ADC Therapeutics (ADCT) Q2 2026 earnings summary

Executive summary

• Net product revenue for Q2 2026 was $18.6 million, up from $18.1 million in Q2 2025, driven by higher price and stable commercial execution for ZYNLONTA as a monotherapy in 3L+ DLBCL.

• Cash and cash equivalents stood at $219.1 million as of June 30, 2026, providing a runway at least into 2028.

• Strategic reorganization in June 2026 reduced workforce by 17%, targeting $10 million in annualized cost savings and supporting key clinical, regulatory, and manufacturing activities.

• Net loss for Q2 2026 was $16.6 million, significantly improved from $56.6 million in Q2 2025, reflecting lower R&D and restructuring costs.

• Company is evaluating regulatory paths for ZYNLONTA following FDA feedback on LOTIS-5 trial data.

Financial highlights

• Total revenue for Q2 2026 was $19.2 million, a 2.2% increase year-over-year; license revenues and royalties declined due to a prior-year milestone.

• Cost of product sales increased to $2.3 million in Q2 2026 from $0.8 million in Q2 2025, mainly due to personnel and manufacturing costs.

• Total operating expenses for Q2 2026 were $44.7 million, down 29% year-over-year; adjusted operating expenses were $37.2 million, a 22% reduction.

• Net loss per share improved to $0.11 from $0.50 year-over-year; adjusted net loss per share was $0.11, down from $0.25.

• Weighted average shares outstanding for Q2 2026 were 155.0 million.

Outlook and guidance

• Expected cash runway extends at least into 2028, enabling delivery on strategic objectives and assuming minimum liquidity requirements under loan covenants.

• Anticipates ZYNLONTA revenue growth beginning in 2027, with expansion into earlier lines of therapy and indolent lymphomas.

• Preparing for regulatory submissions and potential Breakthrough Therapy Designation for LOTIS-7 and MZL data in 2026.

• Updated FL data presentation expected in Q2 2027.