Adagio Medical Holdings Inc
ADGM evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for ADGM—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · ADGM
Adagio Medical Holdings Inc (ADGM) is a pre-revenue medical device company developing cryoablation technologies for cardiac arrhythmias, with a going concern warning and cash runway expected only into late 2026.
Key risk: Going concern risk
BioSniper Score
Based on 4 of 6 signals
Financial data as of Jun 30, 2026.
Tracking 3 pipeline candidates · 4 clinical trials for Adagio Medical Holdings Inc.
Similar companies
Adagio Medical Holdings Inc (ADGM) is a pre-revenue medical device company developing cryoablation technologies for cardiac arrhythmias, with a going concern warning and cash runway expected only into late 2026.
- Cash and equivalents of $7.7M as of 2026-06-30 [sec].
- No revenue reported; net loss of -$6.7M for the six months ended 2026-06-30 [sec].
- Total shareholders' equity of $12.4M and total debt of $24.8M as of 2026-06-30 [sec].
- Management expects sufficient resources to fund operations only into the fourth quarter of 2026 [sec_mda · as of 2026-08-11].
- Substantial doubt exists about the company's ability to continue as a going concern [sec_mda · as of 2026-03-27].
What works
- The company is developing next-generation cryoablation products (ULTA) and has ongoing clinical activities to support FDA evaluation [sec_mda · as of 2026-05-12].
- Products are designed to enable more physicians to treat more patients more efficiently and effectively [sec_mda · as of 2025-08-14].
What to weigh
- The company has not generated significant revenue and has an accumulated deficit from R&D and general costs [sec_mda · as of 2025-08-14].
- Cash runway is limited to the fourth quarter of 2026, requiring additional capital for continued operations [sec_mda · as of 2026-08-11].
- There is substantial doubt about the company's ability to continue as a going concern [sec_mda · as of 2026-03-27].
- Future funding may require dilutive equity or debt financing, which may not be available on favorable terms [sec_mda · as of 2025-11-12].
From the filings
Quoted directly from source documents.
Cash runway limited to Q4 2026
“we expect to have sufficient resources to fund our planned operations into the fourth quarter of 2026.”
SEC MD&A · August 11, 2026
Going concern warning
“These factors raise substantial doubt about our ability to continue as a going concern for the twelve-month period from the date of this filing with the SEC.”
SEC MD&A · March 27, 2026
Risks & what to watch (4)›
Key risks
- Going concern risk — Substantial doubt about ability to continue as a going concern for the next twelve months [sec_mda · as of 2026-03-27].
- Cash runway — Cash expected to fund operations only into Q4 2026; additional capital needed [sec_mda · as of 2026-08-11].
- No revenue history — Company has not generated significant revenue and relies on external financing [sec_mda · as of 2025-08-14].
- Dilutive financing — Future capital raises may dilute existing stockholders or impose restrictive covenants [sec_mda · as of 2025-11-12].
What to watch
- Ability to secure additional financing before cash runway ends in Q4 2026 [sec_mda · as of 2026-08-11].
- Progress of FDA evaluation for first and next-generation ULTA products [sec_mda · as of 2026-05-12].
- Clinical trial results and regulatory milestones for cryoablation technologies [sec_mda · as of 2026-05-12].
- Revenue generation or partnership developments to offset operating losses [sec_mda · as of 2025-08-14].
Sources: SEC MD&A · Generated August 30, 2026 · How we verify sources →
Run Adagio Medical Holdings Inc through your own thesis
Use the pipeline, catalyst, financial, FDA, and market facts on this page as inputs to a protocol you control.
Your protocol can:
- Turn available Adagio Medical Holdings Inc facts into screen rules or deeper checks
- Show cited findings, blockers, and unresolved evidence together
- Save the logic and rerun it as the company evidence changes
Evidence & data
Score breakdownBased on 4 of 6 signals · derived from public data
4.9 months
OCF -$5M · Net income -$7M
Lead: Phase 3
3 candidates
No upcoming catalysts tracked
No insider transactions in the last 180 days
Runway
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
21
Total value held
$20.4M
| Holder | Shares | Value |
|---|---|---|
| perceptive advisors llc | 13,657,406 | $15.4M |
| adage capital partners gp, l.l.c. | 1,258,501 | $1.4M |
| adar1 capital management, llc | 1,205,447 | $1.4M |
| alyeska investment group, l.p. | 1,159,615 | $1.3M |
| silverarc capital management, llc | 251,972 | $290K |
| geode capital management, llc | 125,241 | $144K |
| affinity asset advisors, llc | 80,000 | $92K |
| vanguard capital management llc | 79,216 | $91K |
| vanguard fiduciary trust co | 53,782 | $62K |
| granite investment partners, llc | 27,053 | $31K |
Showing top 10 of 21 institutional holders of Adagio Medical Holdings Inc. Open the full 13F history after sign-in.
Short Interest
as of May 12, 2026- % of float
- 0.5%
- Days to cover
- 0.3
- Shares short
- 62,765
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
ADGM short interestGovernance
Frequently asked questions
What is the AI investment thesis for Adagio Medical Holdings Inc?
Adagio Medical Holdings Inc (ADGM) is a pre-revenue medical device company developing cryoablation technologies for cardiac arrhythmias, with a going concern warning and cash runway expected only into late 2026.
What is Adagio Medical Holdings Inc's lead drug candidate?
Adagio Medical Holdings Inc's most advanced tracked candidate is pfca (Preclinical) for Ventricular tachycardia (VT) ablations.
Who is the CEO of Adagio Medical Holdings Inc?
Mr. Todd Usen is the chief executive officer of Adagio Medical Holdings Inc (ADGM).
Where is Adagio Medical Holdings Inc headquartered?
Adagio Medical Holdings Inc (ADGM) is headquartered in Laguna Hills, CA, United States.
What therapeutic areas does Adagio Medical Holdings Inc focus on?
Adagio Medical Holdings Inc develops therapies across Cardiovascular.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.