Adagene (NASDAQ: ADAG) CSO reports options and warrant stakes

Rhea-AI Filing Summary

Adagene Inc. Chief Strategy Officer Chane-Du Mickael Yannick filed an initial ownership report showing a mix of ordinary shares and equity awards. He holds 279,506 Adagene ordinary shares directly and 188,019 shares indirectly through OT Healthcare Fund I, LLC.

The filing also lists incentive stock options for 400,000 ordinary shares at an exercise price of 1.3760 per share expiring on May 13, 2035, and 400,000 performance-based options at 2.0320 per share expiring on February 5, 2036. In addition, he has indirect warrants for 250,000 shares expiring on July 3, 2028 and 250,000 shares expiring on September 2, 2028 through OT Bio Advisory, LLC.

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^*

Chane-Du Mickael Yannick

(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)

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

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)
Adagene Ordinary Shares	188,019	I	Investment in OT Healthcare Fund I, LLC
Adagene Ordinary Shares	279,506	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
Incentive Stock Option (Right to Buy)	(1)	05/13/2035	Ordinary Shares	400,000	$1.376	D
Warrants	12/30/2025	07/03/2028	Ordinary Shares	250,000	$4	I	Through OT Bio Advisory, LLC
Warrants	03/02/2026	09/02/2028	Ordinary Shares	250,000	$4	I	Through OT Bio Advisory, LLC
Incentive Stock Option (Right to Buy)	(2)	02/05/2036	Ordinary Shares	400,000	$2.032	D

Explanation of Responses:

1. 400,000 of time-based stock option granted on 5/13/2025 under the Adagene Inc. 2021 Performance Incentive Plan, and become exercisable with respect to 4-year vesting (25% upon 1st anniversary and monthly vesting thereafter).

2. 400,000 of performance-based stock option granted on 2/5/2026 under the Adagene Inc. 2021 Performance Incentive Plan, and become exercisable when milestone achieved.

	/s/ Mickael Chane-Du	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) Chief Strategy Officer report in this Form 3?

The Chief Strategy Officer reports his beneficial ownership in Adagene, including direct and indirect ordinary shares plus several incentive stock options and warrants. This filing establishes his baseline holdings as a company insider for future Form 4 and Form 5 reporting.

How many Adagene (ADAG) ordinary shares does the CSO hold directly and indirectly?

The CSO holds 279,506 Adagene ordinary shares directly and 188,019 shares indirectly through OT Healthcare Fund I, LLC. These positions show both personal and fund-related exposure to Adagene’s equity, combining direct ownership with interests held via an investment vehicle.

What stock options for Adagene (ADAG) shares are reported in this Form 3?

The filing lists 400,000 time-based incentive stock options with a 1.3760 exercise price expiring May 13, 2035, and 400,000 performance-based options with a 2.0320 exercise price expiring February 5, 2036. Both grants are under the Adagene Inc. 2021 Performance Incentive Plan.

What warrants linked to Adagene (ADAG) shares does the CSO indirectly hold?

He indirectly holds warrants for 250,000 Adagene ordinary shares exercisable at 4.0000 per share expiring July 3, 2028, and warrants for another 250,000 shares expiring September 2, 2028, through OT Bio Advisory, LLC, reflecting additional derivative exposure.

Are there performance conditions attached to any Adagene (ADAG) options in this filing?

Yes. The 400,000 stock options granted on February 5, 2026 are performance-based and become exercisable when a specified milestone is achieved. This links part of the CSO’s equity compensation to Adagene meeting predetermined performance goals.

How do the time-based Adagene (ADAG) options for the CSO vest?

The 400,000 time-based options granted on May 13, 2025 vest over four years. Twenty-five percent becomes exercisable on the first anniversary of the grant date, with the remaining portion vesting monthly thereafter, aligning ongoing service with equity incentives.