Adagio Medical begins strategic review and cuts over half its workforce amid Nasdaq delisting risk

Adagio Medical, a maker of cryoablation devices, announced it is launching a strategic review of its operations.

As part of the review, the company will lay off more than half of its full‑time staff, reducing the workforce from 43 to 18 employees. The cuts are expected to cost about $1.3 million in severance and related expenses.

The move comes as Adagio faces possible delisting from the Nasdaq exchange. Its shares closed at $0.23, down more than 50 percent, far below the 52‑week high of $2.58.

The board said the review will focus on shoring up finances and that the company is exploring options such as a merger, acquisition, or sale, but no timeline has been set.

As of June 20, the company reported roughly $7.7 million in cash and a $415,000 deficit, underscoring the financial pressure driving the restructuring.