Adagene shares surge 26.11% intraday after FDA Fast Track designation for muzastotug and updated 2026 clinical milestones.

Adagene Inc. (Nasdaq: ADAG) surged 26.11% intraday following a business update highlighting its 2026 clinical and strategic milestones. The company reported unaudited cash and cash equivalents of $74.5 million, sufficient to fund operations through late 2027, and outlined key progress for muzastotug, its lead anti-CTLA-4 candidate. Notably, the FDA Fast Track designation for muzastotug in combination with pembrolizumab for MSS CRC, along with regulatory alignment for Phase 2/3 trials, underscored therapeutic potential. Upcoming Q1 2026 data updates from Phase 1b/2 trials and collaborations with Sanofi and Roche reinforced momentum. The CEO emphasized muzastotug’s potential as a next-generation backbone therapy, aligning with the stock’s sharp intraday rally driven by clinical advancements and extended financial runway.