Adagene expects cash to support operations into late 2025

Cash and cash equivalents were $128.8 million as of June 30, 2023, compared to $143.8 million as of December 31, 2022. Total borrowings from commercial banks in China decreased to $24.9 million as of June 30, 2023 from $27.8 million as of December 31, 2022. The associated loan proceeds were primarily used to pay for the company’s R&D activities in China, including CMC costs of clinical and preclinical programs.