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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 12,963 $ 20,586
Accounts receivable, net 1 35
Inventory, net 2,310 2,566
Prepaid expenses 1,592 1,940
Other current assets 507 222
Total current assets 17,373 25,349
Property and equipment, net 2,093 1,961
Right-of-use assets, net 925 188
Intangible Assets, net 6,969 6,969
Goodwill 13,967 13,967
Other assets 11 14
Total assets 41,338 48,448
Current liabilities:    
Accounts payable 2,647 2,840
Accrued liabilities 3,096 3,676
Operating lease liabilities, current 263 143
Total current liabilities 6,006 6,659
Operating lease liabilities, long-term 668 46
Convertible notes payable, non-current 17,652 17,180
Warrant liabilities 114 152
Deferred tax liabilities, net 883 883
Other long-term liabilities 3,616 3,616
Total liabilities 28,939 28,536
Commitments and contingencies (Note 12)
Legacy Adagio's Convertible preferred stock, $0.001 par value; 4,939,946 shares authorized as of December 31, 2023; 4,939,946 shares issued and outstanding as of December 31, 2023, with aggregate liquidation preference of $91,637 as of December 31, 2023   91,469
Stockholders' equity (deficit):    
Common stock, $0.0001 par value; 210,000,000 shares authorized as of September 30, 2024; 14,535,136 shares issued and outstanding as of September 30, 2024: Legacy Adagio's common stock, $0.001 par value; 6,594,946 shares authorized as of December 31, 2023; 786,510 shares issued as of December 31, 2023; 779,908 shares outstanding as of December 31, 2023 2 2
Additional paid-in capital 90,713 90,495
Accumulated other comprehensive income (60) 1
Accumulated deficit (78,256) (70,586)
Total stockholders' equity (deficit) 12,399 19,912
Total liabilities, convertible preferred stock, and stockholders' equity (deficit) $ 41,338 $ 48,448