Adagene announced the achievement of a preclinical milestone for XB404, an antibody-drug conjugate candidate utilizing its SAFEbody masking technology targeting ROR1/2-expressing tumors. This event triggered a $2.0 million payment from collaboration partner Exelixis. Additionally, Adagene received another payment related to the selection of candidates for a separate SAFEbody ADC program under the ongoing license agreement. The company is eligible for further development and commercialization milestones and royalties on net sales of products developed using its technology platform. Adagene Inc. operates in the biotechnology industry, focusing on the discovery and development of novel antibody-based cancer immunotherapies.

Adagene Inc. reported financial results for the six months ended June 30, 2026, showing a net loss of $16.4 million compared to $13.5 million in the prior year period. Cash and cash equivalents increased to $127.9 million from $74.5 million at December 31, 2025, supported by approximately $70 million in gross proceeds from an underwritten public offering completed in April 2026. The company generated $1.6 million in net revenue, primarily from licensing and collaboration agreements with Sanofi and Exelixis. Research and development expenses rose to $14.0 million as clinical trials for lead program muzastotug advance. Pipeline updates include ongoing Phase 2 enrollment for muzastotug in microsatellite stable colorectal cancer, with results expected in the first half of 2027, and new collaborations with Sanofi and Incyte. Adagene operates in the biotechnology industry, focusing on the discovery and development of novel antibody-based cancer immunotherapies.

As of June 30, 2026, Adagene Inc. reported preliminary, unaudited cash and cash equivalents totaling US$127.9 million. This figure is subject to finalization and should not replace audited financial statements prepared under US GAAP. Adagene Inc. is a biotechnology company focused on drug discovery and development.