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ORGANIZATION AND BASIS OF PRESENTATION | 12 Months Ended
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Dec. 31, 2022
ORGANIZATION AND BASIS OF PRESENTATION |
ORGANIZATION AND BASIS OF PRESENTATION | 1. ORGANIZATION AND BASIS OF PRESENTATION Adagene Inc. (the “Company”) is a limited liability company incorporated in the Cayman Islands on February 25, 2011. The Company, together with its subsidiaries (collectively, the “Group”), are principally engaged in research, development and production of monoclonal antibody drugs for cancers. On February 8, 2021, the Company’s registration statement relating to its initial public offering (“IPO”) of its American Depositary Shares (“ADSs”) was declared effective by the Securities and Exchange Commission (“SEC”) and the shares of its ADSs began trading on the NASDAQ Global Market on February 9, 2021. The public offering price of the ADSs sold in the IPO was $19.00 per ADS. The IPO closed on February 11, 2021, pursuant to which the Company issued 8,457,100 ADSs, including the exercise in full of the underwriters’ option to purchase 1,103,100 additional ADSs from the Company. The Company received net proceeds of approximately $145.9 million, after underwriting discounts, commissions and estimated offering expenses. Each ADS represents one and one quarter (1.25) ordinary shares of the Company. Upon the completion of the IPO, all outstanding shares of the convertible redeemable preferred shares were converted into ordinary shares. As of December 31, 2022, the Company’s principal subsidiaries are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Percentage of legal | ​ | ​
​ | ​ | Date of | ​ | Place of | ​ | ownership | ​ | ​
Entity |  | incorporation |  | incorporation |  | by the Company |  | Principal activities
Adagene (Hong Kong) Limited | ​ | December 12, 2011 |  | Hong Kong |  | 100 | % | Investment holding
Adagene Incorporated | ​ | September 20, 2017 |  | The United States of America |  | 100 | % | Research and development of innovative medicines
Adagene (Suzhou) Limited | ​ | February 28, 2012 |  | The People’s Republic of China (“PRC” or “China”) |  | 100 | % | Research and development of innovative medicines
Adagene Australia PTY Ltd. | ​ | May 30, 2018 | ​ | Australia | ​ | 100 | % | Research and development of innovative medicines
Adagene PTE. Ltd. | ​ | March 27, 2020 | ​ | Singapore | ​ | 100 | % | Research and development of innovative medicines
Adagene AG | ​ | August 31, 2020 |  | Switzerland |  | 100 | % | Research and development of innovative medicines
Adagene Project C1 PTE. Ltd. | ​ | March 25, 2022 |  | Singapore |  | 100 | % | Research and development of innovative medicines

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