ADC Therapeutics Provides Preliminary Fourth Quarter and Full Year 2025 Revenue and Cash Estimates and Recent Corporate Updates

Rhea-AI Summary

ADC Therapeutics (NYSE: ADCT) reported preliminary unaudited 2025 results and program updates. ZYNLONTA net product revenue was approximately $73M for full year 2025 and $22M in Q4 2025, versus $69.3M for 2024; the Q4 increase reflected customer order variability. The company ended 2025 with ~$261M cash, which management says provides a cash runway at least to 2028 based on current plans. Clinical catalysts include LOTIS-7 complete enrollment (~100 patients) in H1 2026 and reported LOTIS-7 ORR 89.8% and CR 77.6% (49 efficacy-evaluable patients); LOTIS-5 Phase 3 topline PFS readout is expected in 2Q 2026 (~262 PFS events) with potential regulatory actions and compendia inclusion in 2027.

Positive

• Cash and equivalents of approximately $261M providing runway at least to 2028
• ZYNLONTA full-year 2025 net product revenue of approximately $73M
• LOTIS-7 updated data: ORR 89.8% and CR 77.6% across 49 evaluable patients
• LOTIS-5 Phase 3 topline data expected in 2Q 2026 (~262 PFS events) enabling potential sBLA

Negative

• Full-year revenue rose modestly from $69.3M to $73M (~5% increase)
• Fourth-quarter revenue showed variability driven by customer ordering patterns
• Regulatory approvals and compendia inclusions depend on positive LOTIS-5/LOTIS-7 results

Key Figures

FY 2025 net product revenue $73M Preliminary unaudited full year 2025 ZYNLONTA net product revenue vs $69.3M in 2024

Q4 2025 net product revenue $22M Preliminary unaudited Q4 2025 ZYNLONTA net product revenue vs $16.4M in Q4 2024

Cash and cash equivalents $261M Cash and cash equivalents as of December 31, 2025; management cites runway at least to 2028

LOTIS-7 ORR 89.8% Best overall response rate in 49 efficacy-evaluable r/r DLBCL patients with ≥6 months follow-up

LOTIS-7 CR rate 77.6% Complete response rate across 49 efficacy-evaluable r/r DLBCL patients

LOTIS-7 evaluable patients 49 patients Efficacy-evaluable r/r DLBCL patients with minimum 6 months follow-up in updated LOTIS-7 data

LOTIS-7 enrollment target 100 patients Planned complete enrollment at 150 µg/kg dose expected in first half of 2026

LOTIS-5 PFS events 262 events Pre-specified progression-free survival events triggering Phase 3 LOTIS-5 topline analysis

Market Reality Check

$3.66 Last Close

Volume Volume 817,612 vs 20-day average 1,257,787 (relative volume 0.65x) suggests no outsized trading response. low

Technical Shares at $3.65 are trading above the 200-day MA of $3.08, reflecting a pre-news upward bias.

Peers on Argus

ADCT gained 3.11% while key biotech peers were mixed: AUTL -2.5%, YMAB +0.23%, AURA +4.62%, BNTC +0.83%, LXRX +2.63%. The pattern points to stock-specific drivers rather than a coordinated sector move.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Jan 02	Inducement option grant	Neutral	+1.1%	Grant of options to purchase 6,000 shares for a new employee.
Jan 02	Inducement option grant	Neutral	+1.1%	Repeat record of same inducement option grant disclosure.
Dec 03	Clinical data update	Positive	-14.1%	LOTIS-7 Phase 1b update showing high ORR and CR in r/r DLBCL.
Dec 02	Clinical webcast notice	Neutral	+8.5%	Announcement of conference call to discuss LOTIS-7 Phase 1b trial.
Dec 02	Clinical webcast notice	Neutral	+8.5%	Duplicate entry of LOTIS-7 update webcast announcement.

Pattern Detected

Recent history shows mixed reactions: a positive LOTIS-7 update on Dec 3, 2025 coincided with a -14.13% move, suggesting a tendency to sell into strong clinical data, while neutral or administrative items had modest positive reactions.

Recent Company History

Over the last few months, ADCT’s news flow featured clinical and corporate items. On Dec 3, 2025, updated LOTIS-7 Phase 1b data for ZYNLONTA plus glofitamab showed high response rates but the stock fell 14.13%, indicating a divergence from the positive clinical outcome. A day earlier, a LOTIS-7 update webcast announcement saw an 8.49% rise. A routine inducement option grant on Jan 2, 2026 had a mild 1.14% gain. Against this backdrop, today’s preliminary 2025 revenue and cash update fits into a pattern where fundamental and pipeline developments coexist with volatile short-term price reactions.

Regulatory & Risk Context

Active S-3 Shelf Registration 2025-12-09

An active shelf registration (Form S-3/A dated Dec 9, 2025) was amended solely to add a new auditor consent, with no changes to the prospectus. Estimated offering-related expenses are $71,341.46, including a SEC registration fee of $8,341.46. The amendment maintains flexibility for selling shareholders without adding new capital-raising terms for the company.

Market Pulse Summary

This announcement outlines preliminary 2025 ZYNLONTA net product revenue of $73M, Q4 revenue of $22M, and year-end cash of $261M, which management expects to fund operations at least to 2028. It also highlights LOTIS-7 data with ORR of 89.8% and CR of 77.6%, upcoming LOTIS-5 Phase 3 topline results, and ongoing indolent lymphoma trials. Investors may track execution on enrollment goals, 2026–2027 regulatory milestones, and how future updates compare with prior LOTIS-7 disclosures.

Key Terms

antibody drug conjugates medical

"a commercial-stage global leader and pioneer in the field of antibody drug conjugates (ADCs)"

Antibody drug conjugates are targeted medicines that combine an antibody, which seeks out specific markers on diseased cells, with a powerful drug that is released only when the antibody binds its target. Think of it as a guided missile that delivers a toxic payload directly to its target, reducing damage to healthy cells; investors watch them because successful ADCs can offer high-value, niche treatments and drive strong revenue and patent-based protection for developers.

diffuse large B-cell lymphoma medical

"patients with relapsed or refractory diffuse large B-cell lymphoma (r/r DLBCL)"

A fast-growing form of blood cancer that starts in white blood cells within the lymphatic system and can spread quickly to other organs. Investors watch it because the need for effective treatments, the size of the patient population, and results from clinical trials or regulatory approvals can significantly affect pharmaceutical and biotech company revenues—think of it like a large, urgent market for new medicines where trial results or approvals can move stock prices.

overall response rate medical

"demonstrated an 89.8% best overall response rate (ORR) and a 77.6% complete response"

Overall response rate is the percentage of patients in a clinical study whose measurable disease shrinks or disappears after receiving a treatment. Investors watch it like a product’s “hit rate” because higher response rates can signal a drug’s effectiveness, boost chances of regulatory approval and market demand, and affect a company’s future revenue prospects, similar to how a higher batting average suggests a more reliable player.

complete response rate medical

"best overall response rate (ORR) and a 77.6% complete response rate across 49"

Complete response rate is the percentage of patients in a clinical trial whose measurable signs of disease disappear after treatment, as judged by predefined medical tests. For investors, a higher complete response rate is a strong signal that a drug works well in the trial setting, improving chances of regulatory approval and commercial success — like seeing most lightbulbs in a new batch actually turn on before deciding to buy the factory.

progression-free survival medical

"once the pre-specified number of approximately 262 progression-free survival (PFS) events"

Progression-free survival is the length of time during and after a treatment that a patient's disease does not get worse, measured from the start of treatment until the disease shows measurable signs of progression or the patient dies. Investors care because longer progression-free survival in clinical trials often signals that a drug is effective, improving chances of regulatory approval, market adoption, and revenue potential—think of it as a stopwatch showing how long a therapy can keep the illness at bay.

supplemental biologics license application regulatory

"a supplemental Biologics License Application (sBLA) submission to the U.S. FDA will follow"

A supplemental biologics license application is a formal request to a regulator (such as the U.S. Food and Drug Administration) asking permission to change an already approved biological product — for example to add a new use, change how it’s made, or alter dosing. For investors, an approved supplemental application can expand a product’s sales or reduce manufacturing risk, while a delay or rejection can limit revenue prospects or raise compliance costs; think of it like applying for an update to a building permit for an existing, income-producing property.

investigator-initiated trials medical

"Investigator-initiated trials (IITs) of ZYNLONTA in indolent lymphomas ongoing"

Clinical studies designed and run by independent physicians or academic researchers rather than by a drug or device company; the investigator shapes the question, protocol and oversight and may use an existing therapy or a company’s product with permission. For investors, these trials can reveal new uses, safety signals or early effectiveness at relatively low cost to companies, like a third-party test drive that can boost or dim a product’s commercial prospects and affect development timelines and valuation.

prostate-specific membrane antigen medical

"exatecan-based, prostate-specific membrane antigen (PSMA)-targeting ADC were completed"

A protein that sits on the surface of prostate cells, often much more abundant on prostate cancer cells, used as a biological “flag” that diagnostic scans and targeted treatments can home in on. Investors care because products that detect or bind this marker—like imaging agents or targeted drugs—can improve diagnosis and therapy, create new revenue streams, and face regulatory milestones that materially affect a company’s value.

AI-generated analysis. Not financial advice.

Preliminary unaudited fourth quarter and full year 2025 net product revenue of approximately $22M and $73M respectively; cash and cash equivalents of approximately $261M as of December 31, 2025, provide expected cash runway at least to 2028

Anticipated near-term catalysts include LOTIS-7 complete enrollment in first half of 2026 and LOTIS-5 Phase 3 topline data in second quarter 2026

Additional anticipated catalysts include full LOTIS-5 and LOTIS-7 results by end of 2026, with potential compendia inclusions in first half of 2027 and LOTIS-5 regulatory approvals to follow

LAUSANNE, Switzerland, Jan. 8, 2026 /PRNewswire/ -- ADC Therapeutics SA (NYSE: ADCT), a commercial-stage global leader and pioneer in the field of antibody drug conjugates (ADCs), today provided corporate updates and highlights from its ZYNLONTA® clinical program.

"During 2025, we delivered meaningful progress across our ZYNLONTA clinical program and extended our expected cash runway at least to 2028," said Ameet Mallik, Chief Executive Officer of ADC Therapeutics. "This year, we look forward to multiple clinical catalysts including full results from our LOTIS-5 and LOTIS-7 2L+ DLBCL trials, as well as potentially from the ongoing Phase 2 indolent lymphoma IITs. Assuming positive results, we anticipate potential compendia inclusion for each in the first half of 2027 with LOTIS-5 regulatory approvals to follow. Taken together, we anticipate we will see an acceleration in net product revenue growth beginning in 2027."

Recent Highlights and Developments

Preliminary unaudited 2025 selected financial results. ZYNLONTA net product revenue is expected to be approximately $73 million for full year 2025 compared with $69.3 million for full year 2024. Fourth quarter 2025 ZYNLONTA net product revenue is expected to be approximately $22 million, as compared to $16.4 million in the fourth quarter of 2024, primarily reflecting variability in customer ordering. Underlying demand for ZYNLONTA in the current 3L/3L+ DLBCL indication remained broadly stable year-over-year. The Company ended 2025 with cash and cash equivalents of approximately $261 million which, based on current plans, is expected to provide a cash runway at least to 2028.

Reported updated data from LOTIS-7 in December 2025. Updated data from the LOTIS-7 Phase 1b clinical trial evaluating the safety and efficacy of ZYNLONTA in combination with the bispecific antibody glofitamab (COLUMVI®) in patients with relapsed or refractory diffuse large B-cell lymphoma (r/r DLBCL) demonstrated an 89.8% best overall response rate (ORR) and a 77.6% complete response rate across 49 efficacy evaluable patients with a minimum of 6 months follow-up. Enrollment in the LOTIS-7 trial is ongoing, with complete enrollment of approximately 100 patients at the selected 150 µg/kg dose expected during the first half of 2026. The Company plans to share full data at a medical meeting and through publication by the end of 2026. In addition, the Company plans to assess regulatory and compendia strategies in the first half of 2027.

LOTIS-5 topline results anticipated in 2Q 2026. The Company expects to provide topline data in 2Q 2026 from the LOTIS-5 Phase 3 confirmatory trial of ZYNLONTA in combination with rituximab in patients with 2L+ DLBCL once the pre-specified number of approximately 262 progression-free survival (PFS) events is reached and data are available. Publication of the full results is anticipated by the end of 2026. Assuming positive results, a supplemental Biologics License Application (sBLA) submission to the U.S. FDA will follow, with potential compendia inclusion in the first half of 2027 and confirmatory approval in 2L+ DLBCL in mid-2027.

Investigator-initiated trials (IITs) of ZYNLONTA in indolent lymphomas ongoing. Initial data from the Phase 2 clinical trial evaluating ZYNLONTA in combination with rituximab to treat relapsed or refractory (r/r) follicular lymphoma (FL) and the Phase 2, single-arm, open-label, multicenter trial of ZYNLONTA to treat r/r marginal zone lymphoma (MZL) led by the Sylvester Comprehensive Cancer Center at University of Miami have shown promising efficacy and manageable safety results. The Company anticipates publication of both data sets as early as the end of 2026. Assuming positive data, the Company plans to assess regulatory and compendia strategies.

IND-enabling activities completed for PSMA-targeting ADC. IND-enabling activities for the Company's exatecan-based, prostate-specific membrane antigen (PSMA)-targeting ADC were completed at the end of 2025. The Company continues to explore partnership opportunities.

About ADC Therapeutics
ADC Therapeutics (NYSE: ADCT) is a commercial-stage global leader and pioneer in the field of antibody drug conjugates (ADCs), transforming treatment for patients through our focused portfolio with ZYNLONTA (loncastuximab tesirine-lpyl).

ADC Therapeutics' CD19-directed ADC ZYNLONTA received accelerated approval by the FDA and conditional approval from the European Commission for the treatment of relapsed or refractory diffuse large B-cell lymphoma after two or more lines of systemic therapy. ZYNLONTA is also in development in combination with other agents and in earlier lines of therapy.

Headquartered in Lausanne (Biopôle), Switzerland, with operations in London and New Jersey, ADC Therapeutics is focused on driving innovation in ADC development with specialized capabilities from clinical to manufacturing and commercialization. Learn more at adctherapeutics.com and follow us on LinkedIn.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In some cases you can identify forward-looking statements by terminology such as "may", "will", "should", "would", "expect", "intend", "plan", "anticipate", "believe", "estimate", "predict", "potential", "seem", "seek", "future", "continue", or "appear" or the negative of these terms or similar expressions, although not all forward-looking statements contain these identifying words. Forward-looking statements are subject to certain risks and uncertainties that can cause actual results to differ materially from those described. Factors that may cause such differences include, but are not limited to: changes to the preliminary unaudited Q4 and full year 2025 net product revenue and cash and cash equivalents as of December 31, 2025; expected cash runway at least to 2028 which assumes use of minimum liquidity amount required to be maintained under its loan agreement covenants; whether future LOTIS-7 clinical trial results will be consistent with or different from the LOTIS-7 data presented by the Company on December 3, 2025, the timing, publication and outcome of the full LOTIS-7 trial, compendia inclusion and regulatory strategy and the commercial opportunity; the timing of the PFS events and topline data release for LOTIS-5 and the results of the trial, the timing for the sBLA submission and full FDA approval; the Company's ability to grow ZYNLONTA® revenue in the United States and potential peak revenue; the ability of our partners to commercialize ZYNLONTA® in foreign markets, the timing and amount of future revenue and payments to us from such partnerships and their ability to obtain regulatory approval for ZYNLONTA® in foreign jurisdictions; the timing and results of the Company's clinical trials; the timing, publication and results of investigator-initiated trials including those studying FL and MZL and the potential regulatory and/or compendia strategy and the future opportunity; the timing and outcome of regulatory submissions for the Company's products or product candidates; actions by the FDA or foreign regulatory authorities; projected revenue and expenses; the Company's indebtedness, including Healthcare Royalty Management and Blue Owl and Oaktree facilities, and the restrictions imposed on the Company's activities by such indebtedness, the ability to comply with the terms of the various agreements and repay such indebtedness and the significant cash required to service such indebtedness; and the Company's ability to obtain financial and other resources for its research, development, clinical, and commercial activities; and the uncertainties of international trade policies, including tariffs, sanctions, trade barriers and most favored nation drug pricing and the potential impact they may have on our business, financial condition, and results of operations. Additional information concerning these and other factors that may cause actual results to differ materially from those anticipated in the forward-looking statements is contained in the "Risk Factors" section of the Company's Annual Report on Form 10-K and in the Company's other periodic and current reports and filings with the U.S. Securities and Exchange Commission. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance, achievements or prospects to be materially different from any future results, performance, achievements or prospects expressed in or implied by such forward-looking statements. The Company cautions investors not to place undue reliance on the forward-looking statements contained in this document.

CONTACTS:
Investors and Media
Nicole Riley
ADC Therapeutics
Nicole.Riley@adctherapeutics.com
+1 862-926-9040

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SOURCE ADC Therapeutics SA

FAQ

What were ADC Therapeutics (ADCT) preliminary full-year 2025 revenues?

Preliminary unaudited ZYNLONTA net product revenue for 2025 was approximately $73M.

How much cash did ADC Therapeutics (ADCT) have at year-end 2025 and how long is the runway?

The company reported approximately $261M in cash and cash equivalents, which it says provides a cash runway at least to 2028 based on current plans.

When will ADC Therapeutics (ADCT) report LOTIS-5 Phase 3 topline results and what triggers the readout?

LOTIS-5 topline data are expected in 2Q 2026 once about 262 PFS events are observed.

What were the key efficacy results reported for LOTIS-7 by ADC Therapeutics (ADCT)?

Updated LOTIS-7 data showed a best overall response rate (ORR) of 89.8% and a complete response (CR) rate of 77.6% across 49 efficacy-evaluable patients.

When does ADC Therapeutics (ADCT) expect LOTIS-7 enrollment to complete and full data to be shared?

Complete enrollment at the selected dose (~100 patients) is expected in the first half of 2026, with full data planned for dissemination by the end of 2026.

What are ADC Therapeutics' (ADCT) next regulatory/commercial milestones for ZYNLONTA?

Assuming positive results, the company expects potential compendia inclusion in first half of 2027 and a possible LOTIS-5 confirmatory approval in mid-2027 following an sBLA submission.