Earnings Releases·Nov 9, 2026, 8:06 AM ET

ADC Therapeutics — Third Quarter 2026 Earnings Summary

Total revenue rose to $21.7 million in Q3 2026 from $16.4 million in 2025, driven by a 33% increase in net product revenue to $21.0 million, while net loss narrowed to $25.3 million ($0.16/share) from $41.0 million ($0.30/share) and adjusted net loss improved to $8.8 million ($0.06/share) from $25.5 million ($0.19/share).
Total operating expenses decreased 24% to $36.1 million in the quarter and 22% to $126.8 million for the nine months compared to prior-year periods, primarily due to reduced spending on discontinued programs and lower ZYNLONTA costs.
The company completed a strategic financial restructuring in October 2026, including an $86.6 million PIPE financing, a reduction of senior secured loan principal to $50 million, and the elimination of a $150 million change-of-control payment, extending the cash runway into 2029.
Management anticipates revenue growth in 2027 and plans to leverage LOTIS-7 and LOTIS-5 data presented at ASH to guide clinical development, while pursuing regulatory milestones including a potential ZYNLONTA approval in Japan and an sBLA submission for LOTIS-5.
Key risks remain regarding FDA concerns over LOTIS-5 trial results, the timing of the sBLA approval, debt servicing requirements, and the outcome of a proposed change of domicile from Switzerland to Delaware.