Adagene (ADAG) finance leader lists options, RSUs and shares

Rhea-AI Filing Summary

Adagene Inc. executive director of finance Gu Chunfang filed an initial Form 3 showing existing equity interests in the company. The filing lists direct holdings of stock options over multiple blocks of Ordinary Shares, with exercise prices ranging from 1.04 to 5.60 per share and expirations between 2029 and 2036. Gu also holds 7,045 Ordinary Shares directly and 23,438 Restricted Stock Units under the Adagene Inc. 2021 Performance Incentive Plan. According to the vesting schedule, 7,813 RSUs are scheduled to vest on each of 7/23/2026, 7/23/2027, and 7/23/2028, while several option grants are already fully vested and exercisable.

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^*

GU CHUNFANG

(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)

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

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	7,045	D
Restricted Stock Unit	23,438(1)	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)	(2)	02/28/2029	Ordinary Shares	30,000	$1.33	D
Nonqualified Stock Option (Right to Buy)	(3)	03/26/2030	Ordinary Shares	30,000	$1.48	D
Nonqualified Stock Option (Right to Buy)	(4)	08/15/2030	Ordinary Shares	20,000	$1.83	D
Nonqualified Stock Option (Right to Buy)	(5)	02/07/2032	Ordinary Shares	1,250	$5.6	D
Nonqualified Stock Option (Right to Buy)	(6)	05/03/2033	Ordinary Shares	20,000	$1.04	D
Nonqualified Stock Option (Right to Buy)	(7)	12/27/2033	Ordinary Shares	20,000	$1.33	D
Nonqualified Stock Option (Right to Buy)	(8)	11/17/2034	Ordinary Shares	19,869	$1.73	D
Nonqualified Stock Option (Right to Buy)	(9)	12/24/2034	Ordinary Shares	30,000	$1.55	D
Nonqualified Stock Option (Right to Buy)	(10)	06/05/2035	Ordinary Shares	55,000	$1.408	D
Nonqualified Stock Option (Right to Buy)	(11)	02/05/2036	Ordinary Shares	40,000	$2.032	D

Explanation of Responses:

1. 23,438 of Restricted Stock Units ("RSUs") granted under the Adagene Inc. 2021 Performance Incentive Plan. 7,813 of RSUs shall vest on each of the following dates: 7/23/2026, 7/23/2027, and 7/23/2028.

2. 30,000 of time-based incentive stock option granted under the Adagene Inc. Second Amended and Restated Share Incentive Plan (pre-IPO), and all such option are fully vested and exercisable.

3. 30,000 of time-based incentive stock option granted under the Adagene Inc. Second Amended and Restated Share Incentive Plan (pre-IPO), and all such option are fully vested and exercisable.

4. 20,000 of performance-based incentive stock options granted under the Adagene Inc. Second Amended and Restated Share Incentive Plan (pre-IPO), and all such option are fully vested and exercisable.

5. 1,250 of performance-based stock options granted under the Adagene Inc. 2021 Performance Incentive Plan, and all such option are fully vested and exercisable.

6. 20,000 of time-based stock option granted on 5/3/2023 under the Adagene Inc. 2021 Performance Incentive Plan. The options shall become exercisable with respect to 25% of the options on each of the first four anniversaries of the grant date. Accordingly, 10,000 shares subject to this option are vested and exercisable.

7. 20,000 of time-based stock option granted on 12/27/2023 under the Adagene Inc. 2021 Performance Incentive Plan. The options shall become exercisable with respect to 25% of the options on each of the first four anniversaries of the grant date. Accordingly, 10,000 shares subject to this option are vested and exercisable.

8. 19,869 of time-based stock option granted on 11/17/2024 under the Adagene Inc. 2021 Performance Incentive Plan. 50% of the options shall vest on 6/30/2025 and 6/30/2026, respectively, accordingly, 9,935 shares subject to this option are vested and exercisable.

9. 30,000 of time-based stock option granted on 12/24/2024 under the Adagene Inc. 2021 Performance Incentive Plan. The options shall become exercisable with respect to 25% of the options on each of the first four anniversaries of the grant date. Accordingly, 7,500 shares subject to this option are vested and exercisable.

10. 55,000 of time-based stock option granted on 6/5/2025 under the Adagene Inc. 2021 Performance Incentive Plan. The options become exercisable with respect to 25% of the shares on each of the first four anniversaries of the grant date.

11. 40,000 of time-based stock option granted on 2/5/2026 under the Adagene Inc. 2021 Performance Incentive Plan. The options become exercisable with respect to 25% of the shares on each of the first four anniversaries of the grant date.

	/s/ Chunfang GU	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) Form 3 disclose about Gu Chunfang?

The Form 3 shows Gu Chunfang’s existing equity holdings in Adagene Inc. It lists multiple stock option grants over Ordinary Shares, directly held Ordinary Shares, and Restricted Stock Units, providing a baseline view of her compensation-linked ownership position as an officer.

How many Adagene Ordinary Shares does Gu Chunfang hold directly?

Gu Chunfang holds 7,045 Adagene Ordinary Shares directly. This position is separate from her option awards and Restricted Stock Units, which represent additional potential future ownership if options are exercised and RSUs vest according to their stated schedules.

What stock options are reported for Gu Chunfang in Adagene’s Form 3?

The filing lists several Incentive and Nonqualified Stock Options over Ordinary Shares. Exercise prices range from 1.04 to 5.60 per share, with expiration dates extending from 2029 through 2036, reflecting long-dated equity incentives.

How many Restricted Stock Units does Gu Chunfang hold in Adagene (ADAG)?

Gu Chunfang holds 23,438 Restricted Stock Units under Adagene’s 2021 Performance Incentive Plan. Footnotes state that 7,813 RSUs are scheduled to vest on each of 7/23/2026, 7/23/2027, and 7/23/2028, subject to the plan’s terms.

Are Gu Chunfang’s Adagene stock options already vested and exercisable?

Several of Gu Chunfang’s option grants are fully vested and exercisable. Footnotes describe fully vested time-based and performance-based options under pre-IPO and 2021 plans, while more recent time-based grants vest in 25% annual installments over four years from their grant dates.

Does this Adagene Form 3 show any recent insider buying or selling?

The Form 3 functions as an initial statement of beneficial ownership. The provided data categorize entries as holdings, with no open-market buy or sell transactions identified, instead detailing existing options, RSUs, and directly owned Ordinary Shares.