Adagene hits preclinical milestone for Exelixis-partnered XB404 SAFEbody ADC, triggers $2 million payment

• Adagene hit a preclinical milestone for Exelixis-partnered XB404, a SAFEbody-masked ADC targeting ROR1/2-expressing tumors.
• The milestone triggered a USD 2 million payment tied to XB404’s advancement under the collaboration.
• Exelixis also selected candidates for another SAFEbody ADC program, triggering an additional payment not quantified.
• The deal structure includes potential development and commercialization milestones, plus royalties on net sales of any resulting products.

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