Adagio Medical Q2 Loss Deepens to $6.7M; Cash Drops to $7.7M as Nasdaq Delisting Looms
ADGM sits 94% above its 52-week low of $0.363 on light trading volume (0.2× avg).
Summary
Adagio Medical reported a wider Q2 net loss of $6.7 million and a cash balance of just $7.7 million, down from $17.1 million at year-end, while stockholders' equity turned negative. The results heighten urgency around the company's Nasdaq delisting risk and near-term financing needs, even as it advances its PMA application for the vCLAS Ventricular Ablation System.
Key Events · Earnings and Guidance · ADGM
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Q2 Net Loss Widens to $6.7M
The net loss widened to $6.7 million ($0.30/share) from $3.9 million ($0.26/share) a year ago, driven by higher R&D spending and a $1.2 million non-cash fair-value adjustment on convertible notes.
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Cash Plummets to $7.7M
Cash and equivalents fell to $7.7 million as of June 30, 2026, from $17.1 million at year-end 2025, implying a monthly burn rate of roughly $2.5 million and only about three months of runway.
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Stockholders' Equity Turns Negative
Total stockholders' deficit reached $415,000, down from positive equity of $12.4 million at year-end, reflecting accumulated losses and liability fair-value adjustments.
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Nasdaq Delisting Risk Intensifies
With the stock at $0.70, well below the $1.00 minimum bid requirement, and a delisting warning already received in June 2026, the deteriorating financial position increases the urgency to regain compliance.
Analysis · ADGM · Industrial Applications And Services
Adagio Medical's second-quarter results reveal a deepening net loss of $6.7 million, up from $3.9 million a year ago, driven by higher R&D spending and a $1.2 million non-cash fair-value charge on convertible notes. Cash has nearly halved since year-end to $7.7 million, and stockholders' equity has flipped to a $415,000 deficit. This financial deterioration comes as the stock trades at $0.70, well below the $1.00 Nasdaq minimum, with a delisting warning already in place. The company is burning roughly $2.5 million per month, leaving only about three months of cash runway without new financing. On the positive side, the PMA submission for its vCLAS system and promising FULCRUM-VT data represent a potential regulatory catalyst, but the immediate liquidity crisis overshadows the clinical progress.
At the time of this filing, ADGM was trading at $0.70 on NASDAQ in the Industrial Applications And Services sector, with a market capitalization of approximately $16.5M. The 52-week trading range was $0.36 to $2.58. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.