Adagene Reports Full Year 2025 Financial Results and Muzastotug Clinical Progress

Adagene Inc. reported full-year 2025 financial results and provided a corporate update on its lead clinical program, muzastotug (ADG126). For the year ended December 31, 2025, the company reported net revenue of $7.7 million, a significant increase from $0.1 million in 2024, primarily driven by collaboration and licensing agreements with Sanofi, ConjugateBio, and Third Arc Bio. Net loss narrowed to $17.6 million compared to $33.4 million in 2024. R&D expenses decreased 23% to $22.0 million as the company prioritized its masked anti-CTLA-4 SAFEbody, muzastotug. Clinical highlights include a 29% confirmed ORR for muzastotug in combination with pembrolizumab in MSS CRC patients at the 20 mg/kg dose. The 10 mg/kg cohort demonstrated a median overall survival of 19.4 months. The company is currently enrolling a randomized Phase 2 dose-optimization study in alignment with FDA Project Optimus, with results expected in 1H 2027. Adagene reported cash and cash equivalents of $74.5 million as of year-end 2025, which, combined with 2026 ATM proceeds, is expected to provide a cash runway into early 2028.