Adagio Medical Holdings, Inc.

For the period ended Mar 31, 2025. Filed May 15, 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.

Mar 31, 2025 · Filed May 15, 2025

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

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

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Contents

Item 1. Financial Statements

Condensed Consolidated Balance Sheets

(in thousands, except share and per share data)


· · Successor · · · Successor ·
· March 31, · · December 31, ·
· · 2025 · · · 2024 ·
· · (Unaudited) · · · (Audited) ·
Assets
Current assets:
Cash and cash equivalents	$12,963	$20,586
Accounts receivable, net	1	35
Inventory, net	2,310	2,566
Prepaid expenses	1,592	1,940
Other current assets	507	222
Total current assets	17,373	25,349
Property and equipment, net	2,093	1,961
Right-of-use assets, net	925	188
Intangible assets, net	6,969	6,969
Goodwill, net	13,967	13,967
Other assets	11	14
Total assets	$41,338	$48,448
Liabilities, convertible preferred stock, and stockholders’ equity
Current liabilities:
Accounts payable	$2,647	$2,840
Accrued liabilities	3,096	3,676
Operating lease liabilities, current	263	143
Total current liabilities	6,006	6,659
Operating lease liabilities, long-term	668	46
Convertible notes payable, net	17,652	17,180
Warrant liabilities	114	152
Deferred tax liabilities, net	883	883
Other long-term liabilities	3,616	3,616
Total liabilities	28,939	28,536
Commitments and contingencies (Note 12)
Stockholders’ equity:
Common stock, $0.0001 par value; 210,000,000 shares authorized at March 31, 2025 and December 31, 2024; 15,381,565 and 15,198,232 shares issued and outstanding at March 31, 2025 and December 31, 2025, respectively	2	2
Additional paid-in capital	90,713	90,495
Accumulated other comprehensive income (loss)	(60)	1
Accumulated deficit	(78,256)	(70,586)
Total stockholders’ equity	12,399	19,912
Total liabilities, convertible preferred stock, and stockholders’ equity	$41,338	$48,448

Condensed Consolidated Statements of Operations and Comprehensive Loss

(in thousands, except share and per share data)


	Three Months Ended March 31
· · 2025 · · 2024 ·
· · Successor · · Predecessor ·

Revenue		$—	$26
Cost of revenue and operating expenses:
Cost of revenue		253	542
Research and development		3,659	3,469
Selling, general, and administrative		3,485	4,830
Total cost of revenue and operating expenses		7,397	8,841
Loss from operations		(7,397)	(8,815)
Other income (expense):
Convertible notes fair value adjustment		190	1,673
Warrant liabilities fair value adjustment		38	(80)
Interest expense		(662)	(754)
Interest income		164	1
Other expense, net		(46)	(43)
Total other (expense) income, net		(316)	797
Net loss		$(7,713)	$(8,018)
Other comprehensive loss:
Foreign currency translation adjustment		(61)	3
Comprehensive loss		$(7,774)	$(8,015)

Basic net loss per share		$(0.50)	$(10.28)
Diluted net loss per share		$(0.51)	$(10.28)
Weighted-average shares used to compute net loss per common share, basic and diluted		15,375,521	779,908

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

(in thousands, except share data)




· · Three Months Ended March 31, 2025
· · · · · · · · · · · Accumulated · ·
· · · · · · · · · · · · Additional · · · · · Other · · Total
· · Convertible Preferred Stock · · Common Stock · · Paid-in · · Accumulated · · Comprehensive · · Stockholders’
· Shares · Amount · Shares · Amount · Capital · Deficit · Income (Loss) · Equity
Balance as of December 31, 2024 (Successor)	—		$—		15,198,232		$2			$90,495		$(70,586)		$1	$19,912
Foreign currency translation adjustment	—		—		—		—			—		43		(61)	(18)
Issuance of Waiver Shares	—		—		183,333		—			—		—		—	—
Stock-based compensation	—		—		—		—			218		—		—	218
Net loss	—		—		—		—			—		(7,713)		—	(7,713)
Balance as of March 31, 2025 (Successor)	—		$—		15,381,565		$2			$90,713		$(78,256)		$(60)	$12,399

	Three Months Ended March 31, 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		$(135,205)		$17	$(133,579)
Foreign currency translation adjustment	—		—		—		—			—		—		3	3
Stock option exercises	—		—		161		—			1		—		—	1
Stock-based compensation	—		—		—		—			110		—		—	110
Net loss	—		—		—		—			—		(8,018)		—	(8,018)
Balance as of March 31, 2024 (Predecessor)	4,939,946		$91,469		780,069		$1			$1,719		$(143,223)		$20	$(141,483)

Condensed Consolidated Statements of Cash Flows

(in thousands)


· · Three Months Ended March 31,
· · 2025 · · 2024 ·
· · Successor · · Predecessor ·
· · · · ·
Cash flows from operating activities:
Net loss	$(7,713)	$(8,018)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	271	330
Non-cash operating lease expense	—	42
Stock-based compensation	218	110
Provision for inventory impairment	—	82
Amortization of term loan discount	—	5
Change in fair value of convertible notes payable	(190)	(1,673)
Change in fair value of warrant liabilities	(38)	80
Net change in operating assets and liabilities:
Accounts receivable, net	34	70
Inventory, net	256	(281)
Prepaid expenses and other current assets	63	90
Accounts payable	(193)	884
Accrued liabilities	(577)	678
Accrued transaction costs	—	199
Other accrued liabilities	658	706
Operating lease liabilities	—	(43)
Net cash used in operating activities	(7,211)	(6,739)
Cash flows from investing activities:
Purchases of property and equipment	(335)	(162)
Net cash used in investing activities:	(335)	(162)
Cash flows from financing activities:
Proceeds from issuance of convertible notes payable	—	10,000
Repayment of non-convertible term loan	—	(429)
Net cash provided by financing activities	—	9,571
Effect of foreign currency translation on cash and cash equivalents	(77)	30
Net change in cash and cash equivalents	(7,623)	2,700
Cash and cash equivalents, at beginning of period	20,586	1,383
Cash and cash equivalents, at end of period	$12,963	$4,083

Supplemental disclosure of cash flow information:
Cash paid for interest	$—	$43

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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.