Adagene Inc. reported its financial results for the six months ended June 30, 2025, on August 12, 2025. The company announced a net loss attributable to shareholders of US$13.5 million, an improvement from a net loss of US$17.0 million for the same period in 2024. Research and Development (R&D) expenses decreased by approximately 18% to US$12.0 million for the first half of 2025, compared to US$14.7 million in the prior year period, reflecting a focused clinical strategy.
Cash and cash equivalents were US$62.8 million as of June 30, 2025, down from US$85.2 million as of December 31, 2024. However, this figure does not include the equity proceeds from Sanofi's strategic investment of up to US$25 million, which was announced in July 2025. This investment, combined with existing cash, is expected to extend Adagene's cash runway into 2027, providing crucial funding for its research and development activities.
Key corporate updates included FDA alignment on Phase 2 and Phase 3 trial designs for ADG126, with enrollment in Phase 2 expected in the second half of 2025. The company also highlighted the 19.4-month median overall survival (mOS) in 10 mg/kg dose cohorts for ADG126 in MSS CRC, and the 29% confirmed overall response rate. Strategic collaborations with Sanofi, Exelixis, and ConjugateBio were also noted, alongside the appointments of John Maraganore and Mickael Chane-Du to the leadership team.
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