Adagene director reports initial share and option holdings

Adagene Inc. director Ulf Grawunder filed an initial ownership report showing direct holdings of ordinary shares and stock options.

Rhea-AI Filing Summary

Adagene Inc. director Ulf Grawunder filed an initial ownership report showing direct holdings of ordinary shares and stock options. He directly owns 25,000 Ordinary Shares. He also holds nonqualified stock options over 40,000 ADAG Ordinary Shares with a $2.2600 exercise price expiring on April 8, 2034, and options over 25,000 ADAG Ordinary Shares with a $2.0320 exercise price expiring on February 5, 2036. Footnotes state the 40,000-share option was granted on April 8, 2024 under the 2021 Performance Incentive Plan and vests 50% on each of the first two anniversaries, so 20,000 shares are currently vested and exercisable. The 25,000-share option was granted on February 5, 2026 and vests 25% on each of the first four anniversaries.

Insider Trade Summary

3 transactions reported

Mixed 3 txns

Insider Grawunder Ulf

Role Director

Type	Security	Shares	Price	Value
holding	Nonqualified Stock Options	--	--	--
holding	Nonqualified Stock Options	--	--	--
holding	Ordinary Shares	--	--	--

Holdings After Transaction: Nonqualified Stock Options — 65,000 contracts (Direct); Ordinary Shares — 25,000 shares (Direct)

Footnotes (2)

1. F1. 40,000 of time-based stock option granted on 4/8/2024 under the Adagene Inc. 2021 Performance Incentive Plan and became exercisable with respect to 50% of the shares on each of the first second anniversaries of the date of the grant, accordingly, 20,000 shares subject to this option are vested and be exercisable.
2. F2. 25,000 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 shares on each of the first four anniversaries of the date of the grant

FAQ

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

What does Ulf Grawunder report owning in Adagene Inc. (ADAG) on this Form 3?

Ulf Grawunder reports direct ownership of 25,000 Adagene ordinary shares plus nonqualified stock options over 65,000 ADAG Ordinary Shares in total. These options are split between two grants with different exercise prices and expiration dates.

What are the details of Ulf Grawunder’s 40,000-share Adagene (ADAG) stock option grant?

He holds nonqualified stock options over 40,000 ADAG Ordinary Shares at an exercise price of $2.2600 per share, expiring on April 8, 2034. Granted on April 8, 2024, the award vests 50% on each of the first two anniversaries.

How much of Ulf Grawunder’s 40,000 Adagene (ADAG) stock option grant is vested?

Footnotes state that of the 40,000 time-based stock options granted on April 8, 2024, 20,000 shares are currently vested and exercisable. Vesting occurs in two equal installments on the first and second anniversaries of the grant date.

What are the terms of Ulf Grawunder’s 25,000-share Adagene (ADAG) option grant?

He holds options over 25,000 ADAG Ordinary Shares at an exercise price of $2.0320 per share, expiring on February 5, 2036. Granted on February 5, 2026, this award vests 25% on each of the first four anniversaries.

Under which plan were Ulf Grawunder’s Adagene (ADAG) options granted?

Both the 40,000-share and 25,000-share nonqualified stock option awards were granted under the Adagene Inc. 2021 Performance Incentive Plan. The footnotes specify this plan as the source of the time-based option grants and their vesting schedules.

Does this Adagene (ADAG) Form 3 show any stock purchases or sales by Ulf Grawunder?

The Form 3 presents holding entries only, with no explicit buy or sell transactions reported. It lists Grawunder’s existing ordinary share ownership and his outstanding nonqualified stock options, along with their vesting, exercise prices, and expiration dates.

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

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Accepted by SEC EDGAR 03/17/2026 - 08:56 AM Learn about SEC filing dates

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

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1. Name and Address of Reporting Person^*

Grawunder Ulf

(Last) (First) (Middle)

RUETENENSTRASSE 41

(Street)

BECKENRIED V8 CH-6375

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
03/17/2026

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
	Officer (give title below)		Other (specify below)

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	25,000	D

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 Options(1)	04/08/2024	04/08/2034	ADAG Ordinary Shares	40,000	$2.26	D
Nonqualified Stock Options(2)	02/05/2026	02/05/2036	ADAG Ordinary Shares	25,000	$2.032	D

Explanation of Responses:

1. 40,000 of time-based stock option granted on 4/8/2024 under the Adagene Inc. 2021 Performance Incentive Plan and became exercisable with respect to 50% of the shares on each of the first second anniversaries of the date of the grant, accordingly, 20,000 shares subject to this option are vested and be exercisable.

2. 25,000 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 shares on each of the first four anniversaries of the date of the grant

	Ulf Grawunder	03/17/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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