Adagene, Inc. · NASDAQ:ADAG
Adagene — Investor Presentation (September 2026)
34 slides from Adagene's investor presentation, September 2026
Slide 1: Redefining the design and discovery of therapeutic antibodies
Sep 2026 Redefining the design and discovery of therapeutic antibodies
Slide 2: Disclaimer and Cautionary Note on Forward-Looking Statements
Disclaimer and Cautionary Note on Forward-Looking Statements The following presentation has been prepared by Adagene Inc. (“Adagene” or the “Company”) solely for informational purposes and should not be construed to be, directly or indirectly, in whole or in part, an offer to buy or sell and/or an i
Slide 3: Company Highlights
Company Highlights - ADG126 (Muzastotug): is a novel anti-CTLA-4 leveraging our proprietary masking Potential best-in-class technology, with FDA Fast Track Designation anti-CTLA-4 with - Positive interim efficacy results with minimal discontinuations in late-stage MSS blockbuster opportunity colorec
Slide 4: Adagene Pipeline – Overcoming Complex Target Challenges, Featuring Masked Anti-CTLA-4 as Lead Program
Adagene Pipeline – Overcoming Complex Target Challenges, Featuring Masked Anti-CTLA-4 as Lead Program © 2026 Adagene. All rights reserved. 4
Slide 5: ADG126 (Muzastotug): A Novel Anti-CTLA-4 with Epitope-Enhanced ADCC Incorporating a Protease-Cleavable Mask
ADG126(Muzastotug): A Novel Anti-CTLA-4 with Epitope- Enhanced ADCC Incorporating a Protease-Cleavable Mask Protease cleavable mask enabling Enhanced ADCC due to a tumor-specific activation differentiated epitope Binding to CTLA-4-Expressing Cells ADCC Signaling Reporter Cell Activity Triggered by B
Slide 6: Clinical Collaboration with Incyte to Evaluate ADG126 in Combination with Incyte's TGFßR2xPD-1 Bispecific
Clinical Collaboration with Incyte to Evaluate ADG126 in Combination with Incyte’s TGFßR2xPD-1 Bispecific in Patients with MSS CRC Phase 1 study of INCA33890 and ADG126 expected to begin in 2026 in 3L MSS CRC patients with and without liver metastases. The study will be sponsored and conducted by In
Slide 7: Strategic Investment and Clinical Collaboration from Sanofi in 2025
Strategic Investment and Clinical Collaboration from Sanofi in 2025 Sanofi to invest up to USD25m to support Adagene’s R&D, including a randomized phase 2 trial of ADG126 with pembrolizumab in advanced MSS CRC without liver metastases. Clinical Collaboration: Adagene to supply ADG126 for a Sanofi- s
Slide 8: 2026/2027 Objectives
2026/2027 Objectives 2026/27: Updated clinical data for ADG-126 plus Establishing additional Keytruda in late-line MSS collaboration / licensing CRC without liver agreements metastases 2027: Initial Phase 2 H1 2027: Phase 2 data (investigator-sponsored) for ADG-126 plus data for ADG-126 plus Keytrud
Slide 9: Updated Phase 1b/2 Results of ADG126/Pembrolizumab in advanced MSS CRC without liver metastases
Updated Phase 1b/2 Results of ADG126/Pembrolizumab in advanced MSS CRC without liver metastases © 2026 Adagene. All rights reserved. 9
Slide 10: 3L+ MSS CRC Without Liver Metastases is a Substantial Initial Opportunity for ADG-126
3L+ MSS C R C Without Liver Metastases is a Substantial Initial Opportunity for ADG-126 Initial Opportunity • Patients without liver metastases 3L+ NLM MSS C R C (NLM) represent up to 25-35% of all ~10-13k patients* MSS CRC patients • Regulatory precedents for Phase 3 trials in MSS CRC without liver
Slide 11: The Standard of Care Treatments for Late-Line MSS CRC Remain Minimally Effective
The Standard of Care Treatments for Late-Line MSS CRC Remain Minimally Effective, Including in Patients Without Liver Mets © 2026 Adagene. All rights reserved. Source: Josep Tabernero et al. 2023 ASCO Gastrointestinal; Gerald W. Prager et al. N Engl J Med 2023 May 04;388(18); Shukui Qin et al. 2019
Slide 12: The First Generation of Anti-CTLA-4 Failed To Show A Significant Benefit in Late-Line MSS CRC
The First Generation of Anti-CTLA-4 Failed To Show A Significant Benefit in Late-Line MSS CRC Without Liver Mets… ▪ Assuming that the sole response occurred in patients without liver metastases, AstraZeneca’s durvalumab/tremelimumab (anti-PD-L1 plus anti-CTLA-4) generated an ORR of 2.5% in that subg
Slide 13: Methods and Study Design Schema: ADG126-P001 Study
Methods and Study Design Schema: ADG126-P001 Study ◼ This is a Phase 1b/2, open-label, multicenter dose escalation and expansion combination study of ADG126 + pembrolizumab (200 mg, Q3W) in advanced solid tumors. The study design schema for the dose escalation (DE) and dose expansion (EXP) MSS CRC c
Slide 14: MSS CRC Patients' Characteristics
MSS CRC Patients’ Characteristics © 2026 Adagene. All rights reserved. 14
Slide 15: ADG126/Pembrolizumab Has Demonstrated Robust Dose-Dependent Efficacy Data
ADG126/Pembrolizumab Has Demonstrated Robust Dose - Dependent Efficacy Data © 2026 Adagene. All rights reserved. 15
Slide 16: Clinical Efficacy: Longer DOR for the 20 mpk Dose Cohorts
Clinical Efficacy: Longer DOR for the 20 mpk Dose Cohorts © 2026 Adagene. All rights reserved. 16
Slide 17: TRAEs across Dose Levels of ADG126 + Pembrolizumab
TRAEs across Dose Levels of ADG126 + Pembrolizumab © 2026 Adagene. All rights reserved. 17
Slide 18: Clinical Safety Summary
Clinical Safety Summary © 2026 Adagene. All rights reserved. 18
Slide 19: Summary of Key TRAEs
Summary of Key TRAEs Data cut off 20260124 19 © 2026 Adagene. All rights reserved.
Slide 20: Overall Survival Across Dose Cohorts of ADG126 + Pembro vs Fruquintinib Historical Controls
Overall Survival Across Dose Cohorts of ADG126 + Pembro vs Fruquintinib Historical Controls Data cut off 20260124 The data presented above were derived from separate clinical trials and not from a head-to-head trial. Cross-trial comparisons should be interpreted with caution, as differences in trial
Slide 21: Overall Survival Across Dose Cohorts of ADG126 + Pembro vs Fruquintinib Historical Controls
Overall Survival Across Dose Cohorts of ADG126 + Pembro vs Fruquintinib Historical Controls The data presented above were derived from separate clinical trials and not from a head-to-head trial. Cross-trial comparisons should be interpreted with caution, as differences in trial design, patient popul
Slide 22: Landmark OS: ADG126-P001 vs FRESCO and Agenus in NLM Patients
Landmark OS: ADG126-P001 vs FRESCO and Agenus in NLM Patients The data presented above were derived from separate clinical trials and not from a head-to-head trial. Cross-trial comparisons should be interpreted with caution, as differences in trial design, patient populations, endpoints, inclusion a
Slide 23: AACR 2026
AACR 2026 © 2026 Adagene. All rights reserved. 23
Slide 24: Roche Morpheus Collaboration on 1L HCC - Patient characteristics
Roche Morpheus Collaboration on 1L HCC - Patient characteristics 24
Slide 25: Phase 1b of ADG126 (Muza) with Atezolizumab and Bevacizumab in 1L HCC – Clinical Efficacy Data
Phase 1b of ADG126 (Muza) with Atezolizumab and Bevacizumab in 1L HCC – Clinical Efficacy Data 25
Slide 26: Phase 1b of ADG126 (Muza) with Atezolizumab and Bevacizumab in 1L HCC – Safety Data
Phase 1b of ADG126 (Muza) with Atezolizumab and Bevacizumab in 1L HCC – Safety Data 26
Slide 27: Phase 1b of ADG126 with Pembrolizumab and Fruquintinib in MSS CRC – Clinical Safety Data
Phase 1b of ADG126 (Muza) with Pembrolizumab and Fruquintinib in advanced MSS CRC without liver mets – Clinical Safety Data ◼ Discontinuation Rate: 0% for the combination regimen, compared to 15–20% historical discontinuation rate for Fruq monotherapy (FRESCO/FRESCO-2). ◼ Overall Profile: Manageable
Slide 28: Phase 1b of ADG126 with Pembrolizumab and Fruquintinib in MSS CRC – Clinical Efficacy Data
Phase 1b of ADG126 (Muza) with Pembrolizumab and Fruquintinib in advanced MSS CRC without liver mets – Clinical Efficacy Data 28
Slide 29: Appendix
Appendix © 2026 Adagene. All rights reserved. 29
Slide 30: First-generation Anti-CTLA-4 Agents Have Shown Dose-dependent Efficacy as Monotherapy
First-generation Anti-CTLA-4 Agents Have Shown Dose-dependent Efficacy as Monotherapy—Higher Doses Resulted in Greater Therapeutic Benefit © 2026 Adagene. All rights reserved. 30 Source: Ascierto, Paolo A et al., Ipilimumab 10 mg/kg versus ipilimumab 3 mg/kg in patients with unresectable or metastat
Slide 31: Combining Anti-CTLA-4 with Anti-PD-1 Led to a Disproportionate Increase in Toxicity
However, Combining Anti-CTLA-4 with Anti-PD-1 Led to a Disproportionate Increase in Toxicity, Thereby Limiting the Feasible Dose of Anti-CTLA-4 © 2026 Adagene. All rights reserved. 31 Literature data were digitized; each symbol represent one data point from each study; the shaded area represent 90%
Slide 32: Our Pharmacokinetic Model Indicated That The 20mg Cohorts Should Reach Optimal Tumor Concentrations
Our Pharmacokinetic Model Indicated That The 20mg Cohorts Should Reach Optimal Tumor Concentrations of Active ADG -126 More Rapidly in the TME © 2026 Adagene. All rights reserved. 32
Slide 33: ADG-126's Enhanced Therapeutic Index Is Derived from an Increased Concentration in the TME vs Periphery
ADG-126’s Enhanced Therapeutic Index Is Derived from an Increased Concentration in the TME vs Periphery © 2026 Adagene. All rights reserved. 33
Slide 34: Conclusions: XB404 preclinical results
x Conclusions XB404 demonstrated in vitro cytotoxicity and internalization, in vivo stability, and in vivo efficacy across multiple CDX and PDX models. Taken together, these preclinical results support further development of XB404. Investigational New Drug- enabling studies are ongoing. Results Unma