--- title: "Adagene prices US$70.0 million offering of 18,666,000 ADSs at US$3.75" url: "https://aibio.space/news/adagene-prices-us-70-0-million-offering-18-666-000-adss-us-3-75/" publisher: "aibio.space (Biotech Investor Relations News)" date: "2026-04-02" section: "Financings" tickers: "NASDAQ:ADAG" source: "https://www.sec.gov/Archives/edgar/data/1818838/000110465926038861/tm2610656-1_424b5.htm" summary: "Adagene Inc. priced 18,666,000 American depositary shares at $3.75 for about $70.0 million gross, below the $4.61 last sale price on April 1. Leerink Partn" --- By the aibio.space news desk. Sources - [Adagene Inc. 424B5 (2026-04-02)](https://www.sec.gov/Archives/edgar/data/1818838/000110465926038861/tm2610656-1_424b5.htm) - [tm2610619d2_ex99-1.htm](https://www.sec.gov/Archives/edgar/data/1818838/000110465926038868/tm2610619d2_ex99-1.htm) - [tm2610656-2_424b5.htm](https://www.sec.gov/Archives/edgar/data/1818838/000110465926039189/tm2610656-2_424b5.htm) - [Adagene Inc. 20-F (2026-04-01): business](https://www.sec.gov/Archives/edgar/data/1818838/000110465926038612/adag-20251231x20f.htm) - [Adagene Inc. financial data (SEC XBRL)](https://www.sec.gov/Archives/edgar/data/1818838/000110465926038612/) [ADAG](https://aibio.space/companies/adagene/) 2026-04-02 # Adagene prices US$70.0 million offering of 18,666,000 ADSs at US$3.75 Tickers [ADAG](https://aibio.space/companies/adagene/) Adagene Inc. priced 18,666,000 American depositary shares at $3.75 for about $70.0 million gross, below the $4.61 last sale price on April 1. Leerink Partners LLC and LifeSci Capital LLC are joint book-running managers, and cash stood at $74.5 million at the end of 2025. ## Key facts - **Company**: Adagene Inc. (NASDAQ: ADAG) - **News type**: Financings - **Primary source**: [Adagene Inc. 424B5 (2026-04-02)](https://www.sec.gov/Archives/edgar/data/1818838/000110465926038861/tm2610656-1_424b5.htm) *Trading screens with price charts. CC0, via rawpixel. The picture shows the field, not the companies named.* ## The offering Adagene Inc. (Nasdaq: [ADAG](https://aibio.space/companies/adagene/)) priced an underwritten public offering of 18,666,000 American depositary shares, or ADSs, on April 2, 2026. Each ADS represents 1.25 ordinary shares, so the offering covers 23,332,500 ordinary shares. The price is $3.75 per ADS, which the company says is the 30-day volume-weighted average price. Gross proceeds are $69,997,500, according to the final prospectus supplement. The underwriting discount is $0.225 per ADS, or $4,199,850 in total, which leaves $65,797,650 in proceeds before expenses. Closing was expected on April 6, 2026. The preliminary supplement, filed April 1, left the price blank and gave a March 31 last sale price of $3.92. The final supplement gives a $4.61 last sale price for April 1, so the fixed price sits below the close on the day before pricing. The ADSs are sold under a Form F-3 shelf. The release gives May 30, 2026 as the date the shelf became effective, while the supplement refers to a base prospectus dated May 30, 2025. ## The banks Leerink Partners LLC and LifeSci Capital LLC are joint book-running managers, and Lucid Capital Markets is co-manager, according to the release. The company says new and existing investors took part, naming Janus Henderson Investors, Deerfield Management, Invus, Sirenia and Columbia Threadneedle Investments, "among others." Neither the release nor the cover pages of the supplement name a sole or lead bookrunner, or counsel to the company or the underwriters. ## The cash position The 20-F filed April 1, 2026 reports revenue of $7.7 million for 2025, up from $103,204 in 2024. The net loss was $17.6 million for 2025, against $33.4 million for 2024. Research and development expense fell to $22.0 million from $28.8 million. Cash used in operations was $15.7 million in 2025, down from $29.7 million. Year-end 2025 cash and cash equivalents were $74.5 million, down from $85.2 million a year earlier. The company reported no short-term investments at either year-end. Gross proceeds from this offering are close to the year-end cash balance. Neither the release nor the supplement's cover pages say what the $65,797,650 in proceeds before expenses will pay for. ## The structure and China Adagene is a Cayman Islands holding company. It runs its U.S. business through Adagene Incorporated and its China business through Adagene (Suzhou) Limited. Investors buy shares in the holding company, not in the subsidiaries. The supplement says Adagene Inc. paid Adagene Suzhou US$20.5 million in 2023, US$16.3 million in 2024 and US$28.5 million in 2025 for research and development services. Its PRC legal counsel is Jingtian & Gongcheng. The prospectus warns that the auditor is headquartered in mainland China. Under the Holding Foreign Companies Accountable Act, trading in the ADSs could be prohibited if the Public Company Accounting Oversight Board cannot inspect that auditor for two consecutive years. The PCAOB vacated its December 2021 determination in December 2022, and the company does not expect to be named under the act in the near future. The supplement says the risk "could continue to adversely affect the trading price of our securities." ## The science behind the raise The supplement names ADG126, also called muzastotug, as the lead candidate: an anti-CTLA-4 SAFEbody the company describes as in phase 1b/2 and phase 2 development in metastatic microsatellite-stable colorectal cancer. The company says it has shown a potential best-in-class profile in the clinic, which is its own claim. The main study is a randomized phase 2 dose-optimization trial with Merck's pembrolizumab. Adagene says it held a Type B meeting with the U.S. Food and Drug Administration in 2025 and believes it gained alignment on phase 2 and phase 3 design, and that the agency has since given ADG126 with pembrolizumab Fast Track status for a defined group of patients with metastatic disease and no active liver metastases. Fast Track is a review-speed designation, not an approval or a finding of efficacy. Sanofi sponsors a separate phase 1b/2 study of ADG126 with SAR445877. The supplement's cover pages do not give the share count before the offering, so the dilution from 18,666,000 new ADSs cannot be measured against existing holders. [Report an error](https://aibio.space/reputation/#correction) ## Companies in this story ADAG Adagene Inc. 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Cite as: aibio.space, "Adagene prices US$70.0 million offering of 18,666,000 ADSs at US$3.75", 2026-04-02, https://aibio.space/news/adagene-prices-us-70-0-million-offering-18-666-000-adss-us-3-75/