Core Viewpoint - Tianyan Pharmaceuticals (ADAG) is a biopharmaceutical company focused on developing innovative cancer immunotherapies based on original antibodies, utilizing a powerful platform that combines computational biology and artificial intelligence [1]. Financial Performance - As of December 31, 2024, Tianyan Pharmaceuticals reported total revenue of $103,200, a year-over-year decrease of 99.43% [1]. - The company recorded a net profit attributable to shareholders of -$33,424,100, reflecting a year-over-year decline of 76.41% [1]. Company Overview - Tianyan Pharmaceuticals is a platform-driven biopharmaceutical company in the clinical product development stage, dedicated to discovering and developing new cancer immunotherapies [1]. - The company’s antibody discovery engine, known as the "Dynamic Precision Library," is advancing the development of its product pipeline, aiming to create potentially innovative or best-in-class products globally [1].

财务数据显示，截至2024年12月31日，天演药业收入总额10.32万美元，同比减少99.43%；归母净利 润-3342.41万美元，同比减少76.41%。 资料显示，天演药业公司(纳斯达克股票代码:ADAG)是平台驱动并拥有自主平台产出的临床产品开发阶 段的生物制药公司,公司致力于发现并开发以原创抗体为基石的新型癌症免疫疗法。借助计算生物学和 人工智能相结合的强大平台,公司研制出高安全性和有效性的新型抗体,为更多癌症患者带来了福音。公 司的抗体发现引擎——"动态精准抗体库"(Dynamic Precision Library),正在推动天演药业的产品管线开发, 致力于打造潜在的全球创新或同类最佳型产品。 本文源自：金融界 8月14日，天演药业(ADAG)盘中上涨20.61%，截至21:52，报1.99美元/股，成交9516.0美元，总市值 9379.12万美元。 作者：行情君 ...

本文源自：金融界 作者：行情君 财务数据显示，截至2024年12月31日，天演药业收入总额10.32万美元，同比减少99.43%；归母净利 润-3342.41万美元，同比减少76.41%。 资料显示，天演药业公司(纳斯达克股票代码:ADAG)是平台驱动并拥有自主平台产出的临床产品开发阶 段的生物制药公司,公司致力于发现并开发以原创抗体为基石的新型癌症免疫疗法。借助计算生物学和 人工智能相结合的强大平台,公司研制出高安全性和有效性的新型抗体,为更多癌症患者带来了福音。公 司的抗体发现引擎——"动态精准抗体库"(Dynamic Precision Library),正在推动天演药业的产品管线开发, 致力于打造潜在的全球创新或同类最佳型产品。 8月13日，天演药业(ADAG)盘中上涨10.47%，截至21:51，报2.11美元/股，成交1.46万美元，总市值 9944.70万美元。 ...

Core Viewpoint - Tianyan Pharmaceuticals (ADAG) is a biopharmaceutical company focused on developing innovative cancer immunotherapies based on original antibodies, utilizing a powerful platform that combines computational biology and artificial intelligence [1]. Financial Performance - As of December 31, 2024, Tianyan Pharmaceuticals reported total revenue of $103,200, a year-over-year decrease of 99.43% [1]. - The company recorded a net profit attributable to shareholders of -$33,424,100, reflecting a year-over-year decline of 76.41% [1]. Company Overview - Tianyan Pharmaceuticals is a platform-driven biopharmaceutical company in the clinical product development stage, dedicated to discovering and developing new cancer immunotherapies [1]. - The company’s antibody discovery engine, known as the "Dynamic Precision Library," is advancing the development of its product pipeline, aiming to create potentially innovative or best-in-class products globally [1].

Group 1 - The top five Chinese concept stocks that experienced the largest declines in closing prices are Mint, e家快服, 健永生技, AirNet Technology, and 天演药业, with declines of 33.18%, 21.15%, 18.46%, 17.77%, and 16.59% respectively [1] - Mint's latest price is 5.660, with a drop of 2.810 and a trading volume of 17.6069 million [1] - e家快服's latest price is 1.100, with a decrease of 0.295 and a trading volume of 514.7 thousand [1] - 健永生技's latest price is 40.410, with a decline of 9.150 and a trading volume of 13.7547 million [1] - AirNet Technology's latest price is 2.800, with a drop of 0.605 and a trading volume of 196.45 thousand [1] - 天演药业's latest price is 1.910, with a decrease of 0.380 and a trading volume of 33.98 thousand [1]

Table of Contents Exhibit 99.2 ADAGENE INC. INDEX TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | Unaudited Interim Condensed Consolidated Financial Statements | PAGES | | --- | --- | | Unaudited Interim Condensed Consolidated Balance Sheets as of December 31, 2024 and June 30, 2025 | F-2 | | Unaudited Interim Condensed Consolidated Statements of Comprehensive Loss for the Six Months Ended | | | June 30, 2024 and 2025 | F-3 | | Unaudited Interim Condensed Consolidated Statements of Ch ...

Core Insights - Adagene's ADG126 shows promising results in Phase 1b/2 trials for microsatellite stable colorectal cancer (MSS CRC), with a median overall survival (mOS) of 19.4 months for the 10 mg/kg dose cohort, outperforming historical benchmarks [1][4] - The company has aligned with the FDA on the design elements for Phase 2 and Phase 3 trials, with patient enrollment expected to begin in the second half of 2025 [1][5] - Sanofi has made a strategic investment of up to US$25 million in Adagene, extending the company's cash runway into 2027 [1][6] Pipeline Highlights - ADG126 demonstrated a 29% confirmed overall response rate (ORR) in MSS CRC patients, with less than 20% of patients experiencing Grade 3 treatment-related adverse events [4][5] - The 20 mg/kg cohort's mOS has not yet been reached, indicating ongoing potential for further positive outcomes [1][4] - Adagene plans to evaluate ADG126 in combination with Merck's KEYTRUDA in a Phase 1b/2 trial involving over 100 patients [6][7] Corporate Updates - Adagene has strengthened its leadership team with key appointments, including John Maraganore as Executive Advisor and Mickael Chane-Du as Chief Strategy Officer [10] - The company has entered into a partnership with ConjugateBio to develop novel antibody-drug conjugates [9] Financial Highlights - As of June 30, 2025, Adagene reported cash and cash equivalents of US$62.8 million, down from US$85.2 million at the end of 2024 [11] - Research and development expenses decreased by approximately 18% to US$12.0 million for the first half of 2025 compared to US$14.7 million in the same period of 2024 [12] - The net loss attributable to shareholders was US$13.5 million for the first half of 2025, an improvement from US$17.0 million in the same period of 2024 [14]

Core Viewpoint - Tianyan Pharmaceuticals (ADAG) has experienced a significant stock price increase of 11.52%, reaching $2.42 per share, with a total market capitalization of $114 million, despite facing a substantial decline in revenue and net profit [1]. Financial Performance - As of December 31, 2024, Tianyan Pharmaceuticals reported total revenue of $103,200, a year-over-year decrease of 99.43% [1]. - The company recorded a net loss attributable to shareholders of $33.4241 million, representing a 76.41% decrease compared to the previous year [1]. Company Overview - Tianyan Pharmaceuticals is a biopharmaceutical company focused on the development of clinical products driven by its proprietary platform, specializing in innovative cancer immunotherapies based on original antibodies [1]. - The company utilizes a powerful platform that combines computational biology and artificial intelligence to develop new antibodies with high safety and efficacy, aiming to benefit more cancer patients [1]. - The company's antibody discovery engine, known as the "Dynamic Precision Library," is advancing the development of its product pipeline, with the goal of creating potentially innovative or best-in-class products globally [1].

资料显示，天演药业公司(纳斯达克股票代码:ADAG)是平台驱动并拥有自主平台产出的临床产品开发阶 段的生物制药公司,公司致力于发现并开发以原创抗体为基石的新型癌症免疫疗法。借助计算生物学和 人工智能相结合的强大平台,公司研制出高安全性和有效性的新型抗体,为更多癌症患者带来了福音。公 司的抗体发现引擎——"动态精准抗体库"(Dynamic Precision Library),正在推动天演药业的产品管线开发, 致力于打造潜在的全球创新或同类最佳型产品。 本文源自：金融界 8月11日，天演药业(ADAG)开盘上涨4.61%，截至21:30，报2.27美元/股，成交9329.0美元，总市值1.07 亿美元。 财务数据显示，截至2024年12月31日，天演药业收入总额10.32万美元，同比减少99.43%；归母净利 润-3342.41万美元，同比减少76.41%。 作者：行情君 ...

Core Insights - Tianyan Pharmaceutical (ADAG) experienced a stock price increase of 2.82%, reaching $2.241 per share with a total market capitalization of $106 million as of August 8 [1] - The company's financial data indicates a total revenue of $103,200 as of December 31, 2024, representing a year-over-year decrease of 99.43%, while the net profit attributable to shareholders was -$33.4241 million, a decline of 76.41% year-over-year [1] Company Overview - Tianyan Pharmaceutical is a platform-driven biopharmaceutical company focused on the development of clinical products, particularly in the field of cancer immunotherapy based on original antibodies [1] - The company utilizes a powerful platform that combines computational biology and artificial intelligence to develop new antibodies with high safety and efficacy, aiming to provide solutions for cancer patients [1] - The company's antibody discovery engine, known as the "Dynamic Precision Library," is driving the development of its product pipeline, with the goal of creating potentially innovative or best-in-class products globally [1]