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ADC Therapeutics Reports Fourth Quarter and Full Year 2024 Financial Results and Provides Operational Update

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ADC Therapeutics (NYSE: ADCT) reported its Q4 and full year 2024 financial results. The company achieved significant milestones in its ZYNLONTA® clinical trials, with the LOTIS-7 Phase 1b trial showing 94% best ORR and 72% CR rate in combination with glofitamab. The LOTIS-5 Phase 3 confirmatory trial completed enrollment with data expected in late 2025.

Financial highlights include Q4 2024 net product revenues of $16.4M and full-year revenues of $69.3M from ZYNLONTA®. The company reported a Q4 net loss of $30.7M ($0.29 per share) and full-year net loss of $157.8M ($1.62 per share). Cash position stands at $250.9M as of December 31, 2024, providing runway into second half of 2026.

Operating expenses showed improvement with reduced R&D ($109.6M), S&M ($44.0M), and G&A ($41.9M) expenses compared to 2023.

ADC Therapeutics (NYSE: ADCT) ha riportato i risultati finanziari del quarto trimestre e dell'intero anno 2024. L'azienda ha raggiunto traguardi significativi nei suoi studi clinici su ZYNLONTA®, con il trial LOTIS-7 di Fase 1b che ha mostrato un tasso di risposta obiettiva (ORR) del 94% e un tasso di risposta completa (CR) del 72% in combinazione con glofitamab. Il trial LOTIS-5 di Fase 3 ha completato l'arruolamento, con dati attesi per la fine del 2025.

I punti salienti finanziari includono entrate nette da prodotto del Q4 2024 pari a 16,4 milioni di dollari e ricavi totali dell'anno pari a 69,3 milioni di dollari da ZYNLONTA®. L'azienda ha riportato una perdita netta nel Q4 di 30,7 milioni di dollari (0,29 dollari per azione) e una perdita netta totale per l'anno di 157,8 milioni di dollari (1,62 dollari per azione). La posizione di cassa è di 250,9 milioni di dollari al 31 dicembre 2024, garantendo liquidità fino alla seconda metà del 2026.

Le spese operative hanno mostrato miglioramenti con una riduzione delle spese per R&D (109,6 milioni di dollari), S&M (44,0 milioni di dollari) e G&A (41,9 milioni di dollari) rispetto al 2023.

ADC Therapeutics (NYSE: ADCT) informó sus resultados financieros del cuarto trimestre y del año completo 2024. La compañía logró hitos significativos en sus ensayos clínicos de ZYNLONTA®, con el ensayo LOTIS-7 de fase 1b mostrando una tasa de respuesta objetiva (ORR) del 94% y una tasa de respuesta completa (CR) del 72% en combinación con glofitamab. El ensayo LOTIS-5 de fase 3 completó la inscripción, con datos esperados para finales de 2025.

Los aspectos financieros destacados incluyen ingresos netos por productos del Q4 2024 de 16,4 millones de dólares y ingresos totales del año de 69,3 millones de dólares de ZYNLONTA®. La compañía reportó una pérdida neta en el Q4 de 30,7 millones de dólares (0,29 dólares por acción) y una pérdida neta total del año de 157,8 millones de dólares (1,62 dólares por acción). La posición de efectivo es de 250,9 millones de dólares al 31 de diciembre de 2024, proporcionando liquidez hasta la segunda mitad de 2026.

Los gastos operativos mostraron mejoras con una reducción en los gastos de I+D (109,6 millones de dólares), S&M (44,0 millones de dólares) y G&A (41,9 millones de dólares) en comparación con 2023.

ADC Therapeutics (NYSE: ADCT)는 2024년 4분기 및 연간 재무 결과를 발표했습니다. 이 회사는 ZYNLONTA® 임상 시험에서 중요한 이정표를 달성했으며, LOTIS-7 1b상 시험에서는 glofitamab와의 병용 요법에서 94%의 최상의 객관적 반응률(ORR)과 72%의 완전 반응률(CR)을 보였습니다. LOTIS-5 3상 시험은 등록을 완료했으며, 데이터는 2025년 말에 예상됩니다.

재무 하이라이트에는 2024년 4분기 순 제품 수익이 1,640만 달러, 연간 수익이 ZYNLONTA®로부터 6,930만 달러에 달했습니다. 회사는 4분기 순손실이 3,070만 달러(주당 0.29달러)이며, 연간 순손실은 1억 5,780만 달러(주당 1.62달러)라고 보고했습니다. 2024년 12월 31일 기준 현금 잔고는 2억 5,090만 달러로, 2026년 하반기까지의 운영 자금을 제공합니다.

운영 비용은 2023년에 비해 R&D(1억 960만 달러), S&M(4,400만 달러), G&A(4,190만 달러) 비용이 감소하여 개선되었습니다.

ADC Therapeutics (NYSE: ADCT) a publié ses résultats financiers du quatrième trimestre et de l'année entière 2024. L'entreprise a atteint des jalons significatifs dans ses essais cliniques sur ZYNLONTA®, avec l' montrant un taux de réponse objective (ORR) de 94 % et un taux de réponse complète (CR) de 72 % en combinaison avec glofitamab. L' a terminé son recrutement, avec des données attendues pour fin 2025.

Les points forts financiers incluent des revenus nets de produits du Q4 2024 de 16,4 millions de dollars et des revenus annuels de 69,3 millions de dollars provenant de ZYNLONTA®. L'entreprise a déclaré une perte nette au Q4 de 30,7 millions de dollars (0,29 dollar par action) et une perte nette totale pour l'année de 157,8 millions de dollars (1,62 dollar par action). La position de trésorerie s'élève à 250,9 millions de dollars au 31 décembre 2024, offrant une marge de manœuvre jusqu'à la seconde moitié de 2026.

Les dépenses d'exploitation ont montré une amélioration avec une réduction des dépenses de R&D (109,6 millions de dollars), S&M (44,0 millions de dollars) et G&A (41,9 millions de dollars) par rapport à 2023.

ADC Therapeutics (NYSE: ADCT) hat seine finanziellen Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 veröffentlicht. Das Unternehmen erreichte bedeutende Meilensteine in seinen klinischen Studien zu ZYNLONTA®, wobei die LOTIS-7 Phase 1b Studie eine beste objektive Ansprechrate (ORR) von 94% und eine vollständige Ansprechrate (CR) von 72% in Kombination mit glofitamab zeigte. Die LOTIS-5 Phase 3 Bestätigungsstudie hat die Rekrutierung abgeschlossen, und Daten werden für Ende 2025 erwartet.

Zu den finanziellen Highlights gehören netto Produktumsätze im Q4 2024 von 16,4 Millionen Dollar und Jahresumsätze von 69,3 Millionen Dollar aus ZYNLONTA®. Das Unternehmen berichtete von einem netto Verlust im Q4 von 30,7 Millionen Dollar (0,29 Dollar pro Aktie) und einem gesamten Jahresverlust von 157,8 Millionen Dollar (1,62 Dollar pro Aktie). Die Liquidität beträgt 250,9 Millionen Dollar zum 31. Dezember 2024 und bietet Spielraum bis zur zweiten Hälfte von 2026.

Die Betriebsausgaben haben sich verbessert, da die Ausgaben für F&E (109,6 Millionen Dollar), S&M (44,0 Millionen Dollar) und G&A (41,9 Millionen Dollar) im Vergleich zu 2023 gesenkt wurden.

Positive
  • Strong LOTIS-7 trial results with 94% ORR and 72% CR rate
  • Completed enrollment in LOTIS-5 Phase 3 confirmatory trial
  • ZYNLONTA reached commercial brand profitability in 2024
  • Reduced operating expenses across R&D, S&M, and G&A compared to 2023
  • Strengthened cash position with $97.4M from May 2024 offering
Negative
  • Q4 2024 product revenues slightly decreased to $16.4M from $16.6M in Q4 2023
  • Lower sales volume for ZYNLONTA, offset by higher selling price
  • Net loss of $157.8M for full year 2024
  • Cash position decreased to $250.9M from $278.6M at end of 2023

Insights

ADC Therapeutics' Q4 and full-year 2024 results reveal a solid financial position with $250.9 million in cash providing runway into H2 2026, following a successful $97.4 million offering in May 2024. The company has achieved operational efficiency with reduced expenses across R&D ($109.6M vs $127.1M in 2023), S&M, and G&A categories, while narrowing annual net losses to $157.8M from $240.1M.

The most significant value driver comes from their clinical programs, particularly the impressive LOTIS-7 data showing 94% overall response rate and 72% complete response rate for ZYNLONTA plus glofitamab in relapsed/refractory DLBCL. These results suggest potential for a highly effective combination approach. The completed enrollment in the LOTIS-5 Phase 3 confirmatory trial of ZYNLONTA plus rituximab represents another critical milestone, with data expected late 2025.

While ZYNLONTA revenue remained essentially flat at $69.3M for 2024 (vs $69.1M in 2023), the company noted it reached commercial brand profitability—an important inflection point. The promising data from investigator-initiated trials in indolent lymphomas (follicular and marginal zone) suggest potential label expansion opportunities that could drive future growth. With multiple clinical catalysts anticipated in 2025 and a strengthened balance sheet, ADCT appears well-positioned to advance its pipeline while managing cash burn effectively.

Initial data from LOTIS-7 Phase 1b trial of ZYNLONTA® plus glofitamab demonstrated clinically meaningful benefit with 94% best ORR and 72% CR rate; data update expected in second quarter 2025

Completed enrollment in LOTIS-5 Phase 3 confirmatory trial of ZYNLONTA plus rituximab in patients with 2L+ DLBCL; data update anticipated in late 2025 once PFS events reached

$250.9M in cash as of December 31, 2024, provides runway expected to fund operations into the second half of 2026

Company to host conference call today at 8:30 a.m. EDT

LAUSANNE, Switzerland, March 27, 2025 /PRNewswire/ -- ADC Therapeutics SA (NYSE: ADCT), a commercial-stage global leader and pioneer in the field of antibody drug conjugates (ADCs), today reported financial results for the fourth quarter and full year ended December 31, 2024, and provided recent operational updates.

"We achieved several key milestones in 2024, advancing our expansion trials with ZYNLONTA® in combinations and in earlier lines of DLBCL therapy, progressing our early research solid tumor program to the IND-enabling stage and reducing operational spend while at the same time strengthening the balance sheet," said Ameet Mallik, Chief Executive Officer of ADC Therapeutics. "We closed the year by fully enrolling our confirmatory LOTIS-5 DLBCL study, reported encouraging initial data from our LOTIS-7 DLBCL study and were pleased to see promising Phase 2 IIT data evaluating ZYNLONTA in indolent lymphomas reported at the American Society of Hematology annual meeting. We are confident in our path forward and believe we are well positioned for success as we progress toward additional pivotal milestones in 2025."

Fourth Quarter 2024 Operational Updates and Upcoming Milestones

  • Full enrollment achieved in LOTIS-5. Enrollment for the Phase 3 confirmatory trial evaluating ZYNLONTA in combination with rituximab in patients with relapsed or refractory (r/r) diffuse large B-cell lymphoma (DLBCL) was completed in December 2024. The Company expects to provide updated data before the end of 2025, once the pre-specified number of progression-free survival (PFS) events is reached.
  • Encouraging initial data from LOTIS-7. The Company reported positive initial data in December 2024 from the LOTIS-7 Phase 1b open-label clinical trial evaluating the safety and efficacy of ZYNLONTA in combination with the bispecific antibody glofitamab (COLUMVI™) in patients with r/r non-Hodgkin Lymphoma (NHL). The best overall response rate (ORR) among the 18 r/r DLBCL efficacy evaluable patients was 94%, and the complete response rate (CRR) was 72%. These encouraging efficacy data were observed across patients with different numbers of lines and types of prior treatments. Initial safety data on all 29 patients with r/r NHL suggest the combination is generally well tolerated with no dose-limiting toxicities across all dose levels. Enrollment of 40 patients in the dose expansion is expected to be completed in the second quarter of 2025. We expect to share data on a subset of patients in the second quarter of 2025 with a fuller, more mature data update anticipated during the second half of 2025.
  • Promising data from the Phase 2 investigator-initiated trials evaluating ZYNLONTA in indolent lymphomas. Updated data from the investigator-initiated trials (IITs) of ZYNLONTA were presented at the 66th American Society of Hematology (ASH) Annual Meeting 2024. Both the Phase 2 clinical trial evaluating ZYNLONTA in combination with rituximab in patients with r/r follicular lymphoma (FL) and the Phase 2 clinical trial evaluating ZYNLONTA for the treatment of r/r marginal zone lymphoma (MZL) are ongoing and being conducted at the Sylvester Comprehensive Cancer Center at the University of Miami Miller School of Medicine. Results from both trials as presented at ASH and the FL trial simultaneously published in The Lancet Haematology can be found here. Additional data are expected to be shared at a medical conference and/or in publication with plans to engage regulatory agencies and evaluate compendia strategies.
  • Abstracts to be presented in oral and poster presentations in April at AACR 2025. An abstract on the Company's Claudin-6 targeting ADC was accepted for oral presentation at the American Association for Cancer Research (AACR) Annual Meeting 2025. Abstracts on the Company's PSMA and ASCT2-targeting ADCs were also accepted for poster presentations at the meeting.

Fourth Quarter and Full Year 2024 Financial Results

  • Product Revenues: ZYNLONTA reached commercial brand profitability in 2024, generating net product revenues of $16.4 million for the fourth quarter ended December 31, 2024, and $69.3 million for the full year of 2024 as compared to $16.6 million and $69.1 million for the same periods in 2023. The quarter-over-quarter decrease is driven by lower sales volume, partially offset by a higher selling price. The year-to-date increase is primarily attributable to a higher selling price and favorability in prior period GTN sales adjustments, partially offset by lower sales volume.
  • Research and Development (R&D) Expense: R&D expense was $27.1 million and $109.6 million for the fourth quarter and full year ended December 31, 2024, respectively. This compares to R&D expense of $30.3 million and $127.1 million for the same periods in 2023. The decrease during both periods is due primarily to the implementation of productivity initiatives and focused investment in prioritized development programs.
  • Selling and Marketing (S&M) Expense: S&M expense was $11.3 million and $44.0 million for the fourth quarter and full year ended December 31, 2024, respectively. This compares to S&M expense of $13.9 million and $57.5 million for the same periods in 2023. The quarter-over-quarter decrease in S&M expense was primarily due to lower marketing and advertising costs, partially offset by higher share-based compensation expense. The year-to-date decrease was primarily due to lower marketing and advertising costs as well as lower wages and benefits.
  • General & Administrative (G&A) Expense: G&A expense was $9.6 million and $41.9 million for the fourth quarter and full year ended December 31, 2024, respectively. This compares to G&A expense of $11.3 million and $48.4 million for the same periods in 2023. The quarter-over-quarter decrease in G&A expense was primarily related to lower professional fees. The year-to-date decrease was primarily related to lower share-based compensation expense, professional fees and insurance premiums.
  • Net Loss: Net loss for the quarter ended December 31, 2024, was $30.7 million, or a net loss of $0.29 per basic and diluted share, as compared to net loss of $85.0 million, or a net loss of $1.03 per basic and diluted share for the same period in 2023. Net loss for the full year ended December 31, 2024, was $157.8 million, or a net loss of $1.62 per basic and diluted share, as compared to net loss of $240.1 million, or a net loss of $2.94 per basic and diluted share for the full year ended December 31, 2023. The decrease in net loss during both periods is primarily attributable to lower income tax expense and lower operating expenses.
  • Adjusted Net Loss: Adjusted net loss, which is a non-GAAP financial measure, was $26.5 million, or an adjusted net loss of $0.25 per basic and diluted share for the quarter ended December 31, 2024, as compared to an adjusted net loss of $79.5 million, or $0.97 per basic and diluted share, for the same period in 2023. Adjusted net loss for the full year ended December 31, 2024, was $111.4 million, or an adjusted net loss of $1.15 per basic and diluted share, as compared to net loss of $185.7 million, or an adjusted net loss of $2.27 per basic and diluted share for the full year ended December 31, 2023. The decrease in adjusted net loss during both periods is primarily attributable to lower income tax expense and lower operating expenses.
  • Cash and cash equivalents: As of December 31, 2024, cash and cash equivalents were $250.9 million, compared to $278.6 million as of December 31, 2023. In May 2024 the Company completed an underwritten offering resulting in net proceeds of approximately $97.4 million, extending the expected cash runway into the second half of 2026.

Conference Call Details
ADC Therapeutics management will host a conference call and live audio webcast to discuss fourth quarter and full year 2024 financial results and provide a company update today at 8:30 a.m. Eastern Time. To access the conference call, please register here. The participant toll-free dial-in number is 1-800-836-8184 for North America and Canada. 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®
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 development.

ADC Therapeutics is based in Lausanne (Biopôle), Switzerland and has operations in London 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 total operating expenses:
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.

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 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.

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 expected cash runway into the second half of 2026; the Company's ability to grow ZYNLONTA® revenue in the United States and to expand into combinations, earlier lines of therapy and new indications in the future; 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 regulatory approval for ZYNLONTA® in foreign jurisdictions; the timing, enrollment and results of the Company's or its partners' research and development projects or clinical trials including LOTIS 5 and 7, ADCT 602 as well as early research in certain solid tumors with different targets, linkers and payloads including the Company's exatecan-based platform; the timing, publication, and results of investigator-initiated trials including those studying  FL and MZL and the potential regulatory and/or compendia strategy and the future opportunity; 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

Condensed Consolidated Statements of Operations (Unaudited)

(in thousands, except for share and per share data)




For the Three Months Ended December 31,


For the Twelve Months Ended December 31,



2024


2023


2024


2023

Revenue









  Product revenues, net


$         16,386


$         16,643


$         69,280


$         69,060

  License revenues and royalties


524


147


1,557


498

Total revenue, net


16,910


16,790


70,837


69,558

Operating expense









Cost of product sales


(1,371)


(1,215)


(5,949)


(2,529)

Research and development


(27,101)


(30,331)


(109,633)


(127,127)

Selling and marketing


(11,251)


(13,927)


(44,015)


(57,464)

General and administrative


(9,623)


(11,295)


(41,894)


(48,424)

Total operating expense


(49,346)


(56,768)


(201,491)


(235,544)

Loss from operations


(32,436)


(39,978)


(130,654)


(165,986)










Other income (expense)









Interest income


2,633


3,291


12,272


10,540

Interest expense


(11,919)


(12,909)


(50,211)


(46,325)

Other, net


10,674


9,724


12,457


6,352

Total other income (expense), net


1,388


106


(25,482)


(29,433)

Loss before income taxes


(31,048)


(39,872)


(156,136)


(195,419)

Income tax benefit (expense)


321


(43,171)


(166)


(39,106)

Loss before equity in net losses of joint venture


(30,727)


(83,043)


(156,302)


(234,525)

Equity in net losses of joint venture



(1,988)


(1,544)


(5,528)

Net loss


$       (30,727)


$       (85,031)


$     (157,846)


$     (240,053)










Net loss per share









Net loss per share, basic and diluted


$            (0.29)


$            (1.03)


$            (1.62)


$           (2.94)

Weighted average shares outstanding, basic and diluted


105,396,677


82,292,594


97,159,966


81,712,166

 

ADC Therapeutics SA

Condensed Consolidated Balance Sheets (Unaudited)

(in thousands)




December 31, 2024


December 31, 2023

ASSETS





Current assets





Cash and cash equivalents


$            250,867


$            278,598

Accounts receivable, net


20,316


25,182

Inventory


18,387


16,177

Prepaid expenses


8,370


10,344

Other current assets


9,450


5,990

Total current assets


307,390


336,291

Non-current assets





Property and equipment, net


5,075


5,622

Operating lease right-of-use assets


8,354


10,511

Interest in joint venture



1,647

Other long-term assets


1,161


711

Total assets


$            321,980


$            354,782






LIABILITIES AND SHAREHOLDERS' (DEFICIT) EQUITY





Current liabilities





Accounts payable


$              18,029


$              15,569

Accrued expenses and other current liabilities


62,440


52,101

Total current liabilities


80,469


67,670






Deferred royalty obligation, long-term


320,093


303,572

Senior secured term loans


113,632


112,730

Operating lease liabilities, long-term


7,995


10,180

Other long-term liabilities


2,433


8,879

Total liabilities


524,622


503,031






Total shareholders' (deficit) equity


(202,642)


(148,249)






Total liabilities and shareholders' (deficit) equity


$            321,980


$            354,782

 

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,


Twelve Months Ended December 31,

(in thousands)

2024


2023


Change


% Change


2024


2023


Change


% Change

Total operating expense

(49,346)


(56,768)


7,422


(13) %


$  (201,491)


$  (235,544)


$  34,053


(14) %

Adjustments:
















Share-based compensation expense (i)

2,779


2,220


559


25 %


7,731


13,495


(5,764)


(43) %

Adjusted total operating expenses

(46,567)


(54,548)


7,981


(15) %


$  (193,760)


$  (222,049)


$  28,289


(13) %

 


Three Months Ended December 31,


Twelve Months Ended December 31,

in thousands (except for share and per share data)

2024


2023


2024


2023

Net loss

$     (30,727)


$     (85,031)


$   (157,846)


$     (240,053)

Adjustments:








Share-based compensation expense (i)

2,779


2,220


7,731


13,495

Deerfield warrants obligation, change in fair value (income)/expense (ii)

(4)


279


(296)


(497)

Effective interest expense on senior secured term loan facility (iii)

3,201


4,650


16,602


18,398

Deferred royalty obligation interest expense (iv)

8,717


8,253


33,608


27,915

Deferred royalty obligation cumulative catch-up adjustment income (iv)

(10,446)


(9,823)


(11,178)


(4,972)

Adjusted net loss

$     (26,480)


$     (79,452)


$   (111,379)


$     (185,714)









Net loss per share, basic and diluted

$         (0.29)


$         (1.03)


$         (1.62)


$           (2.94)

Adjustment to net loss per share, basic and diluted

0.04


0.06


0.47


0.67

Adjusted net loss per share, basic and diluted

$         (0.25)


$         (0.97)


$         (1.15)


$           (2.27)

Weighted average shares outstanding, basic and diluted

105,396,677


82,292,594


97,159,966


81,712,166



(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 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)               

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.

 

CONTACTS:

Investors

Media

Marcy Graham

Nicole Riley

ADC Therapeutics

ADC Therapeutics

Marcy.Graham@adctherapeutics.com

Nicole.Riley@adctherapeutics.com

+1 650-667-6450

+1 862-926-9040

 

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SOURCE ADC Therapeutics SA

FAQ

What were the key clinical trial results for ZYNLONTA in LOTIS-7 Phase 1b trial?

The LOTIS-7 trial showed 94% best overall response rate and 72% complete response rate in combination with glofitamab for r/r DLBCL patients, with generally well-tolerated safety profile.

How much cash does ADCT have and how long will it last?

ADCT has $250.9M in cash as of December 31, 2024, expected to fund operations into the second half of 2026.

What were ADCT's ZYNLONTA product revenues for 2024?

ZYNLONTA generated $69.3M in net product revenues for full-year 2024, compared to $69.1M in 2023.

When will ADCT report the LOTIS-5 Phase 3 trial results?

ADCT expects to provide updated LOTIS-5 Phase 3 trial data by late 2025, once the pre-specified number of PFS events is reached.

What was ADCT's net loss for Q4 and full year 2024?

ADCT reported Q4 2024 net loss of $30.7M ($0.29 per share) and full-year net loss of $157.8M ($1.62 per share).
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