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ORGANIZATION AND BASIS OF PRESENTATION

12 Months Ended

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:

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​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	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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The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-URI https://asc.fasb.org/topic&trid=2122149

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-URI https://asc.fasb.org/topic&trid=2197479

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