ADCT · ADC Therapeutics S.A.

ADC Therapeutics reported first quarter 2026 financial results, highlighting net product revenue of $20.0 million, up from $17.4 million in the prior year quarter, driven by volume increases and higher pricing. License revenue and royalties declined to $0.8 million from $5.6 million due to a prior year milestone payment. Cost of product sales increased to $3.6 million from $2.1 million, primarily due to a shift of personnel costs from R&D to commercial manufacturing. R&D expense decreased significantly to $19.9 million from $28.9 million, reflecting discontinued programs and completion of IND-enabling activities, as well as a shift of personnel costs to other functions. Selling and marketing expense rose to $12.7 million from $10.6 million on higher wages and marketing spend. G&A expense was relatively flat at $9.9 million. Total operating expenses fell to $46.1 million from $51.5 million, and adjusted total operating expenses decreased to $42.9 million from $49.1 million. Net loss improved to $33.0 million ($0.21 per share) from $38.6 million ($0.36 per share), and adjusted net loss improved to $19.7 million ($0.13 per share) from $24.0 million ($0.22 per share). Cash and cash equivalents stood at $231.0 million as of March 31, 2026, down from $261.3 million at year-end 2025, primarily due to operations and annual bonus payments, with expected cash runway at least into 2028. Management highlighted upcoming catalysts: LOTIS-5 Phase 3 topline results expected in Q2 2026, with full results by year-end, and a potential sBLA submission if positive. LOTIS-7 Phase 1b data is anticipated by year-end. The company also provided updates on investigator-initiated trials in follicular and marginal zone lymphomas, with data expected between end of 2026 and mid-2027. CEO Ameet Mallik expressed confidence in expanding ZYNLONTA's role across B-cell malignancies, accelerating growth starting in 2027.