Adagene Inc.
adagene.comWhat Do They Do?
Develops investigational antibody drugs to treat cancer.
20-F for FY2025, filed Apr 1, 2026The biotechnology and pharmaceutical industries are highly competitive and characterized by continuing technological advancement…View ↗
Our clinical stage products include ADG126 and ADG116, which are investigational fully human anti-CTLA-4 mAbs generated through the…View ↗
ADG206 is an anti-CD137 targeting antibody. As of the date of this annual report, to our best knowledge, there are no marketed CD137…View ↗
How Do They Make Money?
Pharmaceutical partners pay for intellectual-property licenses, sometimes upfront. Adagene also receives payments for research and development work as it is performed, development or regulatory milestones, and royalties when partner sales occur.
20-F for FY2025, filed Apr 1, 2026Licenses of Intellectual Property: Upfront non-refundable payments for licensing the Group’s intellectual property are evaluated to…View ↗
Research and Development Services: The portion of a transaction price allocated to research and development services performance…View ↗
Milestone Payments: At the inception of each arrangement that includes development, commercialization, and regulatory milestone payments…View ↗
Royalties: For arrangements that include sales-based royalties, including milestone payments based on the level of sales, and the license…View ↗
$7.7M
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20-F for FY2025, filed Apr 1, 2026
$7.7M ↗
Who Are Their Customers?
Works with licensees and collaborators; Sanjin is a partner for the Greater China rights to ADG104.
Do Revenues Turn Into Profits?
No. It lost $17.6M in FY2025.
20-F for FY2025, filed Apr 1, 2026
−$21.4MView ↗
20-F for FY2025, filed Apr 1, 2026
−$17.6MView ↗
20-F for FY2025, filed Apr 1, 2026
−$15.7MView ↗
How Are They Changing?
Shrinking. Revenue fell 25% in 4 years, from $10.2M in FY2021 to $7.7M in FY2025, about 7% a year.
Who Do They Compete With?
Competes with BMS, AstraZeneca, Agenus, Merck, Onco-C4, Xilio, Harbour BioMed, CStone, Hengrui Pharmaceuticals (Suzhou), Pfizer, Eucure, Eutilex, Alligator Bioscience, Lyvgen, and Compass Therapeutics
20-F for FY2025, filed Apr 1, 2026Our clinical stage products include ADG126 and ADG116, which are investigational fully human anti-CTLA-4 mAbs generated through the…View ↗
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