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ADAG · NASDAQ · Biotechnology

Adagene (ADR)

Develops antibody cancer immunotherapies and licenses tumor-activated masking technology.

$3.68

After-hours close+0.02 (+0.55%)

At close$3.66(−6.15%)

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Profile

Adagene Inc.ADAGHealth Care

Develops antibody-based cancer immunotherapies using the Dynamic Precision Library, with muzastotug as its lead program. It also licenses SAFEbody masking technology and depends on clinical development and collaboration activities.

Builds antibody-based cancer immunotherapies through its Dynamic Precision Library, which supports the NEObody, SAFEbody, and POWERbody technologies. Computational biology supports the discovery and development of these antibody immunotherapies.

Muzastotug, also known as ADG126, is its lead masked anti-CTLA-4 candidate and is being studied with anti-PD-1 therapy. ADG116 is another clinical-stage anti-CTLA-4 antibody; additional earlier programs use NEObody and SAFEbody.

The business also licenses SAFEbody masking technology to drug developers. Progress depends on clinical development of its candidates and on research, development, and commercialization activities under collaborations with Sanofi and Exelixis.

Company facts

CEOPeter Luo, Ph.D.

ListedFeb 9, 2021

ExchangeNASDAQ

HeadquartersSuzhou, China

CountryChina

Employees128

CIK0001818838

ISINUS0053291078

Key statistics

Market cap$138.5M

EPS (ttm)−$0.4538

P/E (ttm)−8.11

ROE-29.1%

P/B1.57

P/S14.87

Dividend yield—

Beta0.86vs XLV 0.44

Year to date +98.9% · Average volume (30d) 247.2K

Analysts

Price target, next 12 months$10.00+171.7%Median of 5 analysts · vs the Aug 28 close

ConsensusBuy5 of 5 analysts rate it buy or better

Ratings

Strong buyBuyHoldSellStrong sell

Target range

Last close $3.68

High$10.00+171.7%

Median$10.00+171.7%

Low$10.00+171.7%

12 months agoNowIn 12 months

Latest analyst notes

Date	Firm	Action	Rating	Target
Jul 14, 2026	Guggenheim	Reiterate	Buy	$10

Earnings

EPS

Estimate−$0.23

Reported−$0.230.0%

Revenue

Estimate$1.6M

Reported$1.6M0.0%

History

Report date	EPS est	EPS	Surprise	Revenue est	Revenue	Surprise	Next session
Aug 12, 2026Q2 FY26	−$0.23	−$0.23	0.0%	$1.6M	$1.6M	0.0%	−0.80%
Apr 1, 2026Q4 FY25	−$0.28	−$0.07	+75.0%	$17.5M	$7.7M	−56.1%	−13.45%
Mar 24, 2025Q4 FY24	−$0.33	−$0.55	−67.7%	—	$103.2K	—	−7.34%
Jul 25, 2024Q2 FY24	−$0.41	−$0.19	+53.0%	—	—	—	−0.40%

View details

Financial highlights

	Q1 FY24	Q2 FY24	Q4 FY24	Q2 FY25	Q4 FY25	Q2 FY26
Revenue	$0	$0	$103.2K	$0	$7.7M	$1.6M
Gross profit	$0	−$509.0K	−$823.0K	−$300.3K	$7.4M	$1.4M
Operating income	−$9.2M	−$9.2M	−$26.8M	−$15.7M	−$5.8M	−$16.6M
Net income	−$8.5M	−$8.5M	−$24.9M	−$13.5M	−$4.1M	−$16.4M
Diluted EPS	−$0.24	−$0.24	−$0.71	−$0.36	−$0.11	−$0.36
Gross margin	—	—	-797.5%	—	96.3%	84.2%
Operating margin	—	—	-25,958.9%	—	-75.0%	-1,023.9%

Fiscal years (4-quarter sums)FY19 $480.0K · FY20 $480.0K · FY21 $15.2M · FY22 $11.3M · FY23 $18.1M

Balance sheet, Jun 30, 2026Cash & short-term investments $127.9M · Total debt $6.1M · Total assets $133.6M · Shareholders' equity $106.0M

Dividends

No dividends on record.

Ownership

Institutions 8.77%Insiders —

Shares outstanding 37.65M · Float 26.99M · 71.7% free float

Insiders — filings are in the shares behind the receipt.

This listing is a depositary receipt and the Form 4 positions here are filed in the shares behind it, a different unit from the share count and in a ratio the filings never state, so no insider percentage is shown.

Top shareholders13F · 13D/G · Form 4

Holder	Shares	% outstanding	Form	Filed
HAN 2020 Irrevocable Trust	9.39M	11.20%	13D	Jun 8, 2026
Janus Henderson Group PLC	6.67M	10.10%	13G	May 7, 2026
Smith Vincent C	5.10M	8.70%	13G	Jan 29, 2026
WuXi PharmaTech Healthcare Fund I L.P.	3.49M	5.90%	13G	May 15, 2026
Chernett Jorey	2.39M	5.10%	13G	Mar 18, 2026

Insider tradesForm 4

Date	Insider	Role	Shares	Avg price
Aug 14, 2026	Cuong V. Do	director	+2,000	$3.75
Aug 4, 2026	Peter Luo	director, officer: Chief Executive Officer	+22,966	$3.65
Aug 5, 2026	Peter Luo	director, officer: Chief Executive Officer	+279	$3.65