Adagene (ADAG) investor relations material

Executive summary

• Advanced lead program muzastotug (ADG126) in multiple clinical trials, showing promising efficacy and safety in MSS CRC and HCC, with ongoing collaborations and new advisory board member added.

• Initiated new global Phase 1/2 basket trial with Sanofi and continued investigator-initiated Phase 2 trial in neoadjuvant colorectal cancer.

• Cash runway extended into late 2028 following $70M public offering in April 2026.

Financial highlights

• Cash and cash equivalents rose to $127.9M as of June 30, 2026, from $74.5M at December 31, 2025.

• Net revenue for the six months ended June 30, 2026 was $1.6M, up from nil in the prior year period, driven by collaboration and licensing agreements.

• R&D expenses increased 16.2% year-over-year to $14.0M; administrative expenses rose to $4.2M.

• Net loss attributable to shareholders was $16.4M, compared to $13.5M in the prior year period.

• Non-GAAP net loss was $14.2M, compared to $11.4M year-over-year.

Outlook and guidance

• Randomized Phase 2 trial in MSS CRC on track, with results expected in 1H 2027 and potential registration trial in 2027.

• Cash position expected to fund operations into late 2028.