other accrued liabilities | 3 | 1 | |
| Operating lease liabilities | 20,000 | −161,000 | |
| Other long-term liabilities | −4 | — | |
| Net cash used in operating activities | −19 | −26 | |
| Purchases of property and equipment | −374,000 | −333,000 | |
| Net cash used in investing activities | −374,000 | −340,000 | |
| Proceeds from the issuance of common shares, pre-funded warrants and warrants, net of $2,865 issuance costs | 16 | — | |
| Net cash provided by financing activities | 16 | 22 | |
| Effect of foreign currency translation on cash and cash equivalents | −227,000 | −47,000 | |
| Net change in cash and cash equivalents | −3 | −4 |
Filings
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