2026 Objectives: Update on muzastotug and pembrolizumab Study
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jan 23 2026
0mins
Should l Buy ADAG?
2026 Objectives: Q1 2026: Data update from the ongoing Phase 1b/2 study of muzastotug + pembrolizumab in 3L+ MSS CRC, including 41 patients in the 10 mg/kg cohorts and 26 patients in the 20 mg/kg cohorts. Complete enrollment of the ongoing randomized Phase 2 dose-optimization study with muzastotug, which is being conducted in alignment with FDA Project Optimus, and designed to allow dose regimen selection for Phase 3. Provide preliminary clinical data, including pathological responses, to inform future development from investigator-initiated Phase 2 trial for neoadjuvant muzastotug + pembrolizumab in colorectal cancer. Provide initial clinical data from a new cohort of patients in the ongoing Phase 1b/2 study of muzastotug + pembrolizumab in combination with standard of care in MSS CRC patients. Share results of the clinical trial collaboration with Roche, which evaluates muzastotug in triplet combination with atezolizumab and bevacizumab in first-line treatment of locally advanced or metastatic hepatocellular carcinoma.
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Analyst Views on ADAG
Wall Street analysts forecast ADAG stock price to rise
2 Analyst Rating
2 Buy
0 Hold
0 Sell
Moderate Buy
Current: 4.610
Low
8.00
Averages
8.50
High
9.00
Current: 4.610
Low
8.00
Averages
8.50
High
9.00
About ADAG
Adagene Inc is a platform-driven, clinical-stage biopharmaceutical company committed to transforming the discovery and development of novel antibody-based cancer immunotherapies. The Company is principally engaged in the research, development and production of monoclonal antibody drugs for cancers. The Company’s main products include: ADG106 is being developed for the treatment of advanced solid tumors and non-Hodgkin's lymphoma, or NHL. ADG126 is designed to address the toxicity and efficacy issues related to the MOA of existing approved CTLA-4 immuno-oncology therapies and to expand the potential of CTLA-4 as a target for the treatment of cancer. ADG116 is designed to target a unique conserved epitope of CTLA-4. And ADG104, a monospecific antibody that targets PD-L1 and is in Phase Ib and Phase II clinical trials concurrently in China.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Adagene Prices Public Offering to Raise $70 Million
- Offering Size: Adagene has announced a public offering of 18.67 million American depositary shares at $3.75 each, expected to raise approximately $70 million in gross proceeds, reflecting strong market confidence in its antibody therapies.
- Investor Participation: The offering attracted participation from both new and existing investors, including Janus Henderson and Deerfield Management, indicating market recognition and support for Adagene's future growth, which may strengthen its capital base.
- Offering Arrangement: The public offering is being managed by Leerink Partners and LifeSci Capital, with an expected closing date of April 6, 2026, further solidifying Adagene's financing capabilities in the biotechnology sector.
- Strategic Implications: This financing will enable Adagene to accelerate the development of its antibody-based cancer immunotherapies, leveraging the raised funds to commercialize its innovative technologies and enhance its competitive position in the market.
See More
Adagene Prices $70M Public Offering of ADSs
- Offering Pricing: Adagene announced the pricing of 18.67 million American depositary shares (ADSs) at $3.75 each, with expected gross proceeds of approximately $70 million, demonstrating the company's ability to raise capital in the market.
- Investor Participation: The offering attracted participation from both new and existing investors, including Janus Henderson Investors, Deerfield Management, and Columbia Threadneedle Investments, indicating strong market confidence and support for Adagene.
- Closing Timeline: The public offering is expected to close on April 6, 2026, reflecting the company's proactive planning for future funding needs aimed at supporting its business growth.
- Market Reaction: Following the announcement of the offering, Adagene's stock price rose 12.03% in pre-market trading to $4.0552, showcasing a positive investor response to the financing activity.
See More
Adagene Announces $70 Million Public Offering Pricing
- Stock Price Plunge: Adagene Inc. (ADAG) shares fell nearly 13% in pre-market trading on Thursday, reflecting negative market sentiment following the company's latest announcements, particularly regarding the public offering pricing.
- Public Offering Pricing: The company priced its $70 million public offering at $3.75 per ADS, representing a nearly 19% discount from Wednesday's closing price, indicating investor concerns about the company's future prospects.
- Clinical Trial Update: Adagene also provided an update on the Phase 1b/2 study of Muzastotug in combination with Keytruda for patients with microsatellite stable colorectal cancer, revealing improved durability of response among trial participants, potentially offering new hope for future treatments.
- Bearish Market Sentiment: Retail sentiment on Stocktwits around Adagene trended in the 'bearish' territory, suggesting a lack of confidence among investors regarding the company's future performance, which could further impact its stock price trajectory.
See More
Adagene Prices Public Offering, Stock Drops 14%
- Stock Price Decline: Adagene's stock fell approximately 14% during pre-market trading on Thursday, reflecting market concerns over its pricing, as the public offering was set at $3.75 per ADS, below its 30-day volume-weighted average price, which may impact investor confidence.
- Fundraising Goals: The public offering aims to raise approximately $70 million in gross proceeds by offering around 18.67 million ADSs, with each ADS representing 1.25 ordinary shares, and the funds will be used to support the development of its antibody-based cancer immunotherapy pipeline.
- Investor Participation: The offering attracted participation from both new and existing investors, including Janus Henderson Investors, Deerfield Management, Invus, Sirenia, and Columbia Threadneedle Investments, indicating market confidence and support for Adagene's future growth.
- Use of Proceeds: Adagene plans to utilize the funds raised to advance its clinical development and regulatory activities for its antibody-based cancer immunotherapy, aiming to accelerate product launch timelines and enhance its competitiveness in the biopharmaceutical sector.
See More
Adagene Reports 2025 Financial Results and Clinical Progress
- Clinical Trial Results: In 2025, muzastotug demonstrated a 29% confirmed overall response rate (ORR) among 21 patients with MSS CRC, indicating its efficacy in treatment and potentially laying the groundwork for future registration trials.
- Survival Data: The median overall survival for the 10 mg/kg cohort was 19.4 months, which compares favorably to the 11-12 month survival rates of other treatment options, highlighting muzastotug's potential to extend patient survival and attract investor interest.
- Safety Analysis: Among 67 patients, muzastotug exhibited a low overall discontinuation rate of 4% with no Grade 4 or 5 treatment-related adverse events, indicating a favorable tolerability profile that could enhance its market competitiveness.
- Financial Position: As of December 31, 2025, the company reported cash and cash equivalents of $74.5 million, expected to support operations into early 2028, demonstrating robust financial management that aids in the ongoing clinical research efforts.
See More
Adagene Reports FY Earnings Exceeding Expectations
- Strong Fiscal Performance: Adagene's FY Non-GAAP EPS of -$0.24 surpasses market expectations by $0.41, indicating significant improvements in financial management and boosting investor confidence.
- Revenue Surge: The company reported FY revenue of $7.7M, a staggering 7600% increase year-over-year, exceeding expectations by $6.03M, which highlights robust market demand for its products or services and sets a solid foundation for future growth.
- Positive Market Reaction: The earnings beat is likely to drive Adagene's stock price upward, attracting more investor interest and enhancing the company's market valuation and financing capabilities.
- Optimistic Strategic Outlook: With substantial revenue growth, Adagene is positioned to increase R&D investments, driving new product development and market expansion, thereby strengthening its competitive edge in the biopharmaceutical industry.
See More
Adagene Prices Public Offering to Raise $70 Million
- Offering Size: Adagene has announced a public offering of 18.67 million American depositary shares at $3.75 each, expected to raise approximately $70 million in gross proceeds, reflecting strong market confidence in its antibody therapies.
- Investor Participation: The offering attracted participation from both new and existing investors, including Janus Henderson and Deerfield Management, indicating market recognition and support for Adagene's future growth, which may strengthen its capital base.
- Offering Arrangement: The public offering is being managed by Leerink Partners and LifeSci Capital, with an expected closing date of April 6, 2026, further solidifying Adagene's financing capabilities in the biotechnology sector.
- Strategic Implications: This financing will enable Adagene to accelerate the development of its antibody-based cancer immunotherapies, leveraging the raised funds to commercialize its innovative technologies and enhance its competitive position in the market.
See More
Adagene Prices $70M Public Offering of ADSs
- Offering Pricing: Adagene announced the pricing of 18.67 million American depositary shares (ADSs) at $3.75 each, with expected gross proceeds of approximately $70 million, demonstrating the company's ability to raise capital in the market.
- Investor Participation: The offering attracted participation from both new and existing investors, including Janus Henderson Investors, Deerfield Management, and Columbia Threadneedle Investments, indicating strong market confidence and support for Adagene.
- Closing Timeline: The public offering is expected to close on April 6, 2026, reflecting the company's proactive planning for future funding needs aimed at supporting its business growth.
- Market Reaction: Following the announcement of the offering, Adagene's stock price rose 12.03% in pre-market trading to $4.0552, showcasing a positive investor response to the financing activity.
See More
Adagene Announces $70 Million Public Offering Pricing
- Stock Price Plunge: Adagene Inc. (ADAG) shares fell nearly 13% in pre-market trading on Thursday, reflecting negative market sentiment following the company's latest announcements, particularly regarding the public offering pricing.
- Public Offering Pricing: The company priced its $70 million public offering at $3.75 per ADS, representing a nearly 19% discount from Wednesday's closing price, indicating investor concerns about the company's future prospects.
- Clinical Trial Update: Adagene also provided an update on the Phase 1b/2 study of Muzastotug in combination with Keytruda for patients with microsatellite stable colorectal cancer, revealing improved durability of response among trial participants, potentially offering new hope for future treatments.
- Bearish Market Sentiment: Retail sentiment on Stocktwits around Adagene trended in the 'bearish' territory, suggesting a lack of confidence among investors regarding the company's future performance, which could further impact its stock price trajectory.
See More
Adagene Prices Public Offering, Stock Drops 14%
- Stock Price Decline: Adagene's stock fell approximately 14% during pre-market trading on Thursday, reflecting market concerns over its pricing, as the public offering was set at $3.75 per ADS, below its 30-day volume-weighted average price, which may impact investor confidence.
- Fundraising Goals: The public offering aims to raise approximately $70 million in gross proceeds by offering around 18.67 million ADSs, with each ADS representing 1.25 ordinary shares, and the funds will be used to support the development of its antibody-based cancer immunotherapy pipeline.
- Investor Participation: The offering attracted participation from both new and existing investors, including Janus Henderson Investors, Deerfield Management, Invus, Sirenia, and Columbia Threadneedle Investments, indicating market confidence and support for Adagene's future growth.
- Use of Proceeds: Adagene plans to utilize the funds raised to advance its clinical development and regulatory activities for its antibody-based cancer immunotherapy, aiming to accelerate product launch timelines and enhance its competitiveness in the biopharmaceutical sector.
See More
Adagene Reports 2025 Financial Results and Clinical Progress
- Clinical Trial Results: In 2025, muzastotug demonstrated a 29% confirmed overall response rate (ORR) among 21 patients with MSS CRC, indicating its efficacy in treatment and potentially laying the groundwork for future registration trials.
- Survival Data: The median overall survival for the 10 mg/kg cohort was 19.4 months, which compares favorably to the 11-12 month survival rates of other treatment options, highlighting muzastotug's potential to extend patient survival and attract investor interest.
- Safety Analysis: Among 67 patients, muzastotug exhibited a low overall discontinuation rate of 4% with no Grade 4 or 5 treatment-related adverse events, indicating a favorable tolerability profile that could enhance its market competitiveness.
- Financial Position: As of December 31, 2025, the company reported cash and cash equivalents of $74.5 million, expected to support operations into early 2028, demonstrating robust financial management that aids in the ongoing clinical research efforts.
See More
Adagene Reports FY Earnings Exceeding Expectations
- Strong Fiscal Performance: Adagene's FY Non-GAAP EPS of -$0.24 surpasses market expectations by $0.41, indicating significant improvements in financial management and boosting investor confidence.
- Revenue Surge: The company reported FY revenue of $7.7M, a staggering 7600% increase year-over-year, exceeding expectations by $6.03M, which highlights robust market demand for its products or services and sets a solid foundation for future growth.
- Positive Market Reaction: The earnings beat is likely to drive Adagene's stock price upward, attracting more investor interest and enhancing the company's market valuation and financing capabilities.
- Optimistic Strategic Outlook: With substantial revenue growth, Adagene is positioned to increase R&D investments, driving new product development and market expansion, thereby strengthening its competitive edge in the biopharmaceutical industry.
See More
