Adc Therapeutics Sa Financials
Adc Therapeutics Sa (ADCT) reported $81.4M in revenue for fiscal year 2025, up 14.9% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 4 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
ADCT sells a very high-margin therapy, but the business still runs on development spend and fresh financing rather than internal cash.
The headline improvement in reported losses did not translate into better funding capacity: operating cash burn worsened to-$141.2M even as net loss narrowed to-$142.6M . Because cash use stayed high, the$150.9M financing inflow—not operations—helped hold cash at$261.3M , showing the model is still externally financed.
This is not a low-margin sales problem: gross margin remained above
Short-term liquidity is still cushioned: the current ratio was 4.4x, and cash covered about 1.8 years of current free-cash burn. But shares outstanding rose from 98.9M to 125.7M, indicating part of that runway was purchased through dilution rather than self-funding.
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Adc Therapeutics Sa's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Adc Therapeutics Sa scores -7.05, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($122.6M) relative to total liabilities ($509.0M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Adc Therapeutics Sa passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
Adc Therapeutics Sa reported a net loss of $142.6M while operations used $141.2M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Adc Therapeutics Sa reported an operating loss of $121.5M against $16.3M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Adc Therapeutics Sa generated $81.4M in revenue in fiscal year 2025. This represents an increase of 14.9% from the prior year.
Adc Therapeutics Sa's EBITDA was -$120.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 6.6% from the prior year.
Adc Therapeutics Sa reported -$142.6M in net income in fiscal year 2025. This represents an increase of 9.6% from the prior year.
Adc Therapeutics Sa earned -$1.12 per diluted share (EPS) in fiscal year 2025. This represents an increase of 30.9% from the prior year.
Cash & Balance Sheet
Adc Therapeutics Sa recorded an outflow of $141.4M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 13.4% from the prior year.
Adc Therapeutics Sa held $261.3M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Adc Therapeutics Sa's gross margin was 92.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 1.3 percentage points from the prior year.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not reported for fiscal year 2025.
Capital Allocation
Adc Therapeutics Sa invested $104.0M in research and development in fiscal year 2025. This represents a decrease of 5.1% from the prior year.
Adc Therapeutics Sa invested $264K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 69.6% from the prior year.
Not reported for fiscal year 2025.
ADCT Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 |
|---|---|---|---|---|---|
| Revenue | $79.6M | $81.4M+14.9% | $70.8M+1.8% | $69.6M-66.9% | $209.9M |
| Cost of Revenue | N/A | $5.8M-2.5% | $5.9M+135.2% | $2.5M-23.4% | $3.3M |
| Gross Profit | N/A | $75.6M+16.4% | $64.9M-3.2% | $67.0M-67.6% | $206.6M |
| R&D Expenses | $82.2M | $104.0M-5.1% | $109.6M-13.8% | $127.1M-31.8% | $186.5M |
| SG&A Expenses | $37.4M | $36.6M-12.7% | $41.9M-13.5% | $48.4M-35.0% | $74.4M |
| Operating Income | -$99.5M | -$121.5M+7.0% | -$130.7M+21.3% | -$166.0M-34.6% | -$123.3M |
| Interest Expense | $16.9M | $16.3M-67.6% | $50.2M+8.4% | $46.3M+26.1% | $36.7M |
| Income Tax | -$404K | $1.0M+511.4% | $166K-99.6% | $39.1M+17127.3% | $227K |
| Net Income | -$96.9M | -$142.6M+9.6% | -$157.8M+34.3% | -$240.1M-52.8% | -$157.1M |
| EPS (Diluted) | — | -$1.12+30.9% | -$1.62+44.9% | -$2.94-46.3% | -$2.01 |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
ADCT Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 |
|---|---|---|---|---|
| Total Assets | $323.1M+0.4% | $322.0M-9.2% | $354.8M-27.7% | $490.9M |
| Current Assets | $306.3M+5.2% | $291.3M-13.4% | $336.3M-22.7% | $435.0M |
| Cash & Equivalents | $261.3M+4.2% | $250.9M-10.0% | $278.6M-14.7% | $326.4M |
| Inventory | $4.2M+85.9% | $2.3M-86.1% | $16.2M+34.0% | $12.1M |
| Total Liabilities | $509.0M-3.0% | $524.6M+4.3% | $503.0M+22.3% | $411.4M |
| Current Liabilities | $70.2M-12.8% | $80.5M+18.9% | $67.7M-17.4% | $81.9M |
| Total Equity | -$185.8M+8.3% | -$202.6M-36.7% | -$148.2M-286.6% | $79.5M |
| Retained Earnings | -$1.6B-9.6% | -$1.5B-11.8% | -$1.3B-21.9% | -$1.1B |
Not reported in any period shown, so not listed: Accounts Receivable, Goodwill, Long-Term Debt.
ADCT Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 |
|---|---|---|---|---|---|
| Operating Cash Flow | -$102.3M | -$141.2M-14.0% | -$123.8M-4.3% | -$118.7M+14.2% | -$138.3M |
| Capital Expenditures | $32K | $264K-69.6% | $867K-73.0% | $3.2M+368.1% | $687K |
| Free Cash Flow | -$102.3M | -$141.4M-13.4% | -$124.7M-2.3% | -$121.9M+12.3% | -$139.0M |
| Investing Cash Flow | $627K | $395K+145.6% | -$867K+73.0% | -$3.2M-368.1% | -$687K |
| Financing Cash Flow | $56.2M | $150.9M+55.5% | $97.1M+31.4% | $73.9M+8335.8% | -$897K |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
ADCT Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 |
|---|---|---|---|---|
| Gross Margin | 92.9%+1.3pp | 91.6%-4.8pp | 96.4%-2.1pp | 98.4% |
| Operating Margin | -149.3% | -184.4% | -238.6% | -58.8% |
| Net Margin | -175.3% | -222.8% | -345.2% | -74.9% |
| Return on Equity | N/A | N/A | N/A | -197.8% |
| Return on Assets | -44.1%+4.9pp | -49.0%+18.7pp | -67.7%-35.7pp | -32.0% |
| Current Ratio | 4.37+0.7x | 3.62-1.4x | 4.97-0.3x | 5.31 |
| Debt-to-Equity | N/A | N/A | N/A | 5.18 |
| FCF Margin | -173.8% | -176.0% | -175.3% | -66.2% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Note: Shareholder equity is negative (-$185.8M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
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Where Adc Therapeutics Sa Ranks
Frequently Asked Questions
What is Adc Therapeutics Sa's annual revenue?
Adc Therapeutics Sa (ADCT) reported $81.4M in total revenue for fiscal year 2025. This represents a 14.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Adc Therapeutics Sa's revenue growing?
Adc Therapeutics Sa (ADCT) revenue grew by 14.9% year-over-year, from $70.8M to $81.4M in fiscal year 2025.
Is Adc Therapeutics Sa profitable?
No, Adc Therapeutics Sa (ADCT) reported a net income of -$142.6M in fiscal year 2025.
What is Adc Therapeutics Sa's EBITDA?
Adc Therapeutics Sa (ADCT) had EBITDA of -$120.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Adc Therapeutics Sa's gross margin?
Adc Therapeutics Sa (ADCT) had a gross margin of 92.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Adc Therapeutics Sa's free cash flow?
Adc Therapeutics Sa (ADCT) recorded an outflow of $141.4M in free cash flow during fiscal year 2025. This represents a -13.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Adc Therapeutics Sa's operating cash flow?
Adc Therapeutics Sa (ADCT) recorded an outflow of $141.2M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Adc Therapeutics Sa's total assets?
Adc Therapeutics Sa (ADCT) had $323.1M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Adc Therapeutics Sa's capital expenditures?
Adc Therapeutics Sa (ADCT) invested $264K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Adc Therapeutics Sa spend on research and development?
Adc Therapeutics Sa (ADCT) invested $104.0M in research and development during fiscal year 2025.
What is Adc Therapeutics Sa's current ratio?
Adc Therapeutics Sa (ADCT) had a current ratio of 4.37 as of fiscal year 2025, which is generally considered healthy.
What is Adc Therapeutics Sa's return on assets (ROA)?
Adc Therapeutics Sa (ADCT) had a return on assets of -44.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Adc Therapeutics Sa's cash runway?
Based on fiscal year 2025 data, Adc Therapeutics Sa (ADCT) had $261.3M in cash against an annual operating cash burn of $141.2M. This gives an estimated cash runway of approximately 22 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
Why is Adc Therapeutics Sa's debt-to-equity ratio negative or not reported?
Adc Therapeutics Sa (ADCT) has negative shareholder equity of -$185.8M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Adc Therapeutics Sa's Altman Z-Score?
Adc Therapeutics Sa (ADCT) has an Altman Z-Score of -7.05, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Adc Therapeutics Sa's Piotroski F-Score?
Adc Therapeutics Sa (ADCT) has a Piotroski F-Score of 5 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Adc Therapeutics Sa's earnings high quality?
Adc Therapeutics Sa (ADCT) reported a net loss of $142.6M while operations used $141.2M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Adc Therapeutics Sa cover its interest payments?
Adc Therapeutics Sa (ADCT) reported an operating loss of $121.5M against $16.3M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Adc Therapeutics Sa?
Adc Therapeutics Sa (ADCT) scores 54 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.