Adagio Medical Holdings, Inc. (Nasdaq: ADGM) announced on September 23, 2026, that its Board of Directors has initiated a formal process to explore strategic alternatives focused on maximizing shareholder value. The company stated it will evaluate potential transactions that may include, but are not limited to, an acquisition, merger, or business combination.
In connection with this review, the company is implementing a reduction in its workforce. Adagio will reduce its full-time employee count by 25 of 43 employees, effective September 23, 2026. The company estimates this restructuring will incur approximately $1.3 million in cash expenditures, primarily for one-time severance payments and related benefits. The company noted that actual results may differ from these estimates and that it may incur additional charges, such as potential impairment charges, depending on future events.
The company also disclosed its financial position as of June 30, 2026, reporting preliminary unaudited cash, cash equivalents, and investments in marketable securities totaling approximately $7.7 million.
Separately, Adagio notified holders of its 13% Senior Secured Convertible Notes that it will lower the conversion price for the period from September 23, 2026, through October 31, 2026. The conversion price will be set to the lower of the current conversion price or 85% of the lowest volume-weighted average price (VWAP) over the five trading days preceding the conversion date.
Adagio continues to advance its regulatory efforts, having submitted results from the FULCRUM-VT pivotal study to the U.S. Food and Drug Administration (FDA) in May 2026 to support a Premarket Approval (PMA) application for its vCLAS Ventricular Ablation System. The company also noted that the FDA has granted an Investigational Device Exemption (IDE) to expand the FULCRUM-VT trial to evaluate its next-generation vCLAS Ultra catheter.
