ADC Therapeutics Reports Third Quarter 2026 Financial Results and Provides Operational Updates
The restructuring reduced loan principal and eliminated a change-of-control payment, while the equity financing added shares and warrants.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
ADC Therapeutics (ADCT) reported third-quarter 2026 net product revenue of $21.0 million, up from the same period in 2025. Revenue increased from $15.8 million, primarily on higher volume. GAAP net loss narrowed to $25.3 million, or $0.16 per share, from $41.0 million, or $0.30 per share.
An October restructuring included an $86.6 million PIPE financing, approximately 12.9 million common shares and 48 million warrants. Loan principal was reduced by $68.5 million to $50 million, and a $150 million change-of-control payment was eliminated. ADC Therapeutics expects cash runway into 2029; cash at September 30 was $189.2 million, versus $261.3 million at year-end 2025.
Tanabe submitted a Japanese marketing authorization application for ZYNLONTA and sublicensed commercialization to Nippon Shinyaku. Multiple ZYNLONTA abstracts, including five oral presentations, were accepted for ASH in December.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Major point$86.6 million PIPE financing in October included Bain Capital Life Sciences and existing investors. 43% of market cap
- Major pointLoan principal reduced by $68.5 million to $50 million under the amended senior secured loan agreement. 34% of market cap
- Major point$150 million change-of-control payment eliminated through an amendment to the HealthCare Royalty financing agreement. 74% of market cap
- Moderate pointNet product revenue rose to $21.0 million in Q3 and $59.7 million year-to-date, versus $15.8 million and $51.2 million.
- Moderate pointGAAP net loss narrowed to $25.3 million in Q3 and $74.8 million year-to-date, versus $41.0 million and $136.2 million.
- Moderate pointScheduled principal amortization and minimum liquidity covenant removed under the amended loan agreement.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Cash runway expected into 2029 following the financial restructuring.
- Moderate pointR&D expense fell to $14.7 million in Q3 and $52.0 million year-to-date, versus $26.8 million and $85.8 million.
- Moderate pointTanabe submitted Japan's marketing authorization application for ZYNLONTA after two or more systemic therapy lines in relapsed or refractory DLBCL.
- Moderate pointExclusive Japanese commercialization sublicense signed between Tanabe Pharma and Nippon Shinyaku for ZYNLONTA.
3 minor points
- Minor pointGAAP loss per share narrowed to $0.16 in Q3 and $0.48 year-to-date, versus $0.30 and $1.14.
- Minor pointQ3 selling and marketing expense fell to $8.7 million from $10.7 million a year earlier.
- Minor pointFive oral presentations accepted for ASH, covering LOTIS-7, LOTIS-5 and investigator-initiated ZYNLONTA studies.
Negative
- Major pointApproximately 12.9 million common shares and 48 million warrants issued in the PIPE dilute holders; warrant strike price is CHF 0.08.
- Moderate pointCash declined to $189.2 million at September 30, 2026, from $261.3 million at December 31, 2025.
- Minor pointNine-month license revenue and royalties fell to $2.1 million from $7.1 million, reflecting a prior-year partner milestone.
- Minor pointProduct sales costs increased to $2.0 million in Q3 and $7.9 million year-to-date, versus $1.2 million and $4.1 million.
- Minor pointGeneral and administrative expense increased to $10.7 million in Q3 and $30.3 million year-to-date, versus $8.3 million and $27.1 million.
2 minor points
- Minor pointNine-month selling and marketing expense rose to $34.0 million from $31.4 million, primarily from retention and incentive awards.
- Minor point$2.6 million in nine-month severance and related benefit costs recognized following the June 2026 reorganization and workforce reduction.
News Explained
The October restructuring also amended the senior secured loan, eliminating scheduled principal amortization and removing its minimum-liquidity covenant; the release reports these as completed changes to the loan’s repayment schedule and liquidity requirement.
Key Figures
- PIPE financing
- $86.6 million
- October 2026 strategic financial restructuring
- Debt principal reduction
- $68.5 million, to $50 million
- Amended senior secured loan agreement
- Change-of-control payment eliminated
- $150 million
- Amended HealthCare Royalty financing agreement
- Expected cash runway
- Into 2029
- Following the strategic financial restructuring
- Net product revenue
- $21.0 million
- Third quarter 2026; compared with $15.8 million in 2025
- Net product revenue
- $59.7 million
- Nine months ended September 30, 2026; compared with $51.2 million in 2025
- Net loss
- $25.3 million
- Third quarter 2026; compared with $41.0 million in 2025
- Cash and cash equivalents
- $189.2 million
- As of September 30, 2026
Previous Earnings Reports
-
FDA benefit-risk concerns for LOTIS-5 accompanied prior-quarter results and runway into 2028.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
private investment in public equity financial
marketing authorization application regulatory
antibody drug conjugate medical
accelerated approval regulatory
pyrrolobenzodiazepine medical
AI-generated analysis. How Rhea-AI works. Not financial advice.
Third quarter 2026 net product revenue of
Strategic financial restructuring strengthens balance sheet, extending expected cash runway into 2029
Abstracts accepted for presentation at ASH 2026, highlighting ZYNLONTA's potential across multiple B-cell malignancies
Tanabe's marketing authorization application filing and sublicensing in
LAUSANNE,
"During the third quarter, we made meaningful progress toward strengthening ADC Therapeutics' balance sheet and increasing strategic optionality while advancing clinical opportunities for ZYNLONTA®," said Ameet Mallik, Chief Executive Officer of ADC Therapeutics. "In addition, we continue to deliver on sales while focusing on opportunities to expand ZYNLONTA's role in the treatment of B-cell malignancies to drive growth. With multiple abstracts accepted for presentation at ASH, including the full results from
"As treatment options for patients with B-cell malignancies continue to evolve, we believe ZYNLONTA has an opportunity to play an important role in addressing significant unmet needs," said Mohamed Zaki, M.D., Ph.D., Chief Medical Officer of ADC Therapeutics. "The upcoming
Third Quarter 2026 Operational Updates and Recent Milestones
Strategic financial restructuring strengthens balance sheet and supports continued investment in ZYNLONTA. In October 2026, the Company announced a comprehensive strategic financial restructuring that included an
Multiple ZYNLONTA abstracts, including five oral presentations, to be presented at the 68th American Society of Hematology (ASH) Annual Meeting. Multiple abstracts highlighting ZYNLONTA's potential across multiple B-cell malignancies have been accepted for presentation at ASH in December. Oral presentations will feature updated results from the Phase
Continued progress toward potential commercialization of ZYNLONTA in
Third 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
Restructuring, impairment and other related costs: In connection with the strategic reorganization and workforce reduction announced in June 2026, we recognized
Total Operating Expenses and Adjusted Total Operating Expenses: Total operating expenses were
Net Loss and Adjusted Net Loss: Net loss for the third quarter and nine months ended September 30, 2026, was
Cash and Cash Equivalents: As of September 30, 2026, cash and cash equivalents were
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:
Share-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:
Share-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.
About ZYNLONTA®
ZYNLONTA® is a CD19-directed antibody drug conjugate (ADC). Once bound to a CD19-expressing cell, ZYNLONTA is internalized by the cell, where enzymes release a pyrrolobenzodiazepine (PBD) payload. The potent payload binds to DNA minor groove with little distortion, remaining less visible to DNA repair mechanisms. This ultimately results in cell cycle arrest and tumor cell death.
The U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA) have approved ZYNLONTA (loncastuximab tesirine-lpyl) for the treatment of adult patients with relapsed or refractory (r/r) large B-cell lymphoma after two or more lines of systemic therapy, including diffuse large B-cell lymphoma (DLBCL) not otherwise specified (NOS), DLBCL arising from low-grade lymphoma and also high-grade B-cell lymphoma. The trial included a broad spectrum of heavily pre-treated patients (median three prior lines of therapy) with difficult-to-treat disease, including patients who did not respond to first-line therapy, patients refractory to all prior lines of therapy, patients with double/triple hit genetics and patients who had stem cell transplant and CAR-T therapy prior to their treatment with ZYNLONTA. This indication is approved by the FDA under accelerated approval and in the European Union under conditional approval based on overall response rate and continued approval for this indication may be contingent upon verification and description of clinical benefit in a confirmatory trial. Please see full prescribing information, including important safety information about ZYNLONTA at www.ZYNLONTA.com.
ZYNLONTA is also being evaluated as a therapeutic option in combination studies in other B-cell malignancies and earlier lines of therapy.
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 adequacy of the LOTIS-5 clinical trial data to support full regulatory approval and our ability to maintain accelerated approval in the United States and foreign jurisdictions for our product; our ability to identify and execute on potential regulatory and compendia pathways; the timing, content and outcome of meetings with and feedback or other communications provided by regulatory authorities including U.S. FDA including our ability to adequately address the serious concerns related to the LOTIS-5 trial results raised by the FDA at the recent pre-sBLA submission meeting; the timing, submission and outcome of an sBLA related to LOTIS-5 and potential approval; the actual and perceived benefit-risk profile for ZYNLONTA as studied in the LOTIS-5 trial; the assessment of the data from LOTIS-5 study, including additional analyses of outcomes observed for safety, efficacy and within key geographic regions and across certain patient sub-populations; the path for full regulatory approval for ZYNLONTA in the United States and foreign jurisdictions and into earlier lines of therapy; the timing and publication of the full LOTIS-7 trial data and potential NCCN compendia inclusion; future regulatory strategy for a Phase 3 trial for the combination of ZYNLONTA plus glofitamab and the timing and results of such trial; the timing and publication of the investigator-initiated trials studying FL and MZL and the potential NCNN compendia inclusion and regulatory strategy and the future opportunity; the impact, if any, from the various abstracts and presentations at ASH; whether Tanabe's marketing authorization application filed with Japan's Ministry of Health for ZYNLONTA will be accepted, the timing and potential approval of the marketing authorization application for ZYNLONTA in Japan, the timing and payment of future regulatory and commercial milestones related to Japan, Nippon Shinyaku ability to successfully commercialize ZYNLONTA in Japan and the amount of future revenue in Japan and related payments to ADCT; our expected revenue growth in 2027 and the Company's ability to sustain or grow ZYNLONTA revenue in the future; our expected cash runway into 2029; changes in our regulatory and commercial strategy; 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 or maintain regulatory approval for ZYNLONTA® in foreign jurisdictions; the timing and results of the Company's future clinical trials and investigator initiated trials; 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; our ability to effect the proposed amendments to the HCR agreement and the loan agreement; the Company's ability to obtain financial and other resources for its research, development, clinical, and commercial activities; uncertainties related to a potential change in domicile from Switzerland to Delaware, including the outcome of tax analyses associated with such redomiciliation, the receipt of requisite shareholder approval, and the ability to complete the redomiciliation on the anticipated terms and timeline, if at all; 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.
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ADC Therapeutics SA Condensed Consolidated Statements of Operations (Unaudited) (in thousands, except for share and per share data) |
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|
||||||||
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||
|
|
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
Revenue |
|
|
|
|
|
|
|
|
|
Product revenues, net |
|
$ 21,006 |
|
$ 15,750 |
|
$ 59,673 |
|
$ 51,239 |
|
License revenues and royalties |
|
710 |
|
677 |
|
2,142 |
|
7,060 |
|
Total revenue, net |
|
21,716 |
|
16,427 |
|
61,815 |
|
58,299 |
|
Operating expense |
|
|
|
|
|
|
|
|
|
Cost of product sales |
|
(1,980) |
|
(1,202) |
|
(7,944) |
|
(4,099) |
|
Research and development |
|
(14,738) |
|
(26,803) |
|
(51,981) |
|
(85,821) |
|
Selling and marketing |
|
(8,674) |
|
(10,688) |
|
(33,954) |
|
(31,388) |
|
General and administrative |
|
(10,736) |
|
(8,326) |
|
(30,333) |
|
(27,103) |
|
Restructuring, impairment and other related costs |
|
62 |
|
(377) |
|
(2,612) |
|
(13,468) |
|
Total operating expense |
|
(36,066) |
|
(47,396) |
|
(126,824) |
|
(161,879) |
|
Loss from operations |
|
(14,350) |
|
(30,969) |
|
(65,009) |
|
(103,580) |
|
|
|
|
|
|
|
|
|
|
|
Other income (expense) |
|
|
|
|
|
|
|
|
|
Interest income |
|
1,618 |
|
2,470 |
|
5,431 |
|
6,458 |
|
Interest expense |
|
(13,733) |
|
(13,392) |
|
(39,590) |
|
(38,619) |
|
Other, net |
|
1,161 |
|
925 |
|
24,331 |
|
946 |
|
Total other income (expense), net |
|
(10,954) |
|
(9,997) |
|
(9,828) |
|
(31,215) |
|
Loss before income taxes |
|
(25,304) |
|
(40,966) |
|
(74,837) |
|
(134,795) |
|
Income tax expense |
|
— |
|
— |
|
— |
|
(1,419) |
|
Net loss |
|
$ (25,304) |
|
$ (40,966) |
|
$ (74,837) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share |
|
|
|
|
|
|
|
|
|
Net loss per share, basic and diluted |
|
$ (0.16) |
|
$ (0.30) |
|
$ (0.48) |
|
$ (1.14) |
|
Weighted average shares outstanding, basic and diluted |
|
155,410,275 |
|
136,446,534 |
|
154,860,859 |
|
119,237,877 |
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ADC Therapeutics SA Condensed Consolidated Balance Sheets (Unaudited) (in thousands) |
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|
|
September 30, 2026 |
|
December 31, 2025 |
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ASSETS |
|
|
|
|
|
Current assets |
|
|
|
|
|
Cash and cash equivalents |
|
$ 189,204 |
|
$ 261,338 |
|
Accounts receivable, net |
|
28,417 |
|
29,117 |
|
Inventory |
|
5,626 |
|
4,184 |
|
Prepaid expenses |
|
12,144 |
|
5,612 |
|
Other current assets |
|
3,187 |
|
6,084 |
|
Total current assets |
|
238,578 |
|
306,335 |
|
Non-current assets |
|
|
|
|
|
Inventory, long-term |
|
15,045 |
|
14,301 |
|
Operating lease right-of-use assets |
|
1,003 |
|
1,297 |
|
Other long-term assets |
|
1,237 |
|
1,217 |
|
Total assets |
|
$ 255,863 |
|
$ 323,150 |
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' (DEFICIT) EQUITY |
|
|
|
|
|
Current liabilities |
|
|
|
|
|
Accounts payable |
|
$ 5,582 |
|
$ 9,175 |
|
Accrued expenses and other current liabilities |
|
64,743 |
|
57,988 |
|
Senior secured term loans, current portion |
|
7,800 |
|
3,000 |
|
Total current liabilities |
|
78,125 |
|
70,163 |
|
|
|
|
|
|
|
Deferred royalty obligation, long-term |
|
303,488 |
|
322,525 |
|
Senior secured term loans, long-term |
|
108,304 |
|
112,452 |
|
Warrant obligations |
|
5,381 |
|
— |
|
Other long-term liabilities |
|
9,738 |
|
3,844 |
|
Total liabilities |
|
505,036 |
|
508,984 |
|
|
|
|
|
|
|
Total shareholders' (deficit) equity |
|
(249,173) |
|
(185,834) |
|
|
|
|
|
|
|
Total liabilities and shareholders' (deficit) equity |
|
$ 255,863 |
|
$ 323,150 |
|
ADC Therapeutics SA Reconciliation of GAAP Measures to Non-GAAP Measures (Unaudited) (in thousands, except for share and per share data) |
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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|
(in thousands) |
2026 |
|
2025 |
|
Change |
|
% Change |
|
2026 |
|
2025 |
|
Change |
|
% Change |
|
Total operating expense |
|
|
|
|
$ 11,330 |
|
(24) % |
|
$ (126,824) |
|
$ (161,879) |
|
|
|
(22) % |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation expense (i) |
4,090 |
|
1,999 |
|
2,091 |
|
105 % |
|
12,066 |
|
6,482 |
|
5,584 |
|
86 % |
|
Restructuring charges (v) |
(62) |
|
377 |
|
(439) |
|
(116) % |
|
2,612 |
|
7,054 |
|
(4,442) |
|
(63) % |
|
Impairment charges (vi) |
— |
|
— |
|
— |
|
N/A |
|
— |
|
6,414 |
|
(6,414) |
|
(100) % |
|
Adjusted total operating expenses |
|
|
|
|
$ 12,982 |
|
(29) % |
|
$ (112,146) |
|
$ (141,929) |
|
|
|
(21) % |
|
|
|
|
|
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|
|
|
|
|
||||
|
|
Three Months Ended September 30, |
|
Nine Months Ended |
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|
in thousands (except for share and per share data) |
2026 |
|
2025 |
|
2026 |
|
2025 |
|
Net loss |
$ (25,304) |
|
$ (40,966) |
|
$ (74,837) |
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
Share-based compensation expense (i) |
4,090 |
|
1,999 |
|
12,066 |
|
6,482 |
|
HCR warrants obligation, change in fair value expense (income) (ii) |
1,222 |
|
— |
|
(15,372) |
|
— |
|
Effective interest expense on senior secured term loan facility (iii) |
4,477 |
|
4,396 |
|
12,482 |
|
12,455 |
|
Deferred royalty obligation interest expense (iv) |
9,256 |
|
8,996 |
|
27,108 |
|
26,164 |
|
Deferred royalty obligation cumulative catch-up adjustment income (iv) |
(2,506) |
|
(321) |
|
(8,907) |
|
(517) |
|
Restructuring charges (v) |
(62) |
|
377 |
|
2,612 |
|
7,054 |
|
Impairment charges (vi) |
— |
|
— |
|
— |
|
6,414 |
|
Adjusted net loss |
$ (8,827) |
|
$ (25,519) |
|
$ (44,848) |
|
$ (78,162) |
|
Net loss per share, basic and diluted |
$ (0.16) |
|
$ (0.30) |
|
$ (0.48) |
|
$ (1.14) |
|
Adjustment to net loss per share, basic and diluted |
0.10 |
|
0.11 |
|
0.19 |
|
0.48 |
|
Adjusted net loss per share, basic and diluted |
$ (0.06) |
|
$ (0.19) |
|
$ (0.29) |
|
$ (0.66) |
|
Weighted average shares outstanding, basic and diluted |
155,410,275 |
|
136,446,534 |
|
154,860,859 |
|
119,237,877 |
|
|
|
|
(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. |
|
(v) |
Restructuring charges consist primarily of employee severance costs associated with the strategic reorganization and workforce reduction announced on June 24, 2026; and restructuring and impairment costs consist of employee severance, contract termination costs, and other costs associated with the close down of the |
|
(vi) |
Impairment charges consist of write downs of long-lived and prepaid assets associated with the 2025 Restructuring. These accounting entries have no cash impact. |
CONTACT:
Investors and Media
Nicole Riley
ADC Therapeutics
Nicole.Riley@adctherapeutics.com
+1 862-926-9040
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SOURCE ADC Therapeutics SA
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were ADC Therapeutics' third-quarter 2026 revenue and net loss?
ADC Therapeutics reported $21.0 million in net product revenue and a $25.3 million GAAP net loss for the third quarter of 2026. Net product revenue was $15.8 million and GAAP net loss was $41.0 million in the same period of 2025. Basic and diluted loss per share narrowed to $0.16 from $0.30.
What securities did ADC Therapeutics issue in its October 2026 PIPE financing?
The $86.6 million private investment in public equity financing included approximately 12.9 million common shares and 48 million warrants with a strike price of CHF 0.08. Participants included new investor Bain Capital Life Sciences and existing investors Redmile, TCGX and Nantahala Capital.
Which ZYNLONTA studies will ADC Therapeutics present at ASH 2026?
Oral presentations include updated Phase 1b LOTIS-7 results with glofitamab and full Phase 3 LOTIS-5 results with rituximab. LOTIS-7 evaluates relapsed or refractory large B-cell lymphoma; LOTIS-5 evaluates relapsed or refractory diffuse large B-cell lymphoma. Investigator-initiated studies cover marginal zone lymphoma, mantle cell lymphoma and Waldenström macroglobulinemia.