Adagene (978) Stock Overview

A clinical stage biotechnology company, engages in the research, development, and production of monoclonal antibody drugs for cancers in the People’s Republic of China. More details

978 fundamental analysis
Snowflake Score
Valuation	0/6
Future Growth	2/6
Past Performance	0/6
Financial Health	5/6
Dividends	0/6

Rewards

Revenue is forecast to grow 23.89% per year

Earnings have grown 29.5% per year over the past 5 years

Risk Analysis

Earnings are forecast to decline by an average of 26.9% per year for the next 3 years

Shareholders have been substantially diluted in the past year

Currently unprofitable and not forecast to become profitable over the next 3 years

Volatile share price over the past 3 months compared to the German market

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Adagene Inc. Competitors

Price History & Performance

Summary of share price highs, lows and changes for Adagene
Historical stock prices
Current Share Price	US$2.82
52 Week High	US$4.04
52 Week Low	US$1.18
Beta	0.56
1 Month Change	-9.03%
3 Month Change	-3.42%
1 Year Change	50.00%
3 Year Change	122.05%
5 Year Change	-76.50%
Change since IPO	-85.95%

Recent updates

Shareholder Returns

	978	DE Biotechs	DE Market
7D	-5.4%	-1.5%	-2.3%
1Y	50.0%	-4.2%	4.8%

Return vs Industry: 978 exceeded the German Biotechs industry which returned -2.4% over the past year.

Return vs Market: 978 exceeded the German Market which returned 3.4% over the past year.

Price Volatility

Is 978's price volatile compared to industry and market?
978 volatility
978 Average Weekly Movement	11.6%
Biotechs Industry Average Movement	5.5%
Market Average Movement	5.0%
10% most volatile stocks in DE Market	11.9%
10% least volatile stocks in DE Market	2.5%

Stable Share Price: 978's share price has been volatile over the past 3 months compared to the German market.

Volatility Over Time: 978's weekly volatility (12%) has been stable over the past year, but is still higher than 75% of German stocks.

About the Company

Founded	Employees	CEO	Website
2011	128	Peizhi Luo	www.adagene.com

Adagene Inc., a clinical stage biotechnology company, engages in the research, development, and production of monoclonal antibody drugs for cancers in the People’s Republic of China. Its lead product candidate is the ADG126, a masked fully-human anti-CTLA-4 mAb which is in phase 1b/2 clinical development for the treatment of cancer. The company also develops ADG116, a fully human anti-CTLA-4 antibody generated using NEObody technology, which is in phase 1b/2 clinical trials to treat advanced/metastatic solid tumors; ADG206, which is in phase 1 clinical development to treat advanced metastatic solid tumors; ADG104, anti-PD-L1 monoclonal antibody which is in phase 2 clinical development; and ADG125, a novel anti-CSF-1R mAb which is in Phase 2 clinical development.

Adagene Inc. Fundamentals Summary

How do Adagene's earnings and revenue compare to its market cap?
978 fundamental statistics
Market cap	€190.25m
Earnings (TTM)	-€17.77m
Revenue (TTM)	€8.05m

21.5x

P/S Ratio

-9.7x

P/E Ratio

Is 978 overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report (TTM)
978 income statement (TTM)
Revenue	US$9.29m
Cost of Revenue	US$0
Gross Profit	US$9.29m
Other Expenses	US$29.80m
Earnings	-US$20.51m

Last Reported Earnings

Jun 30, 2026

Next Earnings Date

n/a

Earnings per share (EPS)	-0.31
Gross Margin	100.00%
Net Profit Margin	-220.77%
Debt/Equity Ratio	5.4%

How did 978 perform over the long term?

See historical performance and comparison

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2026/09/15 18:20
End of Day Share Price	2026/09/15 00:00
Earnings	2026/06/30
Annual Earnings	2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Adagene Inc. is covered by 9 analysts. 5 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Gautam Chukka	Chardan Capital Markets, LLC
Ziyi Chen	Goldman Sachs
Paul Jeng	Guggenheim Securities, LLC

Adagene (978) Stock Overview

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Risk Analysis

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Adagene Inc. Competitors

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Genetic Analysis

Price History & Performance

Recent News & Updates

Adagene Inc. Adds Industry Veteran Peter Lebowitz to Scientific and Strategic Advisory Board

Adagene Inc. has completed a Follow-on Equity Offering in the amount of $69.9975 million.

Adagene Inc. has filed a Follow-on Equity Offering.

Adagene Announces FDA Fast Track Designation for Muzastotug (ADG126)

Adagene Inc. Announces First Patient Dosed in Randomized Dose Optimization Cohort of the Phase 2 Study of Muzastotug (ADG126) in Combination with KEYTRUDA®? (Pembrolizumab) in Microsatellite Stable Colorectal Cancer

Adagene Announces Regulatory Update on Clinical Development Plan for Muzastotug in Microsatellite Stable Colorectal Cancer Following Productive Type B Meeting with FDA

Recent updates

Adagene Inc. Adds Industry Veteran Peter Lebowitz to Scientific and Strategic Advisory Board

Adagene Inc. has completed a Follow-on Equity Offering in the amount of $69.9975 million.

Adagene Inc. has filed a Follow-on Equity Offering.

Adagene Announces FDA Fast Track Designation for Muzastotug (ADG126)

Adagene Inc. Announces First Patient Dosed in Randomized Dose Optimization Cohort of the Phase 2 Study of Muzastotug (ADG126) in Combination with KEYTRUDA®? (Pembrolizumab) in Microsatellite Stable Colorectal Cancer

Adagene Announces Regulatory Update on Clinical Development Plan for Muzastotug in Microsatellite Stable Colorectal Cancer Following Productive Type B Meeting with FDA

Adagene Inc. announced that it expects to receive $25 million in funding from Sanofi Foreign Participations B.V.

Adagene Announces Updated Data from Phase 1b/2 Study of Muzastotug (ADG126) in Combination with KEYTRUDA®? (Pembrolizumab) in Colorectal Cancer At the American Society of Clinical Oncology Annual Meeting

Adagene Announces Investigator Initiated Phase 2 Trial for Neoadjuvant Muzastotug (ADG126) in Colorectal Cancer

Adagene Inc. Announces Updated Data from Phase 1b/2 Study of Muzastotug in Combination with KEYTRUDA (pembrolizumab) in Colorectal Cancer at ASCO Gastrointestinal Cancers Symposium

New minor risk - Market cap size

New minor risk - Market cap size

New minor risk - Market cap size

First half 2024 earnings released: US$0.39 loss per share (vs US$0.094 loss in 1H 2023)

New major risk - Revenue and earnings growth

New minor risk - Shareholder dilution

New minor risk - Shareholder dilution

Full year 2023 earnings released: US$1.83 loss per share (vs US$1.85 loss in FY 2022)

Adagene Inc. Announces Board Changes

New minor risk - Financial data availability

Adagene Inc. Appoints Heinz-Josef Lenz to Scientific and Strategic Advisory Board

New major risk - Revenue and earnings growth

Adagene Inc. Announces Progress and Expansion of Clinical Collaboration Program for Masked, Anti-CTLA-4 SAFEbody

Adagene Inc. Announces Data from its Presentation at the American Society of Clinical Oncology 2024 Gastrointestinal (GI) Cancers Symposium

Adagene Inc. Presents Data Demonstrating the Best-In-Class Therapeutic Index for Masked Anti-CTLA-4 Safebody®? Adg126

First half 2023 earnings released: US$0.094 loss per share (vs US$1.09 loss in 1H 2022)

Full year 2022 earnings released: US$1.85 loss per share (vs US$1.83 loss in FY 2021)

Adagene Announces Interim Data Demonstrating Safety and Confirmed Clinical Responses of Anti-Ctla-4 Safebody® Adg126 Up to 10 Mg/Kg with Repeat Cycles in Combination with Anti-Pd-1 Therapy from Dose Escalation Portion of Phase 1B/2 Trial

Adagene Inc. Appoints Cuong Do to Board of Directors and Audit Committee

High number of new and inexperienced directors

Adagene Announces Clinical Data at SITC 2022 on Anti-CTLA-4 NEObody™, ADG116, Showing Differentiated Safety and Anti-tumor Activity in Heavily Pre-treated Patients with Difficult-to-Treat Tumors

Adagene Inc. Presents Interim Monotherapy Data at ESMO 2022 Showing Compelling Safety, Anti-Tumor Activity and Pharmacokinetics of Masked, Anti-CTLA-4 SAFEbody® ADG126 in Patients with Advanced Tumors

First half 2022 earnings released: US$1.09 loss per share (vs US$1.02 loss in 1H 2021)

High number of new and inexperienced directors

Adagene Inc. (NasdaqGM:ADAG) announces an Equity Buyback for $10 million worth of its shares.

Adagene Announces Publication at ASCO of Interim Monotherapy Dose Escalation Data Showing Compelling Safety Profile of Anti-CTLA-4 SAFEbody ADG126, with Repeat Dosing Across Dose Levels

Adagene Inc. Presents Data Demonstrating First and Best-In-Class Potential for Differentiated Preclinical Antibody Candidates At American Association for Cancer Research (Aacr) Annual Meeting 2022

High number of new and inexperienced directors

Adagene Inc. Announces Board and Management Changes

Adagene Announces First Patient Dosed with Novel, Proprietary Combination of Anti-CD137 Agonist, ADG106, and Anti-CTLA-4 Monoclonal Antibody, ADG116

Adagene Inc. Announces First Patients with Advanced Non-Small Cell Lung Cancer Dosed in Phase 1B/2 Clinical Trial of ADG106 in Combination with Nivolumab in Singapore

Adagene Announces FDA Clearance of IND for Phase 1b/2 Trial of Anti-CTLA-4 Monoclonal Antibody ADG116 in Combination Therapy with Anti-PD-1 Antibody Pembrolizumab

Director Yu Miao has left the company

Adagene Inc. Announces Clinical Data from its ADG106 NEObodyTM Program

Adagene Inc. Announces First Patients Dosed in Global Phase 1 Clinical Trial of ADG126 for the Treatment of Various Advanced Solid Tumors

Shareholder Returns

Price Volatility

About the Company

Adagene Inc. Fundamentals Summary

Earnings & Revenue

Company Analysis and Financial Data Status

Data Sources

Analysis Model and Snowflake

Industry and Sector Metrics

Analyst Sources