FORM 3 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person *
Luo Peter
(Last) (First) (Middle)
4F, BUILDING C14, NO. 218 XINGHU STREET
(Street)
SUZHOU JIANGSU 215123
(City) (State) (Zip)
2. Date of Event Requiring Statement (Month/Day/Year)
03/18/2026 		3. Issuer Name and Ticker or Trading Symbol
Adagene Inc. [ ADAG ]
4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director 10% Owner
X Officer (give title below) Other (specify below)
Chief Executive Officer
 5. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4) 2. Amount of Securities Beneficially Owned (Instr. 4) 3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5) 4. Nature of Indirect Beneficial Ownership (Instr. 5)
Ordinary Shares 93,264
D
 
Ordinary Shares 31,021
I
By Spouse
Restricted Stock Unit 168,750 (1)
D
 
Restricted Stock Unit 75,000 (2)
I
By Spouse
Table II - Derivative Securities Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4) 2. Date Exercisable and Expiration Date (Month/Day/Year) 3. Title and Amount of Securities Underlying Derivative Security (Instr. 4) 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5) 6. Nature of Indirect Beneficial Ownership (Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Incentive Stock Option (Right to Buy)   (3) 01/16/2031 Ordinary Shares 287,415 13.85 D  
Incentive Stock Option (Right to Buy)   (4) 02/07/2032 Ordinary Shares 50,000 5.6 D  
Incentive Stock Option (Right to Buy)   (5) 05/03/2033 Ordinary Shares 500,000 1.04 D  
Incentive Stock Option (Right to Buy)   (6) 12/27/2033 Ordinary Shares 500,000 1.33 D  
Incentive Stock Option (Right to Buy)   (7) 11/17/2034 Ordinary Shares 822,819 1.73 D  
Incentive Stock Option (Right to Buy)   (8) 12/24/2034 Ordinary Shares 450,000 1.55 D  
Incentive Stock Option (Right to Buy)   (9) 06/05/2035 Ordinary Shares 735,000 1.408 D  
Incentive Stock Option (Right to Buy)   (10) 02/05/2036 Ordinary Shares 800,000 2.032 D  
Incentive Stock Option (Right to Buy)   (11) 01/16/2031 Ordinary Shares 45,980 13.85 I By Spouse
Incentive Stock Option (Right to Buy)   (12) 02/07/2032 Ordinary Shares 2,250 5.6 I By Spouse
Incentive Stock Option (Right to Buy)   (13) 05/09/2033 Ordinary Shares 100,000 1.05 I By Spouse
Incentive Stock Option (Right to Buy)   (14) 12/18/2033 Ordinary Shares 100,000 1.17 I By Spouse
Incentive Stock Option (Right to Buy)   (15) 11/17/2034 Ordinary Shares 152,322 1.73 I By Spouse
Incentive Stock Option (Right to Buy)   (16) 12/24/2034 Ordinary Shares 80,000 1.55 I By Spouse
Incentive Stock Option (Right to Buy)   (17) 06/05/2035 Ordinary Shares 130,700 1.408 I By Spouse
Incentive Stock Option (Right to Buy)   (18) 02/05/2036 Ordinary Shares 150,000 2.032 I By Spouse
Explanation of Responses:
1. 168,750 of Restricted Stock Units ("RSUs") granted under the Adagene Inc. 2021 Performance Incentive Plan. 56,250 of RSUs shall vest on each of the following dates: 7/23/2026, 7/23/2027, and 7/23/2028.
2. 75,000 of RSUs granted under the Adagene Inc. 2021 Performance Incentive Plan. 25,000 of RSUs should be vested annually on each of the following dates: 7/23/2026, 7/23/2027, and 7/23/2028.
3. 287,415 of time-based incentive stock options granted under the Adagene Inc. Second Amended and Restated Share Incentive Plan (pre-IPO), and all such option are fully vested and exercisable.
4. 50,000 of performance-based stock options granted under the Adagene Inc. 2021 Performance Incentive Plan, and all such option are fully vested and exercisable.
5. 500,000 of time-based stock option granted on 5/3/2023 under the Adagene Inc. 2021 Performance Incentive Plan. The options shall become exercisable with respect to 25% of the options on each of the first four anniversaries of the grant date. Accordingly, 250,000 shares subject to this option are vested and exercisable.
6. 500,000 of time-based stock option granted on 12/27/2023 under the Adagene Inc. 2021 Performance Incentive Plan. The options shall become exercisable with respect to 25% of the options on each of the first four anniversaries of the grant date. Accordingly, 250,000 shares subject to this option are vested and exercisable.
7. 822,819 of time-based stock option granted on 11/17/2024 under the Adagene Inc. 2021 Performance Incentive Plan. 50% of the options shall vest on 6/30/2025 and 6/30/2026, respectively; accordingly, 411,410 shares subject to this option are vested and exercisable.
8. 450,000 of time-based stock option granted on 12/24/2024 under the Adagene Inc. 2021 Performance Incentive Plan. The options shall become exercisable with respect to 25% of the options on each of the first four anniversaries of the grant date. Accordingly,112,500 shares subject to this option are vested and exercisable.
9. 735,000 of time-based stock option granted on 6/5/2025 under the Adagene Inc. 2021 Performance Incentive Plan, and shall become exercisable with respect to 25% of the stock options on each of the first four anniversaries of the grant.
10. 800,000 of time-based stock option granted on 2/5/2026 under the Adagene Inc. 2021 Performance Incentive Plan, and shall become exercisable with respect to 25% of the stock options on each of the first four anniversaries of the grant.
11. 45,980 of time-based incentive stock options granted under the Adagene Inc. Second Amended and Restated Share Incentive Plan (pre-IPO), and all such shares subject to this option are fully vested and exercisable.
12. 2,250 of performance-based stock options granted under the Adagene Inc. 2021 Performance Incentive Plan, and all such shares subject to this option are fully vested and exercisable.
13. 100,000 of time-based stock option granted on 5/9/2023 under the Adagene Inc. 2021 Performance Incentive Plan. The options shall become exercisable with respect to 25% of the options on each of the first four anniversaries of the grant date. Accordingly, 50,000 shares subject to this option are vested and exercisable.
14. 100,000 of time-based stock option granted on 12/18/2023 under the Adagene Inc. 2021 Performance Incentive Plan. The options shall become exercisable with respect to 25% of the options on each of the first four anniversaries of the grant date. Accordingly, 50,000 shares subject to this option are vested and exercisable.
15. 152,322 of time-based stock option granted on 11/17/2024 under the Adagene Inc. 2021 Performance Incentive Plan. 50% of the options shall vest on 6/30/2025 and 6/30/2026, respectively; accordingly, 76,161 shares subject to this option became vested and exercisable.
16. 80,000 of time-based stock option granted on 12/24/2024 under the Adagene Inc. 2021 Performance Incentive Plan. The options shall become exercisable with respect to 25% of the options on each of the first four anniversaries of the grant date. Accordingly, 20,000 shares subject to this option are vested and exercisable.
17. 130,700 of time-based stock option granted on 6/5/2025 under the Adagene Inc. 2021 Performance Incentive Plan, and became exercisable with respect to 25% of the stock options on each of the first four anniversaries of the grant.
18. 150,000 of time-based stock option granted on 2/5/2026 under the Adagene Inc. 2021 Performance Incentive Plan, and became exercisable with respect to 25% of the stock options on each of the first four anniversaries of the grant.
/s/ Peter LUO 03/18/2026
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
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