0001104659-26-059027 | 10-Q | XBRL Viewer | Adagio Medical Holdings INC

Stock-Based Compensation - 2024 Key Employee Equity Incentive Plan (Details) - 2024 Key employee equity incentive plan - shares	Mar. 31, 2026	Jul. 26, 2024
Stock-Based Compensation
Maximum number of shares that can be granted		3,354,444
Awards granted	1,340,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Summary of Significant Accounting Policies - Impairment of Long-Lived Assets (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Summary of Significant Accounting Policies
Impairment of long-lived assets	$ 0.0	$ 0.0

Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Measurements

Fair Value Measurements

Note 3 – Fair Value Measurements

The Company’s financial instruments include its money market accounts (included as part of cash and cash equivalents), accounts receivable, accounts payable, common stock warrant liabilities (i.e., the Convert Warrants), and convertible notes payables (i.e., the Convertible Securities Notes). The recorded carrying amounts of cash and equivalents, accounts receivable and accounts payable approximates fair value due to their short-term nature. The convertible notes and common stock warrant liabilities are carried at fair value.

Assets and liabilities recognized at fair value on a recurring basis in the condensed consolidated balance sheets consist of cash equivalents, common stock warrant liabilities, and convertible notes payables. These items are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

The following tables summarize the Company’s financial instruments at fair value based on the fair value hierarchy for each class of instrument (in thousands):


March 31, 2026		Level 1			Level 2			Level 3
Assets:
Money Market Account		$	12,562		$	—		$	—
Liabilities:
Convertible Securities Notes (including accrued interest)		$	—		$	—		$	22,872
Convert Warrants		$	—		$	—		$	263


December 31, 2025		Level 1			Level 2			Level 3
Assets:
Money Market Account		$	16,710		$	—		$	—
Liabilities:
Convertible Securities Notes (including accrued interest)		$	—		$	—		$	21,040
Convert Warrants		$	—		$	—		$	132

There were no transfers made among the three levels in the fair value hierarchy for the three months ended March 31, 2026 and March 31, 2025.

Convertible Securities Notes

On July 31, 2024, the Company issued the $20.0 million Convertible Securities Notes to the Convert Investors (as defined below) having a maturity of three years and nine months after the Closing. The interest is accrued by quarterly compounding based on a 13% interest rate per annum. The Company received the funding from the Convertible Securities Notes as at the Closing. Refer to Note 8 - Debt for details.

The Company measures the Convertible Securities Notes at fair value based on significant inputs not observable in the market, which caused them to be classified as Level 3 measurements within the fair value hierarchy.

The Company utilized the binomial lattice model to value the Convertible Securities Notes as of March 31, 2026, and December 31, 2025. The following table summarizes the significant inputs as of the valuation dates:


Convertible Securities Notes		March 31, 2026			December 31, 2025
Common stock price	$	1.15		$	1.04
Discount rate		27.2	%		26.3	%
Expected term (years)		2.08			2.33
Risk-free interest rate		3.72	%		3.44	%
Volatility		100	%		70	%

The following table presents changes in the Level 3 convertible promissory notes measured at fair value for the three months ended March 31, 2026 (in thousands):


Convertible Securities Notes - Three Months Ended March 31, 2026
Balance (beginning of year)	$	21,040
Accrued interest		769
Fair value measurement adjustments		1,063
Balance (end of period)	$	22,872

The following table presents changes in the Level 3 convertible promissory notes measured at fair value for the three months ended March 31, 2025 (in thousands):


Convertible Securities Notes - Three Months Ended March 31, 2025
Balance (beginning of year)	$	17,180
Accrued interest		662
Fair value measurement adjustments		(190)
Balance (end of period)	$	17,652

Warrant Liabilities

Convert Warrants

On July 31, 2024, the Company issued 1,500,000 Convert Warrants in connection with the issuance of the $20.0 million Convertible Securities Notes. Refer to Note 9 - Warrants for additional information.

As set forth in the agreement of the Convertible Securities Notes, the Convert Warrants are exercisable on a cashless basis or on a gross basis for one share of the Company’s common stock at $24.0 per share, subject to adjustments. The Company may be required to cash settle the Convert Warrants if it fails to timely deliver shares to the holder who exercises the Convert Warrants or upon the occurrence of a fundamental transaction. It is determined that the Convert Warrants do not meet the equity classification requirements under ASC 815 as the Convert Warrants may require cash settlement outside of the Company’s control upon a failure of timely delivery of shares or a fundamental transaction, and therefore the Convert Warrants are accounted for as derivative liabilities, and measured at fair value both initially and subsequently with changes in fair value recognized as warrant liabilities fair value adjustment within the consolidated statements of operations and comprehensive loss.

The Convert Warrants are classified as Level 3 measurements within the fair value hierarchy. The Company utilized the Black-Scholes-Merton option model to value the Convertible Securities Notes as of March 31, 2026, and December 31, 2025. The following table summarizes the significant inputs as of the valuation dates:


Convert Warrants	March 31, 2026			December 31, 2025
Common stock price	$	1.15		$	1.04
Expected volatility		80.0	%		70.0	%
Risk free rate		3.88	%		3.72	%
Expected dividend yield		—	%		—	%
Expected term (years)		5.34			5.58

The following table presents changes in the Level 3 Convert Warrants measured at fair value for the three months ended March 31, 2026 (in thousands):


Convert Warrants - Three Months Ended March 31, 2026
Balance (beginning of year)	$	132
Fair value measurement adjustments		131
Balance (end of period)	$	263

The following table presents changes in the Level 3 Convert Warrants measured at fair value for the three months ended March 31, 2025 (in thousands):


Convert Warrants - Three Months Ended March 31, 2025
Balance (beginning of year)	$	152
Fair value measurement adjustments		(38)
Balance (end of period)	$	114

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2026

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

Note 2 - Summary of Significant Accounting Policies

Basis of Presentation

These condensed consolidated financial statements have been prepared in accordance with U.S. GAAP. Any reference in these notes to applicable guidance is meant to refer to the authoritative United States generally accepted accounting principles as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”).

Certain information and disclosures normally included in consolidated financial statements presented in accordance with U.S. GAAP have been condensed or omitted. Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (the “Annual Report”) filed with the Securities and Exchange Commission (“SEC”) on March 27, 2026.

Unaudited Interim Financial Information

The accompanying unaudited interim condensed consolidated financial statements include the condensed consolidated balance sheet as of March 31, 2026; the condensed consolidated statements of operations and comprehensive loss and condensed consolidated statements of stockholders’ equity for the three months ended March 31, 2026 and March 31, 2025; the condensed consolidated statements of cash flows for the three months ended March 31, 2026 and March 31, 2025; and the related footnote disclosures.

These unaudited interim condensed consolidated financial statements have been prepared in accordance with U.S. GAAP and, in management’s opinion, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Company’s financial position as of March 31, 2026, and its results of operations and comprehensive loss for the three months ended March 31, 2026, and March 31, 2025, and its cash flows for the three months ended March 31, 2026 and March 31, 2025.

The results for the three months ended March 31, 2026, are not necessarily indicative of the results that may be expected for the year ending December 31, 2026, or for any other interim period.

Emerging Growth Company Status

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended, (the “Securities Act”), as modified by the Jumpstart our Business Startups Act of 2012 (the “JOBS Act”).

Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when an accounting standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new standard at the time private companies adopt the new or revised standard.

Principles of Consolidation

The condensed consolidated financial statements include the accounts of Adagio Medical Holdings, Inc., and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates and Assumptions

The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, expenses and disclosures of contingent assets and liabilities. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of revenue and expenses that are not readily apparent from other sources. Actual results could differ from those estimates.

Segments

Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM is its Chief Executive Officer. The Company has determined that it operates as one reportable segment, as the CODM reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance.

Cash and Cash Equivalents

The Company considers all highly liquid investments with maturities of three months or less from the date of purchase, including its money market account, to be cash equivalents. All of the Company’s cash equivalents have liquid markets. Cash deposits held in accounts at each United States financial institution are insured up to $0.25 million by the Federal Deposit Insurance Corporation (FDIC). Cash deposits held in accounts at each European Union financial institution are insured up to €0.1 million by the Deposit Guarantee Scheme. The Company maintains its cash in bank deposit accounts that, at times, may exceed the stated insured limits. Any loss incurred or lack of access to uninsured funds could have a significant adverse impact on the Company’s financial condition, results of operations and cash flows. Management does not expect any losses on such accounts. Cash and cash equivalents were $12.9 million and $17.1 million as of March 31, 2026 and December 31, 2025, respectively.

Concentrations of Credit Risk and Off-Balance Sheet Risk

Financial instruments that potentially subject the Company to credit risk consist principally of cash and cash equivalents. The Company deposits its cash and cash equivalents with major financial institutions; however, at times, deposits may exceed the amount of insurance provided. The Company has not experienced any losses on its deposits since inception.

Revenue Recognition

In the European region, the Company may generate product revenue primarily from the sale of catheters (the “Consumables”) used with the Company’s consoles. The Company may sell its products directly to hospitals and medical centers. To a lesser extent, the Company may also generate lease revenue from the implied rental of consoles loaned to customers at no charge.

Generally, the Company accounts for revenue earned from contracts with customers under ASC 606, Revenue from Contracts with Customers (“ASC 606”). The core principle of ASC 606 is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The Company recognizes revenue from sales to customers applying the following five steps:

•Step 1: Identify the contract with the customer.

•Step 2: Identify the performance obligations in the contract.

•Step 3: Determine the transaction price.

•Step 4: Allocate the transaction price to the performance obligations in the contract.

•Step 5: Recognize revenue when, or as, the Company satisfies a performance obligation.

The Company’s customer contracts generally have performance obligations that contain deliverables consisting of the Consumables and may also include consoles loaned to customers. The Company evaluates each promise within a multiple-performance obligation arrangement to determine whether it represents a distinct performance obligation. The primary performance obligations in the Company’s customer arrangements, from which it derives revenue, is the sale of the Consumables.

When the Company loans the Console to the customer, it retains title to the Console at all times and does not require minimum purchase commitments from the customer related to any Consumables. In such cases, the Company invoices the customer for the Consumables based on customer orders received. Over time, the Company expects to recover the cost of the loaned Console through the customer’s continued purchasing and use of additional Consumables. For these reasons, the Company has determined that part of the arrangement consideration for the Consumables is an implied rental payment for use of the Console. Therefore, the Company allocates the arrangement consideration between the lease components (i.e., the Console) and non-lease components (i.e., the Consumables) based on the relative estimated standalone selling price of each distinct performance obligation consistent with ASC 842, Leases and ASC 606. As no revenue was recognized during the three months ended March 31, 2026 and 2025, no revenue was allocated to the lease components during these periods.

Revenue from sales to customers of the Consumables were classified as revenue in the Company’s condensed consolidated statements of operations and comprehensive loss. The delivery of the Consumables are performance obligations satisfied at a point in time, when the control of the goods is transferred to the customer (i.e., FOB Shipping Point). Revenue is recognized when control is transferred to the customer in an amount that reflects the consideration the Company expects to be entitled to in exchange for the product.

Other Revenue Considerations

Revenue is reported net of sales tax. The Company has made the accounting policy election not to recognize a separate performance obligation for the shipment of products to the customer but to account for it as fulfillment cost.

The Company’s contracts primarily include fixed consideration. The Company only includes estimated variable amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Customers are generally required to pay within 30 days.

Any incremental costs to obtain contracts are recorded as selling, general, and administrative expense as incurred due to the short duration of the Company’s contracts.

The Company does not assess whether promised goods or services are performance obligations if they are deemed immaterial in the context of the contract with the customer. Additionally, the Company does not assess whether a contract has a significant financing component if the expectation at contract inception is that the period between payment by the customer and the transfer of the promised goods or services to the customer will be one year or less.

For the three months ended March 31, 2026 and March 31, 2025, no revenue was recognized.

Inventory

Inventory consists of raw materials, work-in-process, and finished products and is valued at the lower of cost or net realizable value. The method by which those amounts are removed from the inventory is first-in first-out. Cost may include materials, labor, and manufacturing overhead. The carrying value of inventory is reviewed for potential impairment whenever indicators suggest that the cost of inventory exceeds the carrying value and management adjusts the inventory to its net realizable value. The Company also periodically evaluates inventory for estimated losses from excess quantities and obsolescence and writes down the cost of inventory to net realizable value at the time such determinations are made. Net realizable value is determined using the estimated selling price, in the ordinary course of business, less estimated costs to complete and dispose. Inventory used in research and development activities is expensed when incurred.

Property and Equipment

Property and equipment are recorded at cost, less accumulated depreciation. Depreciation and amortization are provided using the straight-line method over the estimated useful lives of the related assets, generally three to five years, or, in the case of leasehold improvements, over the remaining life of the lease term. The Company uses an estimate of three years for the useful life of its consoles.

Property and equipment include equipment that is loaned to customers and located at customer premises. The Company retains ownership of the equipment held for evaluation by customers and has the right to remove the equipment if it is not being utilized according to expectations.

Intangible Assets

Intangible assets with finite useful lives are amortized on a straight-line basis over their estimated useful lives. In determining the estimated useful lives of definite-lived intangibles, the Company considers the nature, competitive position, life cycle position and expected future operating cash flows of the acquired asset, as well as its commitment to support these assets through continued investment and legal infringement protection.

The Company’s intangible assets subject to amortization and other long-lived assets, are reviewed for impairment in accordance with ASC 360, Property, Plant and Equipment, which requires that companies consider whether events or changes in facts and circumstances, both internally and externally, may indicate that an impairment of long-lived assets held for use are present. The Company reviews long-lived assets for impairment at least annually or whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable or that the useful lives of these assets are no longer appropriate. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. In the event that such cash flows are not expected to be sufficient to recover the carrying amount of the asset, the assets are written down to their estimated fair value and the loss is recognized in the condensed consolidated statements of operations and comprehensive loss.

For the three months ended March 31, 2026 and March 31, 2025, the Company determined that there was no impairment of definite-lived intangible assets.

Indefinite-lived intangible assets consist of In-Process Research and Development (“IPR&D”). Intangible assets with indefinite lives are tested for impairment if impairment indicators arise and, at a minimum, annually. However, an entity is permitted to first assess qualitative factors to determine if a quantitative impairment test is necessary. If, based on the qualitative assessment, the Company determines that it is more likely than not that the asset’s fair value is less than its carrying amount, or if the Company elects to bypass the qualitative assessment, the Company performs a quantitative impairment test. The quantitative impairment test consists of a one-step analysis that compares the fair value of the indefinite-lived intangible asset to its carrying amount. If the carrying amount exceeds the fair value, an impairment loss is recognized for the amount of the excess.

For the three months ended March 31, 2026 and March 31, 2025, the Company determined that there was no impairment of indefinite-lived intangible assets.

Goodwill

In accordance with ASC 350, Intangibles – Goodwill and Other, the Company tests goodwill for impairment at the reporting unit level. The Company has one reporting unit for the goodwill impairment testing purposes.

Goodwill is tested for impairment on an annual basis in the fourth quarter, or more frequently if events or changes in circumstances indicate the carrying value of goodwill may not be recoverable (a “triggering event”). On the occurrence of a triggering event, an entity has the option to first assess qualitative factors to determine whether a quantitative impairment test is necessary. If it is more likely than not that goodwill is impaired, the fair value of the reporting unit (the Company) is compared with its carrying value. An impairment charge is recognized for the amount by which the carrying amount exceeds the fair value, provided the loss recognized cannot exceed the total amount of goodwill.

No goodwill impairment charges were recorded for the three months ended March 31, 2026 and March 31, 2025.

Concentrations

The Company had three suppliers exceed 10% of total accounts payable as of March 31, 2026, representing 52% of accounts payable.

The Company had three suppliers exceed 10% of total accounts payable as of December 31, 2025, representing 74% of accounts payable.

The Company’s five and ten largest suppliers accounted for approximately 32% and 48%, respectively, of the Company’s expenditures for the three months ended March 31, 2026.

The Company’s five and ten largest suppliers accounted for approximately 30% and 43%, respectively, of the Company’s expenditures for the three months ended March 31, 2025.

Impairment of Long-Lived Assets

The Company reviews long-lived assets, including property and equipment and finite-lived intangible assets, for impairment annually or whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. An impairment loss is recognized when the asset’s carrying value exceeds the total undiscounted cash flows expected from its use and eventual disposition. The amount of the impairment loss is determined as the excess of the carrying value of the asset over its fair value.

For the three months ended March 31, 2026 and March 31, 2025, the Company determined that no impairment of long-lived assets was indicated.

Foreign Currency Translation and Transactions

The assets, liabilities, and results of operations of Adagio Medical GmbH are recorded using the Euro as the designated functional currency, which is the currency of the primary economic environment in which Adagio Medical GmbH operates. Consequently, transactions in currencies other than Euro are measured and recorded in Euro. Upon consolidation with the Company, its assets and liabilities are translated to U.S. Dollars at currency exchange rates as of the condensed consolidated balance sheet date and its revenues and expenses are translated at the weighted-average currency exchange rates during the applicable reporting periods. Translation adjustments resulting from the process of translating this entity’s financial statements are reported in accumulated other comprehensive loss in the condensed consolidated balance sheets and foreign currency translation adjustment in the consolidated statements of operations and comprehensive loss.

Leases

The Company accounts for its lease property under ASC 842. Under this guidance, arrangements meeting the definition of a lease are classified as operating or financing leases, and are recorded on the condensed consolidated balance sheets as both a right-of-use asset and a lease liability, calculated by discounting fixed lease payments over the lease term at the rate implicit in the lease or the Company’s incremental borrowing rate, which is the rate for collateralized borrowings based on the current economic environment, current borrowings, value of leases, currency in which the lease obligation is satisfied, rate sensitivity, lease term and materiality. Lease liabilities are increased by interest and reduced by payments each period, and the right-of-use asset is amortized over the lease term. For operating leases, interest on the lease liability and the amortization of the right-of-use asset results in straight-line rent expense over the lease term. Variable lease expenses are recorded when incurred.

The Company determines whether a contract is or contains a lease at the inception of the contract. A contract will be deemed to be or contain a lease if the contract conveys the right to control and direct the use of identified property or equipment for a period of time in exchange for consideration. The Company generally must also have the right to obtain substantially all of the economic benefits from the use of the property and equipment.

In calculating the right-of-use asset and lease liability, the Company elected to combine lease and non-lease components for its real estate leases. The Company adopted the policy election to exclude short-term leases having initial terms of twelve months or less from the initial recognition provisions of ASC 842. Refer to Note 10 - Operating Leases for additional details.

The Company’s implied rental agreements for its consoles qualify as operating leases and as such, revenue is recognized in accordance with ASC 842, Leases and ASC 606, Revenue from Contracts with Customers. As no revenue was recognized during the three months ended March 31, 2026 and March 31, 2025, no revenue was allocated to the lease components during these periods.

Cost of Revenue

Cost of revenue includes raw materials, direct labor, manufacturing overhead, shipping and receiving costs and other less significant indirect costs related to the production of the Company’s products.

Cost of revenue also includes the depreciation expense of consoles loaned to the customers.

Research and Development

Research and development expenses consist primarily of salaries, consulting fees, and employee-related costs (including stock-based compensation) for personnel directly engaged in research and development activities, clinical trial expenses, equipment costs, material costs, allocated rent and facilities costs, and depreciation. Research and development costs are expensed as incurred.

Selling, General, and Administrative

Selling, general, and administrative expenses consist primarily of salaries, and employee-related costs (including stock-based compensation) for personnel in executive, finance and other administrative functions, allocated rent and facilities costs, legal fees relating to intellectual property, corporate and financial matters, professional fees for accounting and consulting services, marketing costs and insurance costs. The Company expenses all selling, general, and administrative costs as incurred.

Fair Value Measurements

Fair value measurements are based on the premise that fair value is an exit price representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the following three-tier fair value hierarchy is used in determining the inputs for measuring fair value:

•Level 1-Quoted prices in active markets for identical assets or liabilities.

•

Level 2-Observable inputs other than Level 1 prices for similar assets or liabilities that are directly or indirectly observable in the marketplace.

•

Level 3-Unobservable inputs which are supported by little or no market activity and consist of financial instruments valued using pricing models, discounted cash flow methodologies or similar techniques, as well as instruments for which the determination of fair value requires significant judgment or estimation.

Financial instruments measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Management’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The use of different assumptions and/or estimation methodologies may have a material effect on estimated fair values. Accordingly, the fair value estimates disclosed, or initial amounts recorded may not be indicative of the amount that the Company or holders of the instruments could realize in a current market exchange. The fair value of the convertible notes payable and warrant liabilities may be impacted by certain unobservable inputs, most significantly with regard to discount rates, expected volatility and historical and projected performance. Significant changes to these inputs in isolation could result in a significantly different fair value measurement.

Fair Value Option for Convertible Notes

As permitted under ASC 825, Financial Instruments (“ASC 825”), the Company elected the fair value option to account for the Convertible Securities Notes (as defined below), in order to measure those liabilities at amounts that more accurately reflect the current economic environment in which the Company operates.

The Convertible Securities Notes were recorded at fair value at issuance and subsequently were remeasured to fair value at the end of each reporting period. The change in fair value of the Convertible Securities Notes, including amounts related to interest, is recorded in “Convertible notes fair value adjustment”.

As a result of applying the fair value option, direct costs and fees related to the issuance of the Convertible Securities Notes were expensed as incurred (i.e., not recognized as deferred costs). Refer to Note 3 - Fair Value Measurements for further detail.

Warrants

The Company has Milestone Warrants (as defined below) issued along with the 2025 PIPE Pre-funded Warrants (as defined below) issued in the 2025 PIPE Financing (as defined below), which are classified as equity. The Company has Convert Warrants (as defined below) issued along with the Convertible Securities Notes, issued in the 2024 PIPE Financing (as defined below), which are classified as liabilities. The Company also has PIPE Base Warrants (as defined below) issued in the 2024 PIPE Financing, which are classified as equity.

The Company determines the classification of warrants based on an assessment of the warrant’s specific terms and applicable authoritative guidance in ASC 480 and ASC 815. The assessment considers whether the warrants are freestanding financial instruments and meet all of the requirements for equity classification, including whether the warrants are indexed to the Company’s own shares of common stock, among other conditions for equity classification. This assessment is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding. For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are classified as liabilities and are required to be recorded at their initial fair value on the date of issuance, and each balance sheet date thereafter until settlement. Changes in the estimated fair value of the liability-classified warrants are recognized in warrant liabilities fair value adjustment in the condensed consolidated statements of operations and comprehensive loss.

The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is reassessed at the end of each reporting period. Equity instruments that are initially classified as equity that become subject to reclassification are reclassified to a liability at the fair value of the instrument on the reclassification date. Derivative instrument liabilities are classified in the condensed consolidated balance sheets as current or non-current based on whether or not net-cash settlement of the derivative instrument could be required within twelve months of the condensed consolidated balance sheet date.

Refer to Note 9 - Warrants for additional information related to the warrants.

Stock-Based Compensation

The Company recognizes compensation expense for all stock-based awards issued to employees and non-employees based on the estimated grant-date fair value, which is recognized as expense on a straight-line basis over the requisite service period. The Company has elected to recognize forfeitures as they occur. The fair value of stock options is determined using the Black-Scholes-Merton option-pricing model. The determination of fair value for stock-based awards on the date of grant using an option-pricing model requires management to make certain assumptions including expected volatility, expected term, risk-free interest rate and expected dividends in addition to the Company’s common stock valuation.

The Company does not have sufficient historical exercise and post-vesting termination activity to provide accurate data for estimating the expected term of options and has opted to use the “simplified method,” whereby the expected term equals the arithmetic average of the vesting term and the original contractual term of the option. Based on the lack of historical data of volatility for the Company’s common stock, the Company bases its estimate of expected volatility on an average of the historical volatility of comparable public medical technology companies that reflect volatility characteristics relevant to the Company’s expected volatility analysis. The dividend yield is based upon the assumption that the Company will not declare a dividend over the life of the options. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for bonds with maturities consistent with the expected term of the related award. Refer to Note 13 - Stock-Based Compensation.

Income Taxes

Income taxes are recorded in accordance with ASC 740, Income Taxes (“ASC 740”), which provides for deferred taxes using an asset and liability approach. The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the condensed consolidated financial statements. Deferred tax assets and liabilities are determined based on the difference between the condensed consolidated financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse and include Net Operating Loss (“NOL”) carryforwards and Research and Development (“R&D”) tax credit carryforwards. Valuation allowances are provided if, based upon the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.

The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740. When uncertain tax positions exist, the Company recognizes the tax benefit of tax positions to the extent that the benefit would more likely than not be realized assuming examination by the taxing authority. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position as well as consideration of the available facts and circumstances.

ASU 2019-12, Simplifying the Accounting for Income Taxes, was adopted in the first quarter of 2021 and the Company has recorded franchise taxes not based on income outside of income tax expense. The Company’s practice is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company had no accrual for interest or penalties on its condensed consolidated balance sheets and did not recognize any interest or penalties in its condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2026 and March 31, 2025, respectively.

To date, there have been no interest or penalties charged in relation to the unrecognized tax benefits. Refer to Note 15 - Income Taxes for additional details.

Recently Adopted Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update ASU 2023-09, Income Taxes (Topics 740): Improvements to Income Tax Disclosures, which improves the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the effective tax rate reconciliation and income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. This new standard will be effective for public reporting for the annual periods beginning the year ended December 31, 2025. The new standard permits early adoption and can be applied prospectively or retrospectively. The Company adopted the updated standard in 2025.

Recently Issued Accounting Pronouncements

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, which requires annual and interim disclosure of disaggregated disclosures of certain costs and expenses on the income statement. The standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. Amendments are applied on a prospective basis with retrospective application permitted. The Company is currently evaluating the impact of this guidance.

Related Party Transactions - PIPE Financing (Details) - USD ($)	Oct. 14, 2025	Jul. 31, 2024
2024 PIPE Financing (Successor) \| Perceptive PIPE Investor
Related Party Transactions
Conversion of ARYA convertible promissory Notes (in shares)		4,372,607
Warrants issued upon conversion of debt		3,540,000
Issuance of common stock		2,250,352
Additional Cash Investment		$ 15,900,000
Number of warrants issued		1,905,069
2025 PIPE Financing (Successor) \| 2025 PIPE Pre-Funded Warrants and Milestone Warrants
Related Party Transactions
Number of warrants issued	2,190,496
Purchase price of issuance of warrants	$ 4,250,000

Warrants - PIPE Base Warrants (Details) - USD ($) $ / shares in Units, $ in Millions	Jul. 31, 2024	Mar. 31, 2026
PIPE Pre-funded warrants
Warrants
Exercise price (in USD per share)		$ 0.01
2024 PIPE Financing \| PIPE Investor
Warrants
PIPE Financing	$ 64.5
2024 PIPE Financing \| Other PIPE Investors
Warrants
Number of shares issued in exchange of commitment to purchase Class A shares of ARYA in the open market and not to redeem	355,457
Number of shares issued in exchange of non-redeemable shares	761,229
Number of shares investor committed to purchase	1,036,666
Cash Investment	$ 12.0
Number of shares issued in exchange of non-redemption of shares	405,772
2024 PIPE Financing \| Perceptive PIPE Investor
Warrants
Investment in the form of debt	$ 29.5
Accrued interest	$ 1.7
Shares issued to settle bridge financing and accrued and unpaid interest	4,372,607
Number of shares issued in exchange of convertible debt and additional cash investment	2,250,352
Number of warrants issued in exchange of convertible debt and additional cash investment	1,905,069
Additional Cash Investment	$ 15.9
2024 PIPE Financing \| Base Warrants
Warrants
Number of warrants issued	3,345,069
Exercise price (in USD per share)	$ 10
2024 PIPE Financing \| Base Warrants \| Other PIPE Investors
Warrants
Number of warrants issued in exchange of commitment to purchase Class A shares of ARYA in the open market and not to redeem	299,902
Number of warrants issued in exchange of non-redeemable shares	643,658
Warrants reserved for future issuance	1,440,000
Number of warrants issued in exchange of non-redemption of shares	343,756
2024 PIPE Financing \| Base Warrants \| Perceptive PIPE Investor
Warrants
Warrants issued to settle bridge financing and accrued and unpaid interest	3,540,000
2024 PIPE Financing \| PIPE Pre-funded warrants \| Other PIPE Investors
Warrants
Warrants reserved for future issuance	670,000
Number of warrants issued	670,000
2024 PIPE Financing \| Common Stock
Warrants
Issuance of common shares, pre-funded warrants and warrants, net of issuance costs (in shares)	3,287,018
2024 PIPE Financing \| Class A Arya Shares \| Other PIPE Investors
Warrants
Value of common stock reserved for future issuance	$ 2.5
Number Of Shares Subjected To Redemption	247,700
Number of shares exchanged for common stock	468,941

Stockholders' Equity - Company's reserved common stock (Details) - shares	Mar. 31, 2026	Dec. 31, 2025
Mezzanine Equity and Stockholders' Equity (Deficit)
Company's common stock issuable upon the exercise of outstanding options Legacy Adagio's equity plans that were assumed in the Business Combination	7,587	7,587
Common stock reserved for future issuance under the 2024 Equity Incentive Plan	46,537,307	43,263,556
Common stock reserved for future issuance	46,537,307	43,263,556
Convertible Securities Notes
Mezzanine Equity and Stockholders' Equity (Deficit)
Convertible Securities Notes	3,231,327	3,231,327
Base Warrants
Mezzanine Equity and Stockholders' Equity (Deficit)
Warrants	7,528,727	7,528,727
2025 PIPE Pre-Funded Warrants
Mezzanine Equity and Stockholders' Equity (Deficit)
Warrants	2,963,612	2,963,612
2025 PIPE Milestone Warrants
Mezzanine Equity and Stockholders' Equity (Deficit)
Warrants	18,038,829	18,038,829
Convert Warrants
Mezzanine Equity and Stockholders' Equity (Deficit)
Warrants	1,500,000	1,500,000
2024 Equity incentive plan
Mezzanine Equity and Stockholders' Equity (Deficit)
Common shares available for future grant under the 2012 and 2022 Plan	3,273,751
Common stock reserved for future issuance under the 2024 Equity Incentive Plan	9,471,488	6,197,737
Common stock reserved for future issuance	9,471,488	6,197,737
2024 Key employee equity incentive plan
Mezzanine Equity and Stockholders' Equity (Deficit)
Common stock reserved for future issuance under the 2024 Equity Incentive Plan	3,354,444	3,354,444
Common stock reserved for future issuance	3,354,444	3,354,444
2024 Employee Stock Purchase Plan
Mezzanine Equity and Stockholders' Equity (Deficit)
Stock options issued and outstanding under the 2012 and 2022 Plan	9,454,392	5,785,552
Common stock reserved for future issuance under the 2024 Equity Incentive Plan	441,293	441,293
Common stock reserved for future issuance	441,293	441,293

Loss Per Share (LPS) - (Details)	Mar. 31, 2026 $ / shares shares
Base Warrants
Loss Per Share ("LPS")
Warrants exercised as of reporting date \| shares	0
PIPE Pre-funded warrants
Loss Per Share ("LPS")
Exercise price (in USD per share) \| $ / shares	$ 0.01

Summary of Significant Accounting Policies - Income Taxes (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Summary of Significant Accounting Policies
Interest and penalties accrued	$ 0

Debt

3 Months Ended

Mar. 31, 2026

Debt

Debt

Note 8 - Debt

Outstanding debt as of March 31, 2026, and December 31, 2025, consists of the following (in thousands):


	March 31, 2026		December 31, 2025
Convertible Securities Notes (including accrued interest)	$	22,872	$	21,040
Total outstanding debt	$	22,872	$	21,040

Convertible Securities Notes

In connection with the execution of the Business Combination Agreement, certain investors (“Convert Investors”) executed a securities purchase agreement dated February 13, 2024, with ListCo (the “Convertible Security Subscription Agreement”), pursuant to which ListCo issued on the Closing Date to the Convert Investors $20.0 million of 13% senior secured notes (the “Convertible Securities Notes”), which may be convertible into shares of the Company’s common stock at a conversion price of $10.00 per share, subject to adjustment, and 1,500,000 warrants (the “Convert Warrants”), each Convert Warrant being exercisable on a cashless basis or for cash at a price of $24.00 per share, subject to adjustment.

The $20.0 million Convertible Securities Notes are convertible into shares of the Company’s common stock at a conversion price of $10.00 per share, subject to adjustment per the terms of the agreement. In the event of default, the Company may irrevocably elect to permit the holder to effect alternate conversion, for which the conversion calculation and price are specified in the agreement.

The 1,500,000 Convert Warrants, each of which is exercisable on a cashless basis, or for one share of the Company’s common stock at $24.00 per share, subject to adjustment. The Convertible Securities Notes have a maturity of three years and nine months after the Closing and interest will be payable in cash or compounded as additional principal outstanding, which accrues on a quarterly basis. At the Company’s option, payment of interest can either be (i) made quarterly in cash, or (ii) compounded and become additional principal of the Convertible Securities Notes. As of March 31, 2026, the Company does not anticipate making a cash interest payment within the next 12 months.

The conversion of the convertible notes issued in February 2024 (the “February 2024 Convertible Notes”) was carried out on the same terms as the other Convert Investors executing the Convertible Security Subscription Agreement.

For the three months ended March 31, 2026 and March 31, 2025, the Company recognized interest expense of $0.8 million and $0.7 million, respectively.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

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+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ (6,995)	$ (7,713)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Property and Equipment (Tables)

3 Months Ended

Mar. 31, 2026

Property and Equipment

Schedule of components of property and equipment, net

The Company’s property and equipment, net, as of March 31, 2026, and December 31, 2025, consists of the following (in thousands):


	March 31,		December 31,
	2026		2025
Consoles	$	2,262	$	2,199
Machinery and equipment		940		1,036
Leasehold improvements		296		296
Tools and molds		233		233
Computer equipment		246		250
Demo equipment		66		66
Furniture and fixtures		64		65
Vehicles		39		39
Total property and equipment		4,146		4,184
Less: accumulated depreciation		(2,821)		(2,649)
Property and equipment, net	$	1,325	$	1,535

Summary of Significant Accounting Policies - Property and Equipment (Details)	Mar. 31, 2026
Maximum
Property and Equipment
Useful life	5 years
Minimum
Property and Equipment
Useful life	3 years
Consoles
Property and Equipment
Useful life	3 years

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2026

Stockholders' Equity

Schedule of Company's reserved common stock for further issuance


	March 31, 2026	December 31, 2025
Base Warrants	7,528,727	7,528,727
2025 PIPE Pre-funded Warrants	2,963,612	2,963,612
Convertible Securities Notes	3,231,327	3,231,327
2025 PIPE Milestone Warrants	18,038,829	18,038,829
Convert Warrants	1,500,000	1,500,000
Company’s common stock issuable upon the exercise of outstanding options Legacy Adagio’s equity plans that were assumed in the Business Combination	7,587	7,587
Common stock reserved for future issuance under the 2024 Equity Incentive Plan	9,471,488	6,197,737
Common stock reserved for future issuance under the 2024 Key Employee Equity Incentive Plan	3,354,444	3,354,444
Common stock reserved for future issuance under the 2024 Employee Stock Purchase Plan	441,293	441,293
Common stock reserved for future issuance	46,537,307	43,263,556

Summary of Significant Accounting Policies - Segments (Details)	3 Months Ended
	Mar. 31, 2026 segment
Summary of Significant Accounting Policies
Number of reporting segments	1

Loss Per Share (LPS) (Tables)

3 Months Ended

Mar. 31, 2026

Loss Per Share ("LPS")

Schedule of computation of basic and diluted net loss per share attributable to common stockholders


(amounts in thousands, except share and per share data)	Three Months Ended March 31, 2026		Three Months Ended March 31, 2025
Numerator:
Net loss	$	(6,995)	$	(7,713)
Denominator:
Weighted-average shares outstanding used in computing net loss per share attributable to common stockholders - Basic		22,210,459		15,375,521

Net loss per share attributable to common stockholders - Basic	$	(0.31)	$	(0.50)


(amounts in thousands, except share and per share data)	Three Months Ended March 31, 2026		Three Months Ended March 31, 2025
Numerator:
Net loss – Basic	$	(6,995)	$	(7,713)
Less: Adjustment for fair value changes to convertible securities notes		—		(190)
Net loss attributable to common stockholders – Diluted	$	(6,995)	$	(7,903)

Denominator:
Weighted-average shares outstanding – Basic		22,210,459		15,375,521
Weighted-average effect of shares issuable to Convertible Securities Notes (if-converted method)		—		—
Weighted-average shares outstanding – Diluted		22,210,459		15,375,521

Net loss per share attributable to common shares – Diluted (if-converted method)	$	(0.31)	$	(0.51)

Schedule of potentially dilutive securities were excluded from the computation of diluted net loss per share


	March 31,	March 31,
	2026	2025
2025 Milestone Warrants	18,038,829	—
Base Warrants	7,528,727	7,528,727
Convert Warrants	1,500,000	1,500,000
Earn-out Shares, subject to vesting conditions	1,147,500	1,147,500
2025 PIPE Pre-funded Warrants	2,963,612	—
Convertible Securities Notes shares	3,232,331	3,232,331
Stock options outstanding	9,454,392	4,876,552
Total potentially dilutive securities	43,865,391	18,285,110

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Stock-Based Compensation

Schedule of stock based compensation expense

The following table summarizes the total stock-based compensation expense for the stock options expense recorded in the condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2026 and March 31, 2025 (in thousands):


	Three Months Ended March 31,
	2026		2025
Research and development	$	104	$	9
Selling, general, and administration		285		209
Total stock-based compensation expense	$	389	$	218

Schedule of stock option activity


				Weighted
		Weighted		Average	Aggregate
		Average		Remaining	Intrinsic
		Exercise Price		Contractual	Value
	Shares	Per Share		Life (years)	(in thousands)
Outstanding, December 31, 2025	5,785,552	$	—	—	$	—
Options granted	3,668,840		1.00	—		—
Outstanding, March 31, 2026	9,454,392	$	0.97	9.32	$	1,711
Options vested, March 31, 2026	2,337,004	$	0.93	8.93	$	507
Options vested and expected to vest, March 31, 2026	9,454,392	$	0.97	9.32	$	1,711

Loss Per Share (LPS) - Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Numerator:
Net loss - Basic	$ (6,995)	$ (7,713)
Less; Adjustment for fair value changes to convertible securities notes		(190)
Net loss attributable to common stockholders - Diluted	$ (6,995)	$ (7,903)
Denominator;
Weighted-average shares outstanding - Basic (in shares)	22,210,459	15,375,521
Weighted-average shares outstanding - Diluted	22,210,459	15,375,521
Net loss per share attributable to common shares - Diluted (if-converted method) (in dollars per share)	$ (0.31)	$ (0.51)

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section 65
-Paragraph 1
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-Publisher FASB
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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Inventory, net

3 Months Ended

Mar. 31, 2026

Inventory, net.

Inventory, net

Note 4 - Inventory, net

Inventory as of March 31, 2026 and December 31, 2025, consists of the following (in thousands):


	March 31,		December 31,
	2026		2025
Raw materials	$	1,364	$	1,423
Work-in-Process		203		163
Finished goods		37		86
Total inventory	$	1,604	$	1,672

Obsolete and expired inventory are expensed as incurred. Inventory is recorded net of obsolescence and manufacturing scrap of $49 thousand and $0.3 million as of March 31, 2026 and December 31, 2025, respectively. As of March 31, 2026, all the Company’s inventory is related to catheters and consoles.

Accrued Liabilities (Tables)

3 Months Ended

Mar. 31, 2026

Accrued Liabilities

Schedule of accrued liabilities

The following table presents details of accrued liabilities as of March 31, 2026, and December 31, 2025 (in thousands):


	March 31,		December 31,
	2026		2025
Accrued deferred professional fees	$	3,616	$	3,616
Compensation and related expenses		2,075		1,533
Research and development expenses		1,080		1,436
Other		360		411
Total accrued liabilities	$	7,131	$	6,996

Summary of Significant Accounting Policies - Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Summary of Significant Accounting Policies
Cash and cash equivalents	$ 12,909	$ 17,105

Summary of Significant Accounting Policies - Concentrations (Details) - Supplier concentration risk - item	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Accounts payable
Concentrations
Number of suppliers	3		3
Accounts payable \| Three suppliers
Concentrations
Concentration risk percentage	52.00%		74.00%
Expenditure \| Five suppliers
Concentrations
Concentration risk percentage	32.00%	30.00%
Number of suppliers	5	5
Expenditure \| Ten suppliers
Concentrations
Concentration risk percentage	48.00%	43.00%
Number of suppliers	10	10

Inventory, net (Tables)

3 Months Ended

Mar. 31, 2026

Inventory, net.

Schedule of components of inventory, net

Inventory as of March 31, 2026 and December 31, 2025, consists of the following (in thousands):


	March 31,		December 31,
	2026		2025
Raw materials	$	1,364	$	1,423
Work-in-Process		203		163
Finished goods		37		86
Total inventory	$	1,604	$	1,672

Warrants - Convert Warrants (Details) - Convertible Securities Notes $ / shares in Units, $ in Millions	Jul. 31, 2024 USD ($) $ / shares shares
Warrants
Debt instrument, face amount \| $	$ 20.0
Convert Warrants
Warrants
Number of warrants issued	1,500,000
Shares called by per each warrant	1
Exercise price (in USD per share) \| $ / shares	$ 24

Operating Leases (Details) - USD ($)	3 Months Ended
Operating Leases (Details) - USD ($)	Mar. 31, 2026	Mar. 31, 2025
Operating Leases
Operating lease renewal term	3 years
Quantitative information of operating leases
Operating cash flows paid for operating leases	$ 98,000	$ 66,000
Weighted average remaining lease term (years)	4 years 4 months 24 days	4 years 2 months 12 days
Weighted average discount rate	8.00%	8.00%
Operating lease cost	$ 69,000,000	$ 74,000,000
Variable lease cost	$ 0

Subsequent Events

3 Months Ended

Mar. 31, 2026

Subsequent Events

Subsequent Events

Note 18 - Subsequent Events

The Company has evaluated subsequent events occurring after the balance sheet date through the date these condensed consolidated financial statements were issued and has determined that there were no subsequent events that required recognition or disclosure in the condensed consolidated financial statements.

Description of Organization and Business Operations - Liquidity and Going Concern (Details) - USD ($) $ in Thousands		3 Months Ended
	Oct. 14, 2025	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Liquidity and Going Concern
Cash and cash equivalents		$ 12,909		$ 17,105
Accumulated deficit		102,631		$ 95,609
Net loss		6,995	$ 7,713
Net cash used in operating activities		$ 4,126	$ 7,211
2025 PIPE Financing
Liquidity and Going Concern
Proceeds from issuance of shares	$ 19,000
Potential gross proceeds from cash exercise of warrants	$ 31,000

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Warrants - Base Warrants Fair Value (Details) - Base Warrants	Jul. 31, 2024 $ / shares
Warrants
Warrant fair value (in dollar per unit)	$ 2.41
Measurement Input, Volatility Haircut
Warrants
Warrants measurement inputs	10
Expected Term (years)
Warrants
Warrants measurement inputs	5
Risk-Free interest rate
Warrants
Warrants measurement inputs	3.93
Share price
Warrants
Warrants measurement inputs	6.64
Expected dividend yield
Warrants
Warrants measurement inputs	0
Volatility
Warrants
Warrants measurement inputs	84

Fair Value Measurements - Convertible Securities Notes (Successor) (Details) - Convertible Securities Notes $ in Millions	Jul. 31, 2024 USD ($)
Debt
Principal amount	$ 20.0
Debt term	3 years 9 months
Interest rate	13.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies.

Commitments and Contingencies

Note 11 - Commitments and Contingencies

Litigation

The Company is not currently party to any material legal proceedings. At each reporting date, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. The Company expenses as incurred the costs related to such legal proceedings, if any.

Summary of Significant Accounting Policies - Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Summary of Significant Accounting Policies
Impairment of finite lived intangible assets	$ 0	$ 0
Impairment of indefinite live lived intangible assets	$ 0	$ 0

Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Accrued Liabilities
Accrued deferred professional fees	$ 3,616	$ 3,616
Compensation and related expenses	2,075	1,533
Research and development expenses	1,080	1,436
Other	360	411
Total accrued liabilities	$ 7,131	$ 6,996

Fair Value Measurements - Convert Warrant Valuation Inputs (Details) - Convert Warrants	Mar. 31, 2026 $ / shares Y	Dec. 31, 2025 $ / shares Y
Volatility
Fair Value Measurements
Warrants measurement inputs	0.80	0.70
Risk-Free interest rate
Fair Value Measurements
Warrants measurement inputs	0.0388	0.0372
Expected Term (years)
Fair Value Measurements
Warrants measurement inputs \| Y	5.34	5.58
Measurement Input, Share Price [Member]
Fair Value Measurements
Warrants measurement inputs \| $ / shares	1.15	1.04

Goodwill and Intangible Assets - Intangible assets, net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Goodwill and Intangible Assets
IPR&D, Gross Carrying Amount	$ 6,969		$ 6,969
IPR&D, Impairment			6,969
IPR&D, Net Carrying Amount	6,969
Total, Gross Carrying Amount	6,969		6,969
Total, Impairment			6,969
Total, Net Carrying Amount	6,969		$ 6,969
Impairment of finite lived intangible assets	0	$ 0
Impairment of indefinite live lived intangible assets	$ 0	$ 0

Fair Value Measurements - Convertible Securities Notes Level 3 (Details) - Convertible Securities Notes - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Changes in Level 3 Reconciliation
Balance (beginning of year)	$ 21,040	$ 17,180
Accrued interest	769	662
Fair value measurement adjustments	1,063	(190)
Balance (end of year)	$ 22,872	$ 17,652

Operating Leases

3 Months Ended

Mar. 31, 2026

Operating Leases

Operating Leases

Note 10 - Operating Leases

The Company leases distribution and research and development facilities as well as sub-leases office and manufacturing space from third parties under its operating leases. The leases have expirations ranging from March 2026 to March 2031, some of which include rent escalations or an option to extend the lease for up to three years per renewal. The exercise of lease renewal options is at the sole discretion of the Company. Where leases contain an option to renew, any period beyond the option date is only included as part of the lease term if the Company is reasonably certain to exercise the option.

As of March 31, 2026 and December 31, 2025, the Company does not have any finance or short-term leases and has not entered into leases which have not yet commenced that would entitle the Company to significant rights or create additional obligations during the periods as of March 31, 2026 and December 31, 2025.

The following table summarizes quantitative information of the Company’s operating leases for the three months ended March 31, 2026 and March 31, 2025.


	Three months ended March 31,
In thousands	2026			2025
Operating cash flows paid for operating leases	$	98		$	66
Weighted average remaining lease term (years)		4.4			4.2
Weighted average discount rate		8	%		8	%

Operating lease cost was $69.0 thousand and $74.0 thousand for the three months ended March 31, 2026 and March 31, 2025, respectively. The Company did not incur any variable lease cost for the three months ended March 31, 2026 and March 31, 2025.

The following table presents the future minimum payments under the non-cancelable operating leases as of March 31, 2026 (in thousands):



Nine months ending December 31, 2026	$	226
Year ending December 31, 2027		326
Year ending December 31, 2028		340
Year ending December 31, 2029		354
Year ending December 31, 2030		163
Year ending December 31, 2031		36
Total undiscounted future cash flows		1,445
Less: imputed interest		(228)
Total operating lease liability	$	1,217

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2026	May 08, 2026
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2026
Securities Act File Number	001-42199
Entity Registrant Name	ADAGIO MEDICAL HOLDINGS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	99-1151466
Entity Address, State or Province	CA
Entity Address, Address Line One	26051 Merit Circle
Entity Address, Address Line Two	Suite 102
Entity Address, City or Town	Laguna Hills
Entity Address, Postal Zip Code	92653
City Area Code	949
Local Phone Number	348-1188
Title of 12(b) Security	Common Stock, par value $0.0001per share
Trading Symbol	ADGM
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		22,210,459
Entity Central Index Key	0002006986
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false

Fair Value Measurements - Fair Value Hierarchy (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Liabilities:
Fair value asset transfer level 1 to level 2	$ 0	$ 0
Fair value asset transfer level 2 to level 1	0	0
Fair value asset transfer net, level 3	0	0
Fair value liability transfer level 2 to level 1	0	$ 0
Level 1 \| Fair value measurements recurring basis
Assets:
Money market account	12,562		$ 16,710
Level 3 \| Fair value measurements recurring basis
Liabilities:
Convertible notes payables	22,872		21,040
Level 3 \| Fair value measurements recurring basis \| Convert Warrants
Liabilities:
Derivative Liability	$ 263		$ 132

Stock-Based Compensation

3 Months Ended

Mar. 31, 2026

Stock-Based Compensation

Stock-Based Compensation

Note 13 - Stock-Based Compensation

Stock-Based Compensation Expense


	Three Months Ended March 31,
	2026		2025
Research and development	$	104	$	9
Selling, general, and administration		285		209
Total stock-based compensation expense	$	389	$	218

2024 Equity Incentive Plan

The Board of Directors of the Company adopted the 2024 Equity Incentive Plan on July 26, 2024. The purpose of the 2024 Equity Incentive Plan is to promote the success and enhance the value of the Company by linking the individual interests of the members of the Board of Directors, employees, and consultants to those of Company stockholders and by providing such individuals with an incentive for outstanding performance to generate superior returns to Company stockholders. The 2024 Equity Incentive Plan authorizes the issuance of up to 4,472,593 shares of the Company’s Common Stock, plus an annual increase on the first day of each year beginning in 2025 and ending in (and including) 2034 equal to the lesser of (A) five percent (5%) of the shares of Common Stock outstanding on a fully diluted basis on the last day of the immediately preceding fiscal year and (B) such smaller number of shares of Company’s Common Stock as determined by the Board or the compensation committee thereof. Accordingly, on January 1, 2026, the number of shares of common stock available for issuance under the 2024 Equity Incentive Plan increased by 3,273,751 shares. The Company may grant an option, a stock appreciation right, a restricted stock award, a restricted stock unit award, a performance stock award, a performance stock unit award, or other stock- or cash-based award, or a dividend equivalent award, which may be awarded or granted under the 2024 Equity Incentive Plan. The awards can be issued to any person who is an employee, a consultant, or a non-employee director.

During the three months ended March 31, 2026, the Company granted 2,328,840 awards under this plan.

2024 Key Employee Equity Incentive Plan

The Board of Directors of the Company adopted the 2024 Key Employee Equity Incentive Plan on July 26, 2024. The purpose of the 2024 Key Employee Equity Incentive Plan is to promote the success and enhance the value of the Company by linking the individual interests of key employees of the Company to those of Company stockholders and by providing such individuals with an incentive for outstanding performance to generate superior returns to Company stockholders. The 2024 Key Employee Equity Incentive Plan authorizes the issuance of up to 3,354,444 shares of the Company’s Common Stock. The Company may grant option, a stock appreciation right, a restricted stock award, a restricted stock unit award, a performance stock award, a performance stock unit award, other stock- or cash-based award, or a dividend equivalent award, which may be awarded or granted under the plan. The awards can only be issued to certain individuals as identified in the 2024 Key Employee Equity Incentive Plan who are an employee, a consultant, or a non-employee director.

During the three months ended March 31, 2026, the Company granted 1,340,000 awards under this plan.

2024 Employee Stock Purchase Plan

The Board of Directors of the Company adopted the 2024 Employee Stock Purchase Plan on July 26, 2024. The 2024 Employee Stock Purchase Plan provides a means by which eligible employees of the Company and certain designated related corporations may be given an opportunity to purchase shares of the Company’s Common Stock. The 2024 Employee Stock Purchase Plan permits the Company to grant a series of purchase rights to eligible employees. The 2024 Employee Stock Purchase Plan authorizes the issuance of up to 441,293 shares of the Company’s Common Stock, plus an annual increase on the first day of each year for the ten (10) calendar years immediately after the first Offering Date (as defined in the 2024 Employee Stock Purchase Plan) equal to one percent (1%) of the share of common stock outstanding on a fully diluted basis on the last day of the immediately preceding fiscal year, provided that the Board or its compensation committee may reduce the amount of the increase in any particular year.

The Company has not granted any purchase rights under this plan as of March 31, 2026.

The following table summarizes stock option activity related to the 2024 Equity Incentive Plan and 2024 Key Employee Equity Incentive Plan during the three months ended March 31, 2026:


				Weighted
		Weighted		Average	Aggregate
		Average		Remaining	Intrinsic
		Exercise Price		Contractual	Value
	Shares	Per Share		Life (years)	(in thousands)
Outstanding, December 31, 2025	5,785,552	$	—	—	$	—
Options granted	3,668,840		1.00	—		—
Outstanding, March 31, 2026	9,454,392	$	0.97	9.32	$	1,711
Options vested, March 31, 2026	2,337,004	$	0.93	8.93	$	507
Options vested and expected to vest, March 31, 2026	9,454,392	$	0.97	9.32	$	1,711

As of March 31, 2026, there was $5.2 million of unrecognized compensation cost related to unvested stock options.

As discussed above, the Company has not granted any options under the 2024 Employee Stock Purchase Plan.

Related Party Transactions - Shared Services Agreement (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Fjord \| Related Party \| Shared Services Agreement
Related Party Transactions
Amount of transaction	$ 10	$ 200

Fair Value Measurements - Convertible Securities Notes Valuation Input (Details)	Mar. 31, 2026 $ / shares Y	Dec. 31, 2025 $ / shares Y
Share price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Promissory notes measurement input \| $ / shares	1.15	1.04
Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Promissory notes measurement input	0.272	0.263
Expected Term (years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Promissory notes measurement input \| Y	2.08	2.33
Risk-Free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Promissory notes measurement input	0.0372	0.0344
Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Promissory notes measurement input	1	0.70

Segment Reporting

3 Months Ended

Mar. 31, 2026

Segment Reporting

Segment Reporting

Note 17 – Segment Reporting

The Company has one reportable segment managed on a consolidated basis by the Chief Executive Officer (CEO), who is the chief operating decision maker (“CODM”). In identifying one reportable segment, the Company considered the basis of organization for the design and development and commercialization of ablation technologies for the treatment of cardiac arrhythmias.

The accounting policies of the segment are the same as those described in the summary of significant accounting policies. The CODM assesses performance and decides how to allocate resources based on consolidated net loss as reported in the condensed consolidated statements of operations and comprehensive loss. There are no other expense categories regularly provided to the CODM that are not already included in the condensed consolidated statements of operations and comprehensive loss. The measure of segment assets is reported on the condensed consolidated balance sheet as total consolidated assets.

Summary of segment net loss, including significant segment expenses were as follows:


	Three Months Ended March 31,
	2026		2025
Revenue	$	—	$	—
Less:
Cost of revenue		—		253
Research and development		2,741		3,659
Selling, general, and administrative		2,459		3,485
Total other loss, net		(1,795)		(316)
Net loss	$	(6,995)	$	(7,713)

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Summary of Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Summary of Significant Accounting Policies
Customer payment period	30 days
Revenue	$ 0	$ 0

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Summary of Significant Accounting Policies - Goodwill (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2026 USD ($) segment	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)
Summary of Significant Accounting Policies
Number of reporting unit \| segment	1
Impairment of goodwill \| $	$ 0	$ 0	$ 0

Loss Per Share (LPS)

3 Months Ended

Mar. 31, 2026

Loss Per Share ("LPS")

Earnings Per Share ("EPS")

Note 14 – Loss Per Share (“LPS”)

The Company calculated basic LPS and diluted LPS to common stockholders in conformity with the two-class method required for companies with participating securities. The Company considered (i) the Convertible Securities Notes and (ii) the earnout shares subject to vesting conditions to be participating securities as they participate in any distributions declared by the Company. The Company’s Base Warrants and Convert Warrants are considered as non-participating securities, as the holders are not entitled to any shareholder right prior to the exercise of the Base Warrants and the Convert Warrants. As of the reporting date, none of the Base Warrants or the Convert Warrants were exercised to receive the Company’s common stock.

Under the two-class method, undistributed earnings allocated to these participating securities are subtracted from net income in determining net income attributable to common stockholders. In periods of net loss, losses are allocated to the participating security only if the security has not only the right to participate in earnings, but also a contractual obligation to share in the Company's losses. As the Company incurred a net loss for the three months ended March 31, 2026, the Convertible Securities Notes were not considered participating securities and were excluded from the two-class method calculation.

Further, Basic LPS under the two-class method includes the impact of the Company’s PIPE Pre-funded Warrants as the PIPE Pre-funded Warrants are exercisable for only $0.01 per share (i.e., de minimis cash consideration) without an expiration date and not subject to exercise contingencies.

The Company discloses the Diluted LPS under the if-converted method as such diluted LPS is lower than the diluted LPS calculated under the two-class method. The Earn-Out shares subject to vesting conditions are not considered in the denominator for the calculation of diluted LPS as the vesting conditions for the Earn-Out shares were not met during the successor reporting period.

The following table sets forth the computation of basic loss per share attributable to common stockholders and the participating securities for the periods presented (in thousands, except share and per share data):

Basic LPS:


(amounts in thousands, except share and per share data)	Three Months Ended March 31, 2026		Three Months Ended March 31, 2025
Numerator:
Net loss	$	(6,995)	$	(7,713)
Denominator:
Weighted-average shares outstanding used in computing net loss per share attributable to common stockholders - Basic		22,210,459		15,375,521

Net loss per share attributable to common stockholders - Basic	$	(0.31)	$	(0.50)

The following table sets forth the computation of diluted loss per share attributable to common stockholders for the periods presented (in thousands, except share and per share data):

Diluted LPS:


(amounts in thousands, except share and per share data)	Three Months Ended March 31, 2026		Three Months Ended March 31, 2025
Numerator:
Net loss – Basic	$	(6,995)	$	(7,713)
Less: Adjustment for fair value changes to convertible securities notes		—		(190)
Net loss attributable to common stockholders – Diluted	$	(6,995)	$	(7,903)

Denominator:
Weighted-average shares outstanding – Basic		22,210,459		15,375,521
Weighted-average effect of shares issuable to Convertible Securities Notes (if-converted method)		—		—
Weighted-average shares outstanding – Diluted		22,210,459		15,375,521

Net loss per share attributable to common shares – Diluted (if-converted method)	$	(0.31)	$	(0.51)

The following potentially dilutive securities were excluded from the computation of diluted net loss per share calculations for the periods presented because the impact of including them would be anti-dilutive:


	March 31,	March 31,
	2026	2025
2025 Milestone Warrants	18,038,829	—
Base Warrants	7,528,727	7,528,727
Convert Warrants	1,500,000	1,500,000
Earn-out Shares, subject to vesting conditions	1,147,500	1,147,500
2025 PIPE Pre-funded Warrants	2,963,612	—
Convertible Securities Notes shares	3,232,331	3,232,331
Stock options outstanding	9,454,392	4,876,552
Total potentially dilutive securities	43,865,391	18,285,110

Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets

Schedule of intangible assets

The Company’s intangible assets, net as of March 31, 2026 and December 31, 2025 consists of the following (in thousands):



		March 31, 2026
		Useful Life (years)		Gross Carrying Amount			Accumulated Amortization			Net Carrying Amount
IPR&D		Indefinite		$	6,969		$	—		$	6,969
Total				$	6,969		$	—		$	6,969



		December 31, 2025
		Useful Life (years)		Gross Carrying Amount			Accumulated Amortization			Net Carrying Amount
IPR&D		Indefinite		$	6,969		$	—		$	6,969
Total				$	6,969		$	—		$	6,969

Schedule of goodwill

The following table presents the changes in goodwill (in thousands):


	March 31, 2026
	Carrying Amount			Impairment		Net Carrying Amount
Goodwill	$	13,967		$	—	$	13,967


	December 31, 2025
	Carrying Amount			Impairment		Net Carrying Amount
Goodwill	$	13,967		$	—	$	13,967

Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Note 6 – Goodwill and Intangible Assets

The Company’s intangible assets, net as of March 31, 2026 and December 31, 2025 consists of the following (in thousands):



		March 31, 2026
		Useful Life (years)		Gross Carrying Amount			Accumulated Amortization			Net Carrying Amount
IPR&D		Indefinite		$	6,969		$	—		$	6,969
Total				$	6,969		$	—		$	6,969



		December 31, 2025
		Useful Life (years)		Gross Carrying Amount			Accumulated Amortization			Net Carrying Amount
IPR&D		Indefinite		$	6,969		$	—		$	6,969
Total				$	6,969		$	—		$	6,969

During the three months ended March 31, 2026, the Company performed a qualitative assessment of its indefinite-lived intangible assets for impairment and determined that no indicators of impairment were present. Based on this assessment, the Company concluded that it was not more likely than not that the fair value of the indefinite-lived intangible assets was less than their carrying amounts.

Based on the Company’s qualitative analysis, no intangible assets impairment charges were recorded for the three months ended March 31, 2026.

During the year ended December 31, 2025, the Company performed a qualitative assessment of its indefinite-lived intangible assets for impairment and determined that no indicators of impairment were present. Based on this assessment, the Company concluded that it was not more likely than not that the fair value of the indefinite-lived intangible assets was less than their carrying amounts. Accordingly, no quantitative impairment testing was required. No impairment charges related to indefinite-lived intangible assets were recorded during the year ended December 31, 2025.

The following table presents the changes in goodwill (in thousands):


	March 31, 2026
	Carrying Amount			Impairment		Net Carrying Amount
Goodwill	$	13,967		$	—	$	13,967


	December 31, 2025
	Carrying Amount			Impairment		Net Carrying Amount
Goodwill	$	13,967		$	—	$	13,967

During the three months ended March 31, 2026, the Company performed a qualitative assessment of goodwill for impairment and determined that no indicators of impairment were present. Based on this assessment, the Company concluded that it was not more likely than not that the fair value of the reporting unit was less than its carrying amount. Accordingly, no quantitative impairment testing was required. No impairment charges related to goodwill were recorded during the three months ended March 31, 2026.

During the year ended December 31, 2025, the Company performed a qualitative assessment of goodwill for impairment and determined that no indicators of impairment were present. Based on this assessment, the Company concluded that it was not more likely than not that the fair value of the reporting unit was less than its carrying amount. Accordingly, no quantitative impairment testing was required. No impairment charges related to goodwill were recorded during the year ended December 31, 2025.

Warrants - 2025 PIPE Milestone and Pre-Funded Warrants (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended
	Oct. 14, 2025	Dec. 31, 2025	Mar. 31, 2026
Class of Warrant or Right [Line Items]
Common stock, par value (in dollars per share)		$ 0.0001	$ 0.0001
2025 PIPE Pre-Funded Warrants
Class of Warrant or Right [Line Items]
Exercise price (in USD per share)		$ 0.0001
Warrants exercised (in shares)		1,030,822
Share issued during period, warrants exercised		1,030,822
Warrants outstanding (in shares)		2,963,612	2,963,612
2025 PIPE Financing
Class of Warrant or Right [Line Items]
Number of shares issued	9,792,506
Common stock, par value (in dollars per share)	$ 0.0001
Proceeds from issuance of shares	$ 19.0
Potential gross proceeds from cash exercise of warrants	$ 31.0
Purchase price of each Share (in USD per share)	$ 1.9403
Combined purchase price of each Pre-Funded Warrant and Milestone Warrants (in USD per share)	$ 1.9402
Maximum ownership of common stock by warrant holder after exercise (as a percent)	4.99%
Maximum ownership of common stock by warrant holder after exercise, at the holder's option (as a percent)	9.99%
Maximum ownership of common stock threshold can be changed to by warrant holder after exercise, at the holder's option (as a percent)	19.99%
Notification period of the change in ownership in commons stock threshold of warrant holders after exercies	61 days
2025 PIPE Financing \| 2025 PIPE Pre-Funded Warrants
Class of Warrant or Right [Line Items]
Shares called by per each warrant	1
Exercise price (in USD per share)	$ 0.0001
Warrants outstanding (in shares)		2,963,612	2,963,612
2025 PIPE Financing \| Milestone Warrants
Class of Warrant or Right [Line Items]
Purchase price of each Share allocated to the Milestone Warrants (in USD per share)	$ 0.2303
Shares called by per each warrant	1
Exercise price (in USD per share)	$ 1.71
Warrants and Rights Outstanding, Term	5 years
2025 PIPE Financing \| Tranche A Warrants
Class of Warrant or Right [Line Items]
Warrants issued (in shares)	6,012,943
Number of warrant accompanying each share and each pre-funded warrant sold.	1
Term following clinical trial announcements	30 days
2025 PIPE Financing \| Tranche B Warrants
Class of Warrant or Right [Line Items]
Warrants issued (in shares)	6,012,943
Number of warrant accompanying each share and each pre-funded warrant sold.	1
Term following announcement of FDA approval of product	30 days
2025 PIPE Financing \| Tranche C Warrants
Class of Warrant or Right [Line Items]
Warrants issued (in shares)	6,012,943
Number of warrant accompanying each share and each pre-funded warrant sold.	1
Term following announcement of FDA approval of product	30 days
Private Placement \| 2025 PIPE Pre-Funded Warrants
Class of Warrant or Right [Line Items]
Shares issuable in the exercise of warrants	3,994,434
Private Placement \| Milestone Warrants
Class of Warrant or Right [Line Items]
Shares issuable in the exercise of warrants	18,038,829

Related Party Transactions - Convertible Securities Notes (Details) $ in Millions	Jul. 31, 2024 USD ($)
Convertible Securities Notes \| Perceptive PIPE Investor
Related Party Transactions
Amount of convertible notes issued	$ 7.0

Fair Value Measurements - Convert Warrants (Details) - Convertible Securities Notes $ / shares in Units, $ in Millions	Jul. 31, 2024 USD ($) $ / shares shares
Warrants
Principal amount \| $	$ 20.0
Convert Warrants
Warrants
Number of warrants issued	1,500,000
Shares called by per each warrant	1
Exercise price (in USD per share) \| $ / shares	$ 24

Operating Leases - Future minimum payments (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Operating Leases
Nine months ending December 31, 2026	$ 226
Year ending December 31, 2027	326
Year ending December 31, 2028	340
Year ending December 31, 2029	354
Year ending December 31, 2030	163
Year ending December 31, 2031	36
Total undiscounted future cash flows	1,445
Less: imputed interest	(228)
Total operating lease liability	$ 1,217

Fair Value Measurements - Convert Warrant Level 3 (Details) - Convert Warrants [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Changes in Level 3 Reconciliation
Balance (beginning of year)	$ 132	$ 152
Fair value measurement adjustments	131	(38)
Balance (end of year)	$ 263	$ 114

Inventory, net (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Inventory, net.
Raw materials	$ 1,364	$ 1,423
Work-in-Process	203	163
Finished goods	37	86
Total inventory	1,604	1,672
Inventory scrap value	$ 49	$ 300

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 12,909	$ 17,105
Inventory, net	1,604	1,672
Prepaid expenses	1,061	989
Other current assets	281	316
Total current assets	15,855	20,082
Property and equipment, net	1,325	1,535
Right-of-use assets, net	1,191	697
Intangible assets, net	6,969	6,969
Goodwill, net	13,967	13,967
Other assets	1	3
Total assets	39,308	43,253
Current liabilities:
Accounts payable	1,217	1,082
Accrued liabilities	7,131	6,996
Operating lease liabilities, current	225	155
Total current liabilities	8,573	8,233
Operating lease liabilities, long-term	992	563
Convertible notes payable, net	22,872	21,040
Warrant liabilities	263	132
Deferred tax liabilities, net	883	883
Total liabilities	33,583	30,851
Commitments and contingencies
Stockholders' equity (deficit):
Common stock, $0.0001 par value; 210,000,000 shares authorized at March 31, 2026 and December 31, 2025; 22,210,459 and 22,210,459 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively	2	2
Additional paid-in capital	108,497	108,108
Accumulated other comprehensive loss	(143)	(99)
Accumulated deficit	(102,631)	(95,609)
Total stockholders' equity	5,725	12,402
Total liabilities and stockholders' equity	$ 39,308	$ 43,253

Goodwill and Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Goodwill and Intangible Assets
Goodwill Amount	$ 13,967		$ 13,967
Net Carrying Amount	13,967		13,967
Intangible assets	6,969		6,969
Impairment of goodwill	$ 0	$ 0	$ 0

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Stockholders' Equity - Common Stock (Details) $ / shares in Units, $ in Millions	1 Months Ended
	Sep. 30, 2024 D $ / shares shares	Mar. 31, 2026 USD ($) Vote $ / shares shares	Dec. 31, 2025 $ / shares shares
Common Stock
Votes per share of common stock \| Vote		1
Common stock reserved for future issuance		46,537,307	43,263,556
Common Stock, Shares Authorized		210,000,000	210,000,000
Common stock, par value (in dollars per share) \| $ / shares		$ 0.0001	$ 0.0001
Common stock, shares issued		22,210,459	22,210,459
Common stock, shares outstanding		22,210,459	22,210,459
Preferred stock, shares authorized		20,000,000
Preferred stock, par value \| $ / shares		$ 0.0001
Cash dividend to date \| $		$ 0.0
Sponsor Earnout
Common Stock
Common stock, shares issued		1,147,500
Common stock, shares outstanding		1,147,500
Issuance of earn-out shares (in shares)	1,147,500
Common stock trigger price \| $ / shares	$ 24
Trading days of trigger price \| D	20
Trading day period	30 days

Consolidated Statements of Operations and Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Consolidated Statements of Operations and Comprehensive (Loss) Income
Revenue	$ 0	$ 0
Cost of revenue and operating expenses:
Cost of revenue		253
Research and development	2,741	3,659
Selling, general, and administrative	2,459	3,485
Total cost of revenue and operating expenses	5,200	7,397
Loss from operations	(5,200)	(7,397)
Other (expense) income:
Convertible notes fair value adjustment	1,063	(190)
Warrant liabilities fair value adjustment	131	(38)
Interest expense	(778)	(662)
Interest income	107	164
Other income (expense), net	70	(46)
Total other loss, net	(1,795)	(316)
Net loss	(6,995)	(7,713)
Other comprehensive loss:
Foreign currency translation adjustment	(44)	(61)
Comprehensive loss	$ (7,039)	$ (7,774)
Basic net loss per share (in dollars per share)	$ (0.31)	$ (0.5)
Diluted net loss per share (in dollars per share)	$ (0.31)	$ (0.51)
Weighted-average shares outstanding - Basic (in shares)	22,210,459	15,375,521
Weighted-average shares outstanding - Diluted (in shares)	22,210,459	15,375,521

Warrants

3 Months Ended

Mar. 31, 2026

Warrants

Warrants

Note 9 - Warrants

Convert Warrants

As described in Note 8 - Debt, the Company issued $20.0 million of Convertible Securities Notes and 1,500,000 Convert Warrants at the Closing. Each of the Convert Warrants is exercisable on a cashless basis, or for one share of the Company’s common stock, at an exercise price of $24.00 per share, subject to adjustment. The Convert Warrants expire on the seventh anniversary of the issuance date.

PIPE Base Warrants

In connection with the execution of the Business Combination Agreement, ListCo and ARYA entered into Subscription Agreements (the “Initial Subscription Agreements”), with Perceptive Life Sciences Master Fund, Ltd, a Cayman Islands exempted company (the “Perceptive PIPE Investor”) and certain other investors (the “Initial Other PIPE Investors”, and together with the Perceptive PIPE Investor, the “Initial PIPE Investors”). In June 2024, ListCo and ARYA entered into additional Subscription Agreements (the “June Subscription Agreements” and, together with the Initial Subscription Agreements, the “Subscription Agreements”) with certain additional investors, (the “June PIPE Investors”, and together with the Initial Other PIPE Investors, the “Other PIPE Investors”, and the Other PIPE Investors, together with the Perceptive PIPE Investor, the “PIPE Investors”).

Pursuant to the subscription agreements, the PIPE Investors committed financing valued at $64.5 million (the “2024 PIPE Financing”).

The 2024 PIPE Financing included:

(i)

Commitments by certain Other PIPE Investors to purchase $2.5 million in Class A shares of ARYA in the open market and not to redeem such shares before the Closing, resulting in the issuance of 355,457 shares of Company’s common stock and 299,902 warrants exercisable for shares of the Company’s common stock (the “Base Warrants”).

(ii)

Commitments by certain Other PIPE Investors that were shareholders of ARYA not to redeem 247,700 Class A shares of ARYA, resulting in the issuance of 405,772 shares of Company’s common stock and 343,756 Base Warrants.

(iii)

Agreements by certain Other PIPE Investors to purchase 1,036,666 shares of the Company’s common stock, 1,440,000 Base Warrants, and 670,000 PIPE Pre-funded Warrants for a cash investment of $12 million in the Company.

(iv)

Contribution of total $29.5 million in April 2023 Convertible Notes, November 2023 Convertible Notes, May 2024 Convertible Notes, June 2024 Convertible Notes, and July 2024 Convertible Notes (collectively, “Bridge Financing Notes”), and accrued interest of $1.7 million by the Perceptive PIPE Investor. A total of 4,372,607 shares of the Company’s common stock and 3,540,000 units of Base Warrants were issued to settle the Bridge Financing Notes and the accrued and unpaid interest.

(v)

An additional cash investment of $15.9 million by the Perceptive PIPE Investor for a total of 2,250,352 shares of New Adagio Common Stock and 1,905,069 units of Base Warrants.

On the Closing Date, the Company issued 3,540,000 Base Warrants along with 4,372,607 shares of the Company’s common shares to settle the outstanding principal and accrued interest of the Bridge Financing Notes.

The Company also issued 3,345,069 Base Warrants along with 3,287,018 shares of the Company’s common stock and 670,000 PIPE Pre-Funded Warrants to PIPE Investors for cash proceeds received in the 2024 PIPE Financing.

The Company issued 643,658 Base Warrants along with 761,229 shares of the Company’s common stock in exchange for the non-redeemable 468,941 shares of ARYA’s Class A ordinary shares held by certain Other PIPE Investors.

The Base Warrants can be exercised for the Company’s common stock at any time during the period from the issuance date to the expiration date, which is the fifth anniversary from the date of issuance. The warrants can be exercised on a gross or net basis at an exercise price of $10 per share.

The Base Warrants were fair valued at $2.41 per unit on the date of issuance based on the assumptions including (i) the value of the Company’s common stock is $6.64 per share; (ii) a risk-free rate at 3.93%; (iii) zero dividend yield; (iv) the common stock volatility at 84.0% and a volatility haircut of 10%; and (v) the remaining term is five years.

2025 PIPE Milestone and Pre-Funded Warrants

On October 14, 2025, the Company entered into a Securities Purchase Agreement (the “Securities Purchase Agreement”) with certain accredited healthcare investors (the “Purchasers”) pursuant to which it issued and sold to the Purchasers in the Private Placement (the “2025 PIPE Financing”): (i) 9,792,506 shares (the “Shares”) of its common stock, par value $0.0001 per share (the “Common Stock”), or pre-funded warrants (the “2025 PIPE Pre-Funded Warrants”) to purchase shares of Common Stock in lieu thereof, and (ii) accompanying (a) Tranche A Warrants to purchase an aggregate of 6,012,943 shares of Common Stock (or pre-funded warrants in lieu thereof) (the “Tranche A Warrants”), (b) Tranche B Warrants to purchase an aggregate of 6,012,943 shares of Common Stock (or pre-funded warrants in lieu thereof) (the “Tranche B Warrants”) and (c) Tranche C Warrants to purchase an aggregate of 6,012,943 shares of Common Stock (or pre-funded warrants in lieu thereof) (the “Tranche C Warrants” and, together with the Tranche A and Tranche B Warrants, the “Milestone Warrants”), for aggregate gross proceeds of approximately $19 million (excluding up to approximately $31 million of additional aggregate gross proceeds that may be received in the future upon the cash exercise in full of the Milestone Warrants issued in the Private Placement), before deducting placement agent fees and other expenses payable by the Company. Each Share, or Pre-Funded Warrant in lieu thereof, sold pursuant to the Securities Purchase Agreement was accompanied by one Tranche A Warrant, one Tranche B Warrant and one Tranche C Warrant. The combined purchase price of each Share and accompanying Milestone Warrants is $1.9403 and (which includes $0.2303 for the Milestone Warrants sold with each Share in accordance with the rules and regulations of The Nasdaq Stock Market LLC). The combined purchase price of each Pre-Funded Warrant and accompanying Milestone Warrant is $1.9402 (equal to the combined purchase price per Share and accompanying Milestone Warrants, minus $0.0001).

According to the ASC 815, it is determined that the Base Warrants associated with the 2024 PIPE Financing are indexed to the Company’s common stock under and are accounted for as equity, which is initially measured at fair value. The Base Warrants are classified as equity in the financial statements because they meet the ASC 815-40 indexation guidance. Specifically, 1) the Base Warrants can be exercised at any time during the exercise period without contingencies; 2) the Base Warrants can be settled in a fixed number of shares upon exercise with any adjustments, such as antidilution and alternative issuance adjustments, consistent with ASC 815 guidance, which does not preclude equity classification. Additionally, the Company has sufficient authorized shares available to settle the Base Warrants, and all the adjustments are in the control of the Company, further supporting the equity classification.

Each Milestone Warrant is exercisable for one share of Common Stock at an exercise price of $1.71 per share. The Milestone Warrants will expire upon the earlier of (i) five years from the date of issuance or (ii) (a) for the Tranche A Warrants, the date that is thirty (30) days following its announcement of results from the Company’s FULCRUM-VT IDE pivotal clinical trial, (b) for the Tranche B Warrants, the date that is thirty (30) days following its announcement of FDA approval of the vCLAS Cryoablation System, and (c) for the Tranche C Warrants, the date that is thirty (30) days following the Company’s announcement of FDA approval of its second generation vCLAS catheter system. The 2025 PIPE Pre-Funded Warrants are exercisable for one share of Common Stock at an exercise price of $0.0001 per share. The 2025 PIPE Pre-Funded Warrants are immediately exercisable and may be exercised at any time until all of the 2025 PIPE Pre-Funded Warrants are exercised in full.

A holder (together with its affiliates) of the 2025 PIPE Pre-Funded Warrants or Milestone Warrants, as the case may be, may not exercise any portion of the 2025 PIPE Pre-Funded Warrants or Milestone Warrants to the extent that the holder would own more than 4.99% (or, at the holder’s option upon issuance, 9.99%) of the Company’s outstanding Common Stock immediately after exercise, which percentage may be changed at the holder’s election to a lower or higher percentage not in excess of 19.99% upon 61 days’ notice to the Company subject to the terms of the 2025 PIPE Pre-Funded Warrants or the Milestone Warrants. In lieu of making the cash payment otherwise contemplated to be made to the Company upon exercise of a Milestone Warrant, after the deadline for effectiveness of the registration statement to be filed pursuant to the Registration Rights Agreement, the holder may elect instead to receive upon such exercise (either in whole or in part) the net number of shares of Common Stock determined according to a formula set forth in the Milestone Warrants, provided that such cashless exercise shall only be permitted if, at the time of such exercise, there is no effective registration statement registering the resale of shares of Common Stock underlying the Milestone Warrants or if the prospectus contained in such registration statement is not available for the resale of shares of Common Stock underlying the Milestone Warrants by the Milestone Warrant holder.

In lieu of making the cash payment otherwise contemplated to be made to the Company upon exercise of a Pre-Funded Warrant in payment of the aggregate exercise price, the holder may elect instead to receive upon such exercise (either in whole or in part) the net number of shares of Common Stock determined according to a formula set forth in the 2025 PIPE Pre-Funded Warrants.

In accordance with ASC 815-40, the Company determined that the Milestone Warrants and the 2025 PIPE Pre-Funded Warrants issued in connection with the 2025 PIPE Financing are indexed to the Company’s common stock and qualify for equity classification. Accordingly, the warrants are accounted for as equity and initially measured at fair value.

The Milestone Warrants and the 2025 PIPE Pre-Funded Warrants meet the indexation and settlement guidance in ASC 815 because they can be exercised at any time during the exercise period without contingencies and are exercisable for a fixed number of shares at fixed exercise prices, with any adjustments, such as antidilution and alternative issuance adjustments, consistent with ASC 815 guidance, which does not preclude equity classification. The Milestone Warrants are exercisable for an aggregate of 18,038,829 shares of the Company’s common stock, and the Pre-Funded Warrants are exercisable for 3,994,434 shares of common stock, representing the maximum number of shares issuable under the agreements. As of December 31, 2025, the Company had sufficient authorized shares available to settle the Milestone Warrants and the 2025 PIPE Pre-Funded Warrants, and all the adjustments are in the control of the Company, further supporting the equity classification.

In December 2025, 1,030,822 2025 PIPE Pre-Funded Warrant shares were exercised on a cash basis for 1,030,822 shares of the Company’s common stock. The exercise price for the 2025 PIPE Pre-Funded Warrants was $0.0001 per share.

As of March 31, 2026 and December 31, 2025, there were 2,963,612 2025 PIPE Pre-Funded Warrants outstanding.

Stock-Based Compensation - 2024 ESPP (Details) - 2024 Employee Stock Purchase Plan - shares	3 Months Ended
	Mar. 31, 2026	Jul. 26, 2024
Stock-Based Compensation
Maximum number of shares that can be granted		441,293
Annual increase period		10 years
Percentage increase to the number of shares authorized		1.00%
Number of replacement stock options granted to Legacy Adagio's option holders by the Company	0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Loss Per Share (LPS) - Potentially dilutive securities (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Net Loss Per Common Share
Total	43,865,391	18,285,110
2025 Milestone Warrants
Net Loss Per Common Share
Total	18,038,829
Base Warrants
Net Loss Per Common Share
Total	7,528,727	7,528,727
Convert Warrants [Member]
Net Loss Per Common Share
Total	1,500,000	1,500,000
Earn Out Shares [Member]
Net Loss Per Common Share
Total	1,147,500	1,147,500
2025 PIPE Pre-Funded Warrants
Net Loss Per Common Share
Total	2,963,612
Convertible Securities Notes
Net Loss Per Common Share
Total	3,232,331	3,232,331
Employee Stock Option
Net Loss Per Common Share
Total	9,454,392	4,876,552

Accrued Liabilities

3 Months Ended

Mar. 31, 2026

Accrued Liabilities

Accrued Liabilities

Note 7 - Accrued Liabilities

The following table presents details of accrued liabilities as of March 31, 2026, and December 31, 2025 (in thousands):


	March 31,		December 31,
	2026		2025
Accrued deferred professional fees	$	3,616	$	3,616
Compensation and related expenses		2,075		1,533
Research and development expenses		1,080		1,436
Other		360		411
Total accrued liabilities	$	7,131	$	6,996

Related Party Transactions

3 Months Ended

Mar. 31, 2026

Related Party Transactions

Related Party Transactions

Note 16 - Related Party Transactions

Shared Services Agreement

During the three months ended March 31, 2026 and March 31, 2025, the Company incurred less than $0.01 million and $0.2 million, respectively, for finance and accounting services and other general and administrative support services (“Shared Services Agreement”) to Fjord Ventures (“Fjord”), a company owned and operated by the Company’s former CEO. The Shared Services Agreement was terminated on August 31, 2025. Effective September 1, 2025, the Company entered into a new shared services agreement with Fjord for human resources and payroll services. The transactions are recorded as selling, general, and administrative expenses on the consolidated statements of operations and comprehensive loss.

Convertible Securities Notes

In connection with the Business Combination and the Convertible Securities Notes agreement, the Company issued $7.0 million Convertible Securities Notes to Perceptive PIPE Investor, the controlling party of the Company, in exchange for Perceptive PIPE Investor’s investment in Legacy Adagio in the form of the February 2024 Convertible Notes. Refer to Note 8 - Debt for additional information regarding the Convertible Securities Notes.

2024 PIPE Financing

In connection with the Business Combination and the 2024 PIPE Financing, the Company issued 4,372,607 shares of the Company’s common stock and 3,540,000 Base Warrants to Perceptive PIPE Investor, the controlling party of the Company, in exchange for Perceptive PIPE Investor’s investment in Legacy Adagio in the form of Bridge Financing Notes. Refer to Note 8 - Debt for additional information regarding the Convertible Securities Notes.

Further, in connection with the 2024 PIPE Financing, the Company issued 2,250,352 shares of the Company’s common stock and 1,905,069 Base Warrants to Perceptive PIPE Investor, the controlling party of the Company, in exchange for Perceptive PIPE Investor’s additional cash investment of $15.9 million in the Company.

2025 PIPE Financing

In connection with the 2025 PIPE Financing, the Company issued 2,190,496 2025 PIPE Pre-Funded Warrants and Milestone Warrants for an aggregate purchase price of $4,250,000 to Perceptive PIPE Investor, the controlling party of the Company.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 6
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Debt - Convertible Securities Notes (Details) - Convertible Securities Notes - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
	Jul. 31, 2024	Mar. 31, 2026	Mar. 31, 2025
Debt
Principal amount	$ 20.0
Interest rate	13.00%
Conversion price (in USD per share)	$ 10
Debt term	3 years 9 months
Interest		$ 0.8	$ 0.7
Convert Warrants
Debt
Number of warrants issued	1,500,000
Shares called by per each warrant	1
Exercise price (in USD per share)	$ 24

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting

Schedule of Segment Reporting Information, by Segment [Table Text Block]


	Three Months Ended March 31,
	2026		2025
Revenue	$	—	$	—
Less:
Cost of revenue		—		253
Research and development		2,741		3,659
Selling, general, and administrative		2,459		3,485
Total other loss, net		(1,795)		(316)
Net loss	$	(6,995)	$	(7,713)

Operating Leases (Tables)

3 Months Ended

Mar. 31, 2026

Operating Leases

Schedule of quantitative information of operating leases


	Three months ended March 31,
In thousands	2026			2025
Operating cash flows paid for operating leases	$	98		$	66
Weighted average remaining lease term (years)		4.4			4.2
Weighted average discount rate		8	%		8	%

Schedule of future minimum payments under the non-cancelable operating leases

The following table presents the future minimum payments under the non-cancelable operating leases as of March 31, 2026 (in thousands):



Nine months ending December 31, 2026	$	226
Year ending December 31, 2027		326
Year ending December 31, 2028		340
Year ending December 31, 2029		354
Year ending December 31, 2030		163
Year ending December 31, 2031		36
Total undiscounted future cash flows		1,445
Less: imputed interest		(228)
Total operating lease liability	$	1,217

Stock-Based Compensation - Stock Option Activity (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($) $ / shares shares
Weighted Average Remaining Contractual Life (in years)
Weighted Average Remaining Contractual Life (in years)	9 years 3 months 25 days
Vested and expected to vest	8 years 11 months 4 days
Vested and exercisable	9 years 3 months 25 days
Share-Based Compensation Arrangement by Share-Based Payment Award, Additional General Disclosures [Abstract]
Unrecognized compensation cost \| $	$ 5,200
2024 Employee Stock Purchase Plan
Number of shares
Outstanding (shares) \| shares	5,785,552
Options issued as part of the Business Combination (shares) \| shares	3,668,840
Outstanding (shares) \| shares	9,454,392
Vested and expected to vest (shares) \| shares	2,337,004
Vested and exercisable (shares) \| shares	9,454,392
Weighted Average Exercise Price
Outstanding (in dollars per share)	$ 0
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	1
Options issued as part of the Business Combination (in dollars per share)	1
Outstanding (in dollars per share)	0.97
Vested and expected to vest (in dollars per share)	0.93
Vested and exercisable (in dollars per share)	$ 0.97
Aggregate Intrinsic Value [Abstract]
Outstanding \| $	$ 0
Outstanding \| $	1,711
Vested and expected to vest \| $	507
Vested and exercisable \| $	$ 1,711

Debt - Schedule of debt (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt
Total outstanding debt	$ 22,872	$ 21,040
Convertible Securities Notes
Debt
Total outstanding debt	$ 22,872	$ 21,040

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Income Taxes (Details)	3 Months Ended
Income Taxes (Details)	Mar. 31, 2026	Mar. 31, 2025
Income Taxes
Effective tax rate for the company's operations	0.00%	0.00%

Property and Equipment

3 Months Ended

Mar. 31, 2026

Property and Equipment

Property and Equipment

Note 5 - Property and Equipment

The Company’s property and equipment, net, as of March 31, 2026, and December 31, 2025, consists of the following (in thousands):


	March 31,		December 31,
	2026		2025
Consoles	$	2,262	$	2,199
Machinery and equipment		940		1,036
Leasehold improvements		296		296
Tools and molds		233		233
Computer equipment		246		250
Demo equipment		66		66
Furniture and fixtures		64		65
Vehicles		39		39
Total property and equipment		4,146		4,184
Less: accumulated depreciation		(2,821)		(2,649)
Property and equipment, net	$	1,325	$	1,535

Depreciation expense was $0.2 million and $0.3 million for the three months ended March 31, 2026 and March 31, 2025, respectively.

Description of Organization and Business Operations

3 Months Ended

Mar. 31, 2026

Description of Organization and Business Operations

Description of Organization and Business Operations

Note 1 - Description of Organization and Business Operations

Our Company

Adagio Medical Holdings, Inc. together with its wholly-owned subsidiaries (collectively, the “Company”), is a medical technology company focused on the development and commercialization of ablation technologies for the treatment of cardiac arrhythmias. The Company is currently focused on the treatment of ventricular arrhythmias with its purpose-built vCLAS™ Ventricular Ablation System, which is CE Marked and is currently under evaluation in the Company’s FULCRUM-VT U.S. Investigational Device Exemption (“IDE”) Pivotal Study, which completed enrollment in October 2025. In April 2025, the Company received Breakthrough Device designation from the U.S. Food and Drug Administration (“FDA”) for the Company’s vCLAS™ Ventricular Ablation System for the treatment of drug-refractory, recurrent, sustained monomorphic ventricular tachycardia in patients with ischemic or non-ischemic structural heart disease. The Company’s technologies are based on its proprietary Ultra-Low Temperature Ablation (“ULTA”) platform, which is designed to produce durable, contiguous, transmural lesions anywhere in the heart using the Company’s differentiated catheters and consoles. Legacy Adagio (as defined below) received CE Mark in Europe for its vCLAS™ Cryoablation System for ventricular tachycardia (“VT”) in March 2024. The Company also received IDE approval from the FDA in April 2026 to expand the Company’s FULCRUM-VT trial to evaluate the safety and effectiveness of the Company’s next-generation vCLAS ULTA Ventricular Ablation System for the treatment of Sustained Monomorphic Ventricular Tachycardia (“SMVT”), the design of which is faster, smaller and more flexible than its predecessor vCLAS device. This next-generation device, which was designed to improve customer usability, requires only a single freeze. The Company has also developed pulsed field cryoablation (“PFCA”), a dual therapy platform technology that combines the Company’s proprietary ultralow temperature technology with pulsed field ablation (“PFA”). The Company is headquartered in Laguna Hills, California.

On July 31, 2024 (the “Closing Date”), ARYA Sciences Acquisition Corp IV, a Cayman Islands exempted company (“ARYA”), Aja Holdco, Inc. (“ListCo”), a Delaware corporation and wholly-owned subsidiary of ARYA, Aja Merger Sub 1, a Cayman Islands exempted company and wholly-owned subsidiary of ListCo (“ARYA Merger Sub”), Aja Merger Sub 2, Inc., a Delaware corporation and wholly-owned subsidiary of ListCo (“Company Merger Sub”), and Adagio Medical, Inc., a Delaware corporation (“Legacy Adagio”, the “Predecessor”), consummated the business combination (the “Business Combination”) pursuant to the terms of the Business Combination Agreement, dated February 13, 2024, by and among the foregoing parties, as amended by the Consent and Amendment No. 1 to Business Combination Agreement, dated as of June 25, 2024, by and between ARYA and Adagio (the “Business Combination Agreement”).

Pursuant to the Business Combination Agreement, on the Closing Date, (i) ARYA Merger Sub merged with and into ARYA (the “ARYA Merger”) and Company Merger Sub merged with and into Legacy Adagio (the “Adagio Merger” and, together with the ARYA Merger, the “Mergers”), with ARYA and Legacy Adagio surviving the Mergers and, after giving effect to such Mergers, each of ARYA and Legacy Adagio becoming a wholly owned subsidiary of ListCo (the time that the ARYA Merger became effective being referred to as the “ARYA Merger Effective Time,” the time that the Adagio Merger became effective being referred to as the “Adagio Merger Effective Time,” the time after which both Mergers became effective being referred to as the “Closing,” and the date on which the Closing occurred being referred to as the “Closing Date”), (ii) ListCo filed with the Secretary of State of the State of Delaware an amended and restated certificate of incorporation of ListCo, and the board of directors of ListCo approved and adopted amended and restated bylaws of ListCo, and (iii) ListCo changed its name to Adagio Medical Holdings, Inc.

The Company’s Common Stock (as defined below) began trading on the Nasdaq Capital Market on August 1, 2024, under the symbol “ADGM”.

Liquidity and Going Concern

The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP” ) applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has limited revenue and has experienced recurring operating losses and negative cash flows from operations since its inception and anticipates that it will continue to do so for at least the next several years.

As of March 31, 2026, the Company had cash and cash equivalents of $12.9 million and an accumulated deficit of $102.6 million. For the three months ended March 31, 2026 and March 31, 2025, net loss was $7.0 million and $7.7 million, respectively.

For the three months ended March 31, 2026 and March 31, 2025, net cash used in operating activities was $4.1 million and $7.2 million, respectively.

In October 2025, the Company announced a private placement of its common stock (or pre-funded warrants to purchase common stock in lieu thereof) and accompanying warrants to purchase shares of common stock, for aggregate gross proceeds of approximately $19.0 million (excluding up to $31.0 million of additional potential gross proceeds from the cash exercise of the common stock warrants) (the “Private Placement”).

Pursuant to ASC 205-40, Presentation of Financial Statements — Going Concern, the Company evaluates at each annual and interim reporting period whether conditions or events, considered in the aggregate, raise substantial doubt about its ability to continue as a going concern within one year after the date that the condensed consolidated financial statements are issued. As of the report date, the Company does not believe its existing cash and cash equivalents are sufficient to fund its operating and capital expenditure requirements for at least 12 months from the date of issuance of these unaudited consolidated financial statements. Based on its current plans and forecasted expenses, the Company expects that its cash and cash equivalents as of the report date, will enable the Company to fund its planned operating expenses and capital expenditure requirements into the third quarter of 2026. The Company has based this estimate on assumptions that may prove to be wrong, and it could exhaust its capital resources sooner than expected. Until the Company can generate sufficient revenue, the Company will need to finance future cash needs through public or private equity offerings, license agreements, debt financings or restructurings, collaborations, strategic alliances and marketing or distribution arrangements.

Management intends to mitigate the conditions and events that raise substantial doubt about the Company’s ability to continue as a going concern entity by (i) negotiating other cash equity or debt financing in the short-term, (ii) continuing to pursue the necessary regulatory approvals to launch commercially in the U.S. market, and (iii) executing cost-cutting measures to manage cash burn. However, there can be no assurances that the current plans will generate any liquidity to the Company or be available on terms acceptable to the Company.

If the Company is unable to maintain sufficient financial resources, its business, financial condition, and results of operations will be materially and adversely affected. The Company may be required to delay, limit, reduce or terminate its product discovery and development activities or future commercialization efforts. The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern and do not include adjustments that might result from the outcome of this uncertainty. This basis of accounting contemplates the recovery of the Company’s assets and the satisfaction of liabilities in the normal course of business.

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net loss	$ (6,995)	$ (7,713)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	210	271
Stock-based compensation	389	218
Loss on disposal of property and equipment	1
Change in fair value of convertible notes payable	1,063	(190)
Change in fair value of warrant liabilities	131	(38)
Net change in operating assets and liabilities:
Accounts receivable, net	(17)	34
Inventory, net	68	256
Prepaid expenses and other current assets	(20)	63
Accounts payable	136	(193)
Accrued liabilities	135	(577)
Other accrued liabilities	769	658
Operating lease liabilities	4
Net cash used in operating activities	(4,126)	(7,211)
Cash flows from investing activities:
Purchases of property and equipment	(2)	(335)
Net cash used in investing activities	(2)	(335)
Cash flows from financing activities:
Effect of foreign currency translation on cash and cash equivalents	(68)	(77)
Net change in cash and cash equivalents	(4,196)	(7,623)
Cash and cash equivalents, at beginning of period	17,105	20,586
Cash and cash equivalents, at end of period	$ 12,909	$ 12,963

Stock-Based Compensation - 2024 Equity Incentive Plan (Details) - 2024 Equity incentive plan - shares	Mar. 31, 2026	Jul. 26, 2024
Stock-Based Compensation
Maximum number of shares that can be granted		4,472,593
Percentage increase to the number of shares authorized		5.00%
Awards granted	2,328,840
Number of shares available for issuance	3,273,751

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Consolidated Balance Sheets
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	210,000,000	210,000,000
Common stock, shares issued	22,210,459	22,210,459
Common stock, shares outstanding	22,210,459	22,210,459

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Measurements

Schedule of Company's financial instruments at fair value based on the fair value hierarchy for each class of instrument

The following tables summarize the Company’s financial instruments at fair value based on the fair value hierarchy for each class of instrument (in thousands):


March 31, 2026		Level 1			Level 2			Level 3
Assets:
Money Market Account		$	12,562		$	—		$	—
Liabilities:
Convertible Securities Notes (including accrued interest)		$	—		$	—		$	22,872
Convert Warrants		$	—		$	—		$	263


December 31, 2025		Level 1			Level 2			Level 3
Assets:
Money Market Account		$	16,710		$	—		$	—
Liabilities:
Convertible Securities Notes (including accrued interest)		$	—		$	—		$	21,040
Convert Warrants		$	—		$	—		$	132

Convertible Securities Notes

Fair Value Measurements

Schedule of assumptions used in estimating fair value of convertible promissory notes and common stock warrant liabilities


Convertible Securities Notes		March 31, 2026			December 31, 2025
Common stock price	$	1.15		$	1.04
Discount rate		27.2	%		26.3	%
Expected term (years)		2.08			2.33
Risk-free interest rate		3.72	%		3.44	%
Volatility		100	%		70	%

Schedule of presents changes in the Level 3 warrant liabilities measured at fair value

The following table presents changes in the Level 3 convertible promissory notes measured at fair value for the three months ended March 31, 2026 (in thousands):


Convertible Securities Notes - Three Months Ended March 31, 2026
Balance (beginning of year)	$	21,040
Accrued interest		769
Fair value measurement adjustments		1,063
Balance (end of period)	$	22,872

The following table presents changes in the Level 3 convertible promissory notes measured at fair value for the three months ended March 31, 2025 (in thousands):


Convertible Securities Notes - Three Months Ended March 31, 2025
Balance (beginning of year)	$	17,180
Accrued interest		662
Fair value measurement adjustments		(190)
Balance (end of period)	$	17,652

Convert Warrants

Fair Value Measurements

Schedule of assumptions used in estimating fair value of convertible promissory notes and common stock warrant liabilities


Convert Warrants	March 31, 2026			December 31, 2025
Common stock price	$	1.15		$	1.04
Expected volatility		80.0	%		70.0	%
Risk free rate		3.88	%		3.72	%
Expected dividend yield		—	%		—	%
Expected term (years)		5.34			5.58

Schedule of presents changes in the Level 3 warrant liabilities measured at fair value

The following table presents changes in the Level 3 Convert Warrants measured at fair value for the three months ended March 31, 2026 (in thousands):


Convert Warrants - Three Months Ended March 31, 2026
Balance (beginning of year)	$	132
Fair value measurement adjustments		131
Balance (end of period)	$	263

The following table presents changes in the Level 3 Convert Warrants measured at fair value for the three months ended March 31, 2025 (in thousands):


Convert Warrants - Three Months Ended March 31, 2025
Balance (beginning of year)	$	152
Fair value measurement adjustments		(38)
Balance (end of period)	$	114

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Stockholders' Equity

3 Months Ended

Mar. 31, 2026

Stockholders' Equity

Stockholders' Equity

Note 12 - Stockholders’ Equity

Common Stock

As of March 31, 2026, the Company’s certificate of incorporation, as amended and restated, authorized the Company to issue up to 210,000,000 shares of common stock at a par value of $0.0001 per share, and 20,000,000 shares of preferred stock, par value $0.0001 per share. As of March 31, 2026, 22,210,459 shares were issued and outstanding, including 1,147,500 Sponsor Earnout (as defined below).

In September 2024, the Company issued 1,147,500 shares of the Company’s Common Stock (such issuance, the “Sponsor Earnout”) to the ARYA Sponsor under the Sponsor Letter Agreement dated February 13, 2024 (the “Sponsor Letter Agreement”). Pursuant to the agreement, the Sponsor Earnout shall be unvested and vests upon the earlier of: (i) During the period from the effective time to the 10th anniversary of the Closing Date (the “Earn-Out Period”), the stock price of the Company’s Common Stock equals to or exceeds $24.00 per share for any 20 trading days within any 30 trading day period from and after the Closing Date and (ii) immediately prior to the consummation of a company sale during the Earn-Out Period.

As of the reporting date, the vesting of the Sponsor Earnout was not considered probable.

According to ASC 815, it is determined that the Sponsor Earnout is indexed to the Company’s common stock and classified as equity and is initially measured at fair value and not subsequently remeasured. The Sponsor Earnout vests when the Company’s stock price meets a stated price or there is a company sale during the earnout period. Upon meeting either vesting condition, the same number of the Company’s common stock would be issued and no longer subject to forfeiture or cancellation. The Sponsor Earnout meets the ASC 815-40 indexation guidance. Specifically, the stated stock price and company sale, as the exercise contingencies, do not preclude equity indexation and there is no variability in the number of shares issuable under the Sponsor Earnout. Additionally, the Sponsor Earnout at the issuance meets the ASC 815-40 equity classification criterion as the Company has sufficient authorized shares available to settle the Sponsor Earnout and all the antidilution adjustments are in the control of the Company.

The holders of the Company’s common stock are entitled to receive dividends whenever funds are legally available, when and if declared by the Company’s Board of Directors. As of March 31, 2026, no cash dividend has been declared to date. Each share of the Company’s common stock is entitled to one vote.

The table below summarizes the Company’s reserved common stock for further issuance as of March 31, 2026 and December 31, 2025:


	March 31, 2026	December 31, 2025
Base Warrants	7,528,727	7,528,727
2025 PIPE Pre-funded Warrants	2,963,612	2,963,612
Convertible Securities Notes	3,231,327	3,231,327
2025 PIPE Milestone Warrants	18,038,829	18,038,829
Convert Warrants	1,500,000	1,500,000
Company’s common stock issuable upon the exercise of outstanding options Legacy Adagio’s equity plans that were assumed in the Business Combination	7,587	7,587
Common stock reserved for future issuance under the 2024 Equity Incentive Plan	9,471,488	6,197,737
Common stock reserved for future issuance under the 2024 Key Employee Equity Incentive Plan	3,354,444	3,354,444
Common stock reserved for future issuance under the 2024 Employee Stock Purchase Plan	441,293	441,293
Common stock reserved for future issuance	46,537,307	43,263,556

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Paragraph 14
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-Publisher FASB
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
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-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2026

Summary of Significant Accounting Policies

Basis of Presentation

Unaudited Interim Financial Information

Emerging Growth Company Status

Principles of Consolidation

Use of Estimates and Assumptions

Segments

Cash and Cash Equivalents

Concentrations of Credit Risk and Off-Balance Sheet Risk

Revenue Recognition

•Step 1: Identify the contract with the customer.

•Step 2: Identify the performance obligations in the contract.

•Step 3: Determine the transaction price.

•Step 4: Allocate the transaction price to the performance obligations in the contract.

•Step 5: Recognize revenue when, or as, the Company satisfies a performance obligation.

Other Revenue Considerations

Any incremental costs to obtain contracts are recorded as selling, general, and administrative expense as incurred due to the short duration of the Company’s contracts.

For the three months ended March 31, 2026 and March 31, 2025, no revenue was recognized.

Property and Equipment

Intangible Assets

For the three months ended March 31, 2026 and March 31, 2025, the Company determined that there was no impairment of definite-lived intangible assets.

For the three months ended March 31, 2026 and March 31, 2025, the Company determined that there was no impairment of indefinite-lived intangible assets.

Goodwill, net

Goodwill

No goodwill impairment charges were recorded for the three months ended March 31, 2026 and March 31, 2025.

Concentrations

The Company had three suppliers exceed 10% of total accounts payable as of March 31, 2026, representing 52% of accounts payable.

The Company had three suppliers exceed 10% of total accounts payable as of December 31, 2025, representing 74% of accounts payable.

The Company’s five and ten largest suppliers accounted for approximately 32% and 48%, respectively, of the Company’s expenditures for the three months ended March 31, 2026.

The Company’s five and ten largest suppliers accounted for approximately 30% and 43%, respectively, of the Company’s expenditures for the three months ended March 31, 2025.

Impairment of Long-Lived Assets

For the three months ended March 31, 2026 and March 31, 2025, the Company determined that no impairment of long-lived assets was indicated.

Foreign Currency Translation and Transactions

Leases

Cost of Revenue

Cost of revenue also includes the depreciation expense of consoles loaned to the customers.

Research and Development

Selling, General and Administrative

Selling, General, and Administrative

Fair Value Measurements

•Level 1-Quoted prices in active markets for identical assets or liabilities.

•

Level 2-Observable inputs other than Level 1 prices for similar assets or liabilities that are directly or indirectly observable in the marketplace.

•

Fair Value Option for Convertible Notes

Warrants

Refer to Note 9 - Warrants for additional information related to the warrants.

Stock-Based Compensation

Income Taxes

To date, there have been no interest or penalties charged in relation to the unrecognized tax benefits. Refer to Note 15 - Income Taxes for additional details.

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements

Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income	Total
Balance at Dec. 31, 2024	$ 2	$ 90,495	$ (70,586)	$ 1	$ 19,912
Balance (in shares) at Dec. 31, 2024	15,198,232
Increase (Decrease) in Stockholders' Deficit
Foreign currency translation adjustment			43	(61)	(18)
Issuance of Waiver Shares (in shares)	183,333
Stock-based compensation		218			218
Net loss			(7,713)		(7,713)
Balance at Mar. 31, 2025	$ 2	90,713	(78,256)	(60)	12,399
Balance (in shares) at Mar. 31, 2025	15,381,565
Balance at Dec. 31, 2025	$ 2	108,108	(95,609)	(99)	$ 12,402
Balance (in shares) at Dec. 31, 2025	22,210,459				22,210,459
Increase (Decrease) in Stockholders' Deficit
Foreign currency translation adjustment			(27)	(44)	$ (71)
Stock-based compensation		389			389
Net loss			(6,995)		(6,995)
Balance at Mar. 31, 2026	$ 2	$ 108,497	$ (102,631)	$ (143)	$ 5,725
Balance (in shares) at Mar. 31, 2026	22,210,459				22,210,459

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

Loss Per Share (LPS) - Basic (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Numerator:
Net loss - Basic	$ (6,995)	$ (7,713)
Denominator;
Weighted-average shares outstanding used in computing net loss per share attributable to common stockholders - Basic (in shares)	22,210,459	15,375,521
Net loss per share attributable to common stockholders - Basic (in dollars per share)	$ (0.31)	$ (0.5)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

+ Details

Segment Reporting (Details) $ in Thousands	3 Months Ended		12 Months Ended
Segment Reporting (Details) $ in Thousands	Mar. 31, 2026 USD ($) segment	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)
Segment Reporting
Number of reporting segments \| segment	1
Revenue	$ 0	$ 0
Less:
Cost of Revenue		253
Research and development	2,741	3,659
Selling, general, and administrative	2,459	3,485
Impairment - Goodwill	0	0	$ 0
Other income (expense), net	(1,795)	(316)
Net loss	(6,995)	(7,713)
Operating Segments [Member] \| Single Reportable Segment [Member]
Less:
Cost of Revenue		253
Research and development	2,741	3,659
Selling, general, and administrative	2,459	3,485
Other income (expense), net	(1,795)	(316)
Net loss	$ (6,995)	$ (7,713)

Debt (Tables)

3 Months Ended

Mar. 31, 2026

Debt

Schedule of debt

Outstanding debt as of March 31, 2026, and December 31, 2025, consists of the following (in thousands):


	March 31, 2026		December 31, 2025
Convertible Securities Notes (including accrued interest)	$	22,872	$	21,040
Total outstanding debt	$	22,872	$	21,040

Stock-Based Compensation - Stock Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Stock-Based Compensation
Total stock-based compensation	$ 389	$ 218
Selling, general and administrative
Stock-Based Compensation
Total stock-based compensation	285	209
Research and development
Stock-Based Compensation
Total stock-based compensation	$ 104	$ 9

Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended
Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Property and Equipment
Total property, plant, and equipment	$ 4,146		$ 4,184
Less: accumulated depreciation	(2,821)		(2,649)
Property and equipment, net	1,325		1,535
Depreciation expense	200	$ 300
Consoles
Property and Equipment
Total property, plant, and equipment	2,262		2,199
Leasehold improvements
Property and Equipment
Total property, plant, and equipment	296		296
Tools and molds
Property and Equipment
Total property, plant, and equipment	233		233
Computer equipment
Property and Equipment
Total property, plant, and equipment	246		250
Demo equipment
Property and Equipment
Total property, plant, and equipment	66		66
Furniture and fixtures
Property and Equipment
Total property, plant, and equipment	64		65
Vehicles
Property and Equipment
Total property, plant, and equipment	39		39
Other machinery and equipment
Property and Equipment
Total property, plant, and equipment	$ 940		$ 1,036

Stockholders' Equity - Authorized Shares (Details) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Stockholders' Equity
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	210,000,000	210,000,000

Income Taxes

3 Months Ended

Mar. 31, 2026

Income Taxes

Income Taxes

Note 15 - Income Taxes

The Company accounts for income taxes in accordance with ASC 740. Under the provisions of ASC 740, management is required to evaluate whether a valuation allowance should be established against its deferred tax assets. The Company currently has a full valuation allowance against its deferred tax assets. As of each reporting date, the Company’s management considers new evidence, both positive and negative, that could impact management’s view with regard to future realization of deferred tax assets. For the three months ended March 31, 2026, there was no material change from the fiscal year ended December 31, 2025, in the amount of the Company's deferred tax assets that are not considered to be more likely than not to be realized in future years.

For the three months ended March 31, 2026, and March 31, 2025, the effective tax rate for the Company’s operations was 0.0%. The effective tax rate differed from the U.S. federal statutory rate primarily due to state income taxes, losses from the German subsidiary that is subject to different effective tax rates, stock-based compensation, fair value adjustments for convertible notes and warrant liabilities, and a change in the valuation allowance that offset the tax benefit on the current period pre-tax loss.

The Company is subject to U.S. federal income tax as well as income tax of foreign and state tax jurisdictions. The tax years 2021-2025 remain open to examination by the major taxing jurisdictions to which the Company is subject, except the Internal Revenue Service for which the tax years 2022-2025 remain open.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the United States. The OBBBA includes significant changes, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to certain aspects of the international tax framework and the restoration of favorable tax treatment for certain business expense provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The Company has incorporated the provisions that were effective during the third quarter of 2025 and assessed that the impacts did not have a material impact on its condensed consolidated financial statements. The Company will continue to assess any future impacts on its condensed consolidated financial statements and will recognize the income tax effects beginning in the period in which they are effective.

- Definition

The entire disclosure for income tax.

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+ Details