ADARx Pharmaceuticals, Inc. (ADRX)

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AI: Fair-priced

Price checkADRX last traded at $17.11 at 3:59:31 p.m. EDT on October 21, 2026. It is common stock on the Nasdaq Global Select Market, not an ADR or preferred security.

SEC EDGAR and ADARx IR identify the Delaware issuer, ticker ADRX and common stock. The $17.11 quote is a timestamped regular-session observation, not a live October 22 price. Other consolidated feeds reported $17.13 for October 21, a $0.02 vendor difference; ChartExchange provides the exact observation time. At $17.11 the stock was about 0.6% above its $17 IPO price. Trading history is short.

Big pictureCalculated equity value of about $1.90 billion is nearly twice estimated IPO-adjusted June 2026 cash, so the valuation depends on successful clinical development rather than established sales.

SEC prospectus disclosed 75.318 million pro forma pre-IPO shares. Adding 26.25 million IPO shares, 5.256 million AbbVie placement shares and 3.938 million option shares yields about 110.761 million shares; at $17.11 that implies $1.895 billion equity value. This is calculated from disclosed transactions, not a separately certified current share count. June 30 cash, equivalents and short-term investments were $427.252 million; illustrative pro forma cash after financing is about $987 million before later spending and final cost differences. This is inference, not October cash. Fair-priced is a qualitative judgment, not a DCF.

Business strengthLatest financial statements cover the six months ended June 30, 2026. ADARx has substantial financing but no approved product, rising development losses and material cash burn.

The SEC prospectus reports $2.886 million collaboration revenue, $48.319 million R&D expense, $11.514 million G&A and a $48.426 million net loss for the first half of 2026, versus a $33.644 million prior-year loss. Operating cash outflow was $49.871 million. June 30 cash and investments totaled $427.252 million before IPO financing. About $328.665 million of $349.762 million liabilities was deferred AbbVie collaboration revenue, not conventional interest-bearing debt. Lead candidate onvuzosiran is in Phase 3 STOP-HAE; management projected funding into 2030, a forward-looking estimate.

What could change the storyPhase 3 results and collaboration progress could support value; trial failure, spending needs and dilution could impair it.

ADARx expects STOP-HAE topline results by end-2027 and potentially an NDA in 2028 if successful; these are company targets, not assured outcomes. Early Phase 1/2 data remain preliminary. FDA Fast Track designation can facilitate regulator interaction but is not approval or efficacy evidence. Other catalysts include agazisiran and ADX-626 development and AbbVie decisions. The prospectus lists substantial outstanding options and equity-plan reserves, creating potential dilution; these authorizations overlap and should not simply be added. Further financing may be needed if trials or commercialization cost more than expected.

AI: News

October 1, 2026: ADARx closes full IPO underwriters’ optionADARx closed the option for 3,937,500 additional common shares at $17 each, bringing total IPO shares to 30,187,500 and IPO gross proceeds to about $513.2 million.

Including AbbVie’s concurrent purchase of 5,255,542 shares at $17, aggregate gross financing was about $602.5 million before fees and expenses. This materially strengthens development funding while diluting pre-IPO holders. Gross proceeds are not net cash. The completed option also matters for current share-count and market-cap calculations.

August 24, 2026: FDA grants Fast Track designation to onvuzosiranFDA granted Fast Track designation to ADARx’s investigational onvuzosiran for hereditary angioedema prophylaxis.

The lead siRNA candidate targets prekallikrein and is under study in Phase 3 STOP-HAE. Fast Track may allow more frequent FDA interaction and rolling review eligibility if criteria are met; it is not approval or proof of efficacy. Key safety and efficacy risks remain pending pivotal results.

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Revenue

2024

2025

Net income

2024

2025

Free cash flow

2024

2025

Total cash / debt

CashTotal debt

2024

2025

Financial statements

	2025	2024
Revenue	$3.4M	$0
Research & development	$71.5M	$43.4M
Operating income	−$88.4M	−$58.2M
Operating margin	−2,562.05%	—
Net income	−$73.1M	−$46.4M
Net profit margin	−2,119.11%	—
Diluted EPSper diluted share	-$7.54	-$4.94

Review official source filings ↗

Owners

Reported shareholders

Reference date Sep 30, 2026

Reported holdings Number of shares

View holders

Top 8 reported holders of ADRX
Holder	Shares held
OrbiMed Genesis GP LLC / OrbiMed Israel GP II, L.P. / OrbiMed Capital GP VII LLC / OrbiMed Advisors Israel II Ltd / ORBIMED ADVISORS LLC	24.21M
GORDON CARL L	24.21M
LAV Fund VI, L.P. / LAV Fund VI Opportunities, L.P. / LAV Biosciences Fund V, L.P.	11.86M
George Simeon	9.94M
SR ONE CAPITAL MANAGEMENT, LLC	9.94M
Chimovits Erez	9.29M
Li Zhen	5.86M
Zhu Rui (NMN)	2.51M

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 4 ↗Updated Oct 21, 2026 · Quarterly data

Insider buys & sells

Oct 1, 2024–Sep 30, 2026

Buys13$87.75M disclosed value

Sells (SEC code S)0$0.00 disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Sep 28, 2026Form 4	Chimovits ErezDirector	BuyCommon Stock · indirect	61.5K	$17.00	$1.05M	9.29M
Sep 28, 2026Form 4	GORDON CARL LDirector,TenPercentOwner	BuyCommon Stock · indirect	588.2K	$17.00	$10.00M	588.2K
Sep 28, 2026Form 4	GORDON CARL LDirector,TenPercentOwner	BuyCommon Stock · indirect	61.5K	$17.00	$1.05M	9.29M
Sep 28, 2026Form 4	GORDON CARL LDirector,TenPercentOwner	BuyCommon Stock · indirect	300.2K	$17.00	$5.10M	14.33M
Sep 28, 2026Form 4	OrbiMed Genesis GP LLC +4Director,TenPercentOwner	BuyCommon Stock · indirect	588.2K	$17.00	$10.00M	588.2K

Review ownership filings at SEC.gov ↗

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ADARx Pharmaceuticals, Inc. (ADRX)

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