COMPANY PROFILE

Adagene

Adagene is an antibody discovery and engineering company which seeks to establish technology-driven discovery partnerships

Suzhou Shi, ChinaFounded 2012Biotech & Life Sciences

Valuation $180M Market cap · 2026

Revenue $3.6M Latest reported FY

Total funding $100–500M Disclosed equity funding

About Adagene

Adagene Inc. is a clinical-stage biotechnology firm, publicly traded on Nasdaq (ADAG), specializing in the discovery and development of antibody-based cancer immunotherapies. The company was incorporated in the Cayman Islands in February 2011 and founded by Dr. Peter Luo, who serves as CEO and Chairman. Dr. Luo has an extensive background in antibody engineering, having previously founded Abmaxis, which was acquired by Merck & Co. in 2006. His academic credentials include a Ph.D. in chemistry from The University of Chicago and postdoctoral research in protein folding at Stanford University, providing a strong scientific foundation for Adagene's computational and experimental approach.

Read full description

The company's business model is centered on leveraging its proprietary technology platforms to develop its own pipeline of drug candidates and to establish strategic collaborations with global pharmaceutical partners. Revenue is generated through upfront payments, milestone achievements, and potential royalties from these partnerships. Adagene has secured significant collaborations, including a partnership with Sanofi potentially worth up to $2.5 billion, and others with Exelixis, Roche, and ADC Therapeutics. The company went public with an IPO on February 9, 2021, raising approximately $140 million.

Adagene's core strength lies in its AI-powered Dynamic Precision Library (DPL) platform, which comprises several key technologies. The SAFEbody® technology is a precision masking platform designed to mitigate toxicity by ensuring antibodies activate only within the tumor microenvironment, thereby reducing on-target, off-tumor side effects. This is intended to overcome the safety and tolerability challenges that have limited existing antibody therapies. Other proprietary technologies include NEObody™, for targeting unique epitopes, and POWERbody™, which combines masking with enhanced efficacy. The company's lead product candidates include Muzastotug (ADG126), a masked anti-CTLA-4 antibody in Phase 2 trials, and other antibodies like ADG116 (anti-CTLA-4) and ADG106 (anti-CD137) in various clinical stages for treating advanced solid tumors.

Source: Dealroom company data