Adagio Medical Holdings, Inc. (ADGM)
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Clear Secure: the identity network has to prove airport scale travels
Clear Secure reported FY2025 revenue of $900.8 million and Q1 2026 revenue of $253.0 million, with the official record tying the thesis to airport-member growth, identity platform expansion, deferred revenue, privacy trust, margin quality and cash conversion.
OpenAdagio Medical: the $12.9M cash clock behind a make-or-break VT filing
Adagio has pivotal VT data, FDA Breakthrough Device status, and a CE-Marked system, but no current revenue, a going-concern warning, and a cash runway that makes every regulatory milestone matter.
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