Qinghai Zhao - 18 Mar 2026 Form 3 Insider Report for Adagene Inc. (ADAG)

Role: Chief Manufacturing Officer
Signature: /s/ Qinghai Zhao
Issuer symbol: ADAG
Transactions as of: 18 Mar 2026
Net transactions value: $0
Form type: 3
Filing time: 18 Mar 2026, 09:01:29 UTC
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Zhao Qinghai	Chief Manufacturing Officer	4F, BUILDING C14, NO. 218 XINGHU STREET, SUZHOU JIANGSU, CHINA	/s/ Qinghai Zhao	18 Mar 2026	0002115351

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	ADAG	Ordinary Shares						130,214	18 Mar 2026	Direct
holding	ADAG	Restricted Stock Unit						37,500	18 Mar 2026	Direct	F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
holding	ADAG	Incentive Stock Option (Right to Buy)							18 Mar 2026	Ordinary Shares	130,542	$2.26	Direct	F2
holding	ADAG	Incentive Stock Option (Right to Buy)							18 Mar 2026	Ordinary Shares	1,250	$5.60	Direct	F3
holding	ADAG	Incentive Stock Option (Right to Buy)							18 Mar 2026	Ordinary Shares	50,000	$1.04	Direct	F4
holding	ADAG	Incentive Stock Option (Right to Buy)							18 Mar 2026	Ordinary Shares	50,000	$1.33	Direct	F5
holding	ADAG	Incentive Stock Option (Right to Buy)							18 Mar 2026	Ordinary Shares	134,390	$1.73	Direct	F6
holding	ADAG	Incentive Stock Option (Right to Buy)							18 Mar 2026	Ordinary Shares	50,000	$1.55	Direct	F7
holding	ADAG	Incentive Stock Option (Right to Buy)							18 Mar 2026	Ordinary Shares	81,700	$1.41	Direct	F8
holding	ADAG	Incentive Stock Option (Right to Buy)							18 Mar 2026	Ordinary Shares	80,000	$2.03	Direct	F9

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	37,500 of Restricted Stock Units ("RSUs") granted under the Adagene Inc. 2021 Performance Incentive Plan. 12,500 of RSUs shall vest on each of the following dates: 7/23/2026, 7/23/2027, and 7/23/2028.
F2	130,542 of 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.
F3	1,250 of performance-based stock options granted under the Adagene Inc. 2021 Performance Incentive Plan, and all such option are fully vested and exercisable.
F4	50,000 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, 25,000 shares subject to this option are vested and exercisable.
F5	50,000 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, 25,000 shares subject to this option are vested and exercisable.
F6	134,390 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, 67,195 shares subject to this option are vested and exercisable.
F7	50,000 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, 12,500 shares subject to this option are vested and exercisable.
F8	81,700 of time-based stock option granted on 6/5/2025 under the Adagene Inc. 2021 Performance Incentive Plan, and become exercisable with respect to 25% of the stock options on each of the first four anniversaries of the grant.
F9	80,000 of time-based stock option granted on 2/5/2026 under the Adagene Inc. 2021 Performance Incentive Plan, and become exercisable with respect to 25% of the stock options on each of the first four anniversaries of the grant.