ADC Therapeutics Reports First Quarter 2026 Financial Results and Provides Operational Updates
Rhea-AI Summary
ADC Therapeutics (NYSE: ADCT) reported Q1 2026 results and provided clinical updates. Q1 net product revenue was $20.0M; net loss was $33.0M ($0.21/share) and adjusted net loss was $19.7M ($0.13/share). Cash and cash equivalents totaled $231.0M with a runway at least into 2028. Key clinical catalysts: LOTIS-5 topline expected in 2Q 2026 and full LOTIS-5 and LOTIS-7 data anticipated by year-end.
Positive
- Product revenues of $20.0M in Q1 2026 (up from $17.4M)
- Cash and cash equivalents of $231.0M with runway into 2028
- LOTIS-5 topline results expected in 2Q 2026 (near-term catalyst)
- R&D expense decreased to $19.9M from $28.9M year-over-year
- Total adjusted operating expenses reduced to $42.9M from $49.1M
Negative
- Net loss of $33.0M (Q1 2026), or $0.21 per share
- Cash balance declined from $261.3M at year-end to $231.0M
- Selling and marketing expense rose to $12.7M from $10.6M
News Market Reaction – ADCT
In the May 4 session, ADCT declined 3.92%, reflecting a moderate negative market reaction. Argus tracked a trough of -18.7% from its starting point during tracking. Our momentum scanner triggered 6 alerts that day, indicating moderate trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Mar 10 | Q4/FY 2025 earnings | Positive | +13.5% | Fourth quarter and full-year 2025 results plus cash and LOTIS-5/7 updates. |
| Nov 10 | Q3 2025 earnings | Positive | +4.2% | Q3 2025 results, PIPE financing, and strong LOTIS-7 follicular lymphoma data. |
| Nov 10 | Q3 2025 earnings | Positive | +4.2% | Repeated Q3 2025 update with revenue, net loss, and pipeline progress. |
| Aug 12 | Q2 2025 earnings | Positive | +9.7% | Q2 2025 results, $100M PIPE, restructuring, and strong LOTIS-7 efficacy data. |
| May 14 | Q1 2025 earnings | Positive | +37.1% | Q1 2025 results with promising LOTIS-7 data and ZYNLONTA revenue growth. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings/operational updates that pair financial results with ZYNLONTA clinical progress have historically led to positive share reactions, with all recent earnings-tagged events showing gains.
Over the past year, ADC Therapeutics’ earnings releases have consistently combined ZYNLONTA clinical updates with funding and runway disclosures. Events on May 14, 2025, Aug 12, 2025, Nov 10, 2025, and Mar 10, 2026 all reported growing product revenues, sizable net losses, and extended cash runway into at least 2028, often supported by PIPE financings or royalty deals. These updates also highlighted LOTIS-5 and LOTIS-7 progress, similar to today’s emphasis on upcoming LOTIS readouts and a multiyear cash runway.
Key Terms
Phase 3 medical
topline results medical
supplemental Biologics License Application regulatory
U.S. Food and Drug Administration regulatory
diffuse large B-cell lymphoma medical
DLBCL medical
bispecific antibody medical
AI-generated analysis. How Rhea-AI works. Not financial advice.
First quarter 2026 net product revenue of
Cash and cash equivalents of
Company to host conference call today at 8:30 a.m. EDT
LAUSANNE,
"During the first quarter, we continued to build momentum across our ZYNLONTA program," said Ameet Mallik, Chief Executive Officer of ADC Therapeutics. "Looking ahead, we have multiple near-term catalysts, including topline results from
First Quarter 2026 Operational Updates and Upcoming Milestones
Investigator-Initiated trials (IITs) evaluating ZYNLONTA in additional B-cell malignancies progressing. The University of Miami Sylvester Comprehensive Cancer Center-led multi-center trials of ZYNLONTA in combination with rituximab to treat r/r follicular lymphoma (FL) and ZYNLONTA as a monotherapy to treat marginal zone lymphoma (MZL) are ongoing. The Company anticipates publication of data from both IITs between the end of 2026 and mid-2027. Assuming positive data, the Company intends to assess potential regulatory and compendia pathways.
First Quarter 2026 Financial Results
Product Revenues: Net product revenues were
License Revenues and Royalties: License revenue and royalties were
Cost of Product Sales: Cost of product sales was
Research and Development (R&D) Expense: R&D expense was
Selling and Marketing (S&M) Expense: S&M expense was
General & Administrative (G&A) Expense: G&A expense was
Total Operating Expenses and Adjusted Total Operating Expenses: Total operating expenses were
Net Loss and Adjusted Net Loss: Net loss for the first quarter of 2026 was
Cash and Cash Equivalents: As of March 31, 2026, cash and cash equivalents were
Conference Call Details
ADC Therapeutics management will host a conference call and live audio webcast to discuss first quarter 2026 financial results and provide a company update today at 8:30 a.m. EDT. To access the conference call, please register here. Registrants will receive the dial-in number and unique PIN. It is recommended that you join 10 minutes before the event, though you may pre-register at any time. A live webcast of the call will be available under "Events & Presentations" in the Investors section of the ADC Therapeutics website at ir.adctherapeutics.com. The archived webcast will be available for 30 days following the call.
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),
Use of Non-GAAP Financial Measures
In addition to financial information prepared in accordance with
- Adjusted total operating expenses
- Adjusted net loss
- Adjusted net loss per share
Management uses such measures internally when monitoring and evaluating our operational performance, generating future operating plans and making strategic decisions regarding the allocation of capital. We believe that these adjusted financial measures provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and facilitate operating performance comparability across both past and future reporting periods. These non-GAAP measures have limitations as financial measures and should be considered in addition to, and not in isolation or as a substitute for, the information prepared in accordance with GAAP. When preparing these supplemental non-GAAP measures, management typically excludes certain GAAP items that management does not believe are indicative of our ongoing operating performance. Furthermore, management does not consider these GAAP items to be normal, recurring cash operating expenses; however, these items may not meet the GAAP definition of unusual or non-recurring items. Since non-GAAP financial measures do not have standardized definitions and meanings, they may differ from the non-GAAP financial measures used by other companies, which reduces their usefulness as comparative financial measures. Because of these limitations, you should consider these adjusted financial measures alongside other GAAP financial measures.
The following items are excluded from adjusted total operating expenses:
Shared-Based Compensation Expense: We exclude share-based compensation expense from our adjusted financial measures because share-based compensation expense, which is non-cash, fluctuates from period to period based on factors that are not within our control, such as our stock price on the dates share-based grants are issued. Share-based compensation expense has been, and will continue to be for the foreseeable future, a recurring expense in our business and an important part of our compensation strategy.
Restructuring, Impairment and Other Related Costs: We exclude from our adjusted financial measures costs associated with our execution of certain strategies and initiatives to streamline operations, achieve targeted cost reductions or reprioritize research and development activities. These costs may include employee severance, contract termination costs, facility closing and exit costs, asset impairment charges (which are non-cash) and other costs that we believe do not represent the performance of our business or have a direct correlation to our ongoing or future business operations.
The following items are excluded from adjusted net loss and adjusted net loss per share:
Shared-Based Compensation Expense: We exclude share-based compensation expense from our adjusted financial measures because share-based compensation expense, which is non-cash, fluctuates from period to period based on factors that are not within our control, such as our stock price on the dates share-based grants are issued. Share-based compensation expense has been, and will continue to be for the foreseeable future, a recurring expense in our business and an important part of our compensation strategy.
Certain Other Items: We exclude certain other significant items that we believe do not represent the performance of our business, from our adjusted financial measures. Such items are evaluated by management on an individual basis based on both quantitative and qualitative aspects of their nature. While not all-inclusive, examples of certain other significant items excluded from our adjusted financial measures would be: restructuring, impairment and other related costs, changes in the fair value of warrant obligations and the effective interest expense associated with the senior secured term loan facility and the effective interest expense and cumulative catch-up adjustments associated with the deferred royalty obligation under the royalty purchase agreement with HealthCare Royalty Partners.
See the attached Reconciliation of GAAP Measures to Non-GAAP Measures for explanations of the amounts excluded and included to arrive at the non-GAAP financial measures.
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: the timing of the topline data release for
ADC Therapeutics SA Condensed Consolidated Statements of Operations (Unaudited) (in thousands, except for share and per share data) | ||||
Three Months Ended March 31, | ||||
2026 | 2025 | |||
Revenue | ||||
Product revenues, net | $ 20,033 | $ 17,404 | ||
License revenues and royalties | 818 | 5,629 | ||
Total revenue, net | 20,851 | 23,033 | ||
Operating expense | ||||
Cost of product sales | (3,615) | (2,061) | ||
Research and development | (19,877) | (28,928) | ||
Selling and marketing | (12,708) | (10,553) | ||
General and administrative | (9,896) | (9,955) | ||
Total operating expense | (46,096) | (51,497) | ||
Loss from operations | (25,245) | (28,464) | ||
Other income (expense) | ||||
Interest income | 1,994 | 2,054 | ||
Interest expense | (12,349) | (12,230) | ||
Other, net | 2,632 | 203 | ||
Total other expense, net | (7,723) | (9,973) | ||
Loss before income taxes | (32,968) | (38,437) | ||
Income tax expense | — | (165) | ||
Net loss | $ (32,968) | $ (38,602) | ||
Net loss per share | ||||
Net loss per share, basic and diluted | $ (0.21) | $ (0.36) | ||
Weighted average shares outstanding, basic and diluted | 154,142,347 | 107,202,374 | ||
ADC Therapeutics SA Condensed Consolidated Balance Sheets (Unaudited) (in thousands) | ||||
March 31, 2026 | December 31, 2025 | |||
ASSETS | ||||
Current assets | ||||
Cash and cash equivalents | $ 231,008 | $ 261,338 | ||
Accounts receivable, net | 31,045 | 29,117 | ||
Inventory | 4,776 | 4,184 | ||
Prepaid expenses | 5,674 | 5,612 | ||
Other current assets | 4,265 | 6,084 | ||
Total current assets | 276,768 | 306,335 | ||
Non-current assets | ||||
Inventory, long-term | 12,282 | 14,301 | ||
Operating lease right-of-use assets | 1,200 | 1,297 | ||
Other long-term assets | 1,246 | 1,217 | ||
Total assets | $ 291,496 | $ 323,150 | ||
LIABILITIES AND SHAREHOLDERS' (DEFICIT) EQUITY | ||||
Current liabilities | ||||
Accounts payable | $ 5,295 | $ 9,175 | ||
Accrued expenses and other current liabilities | 57,698 | 57,988 | ||
Senior secured term loans, current portion | 4,635 | 3,000 | ||
Total current liabilities | 67,628 | 70,163 | ||
Deferred royalty obligation, long-term | 304,687 | 322,525 | ||
Senior secured term loans, long-term | 111,042 | 112,452 | ||
Warrant obligations | 18,527 | — | ||
Operating lease liabilities, long-term | 991 | 1,034 | ||
Other long-term liabilities | 4,998 | 2,810 | ||
Total liabilities | 507,873 | 508,984 | ||
Total shareholders' (deficit) equity | (216,377) | (185,834) | ||
Total liabilities and shareholders' (deficit) equity | $ 291,496 | $ 323,150 | ||
ADC Therapeutics SA Reconciliation of GAAP Measures to Non-GAAP Measures (Unaudited) (in thousands, except for share and per share data) | |||||||
Three Months Ended March 31, | |||||||
(in thousands) | 2026 | 2025 | Change | % | |||
Total operating expense | $ 5,401 | (10) % | |||||
Adjustments: | |||||||
Share-based compensation expense (i) | 3,209 | 2,421 | 788 | 33 % | |||
Adjusted total operating expenses | $ 6,189 | (13) % | |||||
Three Months Ended | |||
in thousands (except for share and per share data) | 2026 | 2025 | |
Net loss | $ (32,968) | $ (38,602) | |
Adjustments: | |||
Share-based compensation expense (i) | 3,209 | 2,421 | |
HCR warrants obligation, change in fair value income (ii) | (2,227) | — | |
Effective interest expense on senior secured term loan facility (iii) | 3,622 | 3,785 | |
Deferred royalty obligation interest expense (iv) | 8,727 | 8,445 | |
Deferred royalty obligation cumulative catch-up adjustment income (iv) | (72) | (12) | |
Adjusted net loss | $ (19,709) | $ (23,963) | |
Net loss per share, basic and diluted | $ (0.21) | $ (0.36) | |
Adjustment to net loss per share, basic and diluted | 0.08 | 0.14 | |
Adjusted net loss per share, basic and diluted | $ (0.13) | $ (0.22) | |
Weighted average shares outstanding, basic and diluted | 154,142,347 | 107,202,374 | |
(i) | Share-based compensation expense represents the cost of equity awards issued to our directors, management and employees. The fair value of awards is computed at the time the award is granted and is recognized over the requisite service period less actual forfeitures by a charge to the statement of operations and a corresponding increase in additional paid-in capital within equity. These accounting entries have no cash impact. |
(ii) | Change in the fair value of the HCR warrants obligation results from the valuation at the end of each accounting period. There are several inputs to these valuations, but those most likely to result in significant changes to the valuations are changes in the value of the underlying instrument (i.e., changes in the price of our common shares) and changes in expected volatility in that price. These accounting entries have no cash impact. |
(iii) | Effective interest expense on senior secured term loans relates to the increase in the value of our loans in accordance with the amortized cost method. |
(iv) | Deferred royalty obligation interest expense relates to the accretion expense on our deferred royalty obligation pursuant to the royalty purchase agreement with HCR and cumulative catch-up adjustments related to changes in the expected payments to HCR based on a periodic assessment of our underlying revenue projections. |
CONTACT:
Investors and Media
Nicole Riley
ADC Therapeutics
Nicole.Riley@adctherapeutics.com
+1 862-926-9040
View original content to download multimedia:https://www.prnewswire.com/news-releases/adc-therapeutics-reports-first-quarter-2026-financial-results-and-provides-operational-updates-302760423.html
SOURCE ADC Therapeutics SA