ADC Therapeutics Reports Fourth Quarter and Full Year 2023 Financial Results and Provides Business Updates
- None.
- None.
Insights
Revenue Growth and Sales Performance: The reported net sales of $16.6 million for Q4 2023 and $69.1 million for the FY 2023 for ZYNLONTA® indicate a positive trajectory, especially noting the sequential growth in both academic and community settings. This suggests an effective commercial strategy and growing market acceptance. The financial health of ADC Therapeutics can be further assessed by the decrease in operating expenses by 21% year-over-year, which demonstrates a strategic move towards operational efficiencies and portfolio prioritization. The cash position of $278.6 million with a runway extended into Q4 2025 provides the company with a solid buffer to navigate future R&D investments and potential market fluctuations.
Research and Development Insights: The advancement in the pipeline with the LOTIS-7 dose escalation and screening for ADCT-601 targeting AXL in pancreatic cancer are significant steps forward. These developments could potentially lead to breakthrough therapies in oncology, especially considering the unmet medical needs in solid tumors. The introduction of a differentiated solid tumor research platform could represent a strategic expansion of the company's oncology portfolio, possibly leading to novel treatments that may improve patient outcomes and expand the company's market share in cancer therapeutics.
Market Position and Competitive Landscape: ADC Therapeutics' focus on operational efficiencies and the prioritization of its pipeline indicates a strategic approach to strengthen its market position. The growth in ZYNLONTA® sales reflects not only the product's market penetration but also the effectiveness of the company's revised commercial model. The solid tumor research platform may enable the company to tap into new market segments, potentially increasing its competitiveness. However, the success of these initiatives will depend on the company's ability to maintain sales momentum and translate its R&D activities into commercially viable products amidst a competitive oncology market.
ZYNLONTA® (loncastuximab tesirine-lpyl) net sales of
Focused pipeline progressing with continued LOTIS-7 dose escalation, screening patients for ADCT-601 targeting AXL in pancreatic cancer, and advancing differentiated solid tumor research platform
FY 2023 operating expenses decreased
Company to host conference call today at 8:30 a.m. EDT
LAUSANNE, Switzerland, March 13, 2024 (GLOBE NEWSWIRE) -- ADC Therapeutics SA (NYSE: ADCT) today reported financial results for the fourth quarter and full year ended December 31, 2023, and provided business updates.
“During 2023, we reset our business and capital allocation strategy, strengthened our team and established a clear roadmap to drive value creation for all our stakeholders,” said Ameet Mallik, Chief Executive Officer of ADC Therapeutics. “In the fourth quarter we saw results of our strategy in action across a number of key areas. The impact of our new commercial model resulted in a resumption of growth for ZYNLONTA® sales volume compared to the third quarter, in both community and academic settings. Meanwhile, our prioritized pipeline delivered encouraging data, which we were pleased to share in a business update in January. We also disclosed for the first time our new, differentiated solid tumor platform, which can bring substantial opportunities for the Company through internal and external development. With an expected cash runway into the fourth quarter of 2025 and multiple potential value-generating catalysts ahead, I am excited about our prospects and look forward to updating you on our progress in 2024.”
Recent Highlights and Developments
ZYNLONTA® (loncastuximab tesirine-lpyl)
- ZYNLONTA generated product net sales of
$16.6 million in the fourth quarter of 2023, representing a17% increase over the third quarter of 2023 and a16% decrease over the fourth quarter of 2022. A return to sequential quarter-over-quarter growth in the fourth quarter of 2023 followed the restructuring of the commercial model, with sales volume increasing in both community and academic settings. The year-over-year net sales decline reflected disruption during the year from the restructuring of the go-to-market model together with the impact of increased competition and higher gross-to-net sales deductions, partially offset by a slight price increase.
Hematology Pipeline
- LOTIS-5: The Phase 3 confirmatory trial for ZYNLONTA in combination with rituximab in patients with 2L+ diffuse large B-cell lymphoma (DLBCL) continues to see accelerated enrollment. As noted by the clinical team and confirmed with the Independent Data Monitoring Committee (IDMC), we have observed higher-than-expected censoring in this trial. As a result, we may need to enroll additional patients, beyond the originally planned 350 patients, to achieve the required number of pre-specified progression-free survival events. The Company continues to expect to complete enrollment of this trial in 2024. The IDMC noted no safety concerns and recommended the trial to proceed at its most recent meeting held on January 16, 2024.
- LOTIS-7: The Phase 1b trial of ZYNLONTA in combination with bispecific antibodies glofitamab or mosunetuzumab for the treatment of heavily pre-treated patients with DLBCL, follicular lymphoma (FL) and marginal zone lymphoma (MZL) is actively enrolling patients. The dose-limiting toxicity (DLT) period has been cleared for the first two dosing levels of ZYNLONTA (90 µg/kg, 120 µg/kg) in both arms and we are currently enrolling patients at 150 µg/kg. After the first Investigator assessment, we have seen evidence of anti-tumor activity among the majority of patients dosed at the first two levels, with mixed histologies including DLBCL, FL and MZL. The Company expects to share additional data once a larger and more mature dataset is available.
- Investigator-Initiated Trial: As announced by the Company on January 4, 2024, an oral presentation at the American Society of Hematology (ASH) 2023 Annual Meeting from the University of Miami investigator-initiated trial exploring ZYNLONTA in combination with rituximab in high-risk relapsed or refractory FL patients indicated a best overall response rate of
96.3% and a complete response rate of85.2% . After a median follow-up of 9.7 months, the median progression-free survival (PFS) was not reached, and the 12-month PFS was92.3% . The majority of AEs were grade 1. Grade 3 AEs included neutropenia (n=2;6.2% ), and one case each (3.1% ) of hyperglycemia, increased ALT, fatigue, dyspnea and skin infection. Neutropenia was the only grade 4 AE (n=1;3.1% ). - ADCT-602 (targeting CD22): Dose escalation and expansion in the Phase 1 study with relapsed or refractory acute lymphoblastic leukemia in collaboration with MD Anderson Cancer Center is progressing and additional clinical trial sites are being added to accelerate enrollment.
Solid Tumor Pipeline
- ADCT-601 (targeting AXL): In the Phase 1b trial, the maximum tolerated dose has been reached, and the study is currently in dose optimization. On January 4, 2024, the Company announced that early signs of anti-tumor activity had been seen in both monotherapy and in combination and that the safety profile indicated that ADCT-601 was well tolerated at the doses tested. Additional data from the trial are expected to be shared in a presentation at the American Association for Cancer Research (AACR) Annual Meeting 2024 (April 5–10, 2024). The abstract details are available online. The ongoing dose-optimization/expansion phase is comprised of a monotherapy arm including patients with sarcoma, pancreatic cancer and AXL-expressing non-small cell lung cancer (NSCLC) and a combination arm with gemcitabine in patients with sarcoma and pancreatic cancer. Screening was recently initiated for pancreatic cancer in the monotherapy arm.
- Early-stage pipeline: The Company is advancing a portfolio of investigational ADCs including those targeting Claudin-6, NaPi2b and PSMA. These candidates are based on an innovative proprietary approach which utilizes exatecan with a novel hydrophilic linker as a highly potent and differentiated payload. Data on the Claudin-6 and NaPi2b programs are expected to be shared in presentations at the AACR Annual Meeting 2024. Abstracts details are currently available online. A research investor event is being planned for 2Q 2024 to share additional information.
Upcoming Expected Milestones
ZYNLONTA
- Achieve commercial brand profitability in 2024
- LOTIS-5: Complete enrollment in 2024
- LOTIS-7: Additional data from the Phase 1b dose-escalation in 3L+ in mixed histologies (Part 1) in 2Q 2024 and from the dose-expansion in 2L+ DLBCL (Part 2) in 2H 2024
- Investigator-initiated trial in FL: The study is being expanded to 100 patients in a multicenter clinical trial. Updates are expected at medical meetings.
- Investigator-initiated trial in MZL: The study is designed to enroll 50 patients in a multicenter clinical trial. A futility analysis is expected to be conducted in 2Q 2024. Updates are expected at medical meetings.
Pipeline
ADCT-601 (targeting AXL)
- Additional data updates from the Phase 1 study in patients with sarcoma, pancreatic cancer and NSCLC in 2024
ADCT-602 (targeting CD22)
- Additional data from the Phase 1 study in 2024
Preclinical
- Advancing a broad portfolio of investigational ADCs for solid tumor indications
Fourth Quarter and FY 2023 Financial Results
Cash and Cash Equivalents
Cash and cash equivalents were
Product Revenues
Net product revenues were
License Revenues and Royalties
License revenues and royalties were
Research and Development (R&D) Expenses
R&D expenses were
R&D expenses in the fourth quarter and full year 2023 also decreased due to lower share-based compensation expense resulting from fluctuations in the share price and award forfeitures in connection with terminations.
Selling and Marketing (S&M) Expenses
S&M expenses were
General & Administrative (G&A) Expenses
G&A expenses were
Net Loss and Adjusted Net Loss
Net loss was
Adjusted net loss, which is a non-GAAP financial measure, was
Conference Call Details
ADC Therapeutics management will host a conference call and live audio webcast to discuss fourth quarter and full year 2023 financial results and provide a company update today at 8:30 a.m. Eastern Time. 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 ZYNLONTA® (loncastuximab tesirine-lpyl)
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.
About ADC Therapeutics
ADC Therapeutics (NYSE: ADCT) is a commercial-stage global leader and pioneer in the field of antibody drug conjugates (ADCs). The Company is advancing its proprietary ADC technology to transform the treatment paradigm for patients with hematologic malignancies and solid tumors.
ADC Therapeutics’ CD19-directed ADC ZYNLONTA (loncastuximab tesirine-lpyl) 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. In addition to ZYNLONTA, ADC Therapeutics has multiple ADCs in ongoing clinical and preclinical development.
ADC Therapeutics is based in Lausanne (Biopôle), Switzerland and has operations in London, the San Francisco Bay Area and New Jersey. For more information, please visit https://adctherapeutics.com/ and follow the Company on LinkedIn.
ZYNLONTA® is a registered trademark of ADC Therapeutics SA.
Use of Non-GAAP Financial Measures
In addition to financial information prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP), this document also contains certain non-GAAP financial measures based on management’s view of performance including:
- 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 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: changes in the fair value of derivatives and warrant obligations and the effective interest expense associated with the Facility Agreement with Deerfield and 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 success of the Company’s updated corporate strategy; the expected cash runway into the beginning of Q4 2025, the effectiveness of the new commercial go-to-market strategy, competition from new technologies, the Company’s ability to grow ZYNLONTA® revenue in the United States; Swedish Orphan Biovitrum AB (Sobi®) ability to successfully commercialize ZYNLONTA® in the European Economic Area and market acceptance, adequate reimbursement coverage, and future revenue from the same; approval by the NMPA of the BLA for ZYNLONTA® in China submitted by Overland ADCT BioPharma and future revenue from the same, our strategic partners’, including Mitsubishi Tanabe Pharma Corporation, ability to obtain regulatory approval for ZYNLONTA® in foreign jurisdictions, and the timing and amount of future revenue and payments to us from such partnerships; the timing and results of the Company’s or its partners’ research and development projects or clinical trials including LOTIS 5 and 7, ADCT 601 and 602 as well as IITs in FL and MZL and early research in certain solid tumors with different targets, linkers and payloads; 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; and the Company’s ability to obtain financial and other resources for its research, development, clinical, and commercial activities. 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.
| ADC Therapeutics SA Consolidated Statement of Operations (Unaudited) (in thousands, except for per share data) | ||||||||||||
| For the three months ended December 31, | For the years ended December 31, | |||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||
| Revenue | ||||||||||||
| Product revenues, net | $ | 16,643 | $ | 19,798 | $ | 69,060 | $ | 74,908 | ||||
| License revenues and royalties | 147 | 50,000 | 498 | 135,000 | ||||||||
| Total revenue, net | 16,790 | 69,798 | 69,558 | 209,908 | ||||||||
| Operating expense | ||||||||||||
| Cost of product sales | (1,215) | (320) | (2,529) | (3,301) | ||||||||
| Research and development | (30,331) | (48,081) | (127,127) | (186,457) | ||||||||
| Selling and marketing | (13,927) | (16,176) | (57,464) | (69,052) | ||||||||
| General and administrative | (11,295) | (15,689) | (48,424) | (74,442) | ||||||||
| Total operating expense | (56,768) | (80,266) | (235,544) | (333,252) | ||||||||
| Loss from operations | (39,978) | (10,468) | (165,986) | (123,344) | ||||||||
| Other income (expense) | ||||||||||||
| Interest income | 3,291 | 2,259 | 10,540 | 2,568 | ||||||||
| Interest expense | (12,909) | (9,756) | (46,325) | (36,731) | ||||||||
| Loss on debt extinguishment | — | — | — | (42,114) | ||||||||
| Other, net | 9,724 | 1,211 | 6,352 | 52,804 | ||||||||
| Total other income (expense) | 106 | (6,286) | (29,433) | (23,473) | ||||||||
| Loss before income taxes | (39,872) | (16,754) | (195,419) | (146,817) | ||||||||
| Income tax expense | (43,171) | (3,055) | (39,106) | (227) | ||||||||
| Loss before equity in net losses of joint venture | (83,043) | (19,809) | (234,525) | (147,044) | ||||||||
| Equity in net losses of joint venture | (1,988) | (3,535) | (5,528) | (10,084) | ||||||||
| Net loss | $ | (85,031) | $ | (23,344) | $ | (240,053) | $ | (157,128) | ||||
| Net loss per share | ||||||||||||
| Net loss per share, basic and diluted | $ | (1.03) | $ | (0.29) | $ | (2.94) | $ | (2.01) | ||||
| Weighted average shares outstanding, basic and diluted | 82,292,594 | 80,463,306 | 81,712,166 | 78,152,964 | ||||||||
| ADC Therapeutics SA Consolidated Balance Sheet (Unaudited) (in thousands) | ||||||
| December 31 2023 | December 31 2022 | |||||
| ASSETS | ||||||
| Current assets | ||||||
| Cash and cash equivalents | $ | 278,598 | $ | 326,441 | ||
| Accounts receivable, net | 25,182 | 72,971 | ||||
| Inventory | 16,177 | 12,073 | ||||
| Prepaid expenses and other current assets | 16,334 | 23,495 | ||||
| Total current assets | 336,291 | 434,980 | ||||
| Non-current assets | ||||||
| Property and equipment, net | 5,622 | 3,355 | ||||
| Operating lease right-of-use assets | 10,511 | 6,905 | ||||
| Interest in joint venture | 1,647 | 7,613 | ||||
| Deferred taxes, net | — | 37,104 | ||||
| Other long-term assets | 711 | 902 | ||||
| Total assets | $ | 354,782 | $ | 490,859 | ||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||
| Current liabilities | ||||||
| Accounts payable | $ | 15,569 | $ | 12,351 | ||
| Accrued expenses and other current liabilities | 50,634 | 68,491 | ||||
| Operating lease liabilities, short-term | 1,467 | 1,097 | ||||
| Total current liabilities | 67,670 | 81,939 | ||||
| Deferred royalty obligation | 303,572 | 212,353 | ||||
| Senior secured term loans | 112,730 | 109,714 | ||||
| Operating lease liabilities, long-term | 10,180 | 6,564 | ||||
| Other long-term liabilities | 8,879 | 838 | ||||
| Total liabilities | 503,031 | 411,408 | ||||
| Total shareholders’ (deficit) equity | (148,249) | 79,451 | ||||
| Total liabilities and shareholders’ equity | $ | 354,782 | $ | 490,859 | ||
| ADC Therapeutics SA Reconciliation of GAAP Measures to Non-GAAP Measures (Unaudited) (in thousands, except for share and per share data) | |||||||||||||||
| Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||
| (in thousands) | 2023 | 2022 | Change | % Change | 2023 | 2022 | Change | % Change | |||||||
| Total operating expense | (56,768) | (80,266) | 23,498 | (29)% | (235,544) | (333,252) | 97,708 | (29)% | |||||||
| Adjustments: | |||||||||||||||
| Share-based compensation expense (i) | 2,220 | 8,344 | (6,124) | (73)% | 13,495 | 50,637 | (37,142) | (73)% | |||||||
| Adjusted total operating expenses | (54,548) | (71,922) | 17,374 | (24)% | (222,049) | (282,615) | 60,566 | (21)% | |||||||
| Three months ended December 31, | Twelve months ended December 31, | ||||||||||
| in thousands (except for share and per share data) | 2023 | 2022 | 2023 | 2022 | |||||||
| Net loss | $ | (85,031) | $ | (23,344) | $ | (240,053) | $ | (157,128) | |||
| Adjustments: | |||||||||||
| Share-based compensation expense (i) | 2,220 | 8,344 | 13,495 | 50,637 | |||||||
| Convertible loans, derivatives, change in fair value income (ii) | — | — | — | (25,650) | |||||||
| Loss on debt extinguishment (iii) | — | — | — | 42,114 | |||||||
| Deerfield warrants obligation, change in fair value expense (income) (ii) | 279 | (2,086) | (497) | (11,504) | |||||||
| Effective interest expense on convertible loans (iv) | — | — | — | 7,684 | |||||||
| Effective interest expense on senior secured term loan facility (iv) | 4,650 | 3,912 | 18,398 | 5,845 | |||||||
| Deferred royalty obligation interest expense (v) | 8,253 | 5,844 | 27,915 | 23,200 | |||||||
| Deferred royalty obligation cumulative catch-up adjustment (income) expense (v) | (9,823) | 631 | (4,972) | (15,482) | |||||||
| Adjusted net loss | $ | (79,452) | $ | (6,699) | $ | (185,714) | $ | (80,284) | |||
| Net loss per share, basic and diluted | (1.03) | (0.29) | (2.94) | (2.01) | |||||||
| Adjustment to net loss per share, basic and diluted | 0.06 | 0.21 | 0.67 | 0.98 | |||||||
| Adjusted net loss per share, basic and diluted | (0.97) | (0.08) | (2.27) | (1.03) | |||||||
| Weighted average shares outstanding, basic and diluted | 82,292,594 | 80,463,306 | 81,712,166 | 78,152,964 | |||||||
| (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 convertible loan derivatives and Deerfield warrant 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) | As a result of the exchange agreement entered into on August 15, 2022, the Company recognized a loss on debt extinguishment which primarily consists of the difference between the aggregate principal amount and carrying amount of the convertible loans and exit fee as well as the unpaid interest payments through the maturity date. |
| (iv) | Effective interest expense on convertible loans and senior secured term loans relates to the increase in the value of our loans in accordance with the amortized cost method. |
| (v) | 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 adjustment (income) expense relates to changes in the expected payments to HCR based on a periodic assessment of our underlying revenue projections. |
CONTACTS:
Investors and Media
Nicole Riley
ADC Therapeutics
Nicole.Riley@adctherapeutics.com
+1 862-926-9040
________________
(1) on a non-GAAP basis or
FAQ
What were ADC Therapeutics' net sales in 4Q 2023 and FY 2023?
How much did operating expenses decrease by in FY 2023?
What progress has been made in ADC Therapeutics' pipeline?
What is the ticker symbol for ADC Therapeutics?
When is the company hosting a conference call?
