ADAG · CIK 0001818838 · FY2025 live · 2025-12-31

Adagene Inc.

DistressSEC 10-KClassic ZHealthcare30th percentile in Healthcare · 736 names

View as

Model

Classic Z

FY2025

−5.08

Zone

Distress

Prior

—

Market DD

—

1y PD

—

−5.08

Z″ −9.75

−21.83.08+

Score −5.08 · distress below 1.80, grey to 2.99, safe at 3.00 and above.

Classic Z factor contributions

X1 Working capital / assets
Short-term liquidity versus the size of the balance sheet.
0.67
1.2 × = 0.80
X2 Retained earnings / assets
Cushion from years of profits. Share buybacks can push this negative at otherwise healthy firms.
−4.20
1.4 × = −5.88
X3 EBIT / assets
Operating return on assets. Highest weight in the original model.
−0.27
3.3 × = −0.90
X4 Book equity / liabilities
Book equity versus the liability stack. Mega-caps often look greyer here than they would if X4 used market cap.
1.34
0.6 × = 0.80
X5 Sales / assets
Asset turnover — how much revenue the asset base supports.
0.10
1 × = 0.10

Five-year path

Need two annual 10-Ks to draw a path. The desk will pull this issuer’s filings rather than invent a series.

Overview

rule-v1

Adagene Inc. is on classic Z at −5.08 (distress) for FY2025, from an SEC 10-K. Retained earnings / assets is the line that sets the print. This is the first live year on the desk. No market tape loaded. Classic Z was fit on manufacturers; buybacks can send retained earnings negative at otherwise healthy issuers, and X4 is book equity, not market cap.

Book screen Distress; market PD —. Tape not priced — not a single default call.

Market DD · naive Merton

No market tape yet.

Pull a year of closes (Yahoo, Nasdaq if Yahoo is limited) and size equity from Nasdaq cap or EDGAR shares. Distance-to-default and 1-year PD stay blank until then.

Sector peers

Closest Classic Z scores · 30th percentile in Healthcare.

KPI widgets

Current assets

$77M

Total assets

$78M

Current liabilities

$25M

Total liabilities

$26M

Working capital

$52M

Retained earnings

−$329M

EBIT

−$21M

Total sales

$8M

Book equity

$35M

Accession 0001104659-26-038612. Live rank is the latest 10-K on EDGAR (FY2025, period 2025-12-31). Classic Z is the live score. View as does not rewrite the live rank. X4 is book equity. Pulled 12 Sept 2026.