Adagene (NASDAQ: ADAG) director details 70,000-share option position in Form 3

Rhea-AI Filing Summary

Adagene Inc. director Andy Yiu Leung Cheung filed an initial ownership report showing he holds several nonqualified stock options over the company’s ordinary shares. These options cover 20,000 shares at an exercise price of $11.2000 per share expiring on June 18, 2031, 25,000 shares at $1.5500 per share expiring on December 24, 2034, and 25,000 shares at $2.0320 per share expiring on February 5, 2036. The filing notes that 20,000 option shares are fully vested and exercisable, while 6,250 shares from the 25,000-share grant dated December 24, 2024 are currently vested, with the remainder of that grant and the latest 25,000-share grant scheduled to vest in 25% annual installments.

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^*

Cheung Andy Yiu Leung

(Last) (First) (Middle)

4F, BUILDING C14, NO. 218 XINGHU STREET

(Street)

SUZHOU JIANGSU 215123

(City) (State) (Zip)

CHINA

(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)	06/18/2031	Ordinary Shares	20,000	$11.2	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 be exercisable.

2. 25,000 of time-based stock option granted on 12/24/2024 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. Accordingly 6,250 shares subject to this option are vested and be exercisable.

3. 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.

	/s/ Andy Yiu Leung Cheung	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).
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* Form 3: SEC 1473 (03-26)

FAQ

What does the Adagene (ADAG) Form 3 filing by Andy Cheung show?

The Form 3 shows director Andy Cheung’s initial ownership of Adagene nonqualified stock options. He holds options over ordinary shares at various exercise prices and expirations, providing detailed visibility into his equity-based compensation position with the company.

How many Adagene (ADAG) shares are covered by Andy Cheung’s stock options?

Andy Cheung’s options cover 20,000 shares at one grant, plus two additional grants of 25,000 shares each. In total, the filing reports option rights over 70,000 Adagene ordinary shares through three separate nonqualified stock option awards.

Which of Andy Cheung’s Adagene (ADAG) stock options are currently vested?

The filing states 20,000 option shares are fully vested and exercisable. For the 25,000-share grant dated December 24, 2024, 6,250 shares are currently vested and exercisable, with the remaining shares vesting in equal annual installments over four years.

What are the exercise prices of the Adagene (ADAG) options reported on the Form 3?

The reported nonqualified stock options have exercise prices of $11.2000, $1.5500, and $2.0320 per share. Each price applies to a distinct grant over Adagene ordinary shares, with different expiration dates and vesting schedules.

When do Andy Cheung’s Adagene (ADAG) stock options expire?

The options expire on three different dates: June 18, 2031 for the 20,000-share grant, December 24, 2034 for one 25,000-share grant, and February 5, 2036 for the other 25,000-share grant, as disclosed in the Form 3.

Under which plan were Andy Cheung’s Adagene (ADAG) options granted?

All three nonqualified stock option grants were awarded under the Adagene Inc. 2021 Performance Incentive Plan. The footnotes describe these as time-based options that vest in 25% annual installments over four years, subject to the specific terms noted.