Adagene finance chief buys 2,000 depositary shares

After the transaction, the CFO's reported direct holdings included 12,000 ADSs and 25,000 restricted stock units.

Rhea-AI Filing Summary

Adagene Inc. Chief Financial Officer and director Tam Man Kin purchased 2,000 ADSs in the open market at $3 per ADS on September 23, 2026. His directly held ADS position was 12,000 ADSs after the purchase. A separate holding entry reports 25,000 restricted stock units directly; a footnote states they were granted under the 2021 Performance Incentive Plan in July 2024 and identifies remaining RSU vesting dates of July 23, 2027 and July 23, 2028. No Rule 10b5-1 plan is reported.

Insider Trade Summary

Net Buyer: 2,000 shares

Net Buy 2 txns

Insider Tam Man Kin

Role Chief Financial Officer

Bought 2,000 shs ($6K)

Type	Security	Shares	Price	Value
Purchase	American Depositary Shares (ADSs) F1	2,000	$3.00	$6K
holding	Restricted Stock Unit F2	--	--	--

Holdings After Transaction: American Depositary Shares (ADSs) — 12,000 shares (Direct); Restricted Stock Unit — 25,000 shares (Direct)

Footnotes (2)

1. F1. Including (i) 2,000 ADSs bought in the open market on 9/23/2026 at $3/ADS and (ii) vesting of Restricted Stock Unit (RSU) on 7/23/2026, which corresponds to 10,000 ADSs or 12,500 ordinary shares. Such RSU was granted under the 2021 Performance Incentive Plan in July 2024.
2. F2. Such RSU was granted under the 2021 Performance Incentive Plan in July 2024. 12,500 ordinary shares or 10,000 ADSs of the remaining RSU shall vest on 7/23/2027 and 7/23/2028, respectively.

Key Figures

ADSs purchased: 2,000 ADSs Purchase price: $3 per ADS Direct ADS holdings after purchase: 12,000 ADSs +1 more

4 metrics

ADSs purchased 2,000 ADSs Open-market purchase on September 23, 2026

Purchase price $3 per ADS Purchase on September 23, 2026

Direct ADS holdings after purchase 12,000 ADSs Reported after the September 23, 2026 purchase

Direct restricted stock unit holdings 25,000 restricted stock units Holding reported on September 23, 2026

Key Terms

American Depositary Shares (ADSs), Restricted Stock Unit (RSU), 2021 Performance Incentive Plan

3 terms

American Depositary Shares (ADSs) financial

"2,000 ADSs bought in the open market"

A U.S.-listed certificate that stands for a specific number of shares in a non‑U.S. company held by a U.S. bank, making the foreign stock tradable on American exchanges in dollars. Think of it like a local voucher that represents ownership of an overseas product — it lets U.S. investors buy and sell foreign companies without handling foreign currency or foreign brokerage accounts, but it can affect dividends, voting rights, fees, liquidity and exposure to currency and regulatory differences.

Restricted Stock Unit (RSU) financial

"vesting of Restricted Stock Unit (RSU)"

A restricted stock unit (RSU) is a promise from a company to give an employee company shares (or cash equal to their value) at a future date if certain conditions are met, such as staying with the company or hitting performance targets. For investors, RSUs matter because when they convert into actual shares they increase the number of shares available and can create selling pressure as employees cash out—think of them as a future paycheck paid in company stock.

2021 Performance Incentive Plan financial

"granted under the 2021 Performance Incentive Plan"

FAQ

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

How many ADAG ADSs did Tam Man Kin buy, and at what price?

Tam Man Kin bought 2,000 ADSs in the open market at $3 per ADS on September 23, 2026. His directly held ADS position was 12,000 ADSs after the purchase.

Did Tam Man Kin report a Rule 10b5-1 plan for the ADAG purchase?

No Rule 10b5-1 plan is reported for the purchase.

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

Form 4 Insider Transactions: What Each Field Means →

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Available on EDGAR 09/25/2026 - 06:23 PM Accepted by SEC EDGAR 09/25/2026 - 06:23 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Tam Man Kin

(Last) (First) (Middle)

4F, BUILDING C14, NO. 218 XINGHU STREET

(Street)

SUZHOU JIANGSU 215123

(City) (State) (Zip)

CHINA

(Country)

2. Issuer Name and Ticker or Trading Symbol
Adagene Inc. [ ADAG ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/23/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
American Depositary Shares (ADSs)	09/23/2026		P		2,000	A	$3	12,000(1)	D
Restricted Stock Unit								25,000(2)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Including (i) 2,000 ADSs bought in the open market on 9/23/2026 at $3/ADS and (ii) vesting of Restricted Stock Unit (RSU) on 7/23/2026, which corresponds to 10,000 ADSs or 12,500 ordinary shares. Such RSU was granted under the 2021 Performance Incentive Plan in July 2024.

2. Such RSU was granted under the 2021 Performance Incentive Plan in July 2024. 12,500 ordinary shares or 10,000 ADSs of the remaining RSU shall vest on 7/23/2027 and 7/23/2028, respectively.

	/s/ Tam Man Kin	09/25/2026
	** 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 4 (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 4: SEC 1474 (03-26)