Adagene - Public Comps and Valuation Multiples

Adagene Overview

About Adagene

Adagene Inc is a platform-driven, clinical-stage biopharmaceutical company engaged in transforming the discovery and development of novel antibody-based cancer immunotherapies. It is principally engaged in research, development, and production of monoclonal antibody drugs for cancers. The company's platform is designed to generate therapeutic antibody candidates with functional epitopes and species cross-reactivity, as highlighted by the company's immunotherapy pipeline.

Founded

2011

HQ

Employees

138

Website

adagene.com

Sectors

Drug Development & Therapeutics
Vaccines & Immunotherapies
BioTech

Financials

LTM Revenue $3.2M

LTM EBITDA -$30.9M

EV

$49.6M

Valuation Multiples

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Adagene Financials

As of August 2025, Adagene reported last 12-month revenue of $3.2M and EBITDA of -$30.9M.

In the same period, Adagene achieved -$32.1M in LTM net income.

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Adagene P&L

In the most recent fiscal year, Adagene reported revenue of $0.1M and EBITDA of -$31.7M.

Adagene expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$3.2M	XXX	$0.1M	XXX	XXX	XXX
Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
Gross Margin	n/a	XXX	n/a	XXX	XXX	XXX
EBITDA	-$30.9M	XXX	-$31.7M	XXX	XXX	XXX
EBITDA Margin	-966%	XXX	-30668%	XXX	XXX	XXX
EBIT	-$33.6M	XXX	-$36.0M	XXX	XXX	XXX
EBIT Margin	-1050%	XXX	-34835%	XXX	XXX	XXX
Net Profit	-$32.1M	XXX	-$33.4M	XXX	XXX	XXX
Net Margin	-1003%	XXX	-32386%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Adagene including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $3.2M. EBITDA for the last twelve months was -$30.9M. In the most recent fiscal year, Adagene achieved $0.1M in revenue and -$31.7M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$3.2M	Analyst estimates available to subscribers	$0.1M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	n/a	Analyst estimates available to subscribers	n/a	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	n/a	Analyst estimates available to subscribers	NaN% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	-$30.9M	Analyst estimates available to subscribers	-$31.7M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	-966.2% EBITDA margin	Analyst estimates available to subscribers	-30668.3% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	-$33.6M	Analyst estimates available to subscribers	-$36.0M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	-1050.3% EBIT margin	Analyst estimates available to subscribers	-34835.4% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$32.1M	Analyst estimates available to subscribers	-$33.4M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-1002.7% net profit margin	Analyst estimates available to subscribers	-32386.4% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Adagene

This financial data table provides comprehensive performance metrics for Adagene, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Adagene generated $3.2M in revenue over the last twelve months.
The company achieved -$30.9M in EBITDA over the last twelve months.
Net income over the last twelve months reached -$32.1M.

Fiscal Year Performance

In the most recent fiscal year, Adagene reported $0.1M in total revenue.
Fiscal year EBITDA was -$31.7M.
The company maintained a gross profit margin of NaN% in the most recent fiscal year.
EBITDA margin for the fiscal year was -30668.3%.
Net profit margin reached -32386.4% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Adagene. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Adagene Stock Performance

Adagene has current market cap of $106M, and EV of $49.6M.

Market Cap Evolution

Adagene Stock Data

As of September 12, 2025, Adagene's stock price is $2.

See Adagene trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$49.6M	$106M	XXX	XXX	XXX	XXX	$-0.56

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Adagene Valuation Multiples

Adagene's trades at 480.6x EV/Revenue multiple, and -1.6x EV/EBITDA.

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Adagene Financial Valuation Multiples

As of September 12, 2025, Adagene has market cap of $106M and EV of $49.6M.

Equity research analysts estimate Adagene's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Adagene has a P/E ratio of -3.3x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$106M	XXX	$106M	XXX	XXX	XXX
EV (current)	$49.6M	XXX	$49.6M	XXX	XXX	XXX
EV/Revenue	15.5x	XXX	480.6x	XXX	XXX	XXX
EV/EBITDA	-1.6x	XXX	-1.6x	XXX	XXX	XXX
EV/EBIT	-1.5x	XXX	-1.4x	XXX	XXX	XXX
EV/Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
P/E	-3.3x	XXX	-3.2x	XXX	XXX	XXX
EV/FCF	n/a	XXX	-1.7x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Adagene Margins & Growth Rates

Adagene's last 12 month revenue growth is 41%

Adagene's revenue per employee in the last FY averaged $1K, while opex per employee averaged $0.3M for the same period.

Adagene's rule of 40 is -42% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Adagene's rule of X is -865% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Adagene Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	41%	XXX	560%	XXX	XXX	XXX
EBITDA Margin	-966%	XXX	-30668%	XXX	XXX	XXX
EBITDA Growth	30%	XXX	n/a	XXX	XXX	XXX
Rule of 40	-42%	XXX	-30628%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	-865%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$1K	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.3M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	27888%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	34935%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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