Adagene

ADAG

Biotechnology · Healthcare

Price

$3.59

+0.01 (+0.28%)

Market Cap

$135.2M

Exchange

NASDAQ

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Share count rising — dilution

+17.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 32.0M (2021) → 37.8M (2025)

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

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

>+1,000% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+84.5% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$22M/ year

↓ Declining (-23% vs prior year)

287.2% of revenue

16.0x the sector average (18%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

28.3%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Runway

~4 years

$75M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$75M cash & investments at current burn rate

Revenue accelerating

Adagene grew revenue 7354% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

96.3%

Premium pricing power — 96.3% gross margin

Operating Margin

-75.0%

Losing money on operations — -75.0%

ROCE

-13.9%

Weak — -13.9% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

-17.6%

Shrinking sales (-17.6% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

-583.0%

Burning cash (-583.0%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.17

Conservative — low debt load (0.17)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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