Adagio Medical Holdings, Inc.

For the period ended Sep 30, 2025. Filed Nov 12, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2025 · Filed Nov 12, 2025

ADGM$1.92Day change unavailableStored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

Item 1. Financial Statements

Condensed Consolidated Balance Sheets

(in thousands, except share data)


· · Successor · · Successor
· September 30, · · December 31,
· · 2025 · · 2024
· · (Unaudited) · · (Audited)
Assets
Current assets:
Cash and cash equivalents	$4,673	$20,586
Accounts receivable, net	—	35
Inventory, net	1,548	2,566
Prepaid expenses	1,111	1,940
Other current assets	811	222
Total current assets	8,143	25,349
Property and equipment, net	1,701	1,961
Right-of-use assets, net	760	188
Intangible assets, net	6,969	6,969
Goodwill, net	13,967	13,967
Other assets	6	14
Total assets	$31,546	$48,448
Liabilities and stockholders’ (deficit) equity
Current liabilities:
Accounts payable	$1,024	$2,840
Accrued liabilities	8,498	3,676
Operating lease liabilities, current	180	143
Other accrued liabilities	—	1,104
Total current liabilities	9,702	7,763
Operating lease liabilities, long-term	596	46
Convertible notes payable, net	21,191	16,076
Warrant liabilities	486	152
Deferred tax liabilities, net	883	883
Other long-term liabilities	—	3,616
Total liabilities	32,858	28,536
Commitments and contingencies (Note 12)
Stockholders’ (deficit) equity:
Common stock, $0.0001 par value; 210,000,000 shares authorized at September 30, 2025 and December 31, 2024; 15,381,565 and 15,198,232 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively	2	2
Additional paid-in capital	91,084	90,495
Accumulated other comprehensive (loss) income	(95)	1
Accumulated deficit	(92,303)	(70,586)
Total stockholders’ (deficit) equity	(1,312)	19,912
Total liabilities and stockholders’ (deficit) equity	$31,546	$48,448

Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income

(in thousands, except share and per share data)


· Three Months Ended September 30, · · Nine Months Ended September 30,
· · 2025 · · 2024 · · · 2025 · · 2024
· · Successor · · Successor · · · Predecessor · · · Successor · · Successor · · · Predecessor
· · · · July 31 to September 30 · · · July 1 to July 30 · · · · · July 31 to September 30 · · · January 1 to July 30
Revenue	$—	$132	$53	$—	$132	$333
Cost of revenue and operating expenses:
Cost of revenue	31	414	157	626	414	1,381
Research and development	2,774	1,217	1,251	8,404	1,217	7,585
Selling, general, and administrative	2,916	2,926	4,851	8,892	2,926	13,047
Total cost of revenue and operating expenses	5,721	4,557	6,259	17,922	4,557	22,013
Loss from operations	(5,721)	(4,425)	(6,206)	(17,922)	(4,425)	(21,680)
Other (expense) income:
Convertible notes fair value adjustment	(3,508)	3,255	(1,907)	(1,891)	3,255	2,059
Warrant liabilities fair value adjustment	(231)	4,973	177	(334)	4,973	191
Interest expense	(749)	(435)	(304)	(2,131)	(435)	(1,818)
Interest income	79	166	—	345	166	3
Other (expense) income, net	12	72	5	155	72	(33)
Total other (loss) income, net	(4,397)	8,031	(2,029)	(3,856)	8,031	402
Net (loss) income	$(10,118)	$3,606	$(8,235)	$(21,778)	$3,606	$(21,278)
Other comprehensive (loss) income:
Foreign currency translation adjustment	4	(9)	(2)	(96)	(9)	3
Comprehensive (loss) income	$(10,114)	$3,597	$(8,237)	$(21,874)	$3,597	$(21,275)

Basic net (loss) income per share	$(0.66)	$0.18	$(8.34)	$(1.42)	$0.18	$(26.08)
Diluted net (loss) income per share	$(0.66)	$0.02	$(8.34)	$(1.42)	$0.02	$(26.08)
Weighted-average shares outstanding – Basic	15,381,565	14,057,636	987,810	15,378,543	14,057,636	815,854
Weighted-average shares outstanding – Diluted	15,381,565	16,057,636	987,810	15,378,543	16,057,636	815,854

Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders’ Equity (Deficit)

(in thousands, except share data)


· · Three Months Ended September 30, 2025
· · · · · · · · · · · · Accumulated · ·
· · · · · · · · · · · · · Additional · · · · · Other · · Total
· · Convertible Preferred Stock · · · Common Stock · · Paid-in · · Accumulated · · Comprehensive · · Stockholders’
· Shares · Amount · · · Shares · Amount · Capital · Deficit · Loss · Equity (Deficit)
Balance as of June 30, 2025 (Successor)	—		$—		15,381,565		$2			$90,947		$(82,184)		$(99)	$8,666
Foreign currency translation adjustment	—		—		—		—			—		(1)		4	3
Stock-based compensation	—		—		—		—			137		—		—	137
Net loss	—		—		—		—			—		(10,118)		—	(10,118)
Balance as of September 30, 2025 (Successor)	—		$—		15,381,565		$2			$91,084		$(92,303)		$(95)	$(1,312)

	Nine Months Ended September 30, 2025
								Accumulated
									Additional				Other	Total
	Convertible Preferred Stock		Common Stock	Paid-in		Accumulated	Comprehensive		Stockholders’
	Shares	Amount		Shares		Amount	Capital		Deficit		Income (Loss)	Equity (Deficit)
Balance as of December 31, 2024 (Successor)	—		$—		15,198,232		$2			$90,495		$(70,586)		$1	$19,912
Foreign currency translation adjustment	—		—		—		—			—		61		(96)	(35)
Issuance of Waiver Shares	—		—		183,333		—			—		—		—	—
Stock-based compensation	—		—		—		—			589		—		—	589
Net loss	—		—		—		—			—		(21,778)		—	(21,778)
Balance as of September 30, 2025 (Successor)	—		$—		15,381,565		$2			$91,084		$(92,303)		$(95)	$(1,312)



· · Three Months Ended September 30, 2024
· · · · · · · · · · · · Accumulated · ·
· · · · · · · · · · · · · Additional · · · · Other · · Total
· · Convertible Preferred Stock · · · Common Stock · · Paid-in · · Accumulated · · Comprehensive · · Stockholders’
· Shares · Amount · · · Shares · Amount · Capital · Deficit · Income · Deficit
Balance as of June 30, 2024 (Predecessor)	4,732,044		$86,783		780,180		$1			$6,163		$(146,692)		$22	$(140,506)
Foreign currency translation adjustment	—		—		—		—			—		—		(2)	(2)
Stock option exercises	—		—		33		—			7		—		—	7
Stock-based compensation	—		—		—		—			421		—		—	421
Net loss	—		—		—		—			—		(8,235)		—	(8,235)
Balance as of July 30, 2024 (Predecessor)	4,732,044		$86,783		780,213		$1			$6,591		$(154,927)		$20	$(148,315)


								Accumulated
									Additional			Other	Total
	Convertible Preferred Stock		Common Stock	Paid-in		Accumulated	Comprehensive		Stockholders’
	Shares	Amount		Shares		Amount	Capital		Deficit		Loss	Equity
Balance as of July 31, 2024 (Successor)	—		$—		13,387,636		$1			$89,786		$(16,823)		$—	$72,964
Foreign currency translation adjustment	—		—		—		—			—		—		(9)	(9)
Issuance of Sponsor Earnout	—		—		1,147,500		—			—		—		—	—
Net income	—		—		—		—			—		3,606		—	3,606
Balance as of September 30, 2024 (Successor)	—		$—		14,535,136		$1			$89,786		$(13,217)		$(9)	$76,561


	Nine Months Ended September 30, 2024
								Accumulated
									Additional			Other	Total
	Convertible Preferred Stock		Common Stock	Paid-in		Accumulated	Comprehensive		Stockholders’
	Shares	Amount		Shares		Amount	Capital		Deficit		Income	Deficit
Balance as of December 31, 2023 (Predecessor)	4,939,946		$91,469		779,908		$1			$1,608		$(133,649)		$17	$(132,023)
Foreign currency translation adjustment	—		—		—		—			—		—		3	3
Exchange preferred stock for pre-funded warrants	(207,902)		(4,686)		—		—			4,332		—		—	4,332
Stock option exercises	—		—		305		—			9		—		—	9
Stock-based compensation	—		—		—		—			642		—		—	642
Net loss	—		—		—		—			—		(21,278)		—	(21,278)
Balance as of July 30, 2024 (Predecessor)	4,732,044		$86,783		780,213		$1			$6,591		$(154,927)		$20	$(148,315)


								Accumulated
									Additional			Other	Total
	Convertible Preferred Stock		Common Stock	Paid-in		Accumulated	Comprehensive		Stockholders’
	Shares	Amount		Shares		Amount	Capital		Deficit		Loss	Equity
Balance as of July 31, 2024 (Successor)	—		$—		13,387,636		$1			$89,786		$(16,823)		$—	$72,964
Foreign currency translation adjustment	—		—		—		—			—		—		(9)	(9)
Issuance of Sponsor Earnout	—		—		1,147,500		—			—		—		—	—
Net income	—		—		—		—			—		3,606		—	3,606
Balance as of September 30, 2024 (Successor)	—		$—		14,535,136		$1			$89,786		$(13,217)		$(9)	$76,561

Condensed Consolidated Statements of Cash Flows

(in thousands)


· · Nine Months Ended September 30,
· · 2025 · 2024
· · Successor · · Successor · · · Predecessor
· · · · · July 31 to September 30 · · · January 1 to July 30
Cash flows from operating activities: · · · · · · · ·
Net (loss) income	$(21,778)	$3,606	$(21,278)
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Depreciation and amortization	733	316	646
Non-cash operating lease expense	—	22	98
Stock-based compensation	589	—	642
Provision for inventory impairment	—	(15)	15
Amortization of term loan discount	—	—	10
Loss on disposal of property and equipment	507	—	62
Change in fair value of convertible notes payable	1,891	(3,255)	(2,059)
Change in fair value of warrant liabilities	334	(4,973)	(191)
Net change in operating assets and liabilities:
Accounts receivable, net	37	15	(32)
Inventory, net	1,053	(130)	(773)
Prepaid expenses and other current assets	252	(1,259)	(95)
Accounts payable	(1,814)	(356)	(2,628)
Accrued liabilities	4,802	(651)	511
Accrued transaction costs	—	—	7,446
Other accrued liabilities	2,119	344	1,734
Operating lease liabilities	15	(22)	(98)
Other long-term liabilities	(3,616)	—	—
Net cash used in operating activities	(14,876)	(6,358)	(15,990)
Cash flows from investing activities:
Purchases of property and equipment	(865)	(578)	(368)
Net cash used in investing activities:	(865)	(578)	(368)
Cash flows from financing activities:
Proceeds from issuance of convertible notes payable	—	—	16,500
Repayment of non-convertible term loan	—	—	(867)
Net cash provided by financing activities	—	—	15,633
Effect of foreign currency translation on cash and cash equivalents	(172)	42	24
Net change in cash and cash equivalents	(15,913)	(6,894)	(701)
Cash and cash equivalents, at beginning of period	20,586	35,154	1,383
Cash and cash equivalents, at end of period	$4,673	$28,260	$682

Supplemental disclosure of cash flow information:
Cash paid for interest	$—	$—	$85
Supplemental disclosure of noncash investing and financing activities:
Right-of-use assets obtained in exchange for lease liabilities	$—	$—	$(216)
Lease liabilities recorded for operating lease right-of-use assets	$—	$—	$216
Exchange preferred stock for pre-funded warrants	$—	$—	$4,332

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.