Adagene Inc.
ADAG · Pharmaceutical Preparations · EDGAR filings ↗
Grade
D49Clinical-stage China/US antibody immunotherapy developer prioritizing ADG126, with deep losses but ~2 years of cash.
Strengths
- $74.5M cash (51st pct), current ratio 3.07 and low D/E 0.17 fund the pipeline
- R&D spend disciplined and declining; licensing revenue spiked (+73x) on milestone deals
Risks
- Deeply unprofitable (net margin -230%, ROE -49.8%) with accumulated deficit of $329M
- Binary clinical risk on ADG126 (Phase 1b/2-2) and need for further dilutive financing
- PRC/HFCAA, CSRC-approval and corporate-structure risks
Notable findings
- Net lossNet loss (net margin -229.6%)
- Fund exitedNotable fund(s) exited this quarter: CITADEL ADVISORS LLC
- Notable holderHeld by 1 notable fund(s): RENAISSANCE TECHNOLOGIES LLC (as of 2026-03-31)
- New fund positionNotable fund(s) opened this quarter: RENAISSANCE TECHNOLOGIES LLC
- Trial readout soonUpcoming trial readout ~2026-10-31 — PHASE1/PHASE2 · Advanced/Metastatic Solid Tumors
Key metrics
Operating margin
-279.5%
Net margin
-229.6%
Return on equity
-49.8%
Return on assets
-22.5%
ROIC
-40.8%
Debt / equity
0.2×
Current ratio
3.1×
EBITDA
-$21M
Tangible book value
$35M
Cash & investments
$75M
Stock comp / revenue
48.8%
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT05405595 ↗ | ADG126 in Combination With Pembrolizumab in Patients With Advanced/Metastatic Solid Tumors Advanced/Metastatic Solid Tumors | PHASE1/PHASE2 | Recruiting | 2026-10-31 |
| NCT05614258 ↗ | Study of ADG206 in Subjects With Advanced/Metastatic Solid Tumors Advanced/Metastatic Solid Tumors | PHASE1 | Active Not Recruiting | 2025-06-25 |
| NCT04645069 ↗ | ADG126, ADG126 in Combination With Anti PD1 Antibody, and ADG126 in Combination With ADG106 in Advanced/Metastatic Solid Tumors Advanced/Metastatic Solid Tumors | PHASE1/PHASE2 | Completed | 2024-01-29 |
| NCT04501276 ↗ | A Phase 1b/2 Study of ADG116, ADG116 Combined With Anti-PD-1 Antibody or Anti-CD137 Antibody in Solid Tumors Patients Advanced/Metastatic Solid Tumors | PHASE1 | Completed | 2024-01-17 |
| NCT04775680 ↗ | Study of ADG106 In Combination With PD-1 Antibody In Advanced or Metastatic Solid Tumors and/or Non Hodgkin Lymphoma Solid Tumor, Non Hodgkin Lymphoma | PHASE1/PHASE2 | Terminated | 2023-02-09 |
| NCT05277402 ↗ | ADG116 in Combination With Pembrolizumab in Patients With Advanced/Metastatic Solid Tumors Advanced/Metastatic Solid Tumors | PHASE1 | Completed | 2022-08-01 |
| NCT03707093 ↗ | Study of CD137 Agonist ADG106 With Advanced or Metastatic Solid Tumors and/or Non-Hodgkin Lymphoma Solid Tumors, Non-Hodgkin Lymphoma | PHASE1 | Completed | 2022-01-24 |
| NCT03802955 ↗ | Study of ADG106 With Advanced or Metastatic Solid Tumors and/or Non-Hodgkin Lymphoma Solid Tumor, Non-Hodgkin Lymphoma | PHASE1 | Completed | 2021-11-01 |
| NCT04111445 ↗ | Study of ADG116 in Patients With Advanced/Metastatic Solid Tumors Solid Tumor | PHASE1 | Terminated | 2021-04-27 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-04-01 | 2025-12-31 | 0001104659-26-038612 ↗ |
| 20-F | 2025-03-24 | 2024-12-31 | 0001410578-25-000419 ↗ |
| 20-F | 2024-03-29 | 2023-12-31 | 0001104659-24-041109 ↗ |
| 20-F | 2023-04-28 | 2022-12-31 | 0001104659-23-052043 ↗ |
| 20-F | 2022-04-26 | 2021-12-31 | 0001104659-22-050329 ↗ |
| 20-F | 2021-04-28 | 2020-12-31 | 0001104659-21-055911 ↗ |