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Adagene Inc., a clinical stage biotechnology company, engages in the research, development, and production of monoclonal antibody drugs for cancers in the People's Republic of China. Its lead product candidate is the ADG126, a masked fully-human anti-CTLA-4 mAb which is in phase 1b/2 clinical development for the treatment of cancer. The company also develops ADG116, a fully human anti-CTLA-4 antibody generated using NEObody technology, which is in phase 1b/2 clinical trials to treat advanced/metastatic solid tumors; ADG206, which is in phase 1 clinical development to treat advanced metastatic solid tumors; ADG104, anti-PD-L1 monoclonal antibody which is in phase 2 clinical development; and ADG125, a novel anti-CSF-1R mAb which is in Phase 2 clinical development. In addition, it is developing ADG138, a HER2xCD3 POWERbody which is in pre clinical trial to treat low expressing tumors, as well as resistant/refractory tumors; ADG152, a CD20xCD3 POWERbody which is in preclincal trial to treat off-tumor toxicities; ADG153, a masked anti-CD47 IgG1 SAFEbody, wihx is in preclinical trial for the treatment of hematologic and solid tumor; and CD28 T-cell engagers, an anti-CD28 bispecific POWERbody TCEs to treat solid tumors. Adagene Inc. was incorporated in 2011 and is headquartered in Suzhou, China.
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Adagene Inc is a NASDAQ‑listed biopharmaceutical company that works on antibody therapeutics and immuno‑oncology; publicly available detail on its programs and platform is limited. Its long‑term growth may be driven by clinical progress of pipeline candidates, validation of its discovery platform, and business development or licensing that extend resources and market reach. Investors may find the company attractive for potential milestone‑driven upside if clinical programs advance and partners are secured.
Key risks include high clinical and regulatory uncertainty, significant cash‑burn and financing needs, intense competition in the antibody/oncology field, and dependence on successful trial outcomes and deal execution.
Note: The summary and risk score provided above is created by AI and should not be construed as a recommendation of Kalkine.
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Income before tax | -17.91M | -33.44M | -17.25M | -79.51M | -71.48M |
| Net income | -17.61M | -33.42M | -18.95M | -79.97M | -73.18M |
| Selling general administrative | 7.08M | 7.27M | 8.67M | 11.87M | 14.44M |
| Selling and marketing expenses | - | - | 0.01M | - | - |
| Gross profit | 7.67M | -0.82M | 18.11M | 9.29M | 10.18M |
| Reconciled depreciation | 0.59M | 0.94M | 1.21M | 1.45M | 1.13M |
| Ebit | -21.49M | -32.59M | -16.16M | -83.92M | -72.36M |
| Ebitda | -20.91M | -31.66M | -14.95M | -81.37M | -70.51M |
| Depreciation and amortization | 0.58M | 0.93M | 1.21M | 2.55M | 1.85M |
| Operating income | -21.44M | -35.95M | -23.72M | -83.92M | -72.36M |
| Other operating expenses | 29.11M | 36.05M | 41.83M | 93.21M | 82.54M |
| Interest expense | 0.46M | 0.85M | 1.11M | 0.69M | 0.36M |
| Tax provision | -0.30M | -0.02M | 1.69M | 0.46M | 1.70M |
| Interest income | 2.30M | 3.80M | 4.28M | 0.38M | 0.08M |
| Net interest income | 1.84M | 2.95M | 3.18M | -0.32M | -0.29M |
| Income tax expense | -0.30M | -0.02M | 1.69M | 0.46M | 1.70M |
| Total revenue | 7.67M | 0.10M | 18.11M | 9.29M | 10.18M |
| Total operating expenses | 29.11M | 36.05M | 41.83M | 93.21M | 82.54M |
| Cost of revenue | - | 0.93M | - | - | - |
| Total other income expense net | 3.53M | 2.51M | 6.46M | 4.41M | 0.89M |
| Net income from continuing ops | -17.61M | -33.42M | -18.95M | -79.97M | -73.18M |
| Net income applicable to common shares | - | - | - | - | -73.21M |
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Total assets | 78.26M | 89.27M | 115.73M | 152.40M | 189.51M |
| Other current assets | 2.83M | 2.58M | 3.29M | 4.94M | 4.06M |
| Total liab | 42.91M | 38.74M | 45.17M | 69.31M | 32.95M |
| Total stockholder equity | 35.35M | 50.52M | 70.56M | 83.09M | 156.56M |
| Other current liab | 12.75M | 15.52M | 19.72M | 22.54M | 16.50M |
| Common stock | 0.01M | 0.01M | 0.01M | 0.01M | 0.01M |
| Capital stock | 0.01M | 0.01M | 0.01M | 0.01M | 0.01M |
| Retained earnings | -328.79M | -311.18M | -277.75M | -258.81M | -178.83M |
| Other liab | - | - | - | 0.03M | 0.14M |
| Other assets | - | -0.02M | 0.00M | 0.11M | 0.07M |
| Cash | 74.52M | 85.19M | 109.93M | 143.76M | 174.39M |
| Total current liabilities | 25.17M | 38.18M | 31.46M | 55.08M | 29.82M |
| Current deferred revenue | 3.46M | - | 0.05M | 15.11M | 5.50M |
| Net debt | -68.26M | -66.70M | -87.63M | -115.79M | -166.90M |
| Short term debt | 5.07M | 17.93M | 8.59M | 13.77M | 4.50M |
| Short long term debt | 4.98M | 17.79M | 8.40M | 13.62M | 4.50M |
| Short long term debt total | 6.26M | 18.49M | 22.31M | 27.97M | 7.49M |
| Other stockholder equity | 366.04M | 362.22M | 350.11M | 342.74M | 335.48M |
| Property plant equipment | - | - | - | 2.97M | 3.49M |
| Total current assets | 77.38M | 87.78M | 113.44M | 149.32M | 185.95M |
| Net tangible assets | - | - | - | 83.09M | 156.56M |
| Net receivables | 0.02M | 0.01M | 0.22M | 0.62M | 7.51M |
| Long term debt | 1.14M | 0.42M | 13.54M | 14.15M | 2.99M |
| Accounts payable | 2.88M | 4.24M | 3.09M | 3.67M | 3.32M |
| Accumulated other comprehensive income | -1.91M | -0.53M | -1.80M | -0.85M | -0.09M |
| Non currrent assets other | 0.03M | 0.10M | 0.08M | 0.11M | 0.07M |
| Non current assets total | 0.89M | 1.51M | 2.29M | 3.08M | 3.56M |
| Capital lease obligations | 0.15M | 0.28M | 0.37M | 0.21M | - |
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Investments | 0.49M | 1.11M | -0.08M | -0.69M | -2.51M |
| Change to liabilities | - | - | - | 0.00M | 6.33M |
| Total cashflows from investing activities | 0.48M | 1.11M | -0.08M | - | -2.51M |
| Net borrowings | -12.24M | -3.42M | -5.37M | - | -0.70M |
| Total cash from financing activities | 4.45M | 3.77M | -5.37M | 17.82M | 145.36M |
| Change to operating activities | - | - | - | - | 4.36M |
| Net income | -17.61M | -33.42M | -18.95M | -79.97M | -73.18M |
| Change in cash | -10.67M | -24.74M | -33.82M | -30.63M | 99.24M |
| Begin period cash flow | 85.19M | 109.93M | 143.76M | 174.39M | 75.15M |
| End period cash flow | 74.52M | 85.19M | 109.93M | 143.76M | 174.39M |
| Total cash from operating activities | -15.66M | -29.70M | -28.45M | -48.61M | -43.41M |
| Issuance of capital stock | 16.55M | 7.33M | 0.00M | 0.00M | 149.79M |
| Depreciation | 0.59M | 0.93M | 1.21M | 1.45M | 1.13M |
| Other cashflows from investing activities | 0.00M | 0.00M | 0.01M | - | - |
| Dividends paid | - | - | - | - | 4.61M |
| Change to inventory | - | - | - | - | 6.02M |
| Change to account receivables | -0.01M | 0.21M | 0.40M | 3.00M | -3.00M |
| Sale purchase of stock | - | 0.00M | 0.00M | -3.98M | -2.36M |
| Other cashflows from financing activities | 16.55M | -0.14M | 0.01M | 26.15M | 7.63M |
| Change to netincome | - | - | - | - | 19.29M |
| Capital expenditures | 0.02M | 0.03M | 0.09M | 0.69M | 2.51M |
| Change in working capital | -0.78M | -1.89M | -16.55M | 21.94M | 9.35M |
| Stock based compensation | 3.74M | 4.91M | 7.27M | 10.52M | 18.68M |
| Other non cash items | -1.60M | -0.22M | -1.44M | -2.55M | -0.01M |
| Free cash flow | -15.67M | -29.73M | -28.54M | -49.30M | -45.92M |
Sector: Healthcare Industry: Biotechnology
|
Stock Name
|
Change
(USD) |
Price
(USD) |
Trailing
PE (x) |
Forward
PE (x) |
Price Sales
TTM (x) |
Price to Book Value (x)
|
Enterprise Value
to Revenue (x) |
Enterprise Value
to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| ADAG Adagene Inc |
- -% |
2.12 | - | - | 32.73 | 7.27 | 24.61 | 1.12 |
| NVO Novo Nordisk A/S |
1.09 2.72% |
41.41 | 41.58 | 31.15 | 2.13 | 32.99 | 2.11 | 4.70 |
| VRTX Vertex Pharmaceuticals Inc |
3.78 0.69% |
550.87 | 30.22 | 24.27 | 10.36 | 6.50 | 9.99 | 24.66 |
| REGN Regeneron Pharmaceuticals Inc |
15.61 1.73% |
919.96 | 29.07 | 20.12 | 7.57 | 3.82 | 6.95 | 19.42 |
| ARGNF argenx SE |
- -% |
900.30 | 45.77 | 31.25 | 13.84 | 7.12 | 11.38 | 36.06 |
Adagene Inc., a clinical stage biotechnology company, engages in the research, development, and production of monoclonal antibody drugs for cancers in the People's Republic of China. Its lead product candidate is the ADG126, a masked fully-human anti-CTLA-4 mAb which is in phase 1b/2 clinical development for the treatment of cancer. The company also develops ADG116, a fully human anti-CTLA-4 antibody generated using NEObody technology, which is in phase 1b/2 clinical trials to treat advanced/metastatic solid tumors; ADG206, which is in phase 1 clinical development to treat advanced metastatic solid tumors; ADG104, anti-PD-L1 monoclonal antibody which is in phase 2 clinical development; and ADG125, a novel anti-CSF-1R mAb which is in Phase 2 clinical development. In addition, it is developing ADG138, a HER2xCD3 POWERbody which is in pre clinical trial to treat low expressing tumors, as well as resistant/refractory tumors; ADG152, a CD20xCD3 POWERbody which is in preclincal trial to treat off-tumor toxicities; ADG153, a masked anti-CD47 IgG1 SAFEbody, wihx is in preclinical trial for the treatment of hematologic and solid tumor; and CD28 T-cell engagers, an anti-CD28 bispecific POWERbody TCEs to treat solid tumors. Adagene Inc. was incorporated in 2011 and is headquartered in Suzhou, China.
| Name | Title | Year Born |
|---|---|---|
| Dr. Peter P. Luo Ph.D. | Co-Founder, CEO & Chairman | 1966 |
| Mr. Man Kin Tam M.B.A. | CFO & Director | 1977 |
| Dr. Fangyong Du Ph.D. | Chief Technology Officer | 1970 |
| Dr. Jc Xu M.D., Ph.D. | Chief Scientific Officer | 1965 |
| Ms. Ami Celeste Knoefler | VP of Investor Relations & Corp. Communications | NA |
| Ms. Ling Zhou | Head of HR | NA |
| Dr. Qinghai Zhao | Chief Manufacturing Officer | 1961 |
| Ms. Yan Li M.B.A. | Sr. VP of Bioinformatics & Information Technology | 1975 |
| Ms. Xiaohong She | Sr. VP & Head of Clinical Operations | 1967 |
| Dr. Guizhong Liu Ph.D. | Head of Biology & Pharmacology | 1971 |
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