Adagene director reports stock option holdings

Q: What does the Adagene (ADAG) Form 3 filing by Do Cuong V show?

The Form 3 shows director Do Cuong V holding two stock option awards in Adagene Inc. One is a fully vested time-based incentive option, and the other is a performance-based option that vests only if milestones are achieved.

Q: How many Adagene (ADAG) shares are covered by Do Cuong V’s vested options?

The filing indicates 40,000 ordinary shares are covered by a fully vested incentive stock option. These time-based options were granted in November 2022 under Adagene Inc.’s 2021 Performance Incentive Plan and are now exercisable.

Q: Are all of Do Cuong V’s Adagene (ADAG) stock options currently exercisable?

Only the 40,000 time-based options granted on November 28, 2022 are currently fully exercisable. The up to 50,000 performance-based options become exercisable only after the specified performance milestones are achieved under the plan.

Q: Under which plan were Do Cuong V’s Adagene (ADAG) options granted?

Both option awards were granted under the Adagene Inc. 2021 Performance Incentive Plan. One grant is time-based and already fully vested, while the other is performance-based and contingent on meeting defined performance milestones before vesting.

Adagene Inc. director Do Cuong V has reported existing stock option holdings in a Form 3.

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Form Type

Rhea-AI Filing Summary

Adagene Inc. director Do Cuong V has reported existing stock option holdings in a Form 3. The filing lists an incentive stock option covering 40,000 ordinary shares at an exercise price of $0.8000 per share, expiring on November 28, 2032. These 40,000 time-based options were granted on November 28, 2022 and are fully vested and exercisable. It also lists a nonqualified stock option for up to 50,000 ordinary shares at $1.0700 per share, expiring on October 26, 2033, which will become exercisable only upon achievement of specified performance milestones.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider DO CUONG V

Role Director

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

Holdings After Transaction: Incentive Stock Option (Right to Buy) — 40,000 contracts (Direct); Nonqualified Stock Option (Right to Buy) — 50,000 contracts (Direct)

Footnotes (2)

F1. 40,000 of time-based stock options granted on 11/28/2022 under the Adagene Inc. 2021 Performance Incentive Plan. 20,000 shares became exercisable on the first and second anniversaries from the grant date respectively, so all such option are fully vested and exercisable.
F2. Up to 50,000 of performance-based stock options granted on 10/26/2023 under the Adagene Inc. 2021 Performance Incentive Plan, the options shall become exercisable upon achieving the relevant performance milestones.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What does the Adagene (ADAG) Form 3 filing by Do Cuong V show?

The Form 3 shows director Do Cuong V holding two stock option awards in Adagene Inc. One is a fully vested time-based incentive option, and the other is a performance-based option that vests only if milestones are achieved.

How many Adagene (ADAG) shares are covered by Do Cuong V’s vested options?

The filing indicates 40,000 ordinary shares are covered by a fully vested incentive stock option. These time-based options were granted in November 2022 under Adagene Inc.’s 2021 Performance Incentive Plan and are now exercisable.

What are the exercise prices of Do Cuong V’s Adagene (ADAG) stock options?

The incentive stock option has an exercise price of $0.8000 per share, while the nonqualified performance-based option carries an exercise price of $1.0700 per share. Both relate to underlying Adagene ordinary shares and have long-dated expirations.

When do Do Cuong V’s Adagene (ADAG) stock options expire?

The fully vested incentive stock option expires on November 28, 2032. The performance-based nonqualified stock option expires on October 26, 2033. These dates define the latest time by which any exercisable portions must be exercised.

Are all of Do Cuong V’s Adagene (ADAG) stock options currently exercisable?

Only the 40,000 time-based options granted on November 28, 2022 are currently fully exercisable. The up to 50,000 performance-based options become exercisable only after the specified performance milestones are achieved under the plan.

Under which plan were Do Cuong V’s Adagene (ADAG) options granted?

Both option awards were granted under the Adagene Inc. 2021 Performance Incentive Plan. One grant is time-based and already fully vested, while the other is performance-based and contingent on meeting defined performance milestones before vesting.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 03/18/2026 - 09:00 AM

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

OMB APPROVAL

OMB Number:			3235-0104
Estimated average burden
hours per response:			0.5

1. Name and Address of Reporting Person^*

DO CUONG V

(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)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	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)
Incentive Stock Option (Right to Buy)	⁽¹⁾	11/28/2032	Ordinary Shares	40,000	$0.8	D
Nonqualified Stock Option (Right to Buy)	⁽²⁾	10/26/2033	Ordinary Shares	50,000	$1.07	D

Explanation of Responses:

1. 40,000 of time-based stock options granted on 11/28/2022 under the Adagene Inc. 2021 Performance Incentive Plan. 20,000 shares became exercisable on the first and second anniversaries from the grant date respectively, so all such option are fully vested and exercisable.

2. Up to 50,000 of performance-based stock options granted on 10/26/2023 under the Adagene Inc. 2021 Performance Incentive Plan, the options shall become exercisable upon achieving the relevant performance milestones.

	/s/ Cuong Do	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)

Source: View Original Filing on SEC EDGAR