Adagene Reports Full Year 2024 Financial Results and Provides Corporate Update

Core Insights - Adagene Inc. reported a 33% overall response rate in its Phase 2 dose expansion study for muzastotug (ADG126) in microsatellite stable colorectal cancer (MSS CRC) with a 20 mg/kg loading dose regimen, including four confirmed partial responses [1][4] - The company has a cash balance of $85.2 million, which is expected to fund operations into late 2026 [1][9] - Adagene's SAFEbody technology is designed to enhance the safety profile and therapeutic index of antibody-based therapies, particularly in combination with existing treatments like pembrolizumab [2][25] Clinical Development - The clinical data generated in 2024 with ADG126 supports the expansion of studies to include earlier lines of therapy and patients with liver metastases, who have historically benefited little from checkpoint inhibitors [2] - ADG126 is currently in Phase 1b/2 clinical studies in combination with pembrolizumab, showing good tolerability and a low discontinuation rate of 6$0.1 million, a significant decrease from $18.1 million in 2023 [14] - Research and development expenses decreased by approximately 21$28.8 million in 2024, reflecting a focus on the ADG126 program [15] - The net loss attributable to shareholders was $33.4 million for 2024, compared to$18.9 million in 2023 [18] Collaborations and Partnerships - Adagene has ongoing collaborations with Exelixis, Sanofi, and Roche, which include milestone payments and the development of novel antibody-drug conjugates and SAFEbody candidates [6][7][8] - The collaboration with Exelixis has resulted in over $18 million in total payments to date [6] Pipeline Highlights - ADG138, another SAFEbody engineered T cell engager targeting HER2, is IND-ready and has shown a wide therapeutic window in preclinical models [3] - ADG152, targeting CD20, is in the IND-enabling phase and is designed to minimize cytokine release syndrome [5]