Adagene shares surge 37.93% intraday after providing 2026 clinical milestones and reporting $74.5M cash runway.

Adagene Inc. (Nasdaq: ADAG) surged 37.93% intraday following a business update outlining key 2026 objectives and clinical progress for muzastotug, its anti-CTLA-4 therapy in microsatellite stable metastatic colorectal cancer (MSS CRC). The company reported unaudited cash and cash equivalents of $74.5 million, providing operational runway until late 2027, and highlighted milestones including FDA Fast Track designation for muzastotug in combination with pembrolizumab, Phase 2 trial advancements, and strategic collaborations. Upcoming Q1 2026 data updates from Phase 1b/2 studies and dose-optimization trials further underscored muzastotug’s potential as a next-generation backbone therapy. The update reinforced investor confidence in Adagene’s pipeline and financial stability, driving the sharp intraday rally.