ADC Therapeutics SA (NYSE: ADCT) reported first‑quarter 2026 results that included net product revenue of $20.0 million, up 15% year‑over‑year, and a GAAP earnings per share of $0.21, beating the consensus estimate of –$0.22. Total revenue for the quarter was $20.9 million, down 9% from $23.0 million in Q1 2025, largely due to lower license revenue and royalties following a prior‑year milestone.
The company’s operating expenses fell to $46.1 million from $51.5 million in the same quarter last year, a 13% reduction driven by the 2025 restructuring that cut operating costs. Research and development spending dropped to $19.9 million from $28.9 million, while selling and marketing costs rose to $12.7 million from $10.6 million, reflecting a shift toward commercial activities for its flagship product ZYNLONTA. "First quarter net product revenues were $20.0 million as compared to the prior year's first quarter net product revenues of $17.4 million. The increase was driven primarily by normal quarter‑to‑quarter variability in customer ordering with underlying demand broadly stable," said CEO Ameet Mallik.
Cash and cash equivalents stood at $231 million as of March 31 2026, down from $261.3 million at the end of 2025 but sufficient to support a runway into 2028. "On a GAAP basis, we reported a net loss of $33 million for the first quarter of 2026 or $0.21 per basic and diluted share as compared to a net loss of $38.6 million or $0.36 per basic and diluted share for the same period in 2025," CFO Jose Carmona noted. "On a non‑GAAP basis, the adjusted net loss was $19.7 million for the first quarter of 2026, as compared to a net loss of $24 million for the same period in 2025. We continue to pay close attention in the quarter to managing our cost base and optimizing our balance sheet. On a non‑GAAP basis, we've reduced our total operating expenses by 13% versus Q1 2025, and we ended the first quarter of 2026 with a healthy cash balance of $231 million. This maintains our expected cash runway at least into 2028, enabling us to deliver against our strategy."
Management reiterated that it is on track to meet its 2026 guidance, with expectations of continued growth in product revenue and a stable cash position. The company also highlighted the upcoming LOTIS‑5 Phase 3 trial, with topline data expected in the second quarter. "We continue to advance towards multiple important milestones for ZYNLONTA over the remainder of the year, beginning with the expected LOTIS‑5 top line readout in the second quarter," Mallik added.
Investor reaction to the earnings was muted, as market participants focused on the timing of the LOTIS‑5 data and the broader competitive landscape rather than the quarterly financial beat. The company’s strong cost discipline and cash runway were noted, but the emphasis remained on the clinical catalyst that will ultimately drive future revenue growth.
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