ADC Therapeutics SA

ADC Therapeutics reported a significant narrowing of its net loss for the second quarter of 2026 to $16.6 million, compared to $56.6 million in the prior year. Product revenues saw a modest increase, reaching $18.6 million. However, total revenue for the first half of 2026 decreased to $40.1 million, primarily due to lower license revenues and royalties. The company also amended its royalty purchase agreement with HCR, issuing 9.8 million common share warrants, and recognized $16.6 million in income from the fair value change of this warrant obligation.

ADC Therapeutics reported a reduced net loss of $16.6 million for Q2 2026, down from $56.6 million in Q2 2025, with net product revenue slightly increasing to $18.6 million. The company announced that the FDA raised substantial concerns regarding the benefit-risk profile of ZYNLONTA in the LOTIS-5 trial, leading to an assessment of the regulatory path forward for full approval. Despite this, the LOTIS-7 trial completed enrollment with promising data, and a strategic reorganization resulted in a 17% workforce reduction and $10 million in annual cost savings. Cash and cash equivalents stood at $219.1 million as of June 30, 2026, with an expected runway into 2028.

ADC Therapeutics SA's Board of Directors approved one-time retention awards for certain employees, including its named executive officers. These awards consist of approximately $2.9 million in cash incentives and 1.09 million Restricted Stock Units (RSUs). The cash portion is payable around July 15, 2026, with repayment conditions if employment ends before June 30, 2027, unless terminated without cause or for good reason. The RSUs will vest by June 30, 2027, under similar employment conditions.

ADC Therapeutics SA announced a strategic reorganization involving a global workforce reduction of approximately 17%. This move is expected to generate annualized cost savings of about $10 million, with one-time pre-tax charges of $3 million primarily in Q2 2026. The restructuring aims to enhance financial flexibility and focus resources on key initiatives for its ZYNLONTA franchise, including upcoming regulatory milestones like an FDA meeting in August and an sBLA submission in Q4 2026.

ADC Therapeutics SA announced topline data from its Phase 3 LOTIS-5 trial evaluating ZYNLONTA® (loncastuximab tesirine-lpyl) in combination with rituximab for relapsed or refractory diffuse large B-cell lymphoma (r/r DLBCL). The trial met its primary endpoint of progression-free survival (PFS) with statistical significance, showing a median PFS of 6.1 months for the ZYNLONTA combination versus 4.7 months for the control arm (R-GemOx). While overall survival showed no detrimental effect, the ZYNLONTA combination demonstrated higher overall response rates (58.1% vs. 45.2%) and complete response rates (39.5% vs. 26.7%). The company noted higher rates of serious adverse events and Grade 5 events in the ZYNLONTA arm, particularly in older patients, and plans to proceed with regulatory discussions, aiming for an sBLA submission in Q4 2026. ADC Therapeutics is also evaluating value-maximizing alternatives.

ADC Therapeutics SA held its 2026 annual general meeting on June 1, 2026, where shareholders approved all submitted proposals. Key approvals included the 2025 financial statements, the compensation report, and the discharge of liability for the board and executive committee. Shareholders also reelected all directors, compensation committee members, the independent proxy, and PricewaterhouseCoopers SA as auditors. Additionally, binding compensation amounts for the board and executive committee were approved.

ADC Therapeutics reported a reduced net loss of $33.0 million for Q1 2026, down from $38.6 million in Q1 2025, with net loss per share improving to $(0.21) from $(0.36). Total revenue decreased to $20.9 million from $23.0 million year-over-year, primarily due to lower license revenues. The company also amended its royalty purchase agreement with HCR, issuing warrants for 9.8 million common shares, and continued to realize benefits from its 2025 restructuring, which focused resources on ZYNLONTA and reduced the workforce by approximately 30%. Operating cash burn significantly decreased.

ADC Therapeutics reported its first quarter 2026 financial results, with net product revenue increasing to $20.0 million from $17.4 million year-over-year. The company significantly reduced its net loss to $33.0 million, or $0.21 per share, compared to a net loss of $38.6 million, or $0.36 per share, in Q1 2025. Operational updates include anticipated topline data for the LOTIS-5 Phase 3 trial in Q2 2026 and full data for LOTIS-5 and LOTIS-7 by year-end. The company also projects a cash runway extending at least into 2028.