Adagio Medical Holdings, Inc. (formerly Aja Holdco, Inc.) reported a net loss of $713,794 for the three months ended June 30, 2024, and a total net loss of $2,134,199 for the six-month period ending June 30, 2024. This reflects a significant increase in losses compared to the previous fiscal period, primarily attributed to expenses related to Subscription Agreements. The company has not generated any revenues as of June 30, 2024, focusing solely on organizational activities.

The company underwent a significant transformation with the completion of its Business Combination with Arya Sciences Acquisition Corp IV on July 31, 2024. This merger alleviated substantial doubt regarding the company's ability to continue as a going concern. Following the merger, the company was renamed Adagio Medical Holdings, Inc., and its common stock began trading on the Nasdaq Capital Market under the symbol ADGM on August 1, 2024.

The Business Combination raised approximately $84.2 million, which included funds from the Parent’s trust account, private placements, and convertible security financing. Notably, the financing included $29.5 million of bridge financing utilized prior to the merger and $7.0 million from concurrent convertible security financing. The company issued 7,951,913 shares of common stock and 7,528,727 warrants exercisable at $10.00 per share, along with 670,000 pre-funded warrants at $0.01 per share, resulting in aggregate proceeds of approximately $62.8 million.

Adagio Medical's financial condition remains challenging, as it has incurred net losses in every reporting period to date. The company anticipates continuing to incur significant losses as it works to commercialize its products and capitalize on market opportunities. The life sciences technology market is highly competitive, and the company faces operational risks, particularly in establishing manufacturing capacity in a timely and cost-effective manner.

As of June 30, 2024, Adagio Medical had no unrecognized tax benefits and did not accrue amounts for interest or penalties related to tax benefits. The company is classified as an emerging growth company under the JOBS Act of 2012 and is currently analyzing the accounting impact of the Business Combination. The company has no off-balance sheet arrangements or material exposure to market risk as of the reporting date.