{"url_path":"/sec/adgm/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-12","source_url":"https://www.sec.gov/Archives/edgar/data/2006986/0001104659-26-059027-index.html","accession_number":"0001104659-26-059027","cik":"0002006986","ticker":"ADGM","issuer_name":"Adagio Medical Holdings, Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/2006986/0001104659-26-059027-index.html","primary_entity_key":"0002006986","primary_entity_name":"Adagio Medical Holdings, Inc."},"word_count":1618,"has_tables":true,"body_markdown":"ADAGIO MEDICAL HOLDINGS, INC._March 31, 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of Contents](#TOC)\n\n​\n\n​\n\n**UNITED STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\n**Washington, D.C. 20549**\n\n**FORM ****10-Q**\n\n**(MARK ONE)**\n\n​\n\n​\n\n**☒**\n\n**QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n​\n\n**For the quarterly period ended****March 31, 2026**\n\n​\n\n​\n\n**☐**\n\n**TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n​\n\n**For the transition period from  to**\n\n**Commission file number:****001-42199**\n\n**ADAGIO MEDICAL HOLDINGS, INC.**\n\n**(Exact Name of Registrant as Specified in Its Charter)**\n\n​\n\n​\n\n​\n\n**Delaware**\n\n**  ​ ​ ​**\n\n**99-1151466**\n\n**(State or other jurisdiction of**\n\n​\n\n**(I.R.S. Employer**\n\n**incorporation or organization)**\n\n​\n\n**Identification No.)**\n\n​\n\n​\n\n​\n\n**26051 Merit Circle****,****Suite 102**\n\n​\n\n​\n\n**Laguna Hills****,****CA**\n\n​\n\n**92653**\n\n​\n\n​\n\n​\n\n**(Address of principal executive offices)**\n\n​\n\n**(Zip Code)**\n\n​\n\n**(****949****)****348-1188**\n\n**(Registrant’s telephone number, including area code)**\n\n**Securities registered pursuant to Section 12(b) of the Act:**\n\n​\n\n**  ​ ​ ​**\n\n**Trading**\n\n**  ​ ​ ​**\n\n**Name of each exchange**\n\n**Title of each class**\n\n​\n\n**Symbol(s)**\n\n​\n\n**on which registered**\n\n**Common Stock, par value $0.0001********per share**\n\n​\n\n**ADGM**\n\n​\n\n**The Nasdaq Stock Market LLC**\n\n​\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\n​\n\nLarge accelerated filer\n\n☐\n\nAccelerated filer\n\n☐\n\n​\n\n​\n\n​\n\n​\n\nNon-accelerated filer\n\n☒\n\nSmaller reporting company\n\n☒\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nEmerging growth company\n\n☒\n\n​\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒\n\nAs of May 8, 2026, there were 22,210,459 shares of common stock, $0.0001 par value, issued and outstanding.\n\n​\n\n​\n\n​\n\n[Table of Contents](#TOC)\n\n​\n\n**ADAGIO MEDICAL HOLDINGS, INC.**\n\n​\n\n**FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2026**\n\n**TABLE OF CONTENTS**\n\n​\n\n​\n\n**Page**\n\n[**PART I: FINANCIAL INFORMATION**](#PARTIFINANCIALINFORMATION_76804)\n\n​\n\n​\n\n​\n\n​\n\n[Item 1.](#Item1FinancialStatements_949025)\n\n[Condensed Consolidated Financial Statements](#Balance_Sheet)\n\n3\n\n​\n\n​\n\n​\n\n​\n\n[Condensed Consolidated Balance Sheets as of March 31, 2026 (Unaudited) and December 31, 2025](#Balance_Sheet)\n\n3\n\n​\n\n​\n\n​\n\n​\n\n[Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss for the three months ended March 31, 2026 and March 31, 2025](#Income_STMT)\n\n4\n\n​\n\n​\n\n​\n\n​\n\n[Unaudited Condensed Consolidated Statements of Stockholders’ Equity for the three months ended March 31, 2026 and March 31, 2025](#StatementsofConvertiblePreferredStockand)\n\n5\n\n​\n\n​\n\n​\n\n​\n\n[Unaudited Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and March 31, 2025](#CFS)\n\n6\n\n​\n\n​\n\n​\n\n​\n\n[Notes to Condensed Consolidated Financial Statements (Unaudited)](#NOTES)\n\n7\n\n​\n\n​\n\n​\n\n[Item 2.](#Item2ManagementsDiscussionandAnalysis_12)\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#Item2ManagementsDiscussionandAnalysis_12)\n\n34\n\n​\n\n​\n\n​\n\n[Item 3.](#Item3QuantitativeandQualitativeDisclosur)\n\n[Quantitative and Qualitative Disclosures about Market Risk](#Item3QuantitativeandQualitativeDisclosur)\n\n49\n\n​\n\n​\n\n​\n\n[Item 4.](#Item4ControlsandProcedures_352413)\n\n[Controls and Procedures](#Item4ControlsandProcedures_352413)\n\n50\n\n​\n\n​\n\n​\n\n[**PART II: OTHER INFORMATION**](#PARTIIOTHERINFORMATION_699286)\n\n​\n\n​\n\n​\n\n​\n\n[Item 1.](#Item1_184970)\n\n[Legal Proceedings](#Item1_184970)\n\n51\n\n​\n\n​\n\n​\n\n[Item 1A.](#Item1A_807724)\n\n[Risk Factors](#Item1A_807724)\n\n51\n\n​\n\n​\n\n​\n\n[Item 2.](#Item2UnregisteredSalesofEquity_747415)\n\n[Unregistered Sales of Equity Securities and Use of Proceeds](#Item2UnregisteredSalesofEquity_747415)\n\n52\n\n​\n\n​\n\n​\n\n[Item 3.](#Item3DefaultsuponSeniorSecurities_12800)\n\n[Defaults Upon Senior Securities](#Item3DefaultsuponSeniorSecurities_12800)\n\n52\n\n​\n\n​\n\n​\n\n[Item 4.](#Item4MineSafetyDisclosures_857010)\n\n[Mine Safety Disclosures](#Item4MineSafetyDisclosures_857010)\n\n52\n\n​\n\n​\n\n​\n\n[Item 5.](#Item5OtherInformation_402779)\n\n[Other Information](#Item5OtherInformation_402779)\n\n52\n\n​\n\n​\n\n​\n\n[Item 6.](#Item6Exhibits_682725)\n\n[Exhibits](#Item6Exhibits_682725)\n\n53\n\n​\n\n​\n\n​\n\n[**SIGNATURES**](#SIGNATURES_342629)\n\n54\n\n​\n\n​\n\n[Table of Contents](#TOC)\n\n**Cautionary Note Regarding Forward-Looking Statements**\n\nThis Quarterly Report on Form 10-Q contains forward-looking statements about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q including statements regarding our future results of operations or financial condition, business strategy and plans and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will” or “would” or the negative of these words or other similar terms or expressions. These forward-looking statements include, but are not limited to, statements concerning the following:\n\n​\n\n●the timing, progress and results of our clinical trials of our product candidates, including statements regarding the timing of initiation and completion of studies or trials and related preparatory work, the period during which the results of the trials will become available and our research and development programs;\n\n●our ability to continue to develop innovative, proprietary products that address significant clinical needs in a manner that is safe and effective for patients and easy-to-use for physicians;\n\n●our ability to obtain and maintain regulatory clearances or approvals;\n\n●our ability to demonstrate safety and effectiveness in our sponsored and third-party clinical trials;\n\n●our ability to increase physician awareness;\n\n●our ability to obtain and maintain coverage and adequate reimbursement for procedures using our products;\n\n●our ability to attract and retain skilled research, development, sales and clinical personnel;\n\n●our ability to cost-effectively manufacture, market and sell our products;\n\n●our estimates of our market opportunity;\n\n●our expectations regarding the scope of protection from intellectual property rights covering our products;\n\n●developments or disputes concerning our intellectual property or other proprietary rights;\n\n●timing of and results from our clinical trials and other studies;\n\n●marketing clearances and authorization from the FDA and regulators in other jurisdictions;\n\n●timing of regulatory filings and feedback;\n\n●competition in the markets we serve;\n\n●our expectations of the reliability and performance of our products;\n\n●our expectations of the benefits of our products to patients, providers, and payors;\n\n●the impact of proposed tariffs on our business, including the impact on gross margins related to our international product sales and the impact of resulting economic uncertainty on demand for our products;\n\n●our reliance on a limited number of suppliers, including sole source suppliers, which may impact the availability of instruments and materials;\n\n●our ability to sustain or increase demand for our products;\n\n●our estimates regarding our costs and risks associated with our international operations and expansion;\n\n●the effects of our corporate prioritization initiative and our expectations regarding our ability to retain and recruit key personnel;\n\n●our ability to attract and retain employees, including those with specialized skills and experience;\n\n●our expectations regarding strategic operations;\n\n●our ability to access capital markets;\n\n●our ability to fund our working capital requirements;\n\n●our estimates regarding future expenses and needs for additional financing;\n\n●our compliance with, and the cost of, federal, state, and foreign regulatory requirements;\n\n●anticipated trends and challenges in our business and the markets in which we operate; and\n\n●our ability to continue as a going concern.\n\n​\n\nYou should not rely on forward-looking statements as predictions of future events. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors described under the header “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained herein. The results, events and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements.\n\n1\n\n[Table of Contents](#TOC)\n\nThe forward-looking statements made in this Quarterly Report on Form 10-Q relate only to events as of the date on which the statements are made, and we undertake no obligation to update them to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q or to reflect new information or the occurrence of unanticipated events, except as required by law.\n\nReferences in this Quarterly Report on Form 10-Q to “we,” “us,” “ListCo” or the “Company” refer to Adagio Medical Holdings, Inc. and its consolidated subsidiaries at and after the consummation of the Business Combination (as defined below). References to our “management” or our “management team” refer to our officers and directors. We do not intend our use or display of other companies’ trade names or trademarks to imply an endorsement or sponsorship of us by such companies, or any relationship with any of these companies.\n\nWe may announce material business and financial information to our investors using our investor relations website (investors.adagiomedical.com). We therefore encourage investors and others interested in Adagio Medical Holdings, Inc. to review the information that we make available on our website, in addition to following our filings with the Securities and Exchange Commission (the “SEC”) webcasts, press releases and conference calls.\n\n​\n\n2\n\n[Table of Contents](#TOC)\n\nPART I - FINANCIAL INFORMATION"}