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ADAG on Nasdaq

Adagene Inc.

Adagene Inc. is a pharmaceutical preparations company based in Suzhou, Cayman Islands.2

Price unavailable

Last updated Oct 21, 2026.

Overview

$7.7MRevenue, fiscal 20253
-$17.6MNet income, fiscal 20253

Compare with Bolt Biotherapeutics, Inc., Pulmatrix, Inc. or Aclaris Therapeutics, Inc., or pick any stock.

  • TickerADAG on Nasdaq2
  • IndustryPharmaceutical Preparations2
  • HeadquartersSuzhou, China2
  • Incorporated inCayman Islands4
  • Business address4F, Building C14, No. 218, Xinghu Street, Suzhou Industrial Park, Jiangsu, F4 000004
  • Filer categoryAccelerated filer, Emerging growth company4
  • Legal formcompany limited by shares2
  • LEI875500IY38EWGFPSEV722
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressP.O. Box 31119 Grand Pavilion, Hibiscus Way, 802 West Bay Road, KY1-1205 Grand Cayman, Cayman Islands2
  • Registered withGeneral Registry, 2526682

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In February 2011, Adagene Inc. was incorporated under the laws of the Cayman Islands as our offshore holding company.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-279.5%Operating margin3
-229.6%Net margin3
7332.8%Revenue growth, 20253
-49.8%Return on equity3
0.03×Debt to equity3

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Research and development99¢$22.0M
  • Income tax1¢$297.9K

Out of $7.7M in revenue.3 The company lost money this year.

Financial statements

Revenue6789103$7.7M in 2025+408% since 2018
0$5.0M$10.0M$15.0M$20.0M2018: $1.5M$1.5M20182019: $480.0K$480.0K2019−68%2020: $700.9K$700.9K2020+46%2021: $10.2M$10.2M2021+1352%2022: $9.3M$9.3M2022−9%2023: $18.1M$18.1M2023+95%2024: $103.2K$103.2K2024−99%2025: $7.7M$7.7M2025+7333%
Operating income6789103-$21.4M in 2025+24% since 2018
-$100.0M-$75.0M-$50.0M-$25.0M02018: -$17.3M-$17.3M20182019: -$19.2M-$19.2M2019+11%2020: -$43.2M-$43.2M2020+125%2021: -$72.4M-$72.4M2021+68%2022: -$83.9M-$83.9M2022+16%2023: -$23.7M-$23.7M2023−72%2024: -$36.0M-$36.0M2024+52%2025: -$21.4M-$21.4M2025−40%
Net income6789103-$17.6M in 2025+15% since 2018
-$80.0M-$60.0M-$40.0M-$20.0M02018: -$15.3M-$15.3M20182019: -$16.4M-$16.4M2019+8%2020: -$42.4M-$42.4M2020+158%2021: -$73.2M-$73.2M2021+73%2022: -$80.0M-$80.0M2022+9%2023: -$18.9M-$18.9M2023−76%2024: -$33.4M-$33.4M2024+76%2025: -$17.6M-$17.6M2025−47%

Every line of the income statement as filed: the last 3 fiscal years, latest first.3

Period ending2025-12-312024-12-312023-12-31
Licensing and collaboration revenue$7.7M$103.2K$18.1M
Administrative expenses-$7.1M-$7.3M-$8.7M
Other operating income, net$3.5M
Loss from operations-$21.4M-$36.0M-$23.7M
Interest and investment income$2.3M$3.8M$4.3M
Interest expense-$463.1K-$851.9K-$1.1M
Other income, net$324.0K$466.6K$1.8M
Foreign exchange gain (loss), net$1.3M-$906.2K$1.4M
Change in fair value of warrant liabilities$47.9K
Loss before income tax-$17.9M-$33.4M-$17.3M
Income tax benefit (expense)$297.9K$17.6K-$1.7M
Net loss attributable to Adagene Inc.'s shareholders-$17.6M-$33.4M-$18.9M
Foreign currency translation adjustments, net of nil tax-$1.4M$1.3M-$950.8K
Total comprehensive loss attributable to Adagene Inc.'s shareholders-$19.0M-$32.2M-$19.9M
Net loss attributable to ordinary shareholders-$17.6M-$33.4M-$18.9M
Basic (in shares)59.0M shares56.3M shares54.7M shares
Diluted (in shares)59.0M shares56.3M shares54.7M shares
Basic (in dollars per share)-$0.30-$0.59-$0.35
Diluted (in dollars per share)-$0.30-$0.59-$0.35
Research and development expenses - Including external related parties-$22.0M-$28.8M-$36.6M
Foreign currency translation adjustments, tax$0$0$0

Compare Adagene Inc. with another company

Corporate structure

Adagene Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Adagene Inc.

  • WuXi AppTec Filed SCHEDULE 13G/A on Adagene Inc., latest Aug 14, 2026 (5 filings since Jan 26, 2022)
  • Peter Luo Filed SCHEDULE 13D/A on Adagene Inc., latest Jun 8, 2026 (6 filings since Feb 9, 2022)
  • Janus Henderson Group Ltd. Filed SCHEDULE 13G on Adagene Inc., latest May 7, 2026
  • Jorey Chernett Filed SCHEDULE 13G on Adagene Inc., latest Mar 18, 2026
  • GENERAL ATLANTIC, L.P. Filed SCHEDULE 13G/A on Adagene Inc., latest Feb 17, 2026 (2 filings since Feb 11, 2022)
  • Vincent C. Smith Filed SCHEDULE 13G/A on Adagene Inc., latest Jan 29, 2026 (2 filings since Feb 4, 2025)
  • Panacea Innovation Ltd Filed SCHEDULE 13G/A on Adagene Inc., latest Nov 14, 2025 (2 filings since Feb 14, 2025)
  • FMR LLC Filed SCHEDULE 13G/A on Adagene Inc., latest Jul 2, 2025 (4 filings since Feb 9, 2022)
  • FIL Ltd Filed SCHEDULE 13G/A on Adagene Inc., latest May 12, 2025 (2 filings since Feb 12, 2025)
  • OT Healthcare Fund I, LLC Filed SCHEDULE 13G/A on Adagene Inc., latest Feb 3, 2025 (2 filings since Sep 24, 2024)
  • James Huang Filed SC 13G/A on Adagene Inc., latest Nov 7, 2024 (2 filings since Jan 19, 2024)
  • JSR Ltd Filed SC 13G/A on Adagene Inc., latest Feb 6, 2023 (2 filings since Jan 26, 2022)
  • Adagene Inc. Suzhou, China

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Adagene Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$8.6M3 Dec 31, 2025$8.4M3 Dec 31, 2024+1.6%
Accumulated depreciation$7.8M3 Dec 31, 2025$7.3M3 Dec 31, 2024+7.5%
Property and equipment, net$717.4K3 Dec 31, 2025$1.1M3 Dec 31, 2024−36.3%
Operating-lease assets (leased space)$145.5K3 Dec 31, 2025$283.6K3 Dec 31, 2024−48.7%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$74.5M3 Dec 31, 2025$85.2M3 Dec 31, 2024−12.5%
Marketable securities, current$03 Dec 31, 2025$03 Dec 31, 2024

Leadership

Who has led Adagene Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Peter Luo2026–now

Chief financial officer

  1. Man Kin Tam2026–now
Board members and other officers (8)

Timeline

  1. Mar 18, 2026New chief executive Peter Luo becomes CEO11
  2. Feb 25, 2011Founded Adagene Inc. is founded2

Calendar

Drug trials and FDA: coming up

  1. Oct 31, 2026Phase 1/2 trial readout expected Phase 1/2 trial of ADG126, Pembrolizumab (KEYTRUDA®) and others in Advanced/Metastatic Solid Tumors: primary completion expected Oct 31, 2026 (ClinicalTrials.gov NCT05405595).19
  2. Jul 30, 2027Phase 1/2 trial readout expected Phase 1/2 trial of Atezolizumab, Bevacizumab 15 mg/kg and others in Advanced Liver Cancers, run by Hoffmann-La Roche: primary completion expected Jul 30, 2027 (ClinicalTrials.gov NCT04524871).20

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). Trials from ClinicalTrials.gov, as the sponsor registered them (expected dates are the sponsor's own and often move); approvals and advisory committee meetings from the FDA. The FDA does not publish its decision (PDUFA) dates. The full markets calendar

Filings

145 filings to the SEC since October 2021: 5 annual reports, 19 insider forms, 31 large holders, 90 other. The latest 20:

  1. Oct 2, 20264 OWNERSHIP DOCUMENT EDGAR
  2. Sep 25, 20264 OWNERSHIP DOCUMENT EDGAR
  3. Sep 25, 20266-K EDGAR
  4. Sep 22, 20266-K EDGAR
  5. Sep 17, 20264 OWNERSHIP DOCUMENT EDGAR
  6. Sep 10, 20266-K EDGAR
  7. Sep 9, 20266-K EDGAR
  8. Aug 20, 2026144/A EDGAR
  9. Aug 19, 2026144 EDGAR
  10. Aug 18, 20264 OWNERSHIP DOCUMENT EDGAR
  11. Aug 17, 20264 OWNERSHIP DOCUMENT EDGAR
  12. Aug 17, 20264 OWNERSHIP DOCUMENT EDGAR
  13. Aug 17, 20264 OWNERSHIP DOCUMENT EDGAR
  14. Aug 14, 20264 PRIMARY DOCUMENT EDGAR
  15. Aug 14, 2026SCHEDULE 13G/A EDGAR
  16. Aug 12, 20266-K EDGAR
  17. Aug 6, 20264 OWNERSHIP DOCUMENT EDGAR
  18. Jul 6, 20266-K EDGAR
  19. Jun 8, 2026SCHEDULE 13D/A EDGAR
  20. May 15, 2026SCHEDULE 13G/A EDGAR

The 145 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

5 open-market trades by officers, directors and large owners since October 2021: 5 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 23, 2026Tam Man KinChief Financial OfficerBuy2,000$3.00$6.0KForm 4
Sep 16, 2026Luo PeterChief Executive OfficerBuy20,290$3.15$63.9KForm 4
Aug 14, 2026DO CUONG VDirectorBuy2,000$3.75$7.5KForm 4
Aug 5, 2026Luo PeterChief Executive OfficerBuy279$3.65$1.0KForm 4
Aug 4, 2026Luo PeterChief Executive OfficerBuy22,966$3.65$83.8KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 36. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Jupiter Topco LLC6,666,666$28.1M0.0%New
Deerfield Management Company, L.P.2,666,666$11.2M0.1%New
Siren, L.L.C.2,666,666$11.2M0.2%New
Ameriprise Financial Inc1,716,711$7.2M0.0%+1,108,808
HSG Holding Ltd1,343,364$5.6M0.5%No change
Squadron Capital Management LLC1,250,000$5.2M1.8%New
Dauntless Investment Group, LLC537,230$2.3M3.9%+502,455
Citadel Advisors LLC506,934$2.1M0.0%New
Exome Asset Management LLC488,293$2.1M1.3%−248,552
Birchview Capital, LP240,000$1.0M0.5%New
Moneta Group Investment Advisors LLC200,000$840.0K0.0%New
Pathstone Holdings, LLC199,610$838.4K0.0%New
Renaissance Technologies LLC146,500$615.3K0.0%+111,967
UBS Group AG124,063$521.1K0.0%+120,061
Goldman Sachs Group Inc105,598$443.5K0.0%New
Quadrature Capital Ltd80,487$338.0K0.0%+68,870
Marshall Wace, Llp69,100$290.2K0.0%New
Invesco Ltd.42,945$180.4K0.0%−4,179
SmartHarvest Portfolios, LLC41,694$175.1K0.1%+1,382
Kamunting Street Capital Management, L.P.38,070$160.0K0.1%No change
Jane Street Group, LLC27,486$115.4K0.0%−2,939
Geode Capital Management, LLC17,994$75.6K0.0%+7,685
Royal Bank Of Canada17,070$72.0K0.0%+220
XTX Topco Ltd12,272$51.5K0.0%New
Two Sigma Investments, LP11,953$50.2K0.0%New

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Adagene Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARAdagene Inc.1
  • CIK0001818838
  • Filer statusAccelerated filer an emerging growth company; not a shell company5
  • Incorporated inCayman Islands5
  • Fiscal year endsDecember 311
  • Industry code (SIC)2834 Pharmaceutical Preparations1
  • SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance1
  • Business address4F, Building C14, No. 218, Xinghu Street, Suzhou Industrial Park, Jiangsu, F4 000001
  • Phone86-512-877736321
  • Shares outstanding59,231,993 shares as of Dec 31, 20255
  • AuditorPricewaterhouseCoopers Zhong Tian LLP, Shanghai, the People’s Republic of China PCAOB ID 1424; no auditor attestation of internal control over financial reporting5
  • On EDGAR sinceSep 22, 20201
  • Filings191 in all: 6-K (68), CORRESP (16), SCHEDULE 13G/A (12), 3 (10), 4 (9), UPLOAD (9), SC 13G (7), 20-F (6)1
    All 33 form types

    EFFECT (5), SC 13G/A (5), 424B5 (4), SCHEDULE 13G (4), DRSLTR (3), F-1/A (3), F-3 (3), F-3/A (3), 144 (2), 144/A (2), 6-K/A (2), DRS/A (2), SC 13D/A (2), SCHEDULE 13D/A (2), SEC STAFF LETTER (2), 424B3 (1), 424B4 (1), 8-A12B (1), CERT (1), DEL AM (1), DRS (1), F-1 (1), F-6 (1), S-8 (1), SC 13D (1)

  • Latest filingsAnnual report (20-F) Apr 1, 2026

Securities registered for trading

ClassSymbolExchange
American depositary sharesADAGThe Nasdaq Stock Market LLC
Ordinary shares, par value US$0.0001 per shareThe Nasdaq Stock Market LLC

From the cover page of the 20-F filed Apr 1, 2026 (Section 12(b) of the Exchange Act).5

Sources

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