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THE INFORMATION IN THIS PRELIMINARY PROSPECTUS SUPPLEMENT IS NOT COMPLETE AND MAY BE CHANGED. THIS PRELIMINARY PROSPECTUS SUPPLEMENT AND THE ACCOMPANYING PROSPECTUS ARE NOT AN OFFER TO SELL THESE SECURITIES, AND WE ARE NOT SOLICITING OFFERS TO BUY THESE SECURITIES, IN ANY STATE OR OTHER JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

Filed Pursuant to Rule 424(b)(5)

Registration No. 333-287161

SUBJECT TO COMPLETION, DATED APRIL 1, 2026

PRELIMINARY PROSPECTUS SUPPLEMENT
(TO PROSPECTUS DATED May 30, 2025)

Adagene Inc.

American Depositary Shares Representing Ordinary Shares

This prospectus supplement relates to an offering by us of an aggregate of American depositary shares, or ADSs, each representing one and one quarter (1.25) of our ordinary shares, par value US$0.0001 per share, or Ordinary Shares.

Our ADSs trade on The Nasdaq Global Market, or Nasdaq, under the trading symbol “ADAG”. On March 31, 2026, the last sale price of our ADSs as reported on Nasdaq was US$3.92 per ADS.

We are an emerging growth company as that term is used in the Jumpstart Our Business Startups Act of 2012, and, as such, are subject to certain reduced public company reporting requirements. See “Prospectus Supplement Summary — Implications of Being an Emerging Growth Company” on page S-13 of this prospectus.

Investing in the ADSs involves risk. See “Risk Factors” beginning on page S-15 of this prospectus supplement and in the documents incorporated by reference into this prospectus supplement and the accompanying base prospectus for a discussion of certain risks that you should consider in connection with an investment in the ADSs.

Investors in the ADSs are purchasing securities of a Cayman Islands holding company rather than securities of our subsidiaries that have substantive business operations in the United States or China. Adagene Inc. is a Cayman Islands holding company that conducts its operations and operates its business in the U.S. through its U.S. subsidiary, Adagene Incorporated. In addition, Adagene Inc. conducts its operations in China through its PRC subsidiary, Adagene (Suzhou) Limited, or Adagene Suzhou. Such structure involves unique legal and operational risks to investors in the ADSs and Ordinary Shares. In particular, the PRC government has significant authority to exert influence on the ability of a company with substantive operations in China, such as us, to conduct its business, accept foreign investments or list on a U.S. or other foreign exchanges. For example, we face risks associated with regulatory approvals of offshore offerings, anti-monopoly regulatory actions, oversight on cybersecurity and data privacy. Such risks could result in a material change in our operations and/or the value of the ADSs representing our Ordinary Shares or could significantly limit or completely hinder our ability to offer or continue to offer our Ordinary Shares represented by ADSs to investors and cause the value of such securities to significantly decline or become worthless. As we are a holding company with substantive business operations in China, you should pay special attention to disclosures included in our most recent annual report on Form 20-F incorporated by reference in this prospectus and risk factors included herein.

In addition, our auditor is headquartered in mainland China, a jurisdiction where the Public Company Accounting Oversight Board, or PCAOB, was unable to conduct inspections without the approval of the Chinese authorities. Trading in our ADSs on the Nasdaq or over-the-counter may be prohibited, and as a result, our ADSs may be delisted under the Holding Foreign Companies Accountable Act, or HFCAA, if the PCAOB determines that it has been unable to inspect or investigate completely our auditor located in China for two consecutive years. On December 16, 2021, the PCAOB issued the HFCAA Determination Report to notify the SEC of its determinations, or 2021 Determinations, that the PCAOB was unable to inspect or investigate completely registered public accounting firms headquartered in mainland China and Hong Kong, including our auditor. On December 15, 2022, the PCAOB issued a report that vacated its December 16, 2021 determination and removed mainland China and Hong Kong from the list of jurisdictions where it is unable to inspect or investigate completely registered public accounting firms. As a result, we do not expect to be identified as a “Commission-Identified Issuer” under the HFCAA in the near future. However, whether the PCAOB will continue to be able to satisfactorily conduct inspections and investigations of PCAOB-registered public accounting firms headquartered in mainland China and Hong Kong is subject to uncertainty and depends on a number of factors out of our, and our auditor’s, control, including positions taken by authorities of the PRC. The PCAOB is expected to continue to demand complete access to inspections and investigations against accounting firms headquartered in mainland China and Hong Kong in the future. The PCAOB is required under the HFCAA to make its determination on an annual basis with regards to its ability to inspect and investigate completely accounting firms based in mainland China and Hong Kong. The possibility of being a “Commission-Identified Issuer” and risk of delisting could continue to adversely affect the trading price of our securities. If the PCAOB determines in the future that it no longer has full access to inspect and investigate accounting firms headquartered in mainland China and Hong Kong and we continue to use such accounting firm to conduct audit work, we would be identified as a “Commission-Identified Issuer” under the HFCAA following the filing of the annual report for the relevant fiscal year, and if we were so identified for two consecutive years, trading in our securities on U.S. markets would be prohibited under the HFCAA.

	Page
About This Prospectus Supplement		S-ii
Special Note Regarding Forward-Looking Statements		S-iii
Prospectus Supplement Summary		S-1
The Offering		S-14
Risk Factors		S-15
Use of Proceeds		S-18
Dividend Policy		S-19
Capitalization		S-20
Dilution		S-21
Taxation		S-22
Underwriting		S-28
Legal Matters		S-32
Experts		S-33
Where You Can Find More Information		S-34
Incorporation by Reference		S-35

	Page
About This Prospectus		1
Our Company		3
Risk Factors		14
Cautionary Note Regarding Forward-Looking Statements		33
Use of Proceeds		35
Capitalization and Indebtedness		36
Description of Share Capital and Memorandum and Articles of Association		37
Description of Warrants		46
Description of Units		47
Forms of Securities		48
Description of American Depositary Shares		50
Enforceability of Civil Liabilities		65
Taxation		67
Plan of Distribution		68
Expenses		72
Incorporation of Certain Documents by Reference		73
Legal Matters		74
Experts		75
Where You Can Find More Information		76

Preferred Term	All Grade n (%)	Grade 1 n (%)	Grade 2 n (%)	Grade 3 n (%)
Any TRAE	57 (85.1)	15 (22.4)	26 (38.8)	16 (23.9)
Pruritus	25 (37.3)	20 (29.9)	5 (7.5)	0
Fatigue	15 (22.4)	12 (17.9)	3 (4.5)	0
Hypothyroidism	13 (19.4)	3 (4.5)	10 (14.9)	0
Diarrhea	12 (17.9)	5 (7.5)	4(6)	3 (4.5)
Adrenal insufficiency	10 (14.9)	1 (1.5)	9 (13.4)	0
Decreased appetite	8 (11.9)	6(9)	2(3)	0
Alanine aminotransferase increased	7 (10.4)	2(3)	4(6)	1 (1.5)
Arthralgia	7 (10.4)	5 (7.5)	2(3)	0
Nausea	7 (10.4)	4(6)	3 (4.5)	0
Colitis	7 (10.4)	0	4(6)	3 (4.5)
Immune-mediated enterocolitis	3 (4.5)	0	2(3)	1 (1.5)

	As of December 31, 2025
	Actual		As adjusted
	US$’000
Cash and cash equivalents		74,524
Current portion of long-term borrowings		711		711
Long-term borrowings		1,138		1,138
Mezzanine equity
Series A non-voting contingently redeemable convertible preferred shares (par value of US$0.0001 per share, 1,062,500 shares authorized, issued and outstanding as of December 31, 2025)		16,550		16,550
Shareholders’ equity
Ordinary shares (par value of US$0.0001 per share; 640,000,000 shares authorized, and 59,231,993 shares issued and outstanding as of December 31, 2025)		6
Additional paid-in capital		366,043
Accumulated other comprehensive income		(1,915)		(1,915)
Accumulated deficit		(328,785)		(328,785)
Total mezzanine equity and shareholders’ equity		51,900
Total capitalization		53,749

Underwriter			Number of ADSs
Leerink Partners LLC
LifeSci Capital LLC
Lucid Capital Markets, LLC
Total

SEC Form 424B5 filed by Adagene Inc.