Adagene
Adagene is a clinical-stage immuno-oncology company developing proprietary antibody therapeutics using its AI-enabled Dynamic Precision Library platform across SAFEbody, NEObody, and POWERbody technologies. Its lead asset muzastotug targets CTLA-4 in MSS colorectal cancer and hepatocellular carcinoma under FDA Fast Track designation.
- Company typePublic
- Founded2011
- HeadquartersSuzhou, China
- Headcount51–100
- GTM typeB2B
- OfferingHardware or Manufacturing
What Adagene does
Adagene Inc. is a clinical-stage immuno-oncology company developing proprietary antibody-based therapeutics using its Dynamic Precision Library (DPL) discovery platform, which combines computational biology and AI. The platform is organized around three technology pillars: NEObody, which targets unique epitopes with novel mechanisms of action; SAFEbody, which applies precision masking for tumor-microenvironment-localized activation to reduce on-target off-tumor toxicity; and POWERbody, which combines bispecific T-cell engager functionality with the same masking approach. Founded in November 2011 by Peter Luo, the company is headquartered in Suzhou, China with a regional presence in San Diego, and has been listed on Nasdaq under ticker ADAG since its February 2021 IPO.
The clinical pipeline is led by muzastotug (ADG126), a masked anti-CTLA-4 SAFEbody in Phase 1b/2 development for microsatellite stable (MSS) colorectal cancer and hepatocellular carcinoma, supported by FDA Fast Track designation in MSS mCRC. Additional clinical-stage programs include ADG116 (NEObody CTLA-4 antagonist), ADG106 (CD137 agonist), ADG206 (POWERbody anti-CD137), and ADG104 (anti-PD-L1 in China trials), with preclinical assets ADG153, ADG138, and ADG152 extending the platform into masked CD47, HER2xCD3, and CD20xCD3 programs. Reported clinical signals include a 66.7% overall response rate for muzastotug combination therapy in HCC versus 32.5% for standard atezolizumab and bevacizumab, and a 31% confirmed ORR in late-line MSS colorectal cancer.
Adagene is pre-commercial and generates revenue primarily through upfront payments, milestone payments, and strategic investments from global pharmaceutical partners, including Merck (pembrolizumab combinations), Sanofi ($25M strategic investment July 2025 plus program options), Incyte (April 2026 clinical collaboration), Exelixis (SAFEbody ADC license), Third Arc Bio (CD3 T-cell engager license with up to $840M in potential milestones), and ADC Therapeutics. As of December 31, 2025, the company held $74.5 million in cash with FY2025 net loss of $17.6 million, and following the April 2026 $70 million public offering, expects cash runway into early 2028.
Adagene firmographics
Firmographics- Name
- Adagene
- Legal name
- Adagene Inc.
- Website
- https://adagene.com
- Company type
- Public
- Founded year
- 2011
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- Adagene is a clinical-stage immuno-oncology company developing proprietary antibody therapeutics using its AI-enabled Dynamic Precision Library platform across SAFEbody, NEObody, and POWERbody technologies. Its lead asset muzastotug targets CTLA-4 in MSS colorectal cancer and hepatocellular carcinoma under FDA Fast Track designation.
- Ownership category
- akta.pro rank
Adagene industry classification
Industry- Product category
- Clinical-stage antibody therapeutics for immuno-oncology
- NAICS
- Research and Development in Biotechnology (except Nanobiotechnology) (541714), Scientific Research and Development Services (5417)
- SIC
- Biological Products, (No Disgnostic Substances) (2836), Services-Commercial Physical & Biological Research (8731)
- akta.pro primary industry
- Antibody Discovery & Engineering Platforms (display tech, bispecifics, Fc engineering) (HLAAAIAB)
- akta.pro secondary industries
- AI/ML-Enabled Biologic Discovery Platforms (computational design, in silico screening) (HLAAAIAE), Protein Engineering & Directed Evolution Platforms (enzyme/therapeutic protein optimization) (HLAAAIAC), Target Identification & Validation Platforms (omics-driven, chemoproteomics, genetic validation) (HLAAAIAI)
Keywords
Where Adagene is headquartered
LocationHeadquarters
- HQ city
- Suzhou
- HQ country
- China
- HQ region
- Asia
Offices2 records
Markets served
Adagene business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales, Supply Chain
Revenue model
- Collaboration and Licensing Revenue: Pre-revenue clinical-stage biotech company generating limited revenue from upfront payments, milestone payments, and research funding from strategic partnerships and licensing agreements with global pharmaceutical companies
- Strategic Investments: Company raises capital through public offerings and strategic investments to fund clinical development operations
Go-to-market motion1 record
Distribution channels1 record
Marketing channels4 records
Adagene product offering
Product offeringCore offering
Adagene is a clinical-stage biopharmaceutical company that develops antibody-based immunotherapies for cancer treatment. Its core offering centers on its Dynamic Precision Library (DPL) discovery engine—a proprietary platform combining computational biology and AI—along with three enabling antibody technologies (NEObody, SAFEbody, POWERbody) and a pipeline of preclinical and clinical-stage drug candidates targeting solid tumors and hematologic malignancies. The company monetizes these assets through licensing deals, upfront and milestone payments, royalties, and clinical collaborations with global pharmaceutical companies.
Product overview
Adagene is a clinical-stage oncology biotech company with a platform-driven approach to antibody discovery and development. The company's core offering consists of its Dynamic Precision Library (DPL) discovery platform, which encompasses three proprietary technology pillars: NEObody for novel epitope targeting, SAFEbody for precision masking and local activation, and POWERbody for empowered efficacy with tumor-selective activation. The company leverages computational biology and AI to drive its pipeline. The clinical portfolio includes lead program ADG126 (muzastotug), a masked anti-CTLA-4 SAFEbody in Phase 1b/2 for colorectal cancer and hepatocellular carcinoma; ADG116, a novel CTLA-4 NEObody; and ADG106, a CD137 agonist. Preclinical programs include ADG206 (POWERbody), ADG153 (anti-CD47 SAFEbody), ADG138 (HER2xCD3 POWERbody), and ADG152 (CD20xCD3 T-cell engager). The company has established global partnerships leveraging these technologies with Sanofi, Exelixis, Third Arc Bio, and clinical collaborations with Merck and Incyte.
Differentiator
Problem solved
Functional benefit
Brands
- NEObody: Technology platform targeting unique epitopes with novel mechanism of action
- SAFEbody
- POWERbody
- Dynamic Precision Library
Products and services
- Dynamic Precision Library (DPL)
Quantifiable outcome
- 66.7% overall response rate in hepatocellular carcinoma with muzastotug combination therapy vs 32.5% for standard atezolizumab and bevacizumab regimen
- +2 more outcomes
Companies that use Adagene
Customer profileSegments1 record
Ideal customer profiles2 records
Adagene technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Adagene partnerships and signals
Strategic signalPartnerships
Eight partnerships are on record, tiered core, major and minor.
- IncytecoreClinical collaboration to evaluate combination therapy pairing Adagene's masked anti-CTLA-4 antibody muzastotug with Incyte's bispecific antibody INCA33890 targeting TGFβR2 and PD-1 for microsatellite stable colorectal cancer. Phase 1 trial expected to begin in 2026, sponsored by Incyte.
- Merck (MSD)coreMultiple clinical trial collaborations evaluating Adagene's antibody candidates ADG116, ADG126, and ADG106 in combination with pembrolizumab (KEYTRUDA) across various solid tumors. Collaboration includes supply agreements and joint clinical development.
- Third Arc BiocoreLicensing agreement where Third Arc Bio utilizes Adagene's SAFEbody technology to develop two masked CD3 T cell engagers for tumor antigens. Adagene receives $5 million upfront and potential milestone payments up to $840 million plus royalties. Adagene retains options for certain Asian markets.
- ExelixismajorCollaboration and license agreement where Exelixis utilizes Adagene's SAFEbody technology to develop masked antibody-drug conjugates. $11 million upfront payment to Adagene with potential for two targets. Adagene eligible for development and commercialization milestones plus royalties on net sales.
- National Cancer Centre Singapore / National University Cancer Institute SingaporeminorClinical trial collaboration for Phase 1b/2 study of ADG106 in combination with nivolumab in patients with non-small cell lung cancer in Singapore.
- ADC TherapeuticsmajorLicense agreement for ADC Therapeutics to use Adagene's SAFEbody technology to generate masked antibodies combined with PBD cytotoxic payloads for novel ADC development against solid tumor target.
- National Heart, Lung, and Blood Institute (NIH)majorCollaboration with Dr. Richard Childs to discover antibodies targeting novel antigen expressed on tumor cells for CAR-T cell therapy development. Achieved milestone of discovering potentially first-ever antibodies targeting human endogenous retrovirus associated with renal cell carcinoma.
- WuXi BiologicscoreStrategic development and manufacturing partnership supporting supply of Adagene's products for clinical trials under IND applications in both China and United States. Enables Adagene to focus on core competency in antibody discovery.
Scale indicators6 records
Recent moves9 records
Expansion highlights7 records
Adagene competitors and assessment
Company assessmentDirect peers
- CytomX Therapeutics: CytomX develops Probody therapeutics, the most direct platform-level comparable to Adagene's SAFEbody technology, using masked/conditionally activated antibodies designed to reduce on-target off-tumor toxicity. Both companies target similar oncology indications including CTLA-4 and pursue similar platform-partnering strategies with big pharma.
- AbCellera: AbCellera operates an AI-powered antibody discovery platform that partners with pharmaceutical companies, paralleling Adagene's DPL platform model. Both companies use computational approaches to accelerate antibody discovery and pursue technology licensing and partnership business models.
- BioAtla: BioAtla develops Conditionally Active Biologics (CAB) antibodies that are activated preferentially in tumor microenvironment, directly comparable to Adagene's SAFEbody tumor-localized activation approach. Both companies focus on masked antibody technology for immuno-oncology applications.
- Compugen: Compugen is a clinical-stage immuno-oncology company using computational biology and AI for antibody and target discovery, paralleling Adagene's AI-powered DPL approach. Both companies focus on novel immuno-oncology targets and use computational platforms for antibody engineering.
- Shattuck Labs: Shattuck Labs (which merged with Werewolf Therapeutics in 2025) develops masked cytokine and immune agonist platforms (PREDATOR/INDUKINE), using conditional activation approaches directly analogous to Adagene's SAFEbody and POWERbody technologies for tumor-selective immunotherapy.
- Inhibrx Biosciences: Inhibrx develops multivalent and conditional biologics including masked antibody approaches for oncology. The company's sdAb-based platform for tumor-selective activation parallels Adagene's SAFEbody strategy of engineering conditional activity into antibody therapeutics.
Broad incumbents
- MacroGenics: MacroGenics develops Fc-optimized and bispecific antibodies (DART platform) for immuno-oncology. Comparable to Adagene's NEObody/POWERbody approach for CTLA-4 and other immuno-oncology targets, MacroGenics is a broader incumbent in engineered antibody therapeutics development.
- Zymeworks: Zymeworks develops bispecific and multifunctional antibody therapeutics using its Azymetric and Effector Function platforms. Comparable to Adagene's POWERbody bispecific T-cell engager approach, Zymeworks represents a broader incumbent in engineered antibody platform development.
- Xencor: Xencor develops the XmAb antibody engineering platform with bispecific and Fc-engineered antibodies. Notably, Adagene CEO Peter Luo was Xencor's first lead scientist in computational protein design, and Xencor represents an established platform-level peer in the broader antibody engineering space.
Emerging players
- Schrödinger: Schrödinger applies physics-based computational platform and AI to drug discovery across small molecules and biologics, with comparable AI-driven discovery philosophy to Adagene's DPL platform. While broader in modality, Schrödinger represents a peer in computational/AI-enabled therapeutic discovery.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Adagene social profiles
Digital presenceAdagene financial estimates
Financial estimateRevenue estimate
Valuation estimate
Adagene leadership team
Management profileNumber of profiles
Profiles13 records
Adagene funding detail
Funding detailFunding overview
Funding rounds8 records
Investors17 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Adagene M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Adagene
What does Adagene do?
Adagene is a clinical-stage biopharmaceutical company that develops antibody-based immunotherapies for cancer treatment. Its core offering centers on its Dynamic Precision Library (DPL) discovery engine—a proprietary platform combining computational biology and AI—along with three enabling antibody technologies (NEObody, SAFEbody, POWERbody) and a pipeline of preclinical and clinical-stage drug candidates targeting solid tumors and hematologic malignancies. The company monetizes these assets through licensing deals, upfront and milestone payments, royalties, and clinical collaborations with global pharmaceutical companies.
Is Adagene a public or private company?
Adagene is a public company. It is classified as public and is currently operating.
When was Adagene founded?
Adagene was founded in 2011. It employs 51 to 100 people.
Where is Adagene based?
Adagene is headquartered in Suzhou, China, in the Asia region.
How does Adagene make money?
Two revenue lines are on record. Collaboration and Licensing Revenue is the primary driver. The others are strategic Investments.
Who are Adagene's main competitors?
Direct peers on record are CytomX Therapeutics, AbCellera, BioAtla, Compugen, Shattuck Labs and Inhibrx Biosciences. Broad incumbents are MacroGenics, Zymeworks and Xencor. Schrödinger is listed as an emerging player.
Does Adagene have an API?
No public API is recorded for Adagene.
What industry is Adagene in?
Adagene's product category is Clinical-stage antibody therapeutics for immuno-oncology. Its primary akta.pro industry code is HLAAAIAB, Antibody Discovery & Engineering Platforms (display tech, bispecifics, Fc engineering), with a secondary code of HLAAAIAE, AI/ML-Enabled Biologic Discovery Platforms (computational design, in silico screening). Its NAICS code is 541714 and its SIC code is 2836.