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Adagene

ADAG Lead: Phase 2 9 Biotech Distilled articles ↓ 22 filings & releases ↓ Cash $74.5M (Dec 31, 2025) ↓ 9 verdicts ↓
Oncology Protein

Market cap $134M 67.1M shares (vendor count, Nov 7, 2026) × $2.00 close Nov 6, 2026 · share count from the market-data vendor, not the SEC cover page

Most recent annual filing: 2026-04-01

Catalyst timeline

1 trackedQuarter catalyst calendar →
  1. ADG126 Ph3 start2027ADG126 Ph3 start, 2027, notable

Bar width shows how precise the guidance is — a pin is a stated date, a wide band a six-month window. Deeper blue means more of the thesis rides on the event; it is not a view on the stock.

Pipeline (10 active programs)

Technology platforms

DPL

Dynamic Precision Library platform composed of NEObody, SAFEbody, and POWERbody technologies; computational biology and AI-driven antibody discovery platform focused on cancer immunotherapy

NEObody

NEObody technology — antibody engineering platform targeting unique, evolutionarily conserved epitopes with species cross-reactivity; focus on oncology/immuno-oncology targets including CTLA-4 and CD137

SAFEbody · Sanofi

SAFEbody precision masking technology — proprietary platform that masks antibody binding sites for conditional activation in the tumor microenvironment, reducing on-target off-tumor toxicity; licensed to Sanofi and Exelixis for tumor targets

POWERbody

POWERbody technology — Fc-engineering and bispecific T-cell engager platform combining SAFEbody masking with enhanced effector function (IgG1 isotype and enhanced versions) for oncology; includes masked TCEs with co-stimulatory signals such as CD28

SAFEbody · Exelixis

Precision masking technology platform that shields the binding domain of antibody therapeutics, enabling tumor-specific targeting via activation in the tumor microenvironment while minimizing on-target off-tumor toxicity; applicable to Fc empowered antibodies, ADCs, and bi/multi-specific T-cell engagers; focus area: oncology

Dynamic Precision Library

Proprietary DPL platform composed of NEObody, SAFEbody, and POWERbody technologies; drives discovery and development of novel antibody-based cancer immunotherapies using computational biology and AI

SAFEbody · Arc Bio

SAFEbody® — masked antibody platform technology enabling conditional activation of therapeutic antibodies, applied here to masked CD3 T cell engagers in oncology collaboration with Arc Bio

Targets: CD3

SAFEbody · Third Arc Bio

Precision masking technology that shields the binding domain of antibody therapeutics, enabling tumor microenvironment-activated, tumor-specific targeting while minimizing on-target off-tumor toxicity. Applicable to Fc empowered antibodies, ADCs, and bi/multi-specific T cell engagers including masked CD3 T cell engagers. Core component of the Dynamic Precision Library (DPL) platform.

Targets: CD3, CTLA-4

NEObody · Third Arc Bio

Antibody discovery platform component of Adagene's Dynamic Precision Library (DPL); used in conjunction with SAFEbody to generate novel masked antibody therapeutics including CD3 T cell engagers

SAFEbody

Precision masking technology that covalently links masking peptides to antibody binding domains, enabling tumor-microenvironment-selective activation while minimizing on-target off-tumor toxicity; applicable to Fc-empowered antibodies, ADCs, and bi/multi-specific T-cell engagers across oncology indications

Discontinued (1)

Capital (as filed)

Cash
$74.5M cash and cash equivalents · Dec 31, 2025 (20-F)
Operating cash flow
−$3.9M annual ÷ 4, year to Dec 31, 2025 (20-F)
As stated in coverage
$128M cash per the update of Aug 12, 2026 — the company's own words as read there, not the filed figure

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (9)

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (9 calls)

Every verdict Biotech Distilled has published on Adagene, oldest first — the full history, never a selection. How calls are scored: the track record.

  1. 2026-01-02 Speculative buy speculative Adagene Inc (ADAG): Scientific Due Diligence for Lead and Pipeline Products SAFEbody masking technology enables 20 mg/kg CTLA-4 dosing with a 4% discontinuation rate, producing a compelling 29% ORR in MSS CRC, but small sample size and looming capital needs warrant a small speculative position.
  2. 2026-01-25 Buy core UPDATE: Adagene (ADAG) – Did The Dilution Gap Just Close? Year-end cash of $74.5M with runway guided to late 2027 eliminates the near-term dilution risk, shifting the risk/reward heavily in favor of the bull case ahead of the Q1 2026 data readout.
  3. 2026-01-30 Buy core UPDATE: Adagene (ADAG) – Following the Smart Money Billionaire Vincent C. Smith's ~8.7% stake adds a third pillar (institutional validation) to the scientific and financial bull case ahead of the Q1 2026 data readout.
  4. 2026-02-21 Speculative buy speculative UPDATE: Adagene (ADAG) – The Whale That Sold to the Whale General Atlantic's complete exit before the Q1 data readout is a sobering reminder of small-cap biotech risk, warranting a downgrade to speculative buy despite the unchanged clinical and financial thesis.
  5. 2026-03-21 Speculative buy speculative UPDATE: Adagene (ADAG) – The Whales Keep Circling Jorey Chernett's 5.1% stake brings ~14% of the float into concentrated high-conviction hands, tightening the coiled-spring setup ahead of the imminent ADG126 data readout.
  6. 2026-05-08 Speculative buy speculative UPDATE: Adagene (ADAG) – The Coil Tightens Janus Henderson Biotech Innovation Fund's 10.1% stake brings specialist biotech capital into the thesis, providing institutional cover for the eventual capital raise and validating the ADG126 platform ahead of the randomized Phase 2.
  7. 2026-07-06 Speculative buy speculative UPDATE: Adagene (ADAG) - The Dilution Gap Just Slammed Shut $127.9M cash as of June 30 functionally closes the dilution gap, leaving the clinical readout as the only remaining variable that matters for the thesis.
  8. 2026-08-13 Speculative buy speculative UPDATE: Adagene (ADAG) - The Answer to the $53M Question The monotonic dose-response (0%/17%/25%/36% ORR) and 15.4-month median PFS in the loading cohort confirm the scientific thesis, but the cash build was 42% dilutive equity and the randomized Phase 2 readout slipped to 1H 2027, extending the holding period.
  9. 2026-09-10 Speculative buy speculative UPDATE: Adagene (ADAG) - The Platform Pays a Little Rent Back-to-back partner milestones (Exelixis, Third Arc) validate the SAFEbody platform across multiple modalities but are too small to change the runway math; the thesis remains a 1H 2027 randomized Phase 2 readout.

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Filings & releases (22)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. Releases captured from Aug 12, 2026; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →

4 more filings (13G holder notices, S-8, proxy material, SEC correspondence …)