Adagene shares surge 29.56% after hours on 2026 clinical milestones and $74.5M cash runway guidance.

Adagene Inc. surged 29.56% in after-hours trading following the announcement of a business update and 2026 objectives highlighting clinical progress for muzastotug, its anti-CTLA-4 therapy. The company reported unaudited cash and cash equivalents of $74.5 million as of December 31, 2025, providing sufficient capital through late 2027, which alleviated near-term liquidity concerns. Key updates included positive Phase 1b/2 trial data for muzastotug in microsatellite stable colorectal cancer (MSS CRC) presented at ASCO 2025, FDA Fast Track designation for muzastotug in combination with pembrolizumab, and initiation of a Phase 2 dose-optimization study. The CEO emphasized the drug’s potential as a transformative backbone therapy, while upcoming Q1 2026 data readouts and strategic collaborations, including a $25 million investment from Sanofi, further bolstered investor optimism. These developments underscored Adagene’s progress in advancing its pipeline and strengthening its financial position, driving the post-market rally.