Adagene (NASDAQ: ADAG) director details stock option holdings

Rhea-AI Filing Summary

Adagene Inc. director Zhu Li filed an initial statement of beneficial ownership, detailing nonqualified stock options over the company’s ordinary shares. The filing shows options covering 20,000 shares at an exercise price of $1.1500 per share that are fully vested and exercisable under the Adagene Inc. 2021 Performance Incentive Plan.

It also lists options over 25,000 shares at $1.5500 per share granted on December 24, 2024, which vest 25% on each of the first four anniversaries of the grant date; 6,250 of these shares are vested and exercisable. A further 25,000-share option at $2.0320 per share was granted on February 5, 2026, becoming exercisable as to 25% of the shares on each of the first four anniversaries of that grant.

Insider Trade Summary

3 transactions reported

Mixed 3 txns

Insider Zhu Li

Role Director

Type	Security	Shares	Price	Value
holding	Nonqualified Stock Option (Right to Buy)	--	--	--
holding	Nonqualified Stock Option (Right to Buy)	--	--	--
holding	Nonqualified Stock Option (Right to Buy)	--	--	--

Holdings After Transaction: Nonqualified Stock Option (Right to Buy) — 20,000 shares (Direct)

Footnotes (1)

1. 20,000 of time-based stock option granted under the Adagene Inc. 2021 Performance Incentive Plan, and all such option are fully vested and exercisable. 25,000 of time-based stock option were granted on 12/24/2024 under the Adagene Inc. 2021 Performance Incentive Plan. The option become exercisable with respect to 25% of the shares on each of the first four anniversaries of the grant date, accordingly, 6,250 shares subject to this option are vested and exercisable. 25,000 of time-based stock option were granted on 2/5/2026 under the Adagene Inc. 2021 Performance Incentive Plan and became exercisable with respect to 25% of the shares on each of the first four anniversaries of the date of the grant.

Understanding Insider Trading Forms →

SEC Form 3

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^*

Zhu Li

(Last) (First) (Middle)

4F, BUILDING C14, NO. 218 XINGHU STREET

(Street)

SUZHOU JIANGSU 215123

(City) (State) (Zip)

UNITED STATES

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
03/18/2026

3. Issuer Name and Ticker or Trading Symbol
Adagene Inc. [ ADAG ]

3a. Foreign Trading Symbol

5. If Amendment, Date of Original Filed (Month/Day/Year)

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

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)

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
Nonqualified Stock Option (Right to Buy)	(1)	09/11/2033	Ordinary Shares	20,000	$1.15	D
Nonqualified Stock Option (Right to Buy)	(2)	12/24/2034	Ordinary Shares	25,000	$1.55	D
Nonqualified Stock Option (Right to Buy)	(3)	02/05/2036	Ordinary Shares	25,000	$2.032	D

Explanation of Responses:

1. 20,000 of time-based stock option granted under the Adagene Inc. 2021 Performance Incentive Plan, and all such option are fully vested and exercisable.

2. 25,000 of time-based stock option were granted on 12/24/2024 under the Adagene Inc. 2021 Performance Incentive Plan. The option become exercisable with respect to 25% of the shares on each of the first four anniversaries of the grant date, accordingly, 6,250 shares subject to this option are vested and exercisable.

3. 25,000 of time-based stock option were granted on 2/5/2026 under the Adagene Inc. 2021 Performance Incentive Plan and became exercisable with respect to 25% of the shares on each of the first four anniversaries of the date of the grant.

	/s/ Li Zhu	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 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 3: SEC 1473 (03-26)

FAQ

What does Adagene (ADAG) director Zhu Li report in this Form 3?

Zhu Li reports holdings of nonqualified stock options over Adagene ordinary shares. These options cover 20,000, 25,000, and 25,000 shares at exercise prices of $1.1500, $1.5500, and $2.0320, respectively, under the Adagene Inc. 2021 Performance Incentive Plan.

How many Adagene (ADAG) options are currently fully vested for Zhu Li?

The Form 3 states that 20,000 time-based stock options at $1.1500 per share are fully vested and exercisable. It also notes that, from a 25,000-share grant at $1.5500, 6,250 shares are vested and exercisable based on the vesting schedule.

What are the vesting terms of Zhu Li’s 25,000 Adagene (ADAG) option grant from December 24, 2024?

The 25,000-share option grant vests 25% on each of the first four anniversaries of the December 24, 2024 grant date. According to the filing, this schedule results in 6,250 shares currently vested and exercisable, with the remainder vesting over later anniversaries.

When do Zhu Li’s Adagene (ADAG) stock options expire?

The options have staggered expiration dates. One grant expires on September 11, 2033, another on December 24, 2034, and the third on February 5, 2036. Each expiration date corresponds to a separate nonqualified stock option series reported in the Form 3.

What is the exercise structure of Zhu Li’s February 5, 2026 Adagene (ADAG) option grant?

The 25,000 time-based stock options granted on February 5, 2026 become exercisable as to 25% of the shares on each of the first four anniversaries of the grant. This creates a four-year vesting schedule tied directly to those annual anniversaries.