Adagene (ADAG) investor relations material

Strategic collaborations and financial highlights

• SAFEbody technology validated through partnerships with Sanofi, Exelixis, and Third Arc, including up to $25M equity investment from Sanofi and milestone/royalty eligibility.

• Clinical collaborations with Incyte and Sanofi to evaluate ADG126 in combination regimens for advanced cancers.

• Strong cash position of approximately $75M as of December 31, 2025, supporting ongoing R&D and clinical trials.

Pipeline and technology overview

• Lead program ADG126 is a novel masked anti-CTLA-4 antibody with enhanced ADCC and tumor-specific activation, showing potential for higher dosing and improved efficacy.

• Pipeline includes ADG138 (HER2xCD3) and ADG152 (CD20xCD3) masked T-cell engagers, demonstrating platform versatility.

• Preclinical and clinical data support the differentiated mechanism and therapeutic index of ADG126 compared to first-generation agents.

Clinical efficacy and safety of ADG126

• In phase 1b/2 studies, ADG126 plus pembrolizumab in advanced MSS CRC without liver metastases showed ORR up to 36% and median OS of 19.8 months at 10 mg/kg.

• Dose-dependent efficacy observed, with higher doses achieving longer duration of response and higher disease control rates.

• Manageable safety profile with low discontinuation rates (4%), no dose-limiting toxicities, and infrequent severe immune-mediated adverse events.