Adagene Inc. Sponsored ADR
ADAG Healthcare Biotechnology
Adagene Inc. Sponsored ADR’s revenue for fiscal 2025 (year ended December 2025) was $7.7 million, up 7,333.0% from fiscal 2024. Insiders bought in the last twelve months.
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Adagene Inc. Sponsored ADR (ADAG) Beneish M-score
Adagene Inc. Sponsored ADR's Beneish M-score for fiscal 2025 is 61.98; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | 61.98 | 85.59 |
| FY2024 | −23.62 | (22.14) |
| FY2023 | −1.47 | 1.64 |
| FY2022 | −3.11 | (14.48) |
| FY2021 | 11.37 | (1.80) |
| FY2020 | 13.17 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.03 | — | 0.03 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 0.53 | — | 0.22 | |
| Sales growth index | 74.33 | — | 66.30 | |
| Depreciation index | 1.03 | — | 0.12 | |
| SG&A index | 0.01 | — | −0.00 | |
| Total accruals to total assets | (0.02) | — | −0.12 | |
| Leverage index | 0.78 | — | −0.25 | |
| Beneish M-score | Flagged by the model | 61.98 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| MDWD MediWound Ltd. compare | −3.7× |
| CHRS Coherus Oncology, Inc. compare | −3.4× |
| IPHA Innate Pharma S.A. Sponsored ADR compare | 1.1× |
| ADAG Adagene Inc. Sponsored ADR | 62.0× |
| CMPX Compass Therapeutics, Inc. compare | — |
| WHWK Whitehawk Therapeutics, Inc. compare | — |
| DTIL Precision BioSciences, Inc. compare | — |
| VRXA Veraxa Biotech AG compare | — |
| NBP NovaBridge Biosciences compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI