ADC Therapeutics Reports Fourth Quarter and Full Year 2024 Financial Results and Provides Operational Update
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.
- 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
- 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
The most significant value driver comes from their clinical programs, particularly the impressive LOTIS-7 data showing
While ZYNLONTA revenue remained essentially flat at
Initial data from
Completed enrollment in
Company to host conference call today at 8:30 a.m. EDT
LAUSANNE,
"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
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 theLOTIS-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 was94% , and the complete response rate (CRR) was72% . 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
for the fourth quarter ended December 31, 2024, and$16.4 million for the full year of 2024 as compared to$69.3 million and$16.6 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.$69.1 million - Research and Development (R&D) Expense: R&D expense was
and$27.1 million for the fourth quarter and full year ended December 31, 2024, respectively. This compares to R&D expense of$109.6 million and$30.3 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.$127.1 million - Selling and Marketing (S&M) Expense: S&M expense was
and$11.3 million for the fourth quarter and full year ended December 31, 2024, respectively. This compares to S&M expense of$44.0 million and$13.9 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.$57.5 million - General & Administrative (G&A) Expense: G&A expense was
and$9.6 million for the fourth quarter and full year ended December 31, 2024, respectively. This compares to G&A expense of$41.9 million and$11.3 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.$48.4 million - Net Loss: Net loss for the quarter ended December 31, 2024, was
, or a net loss of$30.7 million per basic and diluted share, as compared to net loss of$0.29 , or a net loss of$85.0 million per basic and diluted share for the same period in 2023. Net loss for the full year ended December 31, 2024, was$1.03 , or a net loss of$157.8 million per basic and diluted share, as compared to net loss of$1.62 , or a net loss of$240.1 million 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.$2.94 - Adjusted Net Loss: Adjusted net loss, which is a non-GAAP financial measure, was
, or an adjusted net loss of$26.5 million per basic and diluted share for the quarter ended December 31, 2024, as compared to an adjusted net loss of$0.25 , or$79.5 million per basic and diluted share, for the same period in 2023. Adjusted net loss for the full year ended December 31, 2024, was$0.97 , or an adjusted net loss of$111.4 million per basic and diluted share, as compared to net loss of$1.15 , or an adjusted net loss of$185.7 million 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.$2.27 - Cash and cash equivalents: As of December 31, 2024, cash and cash equivalents were
, compared to$250.9 million as of December 31, 2023. In May 2024 the Company completed an underwritten offering resulting in net proceeds of approximately$278.6 million , extending the expected cash runway into the second half of 2026.$97.4 million
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
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
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),
ZYNLONTA® is a registered trademark of ADC Therapeutics SA.
Use of Non-GAAP Financial Measures
In addition to financial information prepared in accordance with
- 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
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 | |||
(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 |
(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 |
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ADC Therapeutics | ADC Therapeutics |
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