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ADCT

ADC Therapeutics S.A.

ADCT

ADC Therapeutics S.A. • NYSE
$4.30 ▼ -0.69% (-0.03)
Market Cap $497.54 M
52w High $4.80
52w Low $1.05
Dividend Yield 0%
P/E -3.05
Volume 254.91K
Outstanding Shares 115.71M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $16.427M ▼ $46.194M ▼ $-40.966M ▲ -249.382% ▲ $-0.3 ▲ $-27.452M ▲
Q2-2025 $18.839M ▼ $62.15M ▲ $-56.646M ▼ -300.685% ▼ $-0.5 ▼ $-41.555M ▼
Q1-2025 $23.033M ▲ $49.436M ▲ $-38.602M ▼ -167.594% ▲ $-0.36 ▼ $-25.687M ▼
Q4-2024 $16.91M ▼ $47.975M ▼ $-30.727M ▲ -181.709% ▲ $-0.29 ▲ $-18.832M ▲
Q3-2024 $18.464M $53.177M $-43.969M -238.134% $-0.42 $-29.7M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $234.738M ▼ $289.758M ▼ $527.941M ▲ $-238.183M ▼
Q2-2025 $264.56M ▲ $321.561M ▲ $520.745M ▲ $-199.184M ▲
Q1-2025 $194.701M ▼ $272.539M ▼ $510.762M ▼ $-238.223M ▼
Q4-2024 $250.867M ▼ $321.98M ▼ $524.622M ▲ $-202.642M ▼
Q3-2024 $274.272M $349.079M $521.025M $-171.946M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-40.966M ▲ $-29.63M ▼ $0 $-198K ▼ $-29.822M ▼ $-29.63M ▼
Q2-2025 $-56.646M ▼ $-24.087M ▲ $0 ▲ $93.783M ▲ $69.859M ▲ $-24.087M ▲
Q1-2025 $-38.602M ▼ $-56.334M ▼ $-264K ▼ $271K ▲ $-56.166M ▼ $-56.598M ▼
Q4-2024 $-30.727M ▲ $-21.852M ▲ $-90K ▲ $-1.12M ▼ $-23.405M ▲ $-21.942M ▲
Q3-2024 $-43.969M $-25.043M $-216K $-879K $-25.847M $-25.259M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Product
Product
 $30.00M ▲$20.00M ▼$20.00M ▲$20.00M ▲
Royalty Revenue
Royalty Revenue
 $0 ▲$0 ▲$0 ▲$0 ▲
License Revenues
License Revenues
 $0 ▲$10.00M ▲$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue remains very small and has not yet shown meaningful growth, even after the first product approval. The company consistently spends far more on operations and research than it brings in, leading to recurring operating and net losses each year. Profitability is not in sight yet, and the pattern over several years is more “flat and loss‑making” than clearly improving or worsening. This is typical for an early‑commercial biotech that is still investing heavily in development and commercialization while depending on a limited product base.

Balance Sheet

Balance Sheet The balance sheet is dominated by cash and short-term assets, which is positive, but that cash cushion has been gradually shrinking over time. Debt sits at a moderate level and has been relatively stable, but the bigger concern is that accumulated losses have eroded shareholders’ equity to the point where it has turned negative recently. Negative equity signals that past losses now exceed the capital invested and retained in the business, which is a financial red flag and limits flexibility for future borrowing. Overall, the balance sheet shows a company still liquid for now but financially strained by ongoing losses.

Cash Flow

Cash Flow Operating cash flow has been consistently negative, showing that the core business and R&D activities consume cash rather than generate it. Free cash flow mirrors this pattern, since spending on physical assets is minimal and does not materially change the cash picture. Cash burn has eased somewhat from the peak years but remains steady and meaningful, so the company is likely to rely on external funding sources—such as equity raises, partnerships, or additional debt—to sustain operations and advance its pipeline unless cash flows improve. This dependency is a key financial risk for a company already facing negative equity.

Competitive Edge

Competitive Edge ADC Therapeutics operates in a very competitive segment of oncology but has carved out a specialized niche with its antibody‑drug conjugate focus, especially through its PBD‑based technology. The approval of ZYNLONTA gives it a validated commercial product and a foothold in a hard‑to‑treat lymphoma setting, which is strategically valuable. However, the broader ADC field includes powerful, well‑funded players from big pharma, which raises competitive pressure in areas like clinical development, commercialization muscle, and pricing. The company’s advantage lies in its differentiated science and focus on specific, high‑need cancer indications, but its relatively small scale, narrow product base, and financial constraints are important counterbalances to that scientific edge.

Innovation and R&D

Innovation and R&D Innovation is clearly the core strength of the company. Its proprietary PBD payloads provide a distinct mechanism of action that is designed to be highly potent and to help overcome drug resistance, separating it from more conventional ADC platforms. The pipeline spans multiple targets in blood cancers and solid tumors, and the firm is already working on next‑generation ADC technologies with new payloads and linkers. This creates multiple potential shots on goal over the long term. At the same time, this innovation engine is expensive: sustained, heavy R&D spending contributes to ongoing losses and cash burn, and each program faces the usual clinical, regulatory, and commercial risks typical of oncology drug development.

Summary

ADC Therapeutics is a classic high‑risk, high‑innovation biotech story. On the positive side, it has a differentiated technology platform, a first commercial product in oncology, and a pipeline that could expand its reach into new cancer indications and next‑generation ADCs. On the negative side, revenue remains very small relative to spending, losses are persistent, cash is steadily declining, and shareholders’ equity has turned negative, all of which highlight financial fragility. The company’s future hinges on its ability to grow sales from its approved product, secure partnerships or funding on acceptable terms, and successfully advance and de‑risk its pipeline in a competitive ADC landscape. Uncertainty is high, and outcomes will largely be driven by clinical data, regulatory milestones, and commercial execution over the next several years.

NEWS

November 10, 2025 · 7:30 AM UTC

ADC Therapeutics Reports Third Quarter 2025 Financial Results and Provides Operational Update

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November 3, 2025 · 7:15 AM UTC

ADC Therapeutics to Host Third Quarter 2025 Financial Results Conference Call on November 10, 2025

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October 27, 2025 · 7:15 AM UTC

ADC Therapeutics to Present at November Investor Conferences

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October 13, 2025 · 7:30 AM UTC

ADC Therapeutics Announces $60 Million Private Placement

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October 1, 2025 · 4:05 PM UTC

ADC Therapeutics Makes Grants to New Employees Under Inducement Plan

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