Adagio Medical Holdings Inc. reported a net loss of $10.1 million for the third quarter ended September 30, 2025, compared to a net loss of $4.6 million for the same period in 2024. Cost of revenue was $0.03 million, down from $0.6 million in the prior-year quarter. Research and development expenses rose to $2.8 million from $2.5 million, while selling, general and administrative expenses decreased to $2.9 million from $7.8 million. The company reported cash and cash equivalents of $4.7 million as of September 30, 2025. Recent business developments include the completion of a private placement with gross proceeds of up to $50 million, the completion of enrollment in the 209-patient FULCRUM-VT pivotal trial, and the appointment of Deborah Kaster as Chief Financial Officer in addition to her role as Chief Business Officer.