ADC Therapeutics SA
NYSE:ADCT
ADC Therapeutics SA
ADC Therapeutics SA is a clinical-stage biotechnology company. The company is headquartered in Epalinges, Vaud and currently employs 312 full-time employees. The company develops antibody drug conjugates (ADCs) for the treatment of both solid and hematological cancers. The company employs monoclonal antibodies specific to particular tumor antigens conjugated to a class of pyrrolobenzodiazepine (PBD)-based warheads to selectively target and kill cancer cells. The firm has multiple PBD-based ADCs in ongoing clinical trials, ranging from first in human to pivotal Phase II clinical trials, and numerous preclinical ADCs in development. Its main drug candidates are ADCT-301 for the treatment of lymphoma and leukemia and ADCT-402 for the treatment of non-Hodgkin’s lymphoma and B-cell leukemia. The company serves customers in the United States, Switzerland, and the United Kingdom.
ADC Therapeutics SA is a clinical-stage biotechnology company. The company is headquartered in Epalinges, Vaud and currently employs 312 full-time employees. The company develops antibody drug conjugates (ADCs) for the treatment of both solid and hematological cancers. The company employs monoclonal antibodies specific to particular tumor antigens conjugated to a class of pyrrolobenzodiazepine (PBD)-based warheads to selectively target and kill cancer cells. The firm has multiple PBD-based ADCs in ongoing clinical trials, ranging from first in human to pivotal Phase II clinical trials, and numerous preclinical ADCs in development. Its main drug candidates are ADCT-301 for the treatment of lymphoma and leukemia and ADCT-402 for the treatment of non-Hodgkin’s lymphoma and B-cell leukemia. The company serves customers in the United States, Switzerland, and the United Kingdom.
Revenue: Net product revenue was $22.3 million in Q4 2025 and $73.6 million for the year, roughly stable year-over-year and in line with management expectations.
Cash runway: Cash and cash equivalents were $261.3 million at year-end with an expected runway at least into 2028 after financings and an amended royalty agreement.
LOTIS-5 timing: Top-line PFS readout for LOTIS-5 is expected in Q2 2026; primary endpoint is PFS and mature secondary endpoints plus key safety tables will be disclosed.
LOTIS-7 update: Updated data (49 efficacy-evaluable patients) showed a 90% best overall response rate and 78% CR rate with manageable safety; enrollment target expanded to ~100 patients.
Costs & execution: Operating cost structure reduced by ~50% over the strategic reprioritization; total adjusted operating expenses were down vs prior year and management expects R&D to decline into 2026–27.
Commercial footing: ZYNLONTA maintained ~10% share in third-line plus DLBCL as monotherapy; management expects to be largely covered commercially already (field force covers ~90% of DLBCL opportunity).
Peak opportunity: Management reiterated a U.S. peak revenue opportunity of $600 million to $1 billion assuming approvals and compendia listings, with more detailed sub-forecasts tied to LOTIS-5, LOTIS-7 and indolent lymphoma programs.
