Adagene (ADAG) Investor presentation summary

Strategic collaborations and financial position

• Multiple strategic collaborations with Sanofi, Exelixis, Third Arc, and Incyte validate the SAFEbody technology and pipeline versatility.

• Sanofi invested up to $25M and entered clinical collaborations, including a phase 2 trial of ADG126 with pembrolizumab.

• Existing licensing agreements and milestone/royalty opportunities enhance revenue potential.

• Strong cash position of ~$75M as of December 2025, with additional $70M raised in April 2026, extending runway to late 2028.

Lead program and clinical pipeline

• ADG126 (Muzastotug), a novel anti-CTLA-4 antibody, leverages proprietary masking technology for tumor-specific activation and enhanced ADCC.

• Pipeline includes masked T-cell engagers (ADG138, ADG152) and a masked anti-ROR1/2 ADC (XB404) in preclinical development.

• ADG126 received FDA Fast Track Designation and is being evaluated in multiple late-stage clinical trials.

Clinical efficacy and safety in MSS CRC

• ADG126 plus pembrolizumab showed dose-dependent efficacy in late-line MSS CRC without liver metastases, with ORR up to 36% and DCR up to 86%.

• Median overall survival reached 19.8 months in the 10 mg/kg cohort, outperforming historical controls.

• Safety profile is favorable, with low discontinuation rates (4%) and manageable adverse events across dose levels.

• Combination with fruquintinib and pembrolizumab in advanced MSS CRC demonstrated manageable safety and promising efficacy (ORR up to 40%).