ADCT on NYSE

ADC Therapeutics SA

ADC Therapeutics SA is a commercial-stage global pioneer in the field of antibody drug conjugates.1 Its shares trade on NYSE under the symbol ADCT.1

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Last updated Oct 21, 2026.

Overview

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  • TickerADCT on NYSE1
  • IndustryPharmaceutical Preparations1
  • HeadquartersV81
  • Incorporated inSwitzerland2
  • Business addressBiopole, Route De La Corniche 3B, Epalinges, V8 10662
  • Filer categoryNon-accelerated filer, Smaller reporting company2

ADC Therapeutics is a commercial-stage global pioneer in the field of antibody drug conjugates (“ADCs”), transforming treatment for patients through our focused portfolio with ZYNLONTA (loncastuximab tesirine-lpyl), a CD19-directed ADC. ZYNLONTA received accelerated approval from the U.S. Food and Drug Administration (“FDA”) and conditional approval from the European Commission, China National Medical Products Administration (“NMPA”) and Health Canada for the treatment of relapsed or refractory DLBCL after two or more lines of systemic therapy. We are pursuing expansion of ZYNLONTA internationally, and into earlier lines of diffuse large B-cell lymphoma (“DLBCL”) through our LOTIS-5 confirmatory Phase 3 clinical trial (rituximab combination) and LOTIS-7 Phase 1b clinical trial (bispecific combination) as well as into indolent lymphomas, including marginal zone lymphoma (“MZL”) and follic…4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-149.3%Operating margin5
-175.3%Net margin5
14.9%Revenue growth, 20255
-$141.4MFree cash flow5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Product brought in 90% of the revenue ADC Therapeutics SA broke down this way in fiscal 2025.

  1. Product$73.6M590%up 6% from 2024
  2. License Revenues$5.0M56%
  3. Royalty Revenue$2.8M53%up 80% from 2024
Products and services by year
Products and services20242025
Product$69.3M$73.6M
License Revenues$0$5.0M
Royalty Revenue$1.6M$2.8M

Regions

United States brought in 90% of the revenue ADC Therapeutics SA broke down this way in fiscal 2025.

  1. United States$73.6M590%up 6% from 2024
  2. EMEA$7.8M510%up 401% from 2024
Regions by year
Regions20242025
United States$69.3M$73.6M
EMEA$1.6M$7.8M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue5¢$5.8M
  • Research and development94¢$104.0M
  • Income tax1¢$1.0M

Out of $81.4M in revenue.5 The company lost money this year.

Financial statements

Revenue65$81.4M in 2025+9% since 2022
0$25.0M$50.0M$75.0M$100.0M2022: $74.9M$74.9M20222023: $69.1M$69.1M2023−8%2024: $70.8M$70.8M2024+3%2025: $81.4M$81.4M2025+15%
Operating income78695-$121.5M in 2025+2% since 2019
-$300.0M-$200.0M-$100.0M02019: -$119.4M-$119.4M20192020: -$219.3M-$219.3M2020+84%2021: -$261.7M-$261.7M2021+19%2022: -$123.3M-$123.3M2022−53%2023: -$166.0M-$166.0M2023+35%2024: -$130.7M-$130.7M2024−21%2025: -$121.5M-$121.5M2025−7%
Net income78695-$142.6M in 2025+22% since 2019
-$300.0M-$200.0M-$100.0M02019: -$116.5M-$116.5M20192020: -$246.3M-$246.3M2020+111%2021: -$230.0M-$230.0M2021−7%2022: -$157.1M-$157.1M2022−32%2023: -$240.1M-$240.1M2023+53%2024: -$157.8M-$157.8M2024−34%2025: -$142.6M-$142.6M2025−10%

Every line of the income statement as filed: the last 2 fiscal years, latest first.5

Period ending2025-12-312024-12-31
Total revenue, net$81.4M$70.8M
Cost of product sales-$5.8M-$5.9M
Research and development-$104.0M-$109.6M
Selling and marketing-$43.4M-$44.0M
General and administrative-$36.6M-$41.9M
Restructuring, impairment and other related costs-$13.1M$0
Total operating expense-$202.9M-$201.5M
Loss from operations-$121.5M-$130.7M
Interest income$8.8M$12.3M
Interest expense-$51.6M-$50.2M
Other, net$22.7M$12.5M
Total other expense, net-$20.1M-$25.5M
Loss before income taxes-$141.6M-$156.1M
Income tax expense-$1.0M-$166.0K
Loss before equity in net losses of joint venture-$142.6M-$156.3M
Equity in net losses of joint venture$0-$1.5M
Net loss-$142.6M-$157.8M
Net loss per share, basic (in dollars per share)-$1.12-$1.62
Net loss per share, diluted (in dollars per share)-$1.12-$1.62
Weighted average shares outstanding, basic (in shares)127.1M shares97.2M shares
Weighted average shares outstanding, diluted (in shares)127.1M shares97.2M shares

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Corporate structure

ADC Therapeutics SA sits at the top of its group. 2 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of ADC Therapeutics SA

  • ADC Therapeutics SA V8
    • ADC Therapeutics (UK) Limited Subsidiary · United Kingdom

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What ADC Therapeutics SA reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$1.4M5 Dec 31, 2025$10.4M5 Dec 31, 2024−86.7%
Accumulated depreciation$1.4M5 Dec 31, 2025$5.3M5 Dec 31, 2024−74.0%
Property and equipment, net$05 Dec 31, 2025$5.1M5 Dec 31, 2024−100.0%
Operating-lease assets (leased space)$1.3M5 Dec 31, 2025$8.4M5 Dec 31, 2024−84.5%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$261.3M5 Dec 31, 2025$250.9M5 Dec 31, 2024+4.2%
Stakes in other companies (equity method)$09 Dec 31, 2024$1.6M9 Dec 31, 2023−100.0%

Inventory

ItemLatestA year beforeChange
Inventory, total$4.2M5 Dec 31, 2025$2.3M5 Dec 31, 2024+85.9%
Work in process$18.4M5 Dec 31, 2025$18.3M5 Dec 31, 2024+0.3%
Finished goods$95.0K5 Dec 31, 2025$49.0K5 Dec 31, 2024+93.9%

Properties, in its own words

We do not own any real property. The table below sets forth the sizes and uses of our leased facilities as of the date of this Annual Report:

Location · Primary Function · Approximate Size

The rest of Item 2

BiopôleRoute de la Corniche 3B 1066 Epalinges Switzerland · Head office · 292 m2

430 Mountain Avenue, 4th Floor New Providence, New Jersey 07974 United States · Clinical, commercial and U.S. operations · 965 m2

We are not aware of any environmental issues or other constraints that would materially impact the intended use of our facilities.

Item 2 of the 10-K filed Mar 10, 2026.4

Leadership

Who has led ADC Therapeutics SA, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Ameet Mallik2024–now

Chief financial officer

  1. Jose Carmona2024–now
2025
Board members and other officers (11)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • ADC Therapeutics (UK) Limited England3

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Oct 13, 20268-K Entered a material agreement; Results of operations; Unregistered sale of shares25
  2. Aug 13, 20268-K Results of operations; Regulation FD disclosure26
  3. Jul 2, 20268-K Executive or director change27
  4. Jun 24, 20268-K Regulation FD disclosure; Other events28
  5. Jun 3, 20268-K Regulation FD disclosure; Other events29
  6. Jun 2, 20268-K Shareholder vote30
  7. May 4, 20268-K Results of operations31
  8. Mar 10, 20268-K Results of operations32
  9. Feb 23, 20268-K Entered a material agreement; Unregistered sale of shares33
  10. Jan 12, 20268-K Regulation FD disclosure34
  11. Jan 8, 20268-K Results of operations; Regulation FD disclosure35
  12. Dec 5, 20258-K Other events36
  13. Jan 2, 2024New chief executive Ameet Mallik becomes CEO13

Calendar

Coming up

  1. Nov 9, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($0.30) a share, on Nov 10, 2025.37

When it reported results

  1. Oct 13, 2026Reported quarterly or annual results25
  2. Aug 13, 2026Reported quarterly or annual results26
  3. May 4, 2026Reported quarterly or annual results31
  4. Mar 10, 2026Reported quarterly or annual results32
  5. Jan 8, 2026Reported quarterly or annual results35
  6. Nov 10, 2025Reported quarterly or annual results38
  7. Oct 14, 2025Reported quarterly or annual results39
  8. Aug 12, 2025Reported quarterly or annual results40

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

322 filings to the SEC since October 2021: 5 annual reports, 8 quarterly reports, 36 major events, 88 insider forms, 36 large holders, 149 other. The latest 20:

  1. Oct 13, 20268-K EDGAR
  2. Aug 14, 2026SCHEDULE 13G EDGAR
  3. Aug 13, 202610-Q EDGAR
  4. Aug 13, 2026S-8 EDGAR
  5. Aug 13, 20268-K EDGAR
  6. Jul 27, 2026SCHEDULE 13G EDGAR
  7. Jul 2, 20264 EDGAR
  8. Jul 2, 20264 EDGAR
  9. Jul 2, 20264 EDGAR
  10. Jul 2, 20264 EDGAR
  11. Jul 2, 20268-K EDGAR
  12. Jun 24, 20268-K EDGAR
  13. Jun 3, 20264 EDGAR
  14. Jun 3, 20264 EDGAR
  15. Jun 3, 20264 EDGAR
  16. Jun 3, 20264 EDGAR
  17. Jun 3, 20264 EDGAR
  18. Jun 3, 20264 EDGAR
  19. Jun 3, 20264 EDGAR
  20. Jun 3, 20268-K EDGAR

The 322 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

14 open-market trades by officers, directors and large owners since October 2021: 2 buys and 12 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Apr 2, 2026RedCo II Master Fund, L.P.10% ownerSale5,163,997$3.28$16.9MForm 4
Apr 1, 2026RedCo II Master Fund, L.P.10% ownerSale331,782$3.80$1.3MForm 4
Mar 31, 2026RedCo II Master Fund, L.P.10% ownerSale384,636$3.75$1.4MForm 4
Dec 11, 2024Green Jeremy10% ownerBuy200,000$3.04$609.0KForm 4
Dec 4, 2024RedCo II Master Fund, L.P.10% ownerSale25,352$2.07$52.5KForm 4
Jul 1, 2024RedCo II Master Fund, L.P.10% ownerBuy800,000$2.81$2.2MForm 4
Jun 17, 2024Azelby RobertDirectorSale6,995$2.89$20.2KForm 4
Jun 17, 2024BIZZARI JEAN-PIERREDirectorSale6,995$2.89$20.2KForm 4
Jun 17, 2024Hug PeterDirectorSale1,193$2.89$3.4KForm 4
Jun 17, 2024Monges VivianeDirectorSale1,437$2.89$4.2KForm 4
Jun 17, 2024Pfisterer ThomasSale1,437$2.89$4.2KForm 4
Jun 17, 2024Sandor VictorDirectorSale6,995$2.89$20.2KForm 4
Jun 17, 2024Squarer RonDirectorSale6,995$2.89$20.2KForm 4
May 7, 2024MALLIK AMEETChief Executive OfficerSale29,731$4.48$133.2KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Ameet MallikChief Executive Officer53$776.1K$2.5M53
2025Mohamed ZakiChief Medical Officer61$690.1K$1.5M53
2025Jose “Pepe” CarmonaChief Financial Officer54$525.2K$1.2M53
2024Ameet MallikChief Executive Officer53$746.2K$1.8M53
2024Mohamed ZakiChief Medical Officer61$670.0K$1.0M53
2024Jose “Pepe” CarmonaChief Financial Officer54$505.0K$933.6K53

SEC filer profile

How ADC Therapeutics SA is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARADC Therapeutics SA1
  • CIK0001771910
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company4
  • Incorporated inSwitzerland4
  • Fiscal year endsDecember 311
  • Industry code (SIC)2834 Pharmaceutical Preparations1
  • SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance1
  • Business addressBiopole, Route De La Corniche 3B, Epalinges, V8 10661
  • Phone41 21 653 02 001
  • Shares outstanding127,667,695 as of Aug 3, 202611
  • Public float$136.4M as of Jun 30, 20254
  • AuditorPricewaterhouseCoopers SA, Lausanne, Switzerland PCAOB ID 1358; it also attests to the company’s internal control over financial reporting4
  • On EDGAR sinceJun 27, 20191
  • Filings435 in all: 6-K (126), 4 (70), 8-K (36), 3 (17), CORRESP (17), EFFECT (13), SC 13G/A (13), SCHEDULE 13G/A (11)1
    All 47 form types

    UPLOAD (10), S-8 (9), 10-Q (8), 424B3 (8), SC 13D/A (7), SCHEDULE 13G (6), 144 (5), SC 13G (5), DEF 14A (4), DEFA14A (4), F-1/A (4), POS AM (4), PRE 14A (4), S-3 (4), SC TO-I/A (4), 10-K (3), 20-F (3), ARS (3), DRS (3), DRSLTR (3), F-1 (3), F-3 (3), 424B4 (2), 424B5 (2), 8-A12B (2), CERT (2), F-3ASR (2), FWP (2), SC 13D (2), SEC STAFF LETTER (2), 3/A (1), 424B7 (1), DRS/A (1), F-1MEF (1), POS EX (1), RW (1), S-3/A (1), SC TO-C (1), SC TO-I (1)

  • Latest filingsAnnual report (10-K) Mar 10, 2026
    Quarterly report (10-Q) Aug 13, 2026
    Proxy statement (DEF 14A) Apr 20, 2026
    Latest 8-K (8-K) Oct 13, 2026

Securities registered for trading

ClassSymbolExchange
ADCTThe New York Stock Exchange

From the cover page of the 10-K filed Mar 10, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks ADC Therapeutics SA names in Item 1A of its 10-K filed Mar 10, 2026: 61 risks under these headings, as written.4

  • Risks Related to Our Financial Position, Capital Requirements and Ability to Raise Additional Capital
  • We have incurred substantial net losses since our inception, expect to continue to incur losses for the foreseeable future and may never achieve or sustain profitability. We will need to raise additional capital to fund our operations and execute our business plan and such additional capital could be dilutive, limit our ability to operate our business and adversely impact the price of our common shares.
  • Our indebtedness under the Loan Agreement and the associated restrictive covenants thereunder could adversely affect our financial condition.
  • The HCR Agreement reduces the amount of cash we are able to generate from sales of, and licensing agreements involving, ZYNLONTA and could make us a less attractive acquisition target.
  • Our consolidated statements of operations are subject to considerable non-cash charges and volatility due to factors that may be beyond our control.
  • Our ability to use tax loss carryforwards may be limited.
  • Our inability to maintain our corporate tax structure may adversely impact our results of operations and financial condition.
  • Exchange rate fluctuations may materially affect our results of operations and financial condition.
  • Changes in tariffs and trade policies could increase our cost of sales and our operating expenses.
  • We cannot assure you that we will not be a passive foreign investment Company (a “PFIC”) for U.S. federal income tax purposes for any taxable year, which could result in adverse U.S. federal income tax consequences to certain U.S. investors.
  • Risks Related to Research and Development
  • We may be unable to complete clinical trials on our expected timelines, if at all.
The other 50 risks
  • There can be no assurance regarding the outcome of ongoing or planned clinical trials or the sufficiency of results from such clinical trials.
  • Our products and product candidates may cause undesirable side effects or adverse events.
  • We may expend our resources to pursue particular products or product candidates and fail to capitalize on those that may be more profitable or for which there is a greater likelihood of success.
  • We may not be successful in our efforts to expand the market opportunity of ZYNLONTA.
  • We do not control the conduct of current or any potential future investigator-initiated clinical trials, and the data from such trials are not subject to our review or quality control.
  • Risks Related to Regulatory Approval and Government Regulation
  • We or our partners may be unable to obtain, or experience delays in obtaining, regulatory approval for our product candidates.
  • We or our partners may be unable to maintain regulatory approval for any approved products.
  • We may not receive Orphan Drug Designation for our product candidates.
  • We may not receive the 12 years of data exclusivity from our anticipated Reference Product Exclusivity or data exclusivity in other jurisdictions.
  • If we are found to have improperly promoted off-label use of our products, we may become subject to significant liability.
  • Failure to comply with health and data protection laws and regulations could lead to government enforcement actions, private litigation and adverse publicity and could negatively affect our operating results and business.
  • If we are unable to comply, or do not fully comply, with applicable fraud and abuse, transparency, government price reporting, privacy and security, and other healthcare laws, we could face substantial penalties.
  • Healthcare reform legislation and other changes in the healthcare industry and in healthcare spending may adversely affect our business model.
  • Disruptions at the FDA and other government agencies could slow the time necessary for new products to be reviewed and/or approved or otherwise prevent those agencies from performing normal business functions on which the operation of our business may rely.
  • Risks Related to Commercialization and Manufacturing
  • We or our partners may not be able to successfully commercialize our products.
  • Coverage and reimbursement may be limited or unavailable for our products.
  • Our products and product candidates are complex and difficult to manufacture.
  • The market opportunities for our products and product candidates may be smaller than we estimate and any approval that we obtain may be based on a narrower definition of the patient population than we anticipated.
  • We face substantial competition, which may result in others discovering, developing or commercializing products, treatment methods or technologies before or more successfully than we do.
  • Risks Related to Our Relationship with Third Parties
  • We rely on third parties to conduct preclinical studies and clinical trials and for the manufacture, production, storage and distribution of our products and product candidates and certain commercialization activities for our products.
  • Our collaborators may not perform as expected, and we may be unable to maintain existing or establish additional collaborations for the development and commercialization of our products and product candidates.
  • Risks Related to Intellectual Property
  • If we are unable to obtain, maintain or protect our intellectual property rights in any products or technologies we develop, or if the scope of the intellectual property protection obtained is not sufficiently broad, third parties could develop and commercialize products and technology similar or identical to ours, and we may not be able to compete effectively in our market.
  • We may become involved in lawsuits to protect or enforce our patents or other intellectual property, which could be expensive, time-consuming and unsuccessful, and our issued patents covering one or more of our products, product candidates or technologies or the technology we use in our products and product candidates, could be found invalid or unenforceable if challenged in court.
  • If we fail to comply with our obligations in the agreements under which we license intellectual property rights from third parties or otherwise experience disruptions to our business relationships with our licensors, we could lose the ability to continue the development and commercialization of our products and product candidates.
  • We may not be successful in obtaining additional intellectual property rights necessary or required to further develop our products and product candidates.
  • Third parties may initiate legal proceedings against us alleging that we infringe, misappropriate, or otherwise violate their intellectual property rights or we may initiate legal proceedings against third parties to challenge the validity or scope of intellectual property rights controlled by third parties, the outcome of which would be uncertain and could have an adverse effect on the success of our business.
  • We may be subject to claims by third parties asserting that we or our employees, consultants or advisors have misappropriated their intellectual property, or claiming ownership of what we regard as our own intellectual property.
  • Changes in patent law could diminish the value of patents in general, thereby impairing our ability to protect our products and product candidates.
  • If we do not obtain patent term extension for any product candidates we may develop, our business may be materially harmed.
  • We may not be able to protect our intellectual property rights throughout the world.
  • If we are unable to protect our confidential information and trade secrets, our business and competitive position would be harmed.
  • If our trademarks and trade names are not adequately protected, then we may not be able to build name recognition in our markets and our business may be adversely affected.
  • Risks Related to Our Business and Industry
  • We may be unable to attract and retain senior management and qualified scientific personnel.
  • Our employees, agents, contractors or collaborators may engage in misconduct or other improper activities.
  • Product liability lawsuits and product recalls could cause us to incur substantial liabilities and to limit development and commercialization of our products.
  • Our internal computer systems, or those of our partners, third-party CROs or other contractors or consultants, may fail or suffer security incidents, which could result in a material disruption of our research and development and commercialization programs and significant monetary losses.
  • Our business could be adversely affected by the effects of health epidemics, pandemics and natural disasters.
  • If we fail to maintain an effective system of internal controls over financial reporting, we may not be able to accurately or timely report our financial condition or results of operations or prevent fraud.
  • Our corporate compliance program cannot guarantee that we are in compliance with all potentially applicable laws and regulations and we have incurred and will continue to incur costs relating to compliance with applicable laws and regulations.
  • Risks Related to Our Common Shares
  • The market price of our common shares has been volatile.
  • Exercise of outstanding warrants will dilute existing shareholders’ ownership interest.
  • We have never paid dividends and do not expect to pay any dividends in the foreseeable future.
  • If securities or industry analysts do not continue to publish research, or publish inaccurate or unfavorable research, about our business, the price of our common shares and our trading volume could decline.
  • The rights of our shareholders may be different from the rights of shareholders in companies governed by the laws of U.S. jurisdictions.
  • Our shareholders enjoy certain rights that may limit our flexibility to raise capital, issue dividends and otherwise manage ongoing capital needs.
  • Our shares are not listed in Switzerland, our home jurisdiction. As a result, our shareholders do not benefit from certain provisions of Swiss law that are designed to protect shareholders in a public takeover offer or a change-of-control transaction.
  • U.S. shareholders may not be able to obtain judgments or enforce civil liabilities against us or certain of our directors.
  • Anti-takeover provisions in our articles of association could make an acquisition of us, which may be beneficial to our shareholders, more difficult.
  • Our articles of association provide that the competent court with jurisdiction over our registered office in Switzerland will be the exclusive forum for shareholder suits against us, members of our board of directors or members of our executive committee.
  • We are a “smaller reporting company” and the reduced disclosure requirements applicable to us may make our common shares less attractive to investors.

Legal proceedings

From time to time, we may be subject to various legal proceedings and claims that arise in the ordinary course of our business activities. The results of litigation and claims cannot be predicted with certainty. As of the date of this Annual Report, we do not believe that we are party to any claim or litigation, the outcome of which would, individually or in the aggregate, be reasonably expected to have a material adverse effect on our business.

The opening of Item 3, Legal Proceedings.4

Sources

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