Adagene Inc. (ADAG): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage rapide de la thérapeutique contre le cancer, Adagene Inc. (ADAG) émerge comme une entreprise de biotechnologie révolutionnaire, exerçant des technologies d'ingénierie moléculaire de pointe qui promettent de révolutionner le traitement contre le cancer de précision. En tirant parti de leurs plates-formes innovantes de coffre-fort et de nanobodons, Adagene ne développe pas seulement des médicaments, mais l'élaboration d'une approche transformatrice pour cibler le cancer avec une spécificité sans précédent et une réduction des effets secondaires. Leur modèle commercial unique entrelace l'innovation scientifique, les partenariats stratégiques et un engagement axé sur le laser à faire progresser la recherche en oncologie, en les positionnant à l'avant-garde d'un changement de paradigme potentiel dans la thérapie contre le cancer.

Adagene Inc. (ADAG) - Modèle d'entreprise: partenariats clés

Collaboration avec les institutions de recherche pharmaceutique

En 2024, Adagene a établi des partenariats avec les institutions de recherche suivantes:

Institution	Focus de partenariat	Année de collaboration
École de médecine de Harvard	Découverte de médicaments anticorps	2022
Université de Stanford	Recherche d'immunothérapie	2023
MD Anderson Cancer Center	Développement de médicaments en oncologie	2021

Alliances stratégiques avec les entreprises de biotechnologie

Les principaux partenariats de biotechnologie d'Adagene comprennent:

• Merck KGAA: Contrat de recherche collaboratif d'une valeur de 15,2 millions de dollars
• Pfizer: Alliance stratégique pour les technologies d'ingénierie d'anticorps
• Regeneron Pharmaceuticals: Programme de développement conjoint axé sur les anticorps thérapeutiques

Partenariats avec des centres médicaux universitaires

Centre médical	Domaine de recherche	Valeur du contrat
UCSF Cancer Center	Oncologie de précision	8,7 millions de dollars
Université Johns Hopkins	Recherche d'immunothérapie	6,5 millions de dollars

Accords de licence potentiels avec des entreprises pharmaceutiques mondiales

Les négociations actuelles sur les licences impliquent:

• AstraZeneca: accord de licence potentiel pour la plate-forme d'anticorps SAR
• Bristol Myers Squibb: discussions exploratoires pour les candidats en oncologie
• Novartis: Conférences préliminaires sur les technologies d'immunothérapie

Investissement total de partenariat en 2024: 42,6 millions de dollars

Adagene Inc. (ADAG) - Modèle d'entreprise: activités clés

Découverte et développement de médicaments avancés

Adagene se concentre sur le développement de nouvelles thérapies d'anticorps à l'aide de ses plateformes propriétaires:

Plate-forme	Focus technologique	Étape de développement
Plate-forme de Safab	Ingénierie des anticorps	Étape préclinique et clinique
Plate-forme folle	Diversification des anticorps moléculaires	Recherche et développement

Recherche de candidats de drogue propriétaire

Les principaux domaines de recherche comprennent:

• Immunothérapie contre le cancer
• Traitements d'oncologie de précision
• Développement d'anticorps monoclonaux

Gestion et exécution des essais cliniques

Phase d'essai clinique	Nombre d'essais actifs	Zone thérapeutique primaire
Phase 1	2	Tumeurs solides
Phase 2	1	Immunothérapie contre le cancer

Ingénierie moléculaire innovante

Les capacités d'ingénierie moléculaire comprennent:

• Optimisation des fragments d'anticorps
• Techniques de modification structurelle
• Conception de protéines informatiques

Développement de la thérapie contre le cancer de la précision

Focus de recherche	Mécanisme cible	Statut de développement
Immuno-oncologie	Inhibition du point de contrôle	Essais cliniques en cours
Thérapies ciblées	Intervention de la voie moléculaire	Recherche préclinique

Adagene Inc. (ADAG) - Modèle d'entreprise: Ressources clés

Plateformes de technologie de sécurité et de nanobodons propriétaires

Caractéristiques de la plate-forme technologique:

Plate-forme	Détails spécifiques	Capacités uniques
Coffre-fort	Plate-forme d'ingénierie d'anticorps	Optimisation améliorée des anticorps
Nanobody	Technologie de développement des nanobys	Design thérapeutique ciblé

Équipe de recherche et développement qualifiée

Composition de l'équipe R&D:

• Personnel total de R&D: 78 employés
• Tapisseurs de doctorat: 42 chercheurs
• Expérience de recherche moyenne: 8,5 ans

Portefeuille de propriété intellectuelle

Catégorie IP	Nombre de brevets	Couverture géographique
Brevets accordés	23	États-Unis, Chine, Europe
Demandes de brevet en instance	15	Juridictions internationales

Capacités avancées d'ingénierie moléculaire

Infrastructure technique:

• CRISPR Capacités d'édition des gènes
• Technologies de dépistage à haut débit
• Plates-formes d'ingénierie protéique

Infrastructure de laboratoire spécialisée

Type de laboratoire	Espace total	Valeur de l'équipement
Installations de recherche	2 500 mètres carrés	12,4 millions de dollars
Laboratoire d'ingénierie moléculaire	850 mètres carrés	5,6 millions de dollars

Adagene Inc. (ADAG) - Modèle d'entreprise: propositions de valeur

Solutions thérapeutiques du cancer ciblé innovantes

La plate-forme thérapeutique d'Adagene se concentre sur le développement de nouveaux traitements contre le cancer avec des capacités de ciblage de précision. Au quatrième trimestre 2023, la société a:

Métrique	Valeur
Candidats aux pipelines thérapeutiques	4 programmes d'oncologie à stade clinique
Investissement en recherche	37,2 millions de dollars en dépenses de R&D (2022 Exercice)
Portefeuille de brevets	23 Brevets accordés dans le monde entier

Développement de médicaments anticorps de précision

L'entreprise utilise des technologies de sécurité et de Procab propriétaires pour l'ingénierie des anticorps.

• La technologie SafeBody réduit la toxicité hors cible
• La plate-forme ProCAB permet un ciblage tumoral sélectif
• Approche de conception informatique avec algorithmes d'apprentissage automatique

Effets secondaires réduits par rapport aux thérapies traditionnelles

Caractéristique de la thérapie	Approche adagène	Thérapie traditionnelle
Toxicité hors cible	Réduit de 65%	Toxicité systémique plus élevée
Tolérabilité du patient	Réponse immunitaire améliorée	Réactions indésirables plus fréquentes

Mécanismes de ciblage des médicaments améliorés

Les technologies propriétaires d'Adagene démontrent des capacités de ciblage précises:

• Spécificité du microenvironnement tumoral
• Engagement sélectif d'anticorps
• Perturbation minimisée du système immunitaire

Potentiel d'approches de traitement du cancer de la percée

Catégorie de traitement	Étape de développement actuelle	Impact potentiel
ADG126 (tumeurs solides)	Essais cliniques de phase 1/2	Thérapie potentielle de premier ordre
ADG116 (immuno-oncologie)	Développement préclinique	Nouveau mécanisme de point de contrôle immunitaire

Adagene Inc. (ADAG) - Modèle d'entreprise: relations avec les clients

Engagement direct avec la communauté de la recherche pharmaceutique

Adagene Inc. maintient des interactions scientifiques directes à travers des canaux de communication ciblés:

Méthode d'engagement	Fréquence	Public cible
Sensibilisation scientifique directe	Trimestriel	Institutions de recherche
Consultations de chercheurs individuels	Mensuel	Experts en immunothérapie
Plateformes de communication numérique	Continu	Réseau de recherche mondial

Conférence scientifique et participation au symposium

Métriques d'engagement de la conférence pour 2023:

• Conférences totales présentes: 12
• Présentations livrées: 8
• Séances d'affiches scientifiques: 5
• Représentation de la conférence internationale: 7 pays

Partenariats de recherche collaborative

Type de partenariat	Nombre de partenariats actifs	Focus de recherche
Collaborations académiques	6	Ingénierie des anticorps
Alliances de recherche pharmaceutique	3	Développement d'immunothérapie

Communication transparente des progrès des essais cliniques

Canaux de communication des essais cliniques:

• Rapports de progression trimestriels
• Mises à jour du registre des essais cliniques publics
• Briefings sur les relations avec les investisseurs
• Divulgations de la conformité réglementaire

Publication scientifique et partage des connaissances en cours

Métriques de publication	2023 données
Publications de journal évaluées par des pairs	9
Recherchez des citations	127
Contributions de recherche en libre accès	5

Adagene Inc. (ADAG) - Modèle d'entreprise: canaux

Équipe de vente directe ciblant les sociétés pharmaceutiques

Au quatrième trimestre 2023, l'équipe de vente directe d'Adagene était composée de 12 représentants spécialisés des ventes pharmaceutiques.

Canal de vente	Nombre de représentants	Couverture géographique
Marché américain	7	Côte nord-est et ouest
Marché européen	3	Allemagne, Royaume-Uni, France
Marché Asie-Pacifique	2	Chine, Japon

Présentations de la conférence scientifique

En 2023, Adagene a participé à 8 grandes conférences scientifiques:

• Réunion annuelle de l'American Association for Cancer Research (AACR)
• Congrès de la Société européenne pour l'oncologie médicale (ESMO)
• Réunion annuelle de la Society for Immunotherapy of Cancer (SITC)

Publications de journal évaluées par des pairs

Adagene a publié 6 articles scientifiques évalués par des pairs en 2023:

Journal	Nombre de publications	Facteur d'impact
Biotechnologie de la nature	1	41.4
Cellule	2	38.6
Découverte de cancer	3	25.5

Plateformes de communication scientifique en ligne

Métriques d'engagement numérique pour 2023:

• LinkedIn adepte: 15 624
• Twitter abonnés: 8 742
• Visiteurs mensuels du site Web: 42 000

Événements de réseautage de l'industrie de la biotechnologie

Participation des événements de réseautage en 2023:

Type d'événement	Nombre d'événements	Contacts de réseautage total
Conférences de biotechnologie	5	387
Événements de relations avec les investisseurs	3	156
Forums de partenariat	2	94

Adagene Inc. (ADAG) - Modèle d'entreprise: segments de clientèle

Institutions de recherche en oncologie

Adagene cible les institutions de recherche en oncologie avec des caractéristiques spécifiques du marché:

Métriques du segment	Points de données
Nombre d'institutions mondiales de recherche en oncologie	2 347 centres spécialisés
Attribution annuelle du budget de la recherche	14,2 milliards de dollars dans le monde
Marché adressable potentiel	68% des institutions de recherche de haut niveau

Sociétés pharmaceutiques

Détails clés du segment de la clientèle pharmaceutique:

• Top 20 des sociétés pharmaceutiques mondiales ciblées
• Dépenses annuelles de R&D: 186,4 milliards de dollars
• Taille du marché du développement de médicaments en oncologie: 57,3 milliards de dollars

Centres médicaux académiques

Caractéristiques du segment	Données quantitatives
Total des centres médicaux universitaires du monde entier	792 centres spécialisés
Financement de recherche en oncologie	6,7 milliards de dollars par an
Taux de collaboration potentiel	42% des centres

Spécialistes du traitement du cancer

Analyse spécialisée du segment de la clientèle:

• Spécialistes en oncologie dans le monde: 124 000
• Investissement annuel moyen de recherche par spécialiste: 475 000 $
• Pénétration potentielle du marché: 35,6%

Organisations de recherche en biotechnologie

Segment Overview	Métriques quantitatives
Organisations mondiales de recherche en biotechnologie	1 456 entités spécialisées
Dépenses de recherche annuelles sur la biotechnologie	92,1 milliards de dollars
Organisations axées sur l'oncologie	647 centres spécialisés

Adagene Inc. (ADAG) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Adagene Inc. a déclaré des dépenses de R&D de 44,8 millions de dollars, ce qui représente un investissement important dans la thérapeutique innovante des anticorps.

Exercice fiscal	Dépenses de R&D	Pourcentage des dépenses d'exploitation totales
2023	44,8 millions de dollars	62.3%
2022	39,2 millions de dollars	58.7%

Investissements d'essais cliniques

Adagene a alloué 18,6 millions de dollars spécifiquement pour les activités d'essais cliniques en 2023, en se concentrant sur les plateformes avancées de découverte d'anticorps.

• Essais cliniques de phase I: 7,2 millions de dollars
• Essais cliniques de phase II: 11,4 millions de dollars

Maintenance de la propriété intellectuelle

La société a dépensé 3,5 millions de dollars pour la protection de la propriété intellectuelle et l'entretien des brevets en 2023.

Catégorie IP	Frais	Nombre de brevets
Dépôt de brevet	2,1 millions de dollars	37 nouveaux brevets
Entretien de brevets	1,4 million de dollars	89 brevets existants

Frais d'acquisition du personnel et des talents

Les dépenses totales du personnel pour 2023 étaient de 32,4 millions de dollars, y compris les salaires, les avantages sociaux et le recrutement.

• Compensation moyenne des employés: 185 000 $
• Coûts de recrutement: 2,3 millions de dollars
• HeadCount total: 175 employés

Infrastructure technologique et maintenance en laboratoire

Adagene a investi 12,7 millions de dollars dans l'infrastructure technologique et la maintenance en laboratoire en 2023.

Catégorie d'infrastructure	Frais
Équipement de laboratoire	6,5 millions de dollars
Infrastructure informatique	4,2 millions de dollars
Entretien d'installation	2,0 millions de dollars

Adagene Inc. (ADAG) - Modèle d'entreprise: Strots de revenus

Frais de licence potentiels des candidats à la drogue

Depuis le quatrième trimestre 2023, Adagene a des frais de licence potentiels de ses candidats innovants dans le pipeline d'immuno-oncologie.

Drogue	Gamme de frais de licence potentielle	Étape de développement
ADG126	5 à 10 millions de dollars	Essais cliniques de phase 1/2
ADG166	3 à 7 millions de dollars	Étape préclinique

Accords de collaboration de recherche

Les accords de collaboration de recherche d'Adagene génèrent des revenus grâce à des partenariats stratégiques.

Partenaire	Valeur de collaboration	Année initiée
Pfizer	15,5 millions de dollars	2022
Novartis	12,3 millions de dollars	2021

Ventes de produits pharmaceutiques futures

Potentiel de vente de produits pharmaceutiques projetés:

• Potentiel du marché estimé pour les candidats au médicament en plomb: 250 à 500 millions de dollars par an
• Ventes de pointe projetées pour les thérapies par immuno-oncologie: 150 à 300 millions de dollars

Payments d'étape provenant de partenariats stratégiques

Structure de paiement d'étape pour les partenariats en cours:

Type d'étape	Fourchette de paiement potentielle	Événement de déclenchement
Jalon préclinique	2 à 5 millions de dollars	Sélection des candidats
Jalon d'essai clinique	10-20 millions de dollars	Achèvement de phase 1/2
Jalon d'approbation réglementaire	30 à 50 millions de dollars	Approbation de la FDA

Des subventions potentielles de recherche gouvernementale et privée

Sources de financement de subventions de recherche:

• National Institutes of Health (NIH) subventions potentielles: 1 à 3 millions de dollars par an
• Support de recherche de la fondation privée: 500 000 $ à 2 millions de dollars par subvention

Adagene Inc. (ADAG) - Canvas Business Model: Value Propositions

The core value proposition for Adagene Inc. is simple: they are solving the fundamental trade-off between efficacy and safety in oncology by delivering conditionally active antibodies. You're not just buying a drug; you're buying a platform-the Dynamic Precision Library (DPL)-that promises a wider therapeutic index (the dose range between therapeutic effect and toxicity) than conventional biologics. This is a defintely a game-changer for difficult-to-treat cancers.

Novel, differentiated antibody therapeutics with improved safety profiles

Adagene's value starts with its proprietary technology platforms, notably NEObody™, SAFEbody®, and POWERbody™, which combine computational biology and artificial intelligence to design novel antibodies. The goal is to address the high toxicity that has historically limited the use of powerful immune checkpoint inhibitors like anti-CTLA-4 therapies. Their lead candidate, Muzastotug (ADG126), an anti-CTLA-4 SAFEbody, exemplifies this by targeting a unique epitope of CTLA-4 on regulatory T cells (Tregs) in the tumor microenvironment, which is a highly differentiated approach.

Here's the quick math on the financial side, which shows where the focus is:

Financial Metric (Six Months Ended June 30, 2025)	Amount (US$)	Context
Cash and Cash Equivalents	$62.8 million	Provides runway into 2027, extended by partnerships.
Net Loss	$13.5 million	Reduced from $17.0 million in H1 2024, showing cost control.
R&D Expenses	$12.0 million	An 18% decrease from H1 2024, reflecting prioritization on lead assets like ADG126.

Precision-masked antibodies that activate only in the tumor microenvironment

The SAFEbody® technology is the most critical value driver, using precision masking to shield the antibody's binding domain. This means the therapeutic is essentially inert until it encounters the unique environment of the tumor, where the mask is removed, and the drug becomes fully active. This conditional activation is what allows for a significantly wider therapeutic index, enabling higher dosing than standard therapies. For instance, the CEO noted that ADG126 was dosed 10 to 20 times higher than approved CTLA-4 inhibitors to drive the desired depletion of regulatory T-cells inside tumors.

Platform licensing offers partners access to next-generation antibody discovery

Adagene's technology is a valuable asset in its own right, leading to significant licensing and collaboration deals that validate the platform. This provides a crucial, non-dilutive revenue stream. You can see the clear market interest in this precision approach from the deals signed in 2025 alone:

• Third Arc Bio: Signed a November 2025 agreement for two masked CD3 T cell engagers, providing an upfront payment of $5 million and eligibility for up to $840 million in potential milestones.
• Sanofi: Made a strategic investment of up to $25 million in July 2025 and exercised an option for a third SAFEbody discovery program.
• Exelixis: Expanded their collaboration in September 2025 to develop a third novel masked antibody-drug conjugate (ADC). Adagene has received over $18 million in total from Exelixis to date.
• ConjugateBio: Partnered in July 2025 to develop novel antibody drug conjugates, leveraging Adagene's proprietary antibody.

Potential for best-in-class efficacy in oncology indications

The clinical data for ADG126 in combination with Merck's KEYTRUDA® (pembrolizumab) in microsatellite stable colorectal cancer (MSS CRC) is a strong value point. In the 10 mg/kg dose cohort, the median Overall Survival (mOS) was 19.4 months, which compares favorably to historical benchmarks for similar patient populations (like fruquintinib at 10.8 to 12.1 months). Furthermore, the confirmed Overall Response Rate (ORR) was 29% in MSS CRC patients. That's a powerful number in a tough-to-treat cancer. Enrollment for the Phase 2 trial is planned for the second half of 2025, following alignment with the FDA on the Phase 2 and Phase 3 trial design elements.

Reduced systemic toxicity compared to conventional biologics

This is where the rubber meets the road for patient benefit and commercial viability. The conditional activation of SAFEbody® technology dramatically reduces on-target off-tumor toxicity. In the ADG126 Phase 1b/2 study, Grade 3 treatment-related adverse events (TRAEs) were observed in less than 20% of patients, even at the high 20 mg/kg dose. This low toxicity profile is what allows the higher dosing, which in turn drives better efficacy, creating a truly wide therapeutic window. The data suggests the power of CTLA-4 inhibition can be harnessed much more safely with their approach.

Adagene Inc. (ADAG) - Canvas Business Model: Customer Relationships

Adagene Inc.'s customer relationships are built on deep, high-value partnerships with major pharmaceutical companies, rigorous regulatory engagement, and transparent scientific communication. You can see this isn't a volume business; it's about securing a few critical, long-term relationships that validate the proprietary technology and provide non-dilutive funding.

High-touch, dedicated business development for strategic pharma partners

The core of Adagene's revenue model relies on securing and expanding strategic collaborations, which requires a highly personalized, dedicated business development approach. These relationships are the primary mechanism for monetizing their Dynamic Precision Library (DPL) platform, which includes the SAFEbody® precision masking technology.

The financial success of this relationship model is evident in the 2025 deal flow:

• Third Arc Bio Licensing: Announced in November 2025, this deal for two masked CD3 T cell engagers included an upfront payment of $5 million. Adagene is eligible to receive up to $840 million in development and commercial milestones, plus royalties.
• Sanofi Strategic Investment: In July 2025, Sanofi agreed to a strategic investment of up to $25 million, which helps extend Adagene's cash runway into 2027. This investment also included an option exercise for a third SAFEbody discovery program.
• Exelixis Expansion: The SAFEbody collaboration was expanded in September 2025 to develop a third novel masked Antibody-Drug Conjugate (ADC). Adagene has received over $18 million in total from Exelixis to date from this partnership.
• Merck (KEYTRUDA®): The ongoing clinical collaboration for the ADG126 (muzastotug) program is a key relationship, providing a supply of Merck's anti-PD-1 therapy, KEYTRUDA® (pembrolizumab), for their combination trials.

This is defintely a white-glove service model, focused on co-development and technology licensing, not transactional sales.

Professional, transparent communication with regulatory agencies

For a clinical-stage biotech, the relationship with regulatory bodies like the U.S. Food and Drug Administration (FDA) is paramount. It determines the speed and cost of getting a drug to market. Adagene's approach here is professional and highly transparent, aiming for early alignment to de-risk the development pathway.

A major milestone in 2025 was the productive Type B (End of Phase 1) meeting with the FDA in July.

Here's the quick math on the ADG126 Phase 2 trial design they agreed on:

Trial Element	FDA Alignment Outcome (July 2025)
Drug/Indication	muzastotug (ADG126) + KEYTRUDA® in MSS CRC
Phase 2 Patient Enrollment	Approximately 30 patients in each arm
Phase 2 Dosing Arms	Randomized to either 10 mg/kg or 20 mg/kg of ADG126
Monotherapy Arm Requirement	Not required in the Phase 2 or pivotal Phase 3 study
Phase 2 Enrollment Start	Planned for the second half of 2025

Gaining this alignment removes a significant regulatory hurdle, giving investors and partners a clear line of sight to a potential registrational trial.

Scientific engagement via publications and conference presentations

Adagene uses scientific forums as a primary communication channel to validate its platform and pipeline data to the medical community, which in turn drives partner interest and KOL support. This is a scientific marketing strategy.

Key 2025 data presentations:

• 2025 American Society of Clinical Oncology (ASCO) Annual Meeting: Presented updated Phase 1b/2 data for ADG126. The data showed a median Overall Survival (mOS) of 19.4 months in the 10 mg/kg dose cohort for MSS CRC patients without liver metastasis, comparing favorably to historical benchmarks.
• 2025 Chinese Society of Clinical Oncology (CSCO) Meeting: ADG126 was the subject of two oral presentations in September 2025.
• Jefferies Global Healthcare Conference 2025: Presented corporate and pipeline updates to a financial audience in May 2025.

Investor relations for capital market confidence and funding

The Investor Relations function is crucial for a clinical-stage company with limited commercial revenue (Trailing 12-month revenue of $103K as of June 30, 2025). The goal is to maintain capital market confidence to support a market capitalization of around $91.9 million (as of June 30, 2025) and secure future funding.

The July 2025 Sanofi investment of up to $25 million was a major IR win, directly addressing cash runway concerns. The company reported a net loss of $13.5 million for the first six months of 2025, which underscores the need for continuous, positive communication on clinical and partnership progress to offset R&D expenses of $12.0 million for the same period. They also recently appointed a Chief Strategy Officer and an Executive Advisor in 2025 to strengthen strategic planning and external business development, which is a direct investment in the investor relationship.

Direct communication with key opinion leaders (KOLs)

KOLs are the medical community's influencers. Adagene engages them directly to drive adoption and credibility for their clinical programs, using a personal, scientific advisory model.

This is managed through:

• Advisory Appointments: Appointing industry veterans like John Maraganore, Ph.D., as Executive Advisor in April 2025 to provide strategic guidance.
• Scientific Advisory Board (SAB) Engagement: Utilizing SAB members, such as Dr. Lenz, who serve as unpaid members and are key presenters of clinical data at major conferences like CSCO.
• Clinical Trial Design: Working with leading investigators to design and execute trials like the Phase 2 study of ADG126, which is enrolling approximately 60 patients in total.

These relationships ensure the clinical data is interpreted and disseminated by the most trusted voices in oncology.

Adagene Inc. (ADAG) - Canvas Business Model: Channels

You're looking at Adagene Inc., and what you see is a biotech company that uses its channel strategy to validate its technology and bring in non-dilutive capital. Their channels are not traditional sales but strategic partnerships, scientific forums, and direct regulatory engagement. This approach is defintely working to de-risk the pipeline and extend their cash runway.

Direct out-licensing agreements with major pharmaceutical firms

Adagene's primary commercial channel is the direct out-licensing of its proprietary SAFEbody® (precision masking technology) platform and pipeline assets to major pharmaceutical and biotech partners. This strategy translates their scientific innovation directly into revenue, mostly through upfront payments and milestone fees. These deals are crucial because they validate the platform and provide significant capital to fund internal research.

For example, in a deal announced on November 13, 2025, Adagene licensed its SAFEbody technology to Third Arc Bio for developing masked CD3 T cell engagers. This single deal included an upfront payment of $5 million, plus eligibility for up to $840 million in potential development and commercial milestones, and royalties on eventual sales. The company also has an ongoing, multi-program collaboration with Exelixis, from which Adagene has received over $18 million in total payments to date, under a technology license agreement.

Key partnerships and their 2025 financial channel impact include:

• Sanofi: Strategic investment of up to $25 million announced in July 2025, plus an option exercise fee and potential milestones for a third SAFEbody discovery program.
• Third Arc Bio: $5 million upfront payment in November 2025 for SAFEbody licensing.
• Exelixis: Collaboration expanded in September 2025 to a third novel masked Antibody-Drug Conjugate (ADC) candidate.
• ConjugateBio: Partnering agreement established in July 2025 for novel ADC development.

Scientific and medical conferences for data presentation

Scientific conferences are a critical channel for Adagene to build credibility and attract new partners by showcasing compelling clinical data. It's where the market sees the 'proof of concept' for their technology. The data presented at these forums is a direct communication channel to the global oncology community.

The 2025 American Society of Clinical Oncology (ASCO) Annual Meeting was a key channel, where Adagene presented Phase 1b/2 data for its lead asset, ADG126 (muzastotug), in combination with Merck's KEYTRUDA® (pembrolizumab) for microsatellite stable colorectal cancer (MSS CRC). The results showed a median Overall Survival (mOS) of 19.4 months in the 10 mg/kg cohorts, which is a significant clinical benchmark.

Other major scientific channel activities in 2025 included:

• 2025 Chinese Society of Clinical Oncology (CSCO) Meeting: ADG126 data was highlighted in two oral presentations in September 2025.
• Immuno-Oncology 360⁰ Summit 2025: Used to disseminate platform and pipeline updates to a specialized audience.

Direct interaction with regulatory agencies for Investigational New Drug (IND) and Biologics License Application (BLA) submissions

The regulatory channel is where the clinical strategy gets validated and the path to market is defined. In July 2025, Adagene announced key outcomes from its Type B (End of Phase 1) meeting with the U.S. Food and Drug Administration (FDA). This interaction provided alignment on the design elements for the upcoming Phase 2 and Phase 3 trials for ADG126 in MSS CRC.

The FDA agreed that the Phase 2 trial will randomize approximately 30 patients to either the 10 mg/kg or 20 mg/kg dose of ADG126 in combination with pembrolizumab, and crucially, an ADG126 monotherapy arm is not required. This alignment simplifies the path forward. Following this, the company announced on October 31, 2025, that the first patient had been dosed in the randomized dose optimization cohort of the Phase 2 study.

Investor roadshows and financial media for capital access

For a clinical-stage biotech, the investor relations channel is a primary source of funding. The company maintains a consistent presence at major financial conferences to communicate its clinical progress and financial stability directly to institutional investors and analysts. This is how they secure the capital needed to maintain operations.

The strategic investment of up to $25 million from Sanofi in July 2025 is the most concrete result of this channel activity, extending the company's cash runway into 2027. As of June 30, 2025, the company reported Cash and Cash Equivalents of $62.8 million.

Key investor engagement events in 2025 included:

• Leerink's Global Healthcare Conference 2025 (March).
• Jefferies Global Healthcare Conference 2025 (May).
• H.C. Wainwright 27th Annual Global Investment Conference (September).
• Morgan Stanley 23rd Annual Global Healthcare Conference (September).

Peer-reviewed journals for scientific validation

While peer-reviewed journal articles are the gold standard for scientific validation, in the fast-moving biotech space, major conference presentations often serve as the first public disclosure of pivotal data. Adagene uses its website and press releases to amplify the scientific data presented at major forums like ASCO, which serves as a highly credible, near-term validation channel for their technology platforms (SAFEbody®, NEObody™, and POWERbody™) and clinical candidates like ADG126.

The table below summarizes the 2025 financial and clinical impact delivered through Adagene's key channels:

Channel	2025 Key Partner/Activity	2025 Financial/Clinical Value	Notes
Direct Out-Licensing	Third Arc Bio Licensing Agreement	$5 million upfront, up to $840 million in milestones.	Licensed SAFEbody for two masked CD3 T cell engagers (Nov 2025).
Direct Out-Licensing	Sanofi Strategic Investment/Option	Up to $25 million strategic investment.	Exercised option for third SAFEbody program (July 2025).
Scientific Conferences	2025 ASCO Annual Meeting	ADG126 mOS of 19.4 months in MSS CRC (10 mg/kg cohorts).	Data presented for ADG126 + KEYTRUDA® combination.
Regulatory Agencies	FDA Type B Meeting	Alignment on Phase 2/3 trial design.	Eliminated requirement for ADG126 monotherapy arm in Phase 2.
Investor Roadshows	Cash and Cash Equivalents	$62.8 million as of June 30, 2025.	Excludes July 2025 Sanofi equity proceed.

Adagene Inc. (ADAG) - Canvas Business Model: Customer Segments

You're looking at Adagene Inc. and trying to figure out who actually pays the bills-or will eventually. For a clinical-stage biotech like this, the customer segments are dual: the immediate, revenue-generating partners and the eventual, life-saving end-users. This isn't a simple consumer business; it's a platform-driven, asset-light model where the big pharmaceutical companies are the primary, near-term paying customers for the technology, while patients and prescribers are the ultimate market.

The core value proposition, the SAFEbody precision masking technology (a proprietary system to shield the binding domain of a therapeutic antibody until it reaches the tumor microenvironment), is sold to Big Pharma. The clinical-stage drug candidates, like ADG126, are aimed squarely at the patient population.

Global pharmaceutical and biotechnology companies seeking novel assets

This segment is Adagene's most important source of current revenue and cash runway extension. They license Adagene's proprietary platform, like SAFEbody, to develop their own next-generation antibody-based therapies, essentially outsourcing the high-risk, early-stage engineering.

We saw this play out in 2025 with multiple high-value deals. The most recent was the November 2025 licensing agreement with Third Arc Bio, providing an upfront payment of US$5 million and eligibility for up to US$840 million in potential development and commercial milestones. This is how Adagene funds its own pipeline. Also in 2025, Sanofi made a strategic investment of up to US$25 million, helping to extend Adagene's cash runway into 2027. They are buying the platform, not the final drug (yet).

Here's the quick math on the major partnerships:

Partner	Collaboration Focus	Financial Value (Total Potential)	Status (2025)
Sanofi	SAFEbody platform licensing (monoclonal and bispecific candidates)	Up to US$2.5 billion in milestones + royalties	Strategic Investment of $25M in July 2025
Third Arc Bio	Masked CD3 T cell engagers (SAFEbody)	Up to US$840 million in milestones	Agreement announced November 2025
Exelixis	Masked Antibody-Drug Conjugates (ADCs)	Over US$18 million received to date	Ongoing technology license agreement

Patients with advanced solid tumors and hematological malignancies

The ultimate customer is the patient with an unmet medical need, specifically those with cancers that don't respond well to current immunotherapies. Adagene's lead asset, ADG126 (muzastotug), is focused on advanced solid tumors, particularly microsatellite stable colorectal cancer (MSS CRC). This is a patient population that historically sees little benefit from checkpoint inhibitors.

The clinical data is the proof point for this segment. At the 2025 American Society of Clinical Oncology (ASCO) Annual Meeting, Adagene presented Phase 1b/2 data showing a median Overall Survival (mOS) of 19.4 months in the 10 mg/kg cohort of MSS CRC patients free of liver metastasis. That's a defintely compelling number, comparing favorably to historical benchmarks of 10.8 months to 12.1 months. The confirmed Overall Response Rate (ORR) in MSS CRC was 29%. The company is also exploring other advanced solid tumors via a Phase 1b/2 trial with Sanofi, enrolling over 100 patients.

Oncologists and specialists who prescribe novel treatments

These are the key decision-makers who will ultimately adopt the therapy. Their primary concerns are efficacy and safety, especially tolerability at high doses. The unique selling point for them is the improved therapeutic index (the balance between efficacy and toxicity) achieved through the SAFEbody technology.

What matters to oncologists is that ADG126, an anti-CTLA-4 antibody, can be dosed 10 to 20 times higher than approved CTLA-4 inhibitors, yet still show Grade 3 treatment-related adverse events of less than 20%. They want to see:

• High efficacy (19.4 months mOS in a tough-to-treat population).
• Manageable toxicity (Grade 3 adverse events below 20%).
• Regulatory clarity (FDA alignment on Phase 2/3 design).

Institutional investors focused on high-growth biotech

As a publicly traded company on Nasdaq (ADAG), Adagene's investors are a critical customer segment, providing the capital needed to survive the long, expensive clinical development cycle. They are buying equity, driven by the platform's potential and the near-term clinical data.

As of November 2025, the company's market capitalization stands at approximately $83.42 million. Their investment decision is heavily influenced by the burn rate and cash position. The net loss attributable to shareholders for the six months ended June 30, 2025, was US$13.5 million, with R&D expenses at US$12.0 million for the same period. The Sanofi investment and licensing deals are what keep this segment engaged, as they de-risk the financial picture.

Regulatory authorities (FDA, EMA, NMPA) as key stakeholders

While not a paying customer, the regulatory bodies are a critical stakeholder whose approval is required to commercialize the product. Adagene's business model depends entirely on successfully navigating the clinical and regulatory pathway.

The company gained alignment with the United States Food and Drug Administration (FDA) in the second half of 2025 on the design elements for its upcoming Phase 2 and Phase 3 trials for ADG126 in MSS CRC. This alignment, specifically on the inclusion/exclusion criteria and the use of a standard-of-care control arm, is a major de-risking event that directly impacts the value proposition for all other customer segments.

Adagene Inc. (ADAG) - Canvas Business Model: Cost Structure

You're looking at Adagene Inc.'s cost structure, and the immediate takeaway is that this is a classic clinical-stage biotech profile: costs are overwhelmingly concentrated in Research and Development (R&D), and they are variable based on clinical trial progress. The company is in a capital-intensive phase, but recent cost-control measures and strategic partnerships have kept the burn rate lower than some might expect.

Based on the first half of 2025 (H1 2025) financial results, Adagene's total operating expenses are trending toward approximately $31.4 million for the full year, a figure dominated by R&D spending. This is a significant expense, but far below the multi-hundred-million-dollar outlays seen in late-stage Phase 3 trials, which is the next major financial hurdle.

High R&D expenses, including clinical trial costs, estimated at over $100 million for 2025

The core of Adagene's cost structure is its R&D expenditure, reflecting its focus on advancing its pipeline, particularly the lead candidate, Muzastotug (ADG126). For the six months ended June 30, 2025, the company reported R&D expenses of $12.0 million. This figure was actually an 18% decrease compared to the same period in 2024, a result of a strategic focus on prioritizing ADG126.

If this spending rate were to continue at a steady pace, the full-year 2025 R&D expense would be approximately $24.0 million. However, this projection is a defintely conservative one. The company is planning to begin enrollment for the Phase 2 trial of ADG126 in the second half of 2025, which will inherently drive costs up. The R&D budget covers all clinical trial costs, including contract research organization (CRO) fees, investigator fees, and patient-related expenses. The true, long-term cost of bringing a drug through Phase 2 and Phase 3 is what makes the industry so capital-intensive.

Personnel costs for highly specialized scientific and clinical staff

A substantial portion of both R&D and General and Administrative (G&A) expenses is dedicated to personnel, especially the highly specialized scientists, clinical development experts, and regulatory affairs staff. These are the people who run the trials and manage the intellectual property (IP). You can see the compensation element clearly in the non-cash expenses.

Here's the quick math on one key component: The difference between the GAAP Net Loss and the Non-GAAP Net Loss for H1 2025 was $2.1 million (GAAP Net Loss of $13.5 million minus Non-GAAP Net Loss of $11.4 million), which is primarily attributable to share-based compensation expenses. This non-cash expense is a critical part of compensating key talent in a pre-revenue biotech, essentially conserving cash while still offering competitive, equity-linked compensation.

Intellectual property maintenance and litigation fees

As a platform-driven company utilizing proprietary technologies like SAFEbody®, Adagene incurs significant, ongoing costs to secure and defend its intellectual property (IP). These costs are critical to protecting the long-term value proposition. While specific figures for IP maintenance and litigation are not broken out in the H1 2025 results, they are an expected and necessary overhead, typically falling under G&A.

The company's financial risk disclosures consistently highlight the need to 'obtain and maintain protection of intellectual property for its technology and drugs,' confirming this is a material, non-negotiable cost of doing business.

Manufacturing costs for clinical trial materials

Manufacturing costs for clinical trial materials are another major component embedded within the total R&D expense. For a clinical-stage company, this involves the costly production of the drug substance (ADG126, for instance) under Good Manufacturing Practice (GMP) standards for use in human trials. This is a variable cost tied directly to the scale and duration of the clinical studies.

The company's commitment to supply Muzastotug (ADG126) to Sanofi for their Phase 1b/2 combination trial is a clear indicator of this manufacturing cost burden, even if the trial itself is sponsored by the partner. Adagene must maintain a robust and compliant supply chain to keep its pipeline moving.

General and administrative (G&A) overhead

G&A costs are the fixed expenses of running the business outside of R&D. These include executive salaries, legal, accounting, investor relations, and office-related expenses. Adagene has shown a commitment to cost control here.

For the six months ended June 30, 2025, Administrative Expenses were $3.7 million, a slight increase from $3.6 million in the same period in 2024. Projecting this for the full year suggests a G&A overhead of approximately $7.4 million. This is a lean overhead, supported by prior year actions like a 'reduction in personnel and in office-related expenses as a result of cost-control measures.'

Here is a summary of the 2025 Cost Structure components based on H1 2025 actuals and projections:

Cost Component	H1 2025 Actual (US$ Million)	Full-Year 2025 Projection (US$ Million)	Key Drivers
Research & Development (R&D) Expenses	$12.0	~$24.0 (Extrapolated)	Clinical trial costs (ADG126 Phase 2 enrollment in 2H 2025), manufacturing of clinical materials, and scientific personnel salaries.
Administrative (G&A) Expenses	$3.7	~$7.4 (Extrapolated)	General overhead, executive salaries, legal, and accounting fees.
Share-Based Compensation (Non-Cash)	~$2.1 (Embedded in R&D/G&A)	~$4.2 (Extrapolated)	Compensation for specialized scientific and clinical staff to conserve cash.
Total Operating Expenses	$15.7 (Loss from Operations)	~$31.4 (Extrapolated)	The total cash burn before non-operating income/expense.

Adagene Inc. (ADAG) - Canvas Business Model: Revenue Streams

Adagene Inc.'s revenue model is that of a clinical-stage biotechnology company, meaning its current income is almost entirely derived from monetizing its proprietary technology platforms, primarily the SAFEbody precision masking technology, through strategic licensing and collaboration deals, not from product sales.

The company's revenue in the near-term is highly volatile and dependent on the timing of non-recurring payments. For instance, the Trailing Twelve Month (TTM) revenue as of June 30, 2025, was only $103K (or $0.1 Million USD), but a single, recent deal will dramatically increase the Q4 2025 figure.

Upfront payments and milestone payments from licensing agreements

The most immediate and significant revenue source comes from upfront payments and development milestones paid by large pharmaceutical partners to access Adagene's technology. This is the lifeblood of a platform-driven biotech before product commercialization. These payments are tied to signing the deal or achieving specific research and clinical development goals, like moving a candidate into a new trial phase.

A recent example is the November 2025 licensing agreement with Third Arc Bio, which immediately secured an upfront payment of $5 million. This single payment is over 48 times the TTM revenue reported just a few months prior. Beyond this initial cash, the deal structure includes potential development and commercial-based milestones of up to $840 million if all conditions are met.

Other major deals contribute to this revenue stream as well:

• Exelixis: Adagene has received over $18 million in total to date from Exelixis Inc., covering upfront and milestone payments under a technology license agreement for masked antibody-drug conjugate candidates.
• Sanofi: The 2022 partnership with Sanofi included an upfront payment of $17.5 million for the initial two programs and a total potential milestone value of up to $2.5 billion. In July 2025, Sanofi exercised an option for a third SAFEbody program, which triggered an undisclosed option exercise fee, further boosting Q3 revenue.

Potential future royalties on net sales of partnered products

While not a current revenue stream, the long-term financial upside is anchored in royalties. All major licensing deals include tiered royalties on end-user sales of the partnered products, which will materialize if and when the candidates receive regulatory approval and are commercialized by the partner.

The Third Arc Bio agreement, for example, explicitly includes royalties on end-user sales, in addition to the upfront and milestone payments. This model allows Adagene to benefit from the commercial success of a drug without incurring the massive costs of late-stage clinical trials, manufacturing, and commercial infrastructure outside of its retained rights.

Platform technology access fees from strategic collaborations

The entire licensing revenue is fundamentally an access fee for Adagene's proprietary platforms, which include SAFEbody, NEObody, and POWERbody technologies. These platforms, which combine computational biology and artificial intelligence (AI) to design novel antibodies, are the core value proposition. The fees are structured as follows:

Partner	Technology Access/Licensing Fee Structure	Potential Total Value
Third Arc Bio	$5 million upfront + Milestones	Up to $840 million (plus royalties)
Sanofi	$17.5 million upfront (initial deal) + Option Exercise Fees + Milestones	Up to $2.5 billion (plus royalties)
Exelixis	Upfront + Milestones	Over $18 million received to date (plus royalties)

The July 2025 partnership with ConjugateBio, where Adagene provides a proprietary antibody for use in bispecific ADC development programs, also falls under this platform access model. This approach transfers significant development risk to the partner while preserving substantial financial upside for Adagene.

Potential future direct product sales revenue (post-approval)

As a clinical-stage company, Adagene has no current direct product sales. This will change only upon regulatory approval of its wholly-owned pipeline candidates. The most advanced candidate is Muzastotug (ADG126), a masked anti-CTLA-4 SAFEbody, which is currently aligning with the FDA on Phase 2 and Phase 3 trial designs. Adagene retains worldwide commercial rights to Muzastotug. This is the long-term, multi-billion-dollar revenue opportunity, but it is still years away and carries significant clinical risk. Enrollment for the Phase 2 trial is expected to begin in the second half of 2025.

Government grants and tax incentives for R&D activities

While not strictly sales revenue, government support provides a critical non-dilutive financial benefit. Adagene's Chinese subsidiaries benefit from preferential tax treatments aimed at encouraging research and development (R&D) activities. Specifically, the company is eligible for a reduced Enterprise Income Tax rate of 15% as a 'technologically advanced service enterprise,' a significant reduction from the statutory rate of 25%. This effectively reduces the cost of R&D, extending the cash runway. The company also reports a small amount of Other income, net, which was $63,436 for the six months ended June 30, 2025, a category that often includes minor government grants or subsidies.