Adagio Medical Holdings, Inc.

For the period ended Dec 31, 2025. Filed Mar 27, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Mar 27, 2026

ADGM$1.84-4.2%Stored close · as of Nov 10, 2026

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

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Contents

Item 8. Consolidated Statements of Cash Flows

Consolidated Statements of Cash Flows

(in thousands)


· · Years Ended December 31
· · 2025 · · · 2024
· · Successor · · · Successor · · · · · Predecessor
· · · · · July 31 to December 31 · · · · · January 1 to July 30
Cash flows from operating activities:
Net loss	$(25,084)	$(53,763)	$(21,278)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	970	740	646
Non-cash operating lease expense	—	56	98
Stock-based compensation	1,479	—	642
Provision for inventory impairment	—	(4)	15
Amortization of term loan discount	—	—	10
Loss on disposal of property and equipment	—	—	62
Impairment - Goodwill	—	30,324	—
Impairment - Intangible assets, net	—	18,878	—
Change in fair value of convertible notes payable	980	(929)	(2,059)
Change in fair value of warrant liabilities	(20)	(6,576)	(191)
Net change in operating assets and liabilities:
Accounts receivable, net	38	67	(32)
Inventory, net	931	1,399	(773)
Prepaid expenses and other current assets	867	(886)	(95)
Accounts payable	(1,756)	(1,933)	(2,628)
Accrued liabilities	3,300	127	511
Accrued transaction costs	—	3	7,446
Other accrued liabilities	2,877	1,001	1,734
Operating lease liabilities	20	(56)	(98)
Other long-term liabilities	(3,616)	—	—
Deferred taxes	—	(1,917)	—
Net cash used in operating activities	(19,014)	(13,469)	(15,990)
Cash flows from investing activities:
Purchases of property and equipment	(374)	(1,280)	(368)
Net cash used in investing activities:	(374)	(1,280)	(368)
Cash flows from financing activities:
Proceeds from the issuance of common shares, pre-funded warrants and warrants, net of $2,865 issuance costs	16,134	—	—
Proceeds from issuance of convertible notes payable	—	—	16,500
Repayment of non-convertible term loan	—	—	(867)
Net cash provided by financing activities	16,134	—	15,633
Effect of foreign currency translation on cash and cash equivalents	(227)	181	24
Net change in cash and cash equivalents	(3,481)	(14,568)	(701)
Cash and cash equivalents, at beginning of period	20,586	35,154	1,383
Cash and cash equivalents, at end of period	$17,105	$20,586	$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

Adagio Medical Holding, Inc.

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.