1. ORGANIZATION AND BASIS OF PRESENTATION Adagene Inc. (the “Company”) is a limited liability company incorporated in the Cayman Islands on February 25, 2011. The Company, together with its subsidiaries (collectively, the “Group”), are principally engaged in research, development and production of monoclonal antibody drugs for cancers. The shares of the Company’s American Depositary Shares (“ADSs”) are traded on the NASDAQ Global Market, and each ADS represents one and one quarter (1.25) ordinary shares of the Company. As of December 31, 2025, the Company’s principal subsidiaries are as follows: | | | | | | | | | | | | | | | Percentage of legal | | | | | Date of | | Place of | | ownership | | | Entity | | incorporation | | incorporation | | by the Company | | Principal activities | Adagene (Hong Kong) Limited | | December 12, 2011 | | Hong Kong | | 100 | % | Investment holding, and research and development of innovative medicines | Adagene Incorporated | | September 20, 2017 | | The United States of America | | 100 | % | Research and development of innovative medicines | Adagene (Suzhou) Limited | | February 28, 2012 | | The People’s Republic of China (“PRC” or “China”) | | 100 | % | Research and development of innovative medicines | Adagene Australia PTY Ltd. | | May 30, 2018 | | Australia | | 100 | % | Research and development of innovative medicines | Adagene PTE. Ltd. | | March 27, 2020 | | Singapore | | 100 | % | Research and development of innovative medicines | Adagene AG | | August 31, 2020 | | Switzerland | | 100 | % | Research and development of innovative medicines | Adagene Project C1 PTE. Ltd. | | March 25, 2022 | | Singapore | | 100 | % | Research and development of innovative medicines |
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