Adagene Announces Pricing of US$70.0 Million Public Offering of ADSs

Q: How many ADSs did Adagene (ADAG) offer and at what price?

Adagene offered 18,666,000 ADSs priced at US$3.75 per ADS . According to the company, each ADS represents 1.25 ordinary shares and the price equals the 30-day VWAP used for the offering.

Q: What are the expected gross proceeds and closing date for ADAG's offering?

Adagene expects gross proceeds of approximately US$70.0 million from the offering. According to the company, the offering is expected to close on April 6, 2026 , subject to customary closing conditions.

Q: How will Adagene's (ADAG) offering affect existing shareholders?

The offering issues 18,666,000 ADSs , which will dilute existing shareholders' ownership proportion. According to the company, the issuance is part of a public offering under a Form F-3 shelf registration.

Rhea-AI Impact

(High)

Rhea-AI Sentiment

(Neutral)

Rhea-AI Summary

Adagene (Nasdaq: ADAG) priced an underwritten public offering of 18,666,000 ADSs at US$3.75 per ADS (the 30-day VWAP), generating gross proceeds of approximately US$70.0 million. The offering is expected to close on April 6, 2026, subject to customary conditions.

Joint book-running managers are Leerink Partners and LifeSci Capital, with Lucid Capital Markets as co-manager. The offering included participation from new and existing institutional investors and will be made pursuant to a Form F-3 shelf registration.

Positive

Gross proceeds of approximately US$70.0 million
ADS pricing set at 30-day VWAP ($3.75 per ADS)
Institutional participation from multiple named investors

Negative

Issuance of 18,666,000 ADSs will dilute existing shareholders
Underwriting discounts and offering expenses will reduce net proceeds

Key Figures

Offering size: 18,666,000 ADSs Gross proceeds: US$70.0 million Offering price: US$3.75 per ADS +5 more

8 metrics

Offering size 18,666,000 ADSs Underwritten public offering

Gross proceeds US$70.0 million Expected before underwriting discounts and expenses

Offering price US$3.75 per ADS Set at 30-day VWAP

ADS to ordinary ratio 1 ADS = 1.25 ordinary shares Each ADS represents 1.25 ordinary shares

Par value US$0.0001 per share Ordinary share par value

Pre-news price $4.61 Last close before article; up 17.6% on day

52-week range $1.30–$4.72 Current price near 52-week high

Shelf registration shares 10,625,000 ordinary / 8,500,000 ADSs Form F-3 resale registration capacity

Market Reality Check

Price: $4.61 Vol: Volume 206,772 is below 2...

normal vol

$4.61 Last Close

Volume Volume 206,772 is below 20-day average 265,296 (relative volume 0.78x). normal

Technical Price 4.61 is trading above 200-day MA 2.25, indicating a pre-offering uptrend.

Peers on Argus

ADAG was up 17.6% pre-offering, while momentum peers SPRO and PYXS were down abo...

2 Down

ADAG was up 17.6% pre-offering, while momentum peers SPRO and PYXS were down about 5.65% and 8.80%. Broader biotech names in the affinity list showed mixed, mostly positive moves, suggesting ADAG’s strength diverged from the downside momentum flagged in peers.

Historical Context

5 past events · Latest: Mar 17 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Mar 17	AACR presentation update	Positive	+0.8%	Muzastotug data to be highlighted in two AACR poster presentations.
Feb 17	Investor conferences	Neutral	+1.2%	Participation in two healthcare investor conferences with webcasts available.
Jan 23	Business update	Positive	+22.7%	Cash update, 2026 objectives, Sanofi investment and multiple collaborations.
Dec 16	Fast Track designation	Positive	+13.8%	FDA Fast Track for muzastotug plus pembrolizumab in MSS mCRC.
Nov 13	Licensing deal	Positive	+1.7%	Licensing agreement with Third Arc Bio for two masked CD3 engagers.

Pattern Detected

Recent clinical, partnership and business updates have generally coincided with positive one-day price reactions, including double-digit moves on key regulatory and business milestones.

Recent Company History

Over the last several months, Adagene has reported multiple clinical and strategic milestones. A Dec 16, 2025 Fast Track designation for muzastotug plus pembrolizumab and a Jan 23, 2026 business update with cash of $74.5 million and a Sanofi investment of up to $25 million both saw double-digit gains. Licensing with Third Arc Bio on Nov 13, 2025 and later AACR and conference updates also produced smaller positive moves. Against this backdrop, the new equity offering follows a period of improving sentiment and steady news-driven gains.

Regulatory & Risk Context

Active S-3 Shelf

Shelf Active

Active S-3 Shelf Registration 2025-10-31

An effective Form F-3 resale registration covers up to 10,625,000 ordinary shares or 8,500,000 ADSs issuable upon conversion of preferred shares. This shelf is for a selling shareholder; Adagene is not selling securities and will receive no proceeds from these sales.

Market Pulse Summary

This announcement details an underwritten public offering of 18,666,000 ADSs at US$3.75 per ADS, tar...

Analysis

This announcement details an underwritten public offering of 18,666,000 ADSs at US$3.75 per ADS, targeting gross proceeds of about US$70.0 million. The pricing at the 30-day VWAP follows a period of generally positive news and trading near the 52-week high. Investors may weigh potential dilution from the new ADSs and previously registered resale shares against the company’s recent clinical progress and funding needs when monitoring subsequent filings and updates.

Key Terms

american depositary shares, ads, volume-weighted average price, vwap, +4 more

8 terms

american depositary shares financial

"announced the pricing of its underwritten public offering of 18,666,000 American depositary shares, or ADSs"

American depositary shares (ADSs) are a way for investors in the United States to buy shares of foreign companies without dealing with international markets directly. They represent ownership in a foreign company's stock and are traded on U.S. stock exchanges, making it easier for American investors to buy, sell, and own parts of companies from around the world.

ads financial

"public offering of 18,666,000 American depositary shares, or ADSs, each representing 1.25 ordinary shares"

Ads are paid promotional messages a company places across media — online, on TV, in print, or on social platforms — to attract customers, explain products, or shape public perception. For investors, ads matter because they drive sales growth, affect how much a company must spend to win customers, and influence brand strength and long-term value. Ads can also create regulatory or reputational risk if claims are misleading, which can affect profits and stock price.

volume-weighted average price financial

"at the offering price of US$3.75 per ADS, representing the 30-day volume-weighted average price"

Volume-weighted average price (VWAP) is the average price of a stock over a specific time period where each trade is weighted by the number of shares traded, so larger trades influence the average more than small ones. Investors and traders use VWAP as a reference point to judge whether trades are happening at relatively good or poor prices—like checking the average price paid for an item at a market where bulk purchases count more than single-item buys.

vwap financial

"representing the 30-day volume-weighted average price (“VWAP”)."

VWAP, or Volume-Weighted Average Price, is a way to find the average price of a stock throughout the trading day, giving more importance to times when more shares are traded. It helps traders see the typical price and decide whether a stock is expensive or cheap compared to its average, similar to finding the average speed during a trip by giving more weight to times when you traveled faster or slower.

shelf registration statement regulatory

"The offering is being made pursuant to a shelf registration statement on Form F-3"

A shelf registration statement is a document a company files with regulators that allows it to sell shares or bonds quickly when it’s a good time to raise money. It’s like having a pre-approved plan ready so the company can act fast without going through lengthy paperwork each time they want to sell, making fundraising more flexible.

form f-3 regulatory

"shelf registration statement on Form F-3, including a base prospectus"

Form F-3 is a U.S. securities filing that lets eligible foreign companies pre-register and then quickly sell shares or other securities to raise money, because they already meet ongoing reporting and size tests. For investors it signals that the company is up-to-date with regulatory disclosure and has an efficient way to issue new securities — similar to a pre-approved credit line — which can mean faster capital raises but also potential dilution of existing holdings.

base prospectus regulatory

"Form F-3, including a base prospectus, that was initially filed with the Securities"

A base prospectus is a detailed document that provides essential information about a financial offering, such as a bond or share issue. It acts like a comprehensive guide for investors, explaining what the investment involves, the risks involved, and how the process works. This helps investors make informed decisions before committing their money.

prospectus supplement regulatory

"A prospectus supplement and accompanying prospectus relating to the offering will be filed"

A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.

AI-generated analysis. Not financial advice.

04/02/2026 - 07:10 AM

SAN DIEGO and SUZHOU, China, April 02, 2026 (GLOBE NEWSWIRE) -- Adagene Inc. (“Adagene” or the “Company”) (Nasdaq: ADAG), a company committed to transforming the discovery and development of novel antibody-based therapies, today announced the pricing of its underwritten public offering of 18,666,000 American depositary shares, or ADSs, each representing 1.25 ordinary shares of the Company, par value US$0.0001 per share, at the offering price of US$3.75 per ADS, representing the 30-day volume-weighted average price (“VWAP”).

The gross proceeds to Adagene from the offering are expected to be approximately US$70.0 million, before deducting underwriting discount and offering expenses. The offering is expected to close on April 6, 2026, subject to the satisfaction of customary closing conditions.

Leerink Partners and LifeSci Capital are acting as joint book-running managers for the offering. Lucid Capital Markets is acting as co-manager for the offering.

The offering featured participation from new and existing investors including Janus Henderson Investors, Deerfield Management, Invus, Sirenia and Columbia Threadneedle Investments, among others.

The offering is being made pursuant to a shelf registration statement on Form F-3, including a base prospectus, that was initially filed with the Securities and Exchange Commission (SEC) on May 9, 2025 and became effective on May 30, 2025. A prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC and will be available for free on the SEC’s website located at www.sec.gov. Copies of the prospectus relating to the offering may be obtained, when available, from: Leerink Partners LLC, Attention: Syndicate Department, 53 State Street, 40th Floor, Boston, Massachusetts 02109, by telephone at (800) 808-7525, ext. 6105, or by email at syndicate@leerink.com; or LifeSci Capital LLC, 1700 Broadway, 40th Floor, New York, New York 10019, or by email at legalnotices@lifescicapital.com.

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Adagene Inc.

Adagene Inc. (Nasdaq: ADAG) is a platform-driven, clinical-stage biotechnology company committed to transforming the discovery and development of novel antibody-based cancer immunotherapies. Adagene combines computational biology and artificial intelligence to design novel antibodies that address globally unmet patient needs. The company has forged strategic collaborations with reputable global partners that leverage its SAFEbody precision masking technology in multiple approaches at the vanguard of science.

Safe Harbor Statement

This press release contains forward-looking statements, including, but not limited to, statements relating to the satisfaction of customary closing conditions related to the offering, the expected closing of the offering and the anticipated gross proceeds from the offering and Adagene’s intended use of the net proceeds therefrom. Actual results may differ materially from those indicated in the forward-looking statements due to the risks and uncertainties associated with market conditions and the satisfaction of customary closing conditions related to the offering, as well as risks and uncertainties inherent in Adagene’s business described in the Company’s prior press releases as well as those risks more fully discussed in the “Risk Factors” section in Adagene’s filings with the U.S. Securities and Exchange Commission. All forward-looking statements are based on information currently available to Adagene, and Adagene undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.

Investor Contacts:

Raymond Tam
raymond_tam@adagene.com

Corey Davis
LifeSci Advisors
cdavis@lifesciadvisors.com

Media Contact:
Lindsay Rocco
Elixir Health PR
862-596-1304
lrocco@elixirhealthpr.com

FAQ

How many ADSs did Adagene (ADAG) offer and at what price?

Adagene offered 18,666,000 ADSs priced at US$3.75 per ADS. According to the company, each ADS represents 1.25 ordinary shares and the price equals the 30-day VWAP used for the offering.

What are the expected gross proceeds and closing date for ADAG's offering?

Adagene expects gross proceeds of approximately US$70.0 million from the offering. According to the company, the offering is expected to close on April 6, 2026, subject to customary closing conditions.

Who are the managers and notable investors in Adagene's ADS offering (ADAG)?

Joint book-running managers are Leerink Partners and LifeSci Capital, with Lucid Capital Markets as co-manager. According to the company, participants include Janus Henderson, Deerfield, Invus, Sirenia, and Columbia Threadneedle.

How will Adagene's (ADAG) offering affect existing shareholders?

The offering issues 18,666,000 ADSs, which will dilute existing shareholders' ownership proportion. According to the company, the issuance is part of a public offering under a Form F-3 shelf registration.

Under what registration and filing is Adagene conducting the ADS offering (ADAG)?

The offering is being made under a Form F-3 shelf registration that became effective on May 30, 2025. According to the company, a prospectus supplement and accompanying prospectus will be filed with the SEC.

When will investors be able to access the Adagene (ADAG) prospectus for the offering?

The prospectus supplement and accompanying prospectus will be filed with the SEC and available on www.sec.gov. According to the company, copies will also be obtainable from the managing underwriters when available.

Adagene Announces Pricing of US$70.0 Million Public Offering of ADSs