Adagene Inc. reported its financial results for the full year ended December 31, 2024, on March 24, 2025. The company recorded a net loss attributable to shareholders of US$33.4 million, an increase from US$18.9 million in 2023. Net revenue for the year was US$0.1 million, a significant decrease from US$18.1 million in the prior year, reflecting minimal product revenue as a clinical-stage company.
Research and Development (R&D) expenses decreased by approximately 21% to US$28.8 million in 2024, down from US$36.6 million in 2023, due to a focused clinical strategy on ADG126. Administrative expenses also saw a reduction to US$7.3 million from US$8.7 million in 2023, attributed to cost-control measures. Cash and cash equivalents stood at US$85.2 million as of December 31, 2024, a decrease from US$109.9 million at the end of 2023, with the company expecting this balance to fund activities into late 2026.
In pipeline updates, Muzastotug (ADG126) Phase 2 dose expansion in MSS CRC with a 20 mg/kg loading dose regimen showed a 33% overall response rate with four confirmed partial responses. The company also highlighted its SAFEbody engineered T cell engagers, ADG138 (HER2) as IND-ready and ADG152 (CD20) in the IND-enabling phase. Corporate changes included JC Xu transitioning to a consulting role and board members Yumeng Wang and Mervyn Turner stepping down.
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