Adagio Medical Holdings Inc

For the period ended Sep 30, 2024. Filed Nov 14, 2024.

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, 2024 · Filed Nov 14, 2024

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

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Contents

Item 1. Financial Statements

Condensed Consolidated Balance Sheets

(in thousands, except share and per share data)


· · Successor · · · Predecessor
· September 30, · · December 31,
· · 2024 · · · 2023
· · (Unaudited) · · · ·
Assets
Current assets:
Cash and cash equivalents	$28,260	$1,383
Accounts receivable, net	90	71
Inventory, net	4,139	3,322
Prepaid expenses	2,328	232
Other current assets	213	177
Total current assets	35,030	5,185
Property and equipment, net	1,572	1,487
Right-of-use assets, net	226	130
Intangible Assets, net	26,061	—
Goodwill	44,291	—
Other assets	16	23
Total assets	$107,196	$6,825
Liabilities, convertible preferred stock, and stockholders’ equity (deficit)
Current liabilities:
Accounts payable	$4,419	$3,830
Accrued liabilities	2,910	3,048
Operating lease liabilities, current	142	79
Convertible notes payable, current	—	36,430
Warrant liabilities	—	78
Term loan, current	—	1,695
Accrued transaction costs	—	444
Other accrued liabilities	448	1,572
Total current liabilities	7,919	47,176
Operating lease liabilities, long-term	85	52
Convertible notes payable, non-current	13,750	—
Warrant liabilities	2,465	—
Deferred tax liabilities, net	2,800	—
Term loan, long-term	—	143
Other long-term liabilities	3,616	8
Total liabilities	30,635	47,379
Commitments and contingencies (Note 12)
Legacy Adagio's Convertible preferred stock, $0.001 par value; 4,939,946 shares authorized as of December 31, 2023; 4,939,946 shares issued and outstanding as of December 31, 2023, with aggregate liquidation preference of $91,637 as of December 31, 2023	—	91,469
Stockholders’ equity (deficit):
Legacy Adagio's Common stock, $0.001 par value; 6,594,946 shares authorized as of December 31, 2023; 786,510 shares issued as of December 31, 2023; 779,908 shares outstanding as of December 31, 2023	—	1
Common stock, $0.0001 par value; 210,000,000 shares authorized as of September 30, 2024; 14,535,136 shares issued and outstanding as of September 30, 2024	1	—
Additional paid-in capital	89,786	1,608
Accumulated other comprehensive income (loss)	(9)	17
Accumulated deficit	(13,217)	(133,649)
Total stockholders’ equity (deficit)	76,561	(132,023)
Total liabilities, convertible preferred stock, and stockholders’ equity (deficit)	$107,196	$6,825

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

(in thousands, except share and per share data)


· Three Months Ended September 30 · · · Nine Months Ended September 30
· 2024 · · 2023 · · · 2024 · · 2023
· Successor · · · Predecessor · · Predecessor · · · Successor · · · Predecessor · · Predecessor
· July 31 to September 30 · · · July 1 to July 30 · · July 1 to September 30 · · · July 31 to September 30 · · · January 1 to July 30 · · January 1 to September 30

Revenue	$132	$53	$41	$132	$333	$222
Cost of revenue and operating expenses:
Cost of revenue	414	157	253	414	1,381	972
Research and development	1,217	1,251	4,418	1,217	7,585	13,625
Selling, general, and administrative	2,926	4,851	4,451	2,926	13,047	8,234
Total cost of revenue and operating expenses	4,557	6,259	9,122	4,557	22,013	22,831
Loss from operations	(4,425)	(6,206)	(9,081)	(4,425)	(21,680)	(22,609)
Other income (expense):
Convertible notes fair value adjustment	3,255	(1,907)	(1,051)	3,255	2,059	(4,084)
Warrant liabilities fair value adjustment	4,973	177	(23)	4,973	191	(83)
Interest expense	(435)	(304)	(485)	(435)	(1,818)	(1,082)
Interest income	166	—	2	166	3	2
Other (expense) income, net	72	5	(123)	72	(33)	(113)
Total other income (expense), net	8,031	(2,029)	(1,680)	8,031	402	(5,360)
Net income (loss)	$3,606	$(8,235)	$(10,761)	$3,606	$(21,278)	$(27,969)
Other comprehensive income (loss):
Foreign currency translation adjustment	(9)	(2)	4	(9)	3	(1)
Comprehensive income (loss)	$3,597	$(8,237)	$(10,757)	$3,597	$(21,275)	$(27,970)

Basic net income (loss) per share (Note 15)	$0.18	$(8.34)	$(14.15)	$0.18	$(26.08)	$(36.83)
Diluted net income (loss) per share (Note 15)	$0.02	$(8.34)	$(14.15)	$0.02	$(26.08)	$(36.83)

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

(in thousands, except share data)


· · 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 · Equity (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)


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


	Three Months Ended September 30, 2023
								Accumulated
									Additional				Other	Total
	Convertible Preferred Stock	Common Stock		Paid-in		Accumulated	Comprehensive		Stockholders’
	Shares	Amount		Shares		Amount	Capital		Deficit		Income	Equity (Deficit)
Balance as of June 30, 2023 (Predecessor)	4,939,946		$91,469		760,918		$1			$1,367		$(114,267)		$23	$(112,876)
Foreign currency translation adjustment	—		—		—		—			—		—		4	4
Stock option exercises	—		—		(346)		—			1		—		—	1
Stock-based compensation	—		—		—		—			125		—		—	125
Net loss	—		—		—		—			—		(10,761)		—	(10,761)
Balance as of September 30, 2023 (Predecessor)	4,939,946		$91,469		760,572		$1			$1,493		$(125,028)		$27	$(123,507)

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

(in thousands, except share data)




· · 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 · Equity (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)


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, 2023
								Accumulated
									Additional				Other	Total
	Convertible Preferred Stock	Common Stock		Paid-in		Accumulated	Comprehensive		Stockholders’
	Shares	Amount		Shares		Amount	Capital		Deficit		Income	Equity (Deficit)
Balance as of December 31, 2022 (Predecessor)	4,939,946		$91,469		756,160		$1			$1,153		$(97,059)		$28	$(95,877)
Foreign currency translation adjustment	—		—		—		—			—		—		(1)	(1)
Stock option exercises	—		—		4,412		—			11		—		—	11
Stock-based compensation	—		—		—		—			329		—		—	329
Net loss	—		—		—		—			—		(27,969)		—	(27,969)
Balance as of September 30, 2023 (Predecessor)	4,939,946		$91,469		760,572		$1			$1,493		$(125,028)		$27	$(123,507)

Condensed Consolidated Statements of Cash Flows

(in thousands)


· · Nine Months Ended September 30,
· · 2024 · · 2023
· · Successor · · · Predecessor · · Predecessor
· · July 31 to September 30 · · · January 1 to July 30 · · January 1 to September 30
Cash flows from operating activities: · · · · · · · · ·
Net income (loss)	$3,606	$(21,278)	$(27,969)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	316	646	399
Non-cash operating lease expense	22	98	119
Stock-based compensation	—	642	329
Provision for inventory impairment	(15)	15	21
Amortization of term loan discount	—	10	11
Loss on disposal of property and equipment	—	62	3
Change in fair value of convertible notes payable	(3,255)	(2,059)	4,084
Change in fair value of warrant liabilities	(4,973)	(191)	83
Net change in operating assets and liabilities:
Accounts receivable, net	15	(32)	(73)
Inventory, net	(130)	(773)	57
Prepaid expenses and other current assets	(1,259)	(95)	381
Accounts payable	(356)	(2,628)	—
Accrued liabilities	(651)	511	1,102
Accrued transaction costs	—	7,446	241
Other accrued liabilities	344	1,734	1,848
Operating lease liabilities	(22)	(98)	917
Other Long-Term Liabilities	—	—	(121)
Deferred taxes	—	—	7
Net cash used in operating activities	(6,358)	(15,990)	(18,561)
Cash flows from investing activities:
Purchases of property and equipment	(578)	(368)	(313)
Purchases of software	—	—	(7)
Net cash used in investing activities:	(578)	(368)	(320)
Cash flows from financing activities:
Proceeds from exercise of common stock options	—	—	11
Proceeds from issuance of convertible notes payable	—	16,500	13,000
Proceeds from term loan	—	—	3,000
Repayment of non-convertible term loan	—	(867)	(714)
Net cash provided by financing activities	—	15,633	15,297
Effect of foreign currency translation on cash and cash equivalents	42	24	18
Net change in cash and cash equivalents	(6,894)	(701)	(3,566)
Cash and cash equivalents, at beginning of period	35,154	1,383	5,547
Cash and cash equivalents, at end of period	$28,260	$682	$1,981

Supplemental disclosure of cash flow information:
Cash paid for interest	$—	$85	$154
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	$—
Amount of term loan proceeds allocated to warrant liabilities	$—	$—	$36
Exchange preferred stock for pre-funded warrants	$—	$4,332	$—

Adagio Medical Holding, Inc.

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