Want to see ADCT full AI Analyst Report?
Top Page
ADC Therapeutics
(NYSE:ADCT)
Select Model
Select Model
Rating:47Neutral
Price Target:
$1.50
▲(42.86% Upside)
Action:Reiterated
Date:10/14/26
The score is held down primarily by weak financial fundamentals—negative equity, high leverage, and continued cash burn despite improving revenue and strong gross margins. Technicals show recent upside momentum but are stretched (overbought). The earnings update and subsequent restructuring are supportive (lower losses/opex and improved runway), but regulatory/safety uncertainty around LOTIS-5 remains a key risk.
Positive Factors
Debt Restructuring and Runway
The restructuring provides capital for Phase 3 studies while reducing scheduled debt pressure, covenant constraints, and near-term refinancing risk. A longer runway gives management greater flexibility to advance priority programs and pursue regulatory opportunities without immediate funding disruption.
Negative Factors
Negative Equity and High Debt
Negative equity and debt exceeding the asset base reflect substantial accumulated losses and limited financial flexibility. This capital structure increases dependence on external financing, constrains strategic choices, and leaves the company more exposed to funding pressure if development costs rise.
Read all positive and negative factors
Positive Factors
Negative Factors
Debt Restructuring and Runway
The restructuring provides capital for Phase 3 studies while reducing scheduled debt pressure, covenant constraints, and near-term refinancing risk. A longer runway gives management greater flexibility to advance priority programs and pursue regulatory opportunities without immediate funding disruption.
Read all positive factors
ADC Therapeutics (ADCT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$183.84M
Dividend YieldN/A
Average Volume (3M)1.63M
Price to Earnings (P/E)―
Beta (1Y)2.56
Revenue Growth3.03%
EPS Growth57.71%
CountryUS
Employees191
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.66
Shares Outstanding127,667,694
10 Day Avg. Volume1,361,627
30 Day Avg. Volume1,626,138
Financial Highlights & Ratios
PEG Ratio0.10
Price to Book (P/B)-2.41
Price to Sales (P/S)5.51
P/FCF Ratio-3.17
Enterprise Value/Market Cap0.35
Enterprise Value/Revenue0.82
Enterprise Value/Gross Profit0.92
Enterprise Value/Ebitda-0.73
Forecast
1Y Price Target
$3.50Price Target Upside233.33% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-0.76
Revenue Forecast (FY)$79.53M
ADC Therapeutics Business Overview & Revenue Model
Company Description
ADC Therapeutics S.A. operates as a commercial-stage biotechnology company, focused on developing antibody-drug conjugates (ADCs) for the treatment of hematological malignancies and solid tumors. Its flagship product, ZYNLONTA, is presently being ...
How the Company Makes Money
ADC Therapeutics primarily makes money through (1) product revenue from sales of its approved ADC therapy and (2) collaboration-related income from partnerships, which can include upfront payments, milestone payments, and royalties, depending on c...
ADC Therapeutics Earnings Call Summary
Earnings Call Date:Aug 13, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 10, 2026
Earnings Call Sentiment Neutral
The call presented a mixed picture: financially the company showed meaningful improvement with stable product revenues, reduced adjusted operating expenses (-22%) and a materially narrower GAAP net loss (from $56.6M to $16.6M), plus a healthy cash position and programmatic cost savings (~$10M annualized). Clinically, there are important positives — LOTIS-5 met its primary endpoint (PFS) and LOTIS-7 enrollment is complete with data the company characterizes as highly compelling. However, significant regulatory uncertainty remains because the FDA expressed substantial concerns about the LOTIS-5 benefit–risk profile and LOTIS-5 included fatal infection events (previously disclosed ~4%), creating risk to the path for full approval and timing of label/compendia actions. Operationally, cost of product sales increased materially (~188% QoQ year-over-year for the quarter) and the company recorded one-time reorganization costs tied to a ~17% headcount reduction. Given the balance of strong financial improvements and encouraging combination data versus meaningful regulatory and safety concerns, the overall tone is balanced but cautious.Positive Updates
Stable Q2 Product Revenue
ZYNLONTA net product revenue of $18.6M in Q2 2026 versus $18.1M in Q2 2025, an increase of approximately 2.8%, and commercial performance described as broadly in line with recent quarters; ZYNLONTA monotherapy has been used to treat ~5,000 U.S. patients since accelerated approval in 2021.
Negative Updates
FDA Raised Significant Concerns on LOTIS-5 Benefit–Risk
During a pre-sBLA meeting the FDA noted substantial concerns regarding benefit–risk / verification of clinical benefit observed in LOTIS-5, and the company is now assessing regulatory paths forward; this creates regulatory uncertainty for using LOTIS-5 as a route to full approval.
Read all updates
Q2-2026 Updates
Positive
Negative
Stable Q2 Product Revenue
ZYNLONTA net product revenue of $18.6M in Q2 2026 versus $18.1M in Q2 2025, an increase of approximately 2.8%, and commercial performance described as broadly in line with recent quarters; ZYNLONTA monotherapy has been used to treat ~5,000 U.S. patients since accelerated approval in 2021.
Read all positive updates
Company Guidance
The company reiterated near-term financial and development guidance: Q2 2026 ZYNLONTA net product revenue was $18.6M (vs. $18.1M in Q2 2025), cost of product sales was $2.3M in Q2 ($6.0M for the six months), GAAP operating expenses were $44.7M with non‑GAAP adjusted operating expenses of $37.2M (down 22% YoY), GAAP net loss was $16.6M (adjusted net loss $16.3M vs. $28.7M a year ago), and cash and equivalents were $219.1M (down from $231.0M at 3/31/26) supporting an expected cash runway at least into 2028; the June reorganization reduced headcount by ~17% and is expected to deliver roughly $10M of annualized cost savings. On the clinical/regulatory side, LOTIS‑5 met its primary PFS endpoint (but the FDA raised benefit‑risk concerns at a pre‑sBLA meeting and the company is assessing options), LOTIS‑7 completed enrollment of 100 patients at 150 µg/kg and an ASH abstract has been submitted, the 105‑day safety window and prophylaxis differences between trials were highlighted, the company plans ASH presentations (and publications/compendia submissions beginning in 2027), and it intends to seek breakthrough designation this year (including for MZL); since accelerated approval in 2021 ZYNLONTA has been used to treat ~5,000 U.S. patients.ADC Therapeutics Financial Statement Overview
Summary
Income Statement
32
Negative
Balance Sheet
18
Very Negative
Cash Flow
24
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 78.77M | 81.36M | 70.84M | 69.56M | 209.91M | 33.92M |
| Gross Profit | 69.90M | 73.68M | 64.89M | 67.03M | 206.61M | 32.52M |
| EBITDA | -87.59M | -89.27M | -102.65M | -145.83M | -107.70M | -230.53M |
| Net Income | -96.91M | -142.62M | -157.85M | -240.05M | -157.13M | -230.03M |
Balance Sheet | ||||||
| Total Assets | 279.38M | 323.15M | 321.98M | 354.78M | 490.86M | 617.97M |
| Cash, Cash Equivalents and Short-Term Investments | 219.11M | 261.34M | 250.87M | 278.60M | 326.44M | 466.54M |
| Total Debt | 417.11M | 439.01M | 123.00M | 124.38M | 129.85M | 139.70M |
| Total Liabilities | 507.58M | 508.98M | 524.62M | 503.03M | 411.41M | 451.88M |
| Stockholders Equity | -228.21M | -185.83M | -202.64M | -148.25M | 79.45M | 166.09M |
Cash Flow | ||||||
| Free Cash Flow | -102.31M | -141.44M | -124.70M | -121.90M | -137.37M | -239.75M |
| Operating Cash Flow | -102.27M | -141.17M | -123.83M | -118.69M | -136.79M | -233.38M |
| Investing Cash Flow | 653.87K | 395.00K | -867.00K | -3.22M | -2.51M | -6.67M |
| Financing Cash Flow | 57.33M | 150.94M | 97.05M | 73.88M | -593.00K | 267.39M |
ADC Therapeutics Technical Analysis
Neutral
1.05
Price Trends
1.25
Positive
1.22
Positive
2.53
Negative
Market Momentum
0.08
Positive
51.65
Neutral
25.77
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ADCT, the sentiment is Neutral. The current price of 1.05 is below the 20-day moving average (MA) of 1.43, below the 50-day MA of 1.25, and below the 200-day MA of 2.53, indicating a neutral trend. The MACD of 0.08 indicates Positive momentum. The RSI at 51.65 is Neutral, neither overbought nor oversold. The STOCH value of 25.77 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for ADCT.
ADC Therapeutics Risk Analysis
ADC Therapeutics disclosed 62 risk factors in its most recent earnings report. ADC Therapeutics reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
ADC Therapeutics Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $162.20M | -2.54 | 152.56% | ― | -24.21% | 1.17% | |
51 Neutral | $49.81M | -5.08 | -50.77% | ― | 327.25% | 85.65% | |
48 Neutral | $108.01M | -2.54 | -38.80% | ― | -100.00% | -392.92% | |
47 Neutral | $183.84M | -2.17 | 44.63% | ― | 3.03% | 57.71% | |
40 Underperform | $161.82M | -5.11 | -29.09% | ― | 8906.15% | 41.48% | |
38 Underperform | $76.17M | -1.61 | -94.14% | ― | -0.11% | -13.99% |
* Healthcare Sector Average
ADCT
ADC Therapeutics
1.44
-2.85
-66.43%
CLLS
Cellectis SA
0.98
-2.65
-73.00%
BDTX
Black Diamond Therapeutics
1.88
-2.07
-52.41%
IPHA
Innate Pharma
1.50
-0.88
-36.97%
ADAG
Adagene
2.41
0.57
30.62%
XLO
Xilio Therapeutics
7.57
-4.06
-34.89%
ADC Therapeutics Corporate Events
Business Operations and StrategyPrivate Placements and Financing
ADC Therapeutics Announces Major Financial Restructuring Initiatives
Positive
Oct 13, 2026
On October 7–8, 2026, ADC Therapeutics unveiled a comprehensive financial restructuring centred on an $86.6 million private investment in public equity with participation from new and existing institutional investors, amendments to its royal...
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and Compliance
ADC Therapeutics Reports Q2 2026 Results, Reassesses ZYNLONTA Path
Negative
Aug 13, 2026
On August 13, 2026, ADC Therapeutics reported second-quarter 2026 results, with net product revenue of $18.6 million and cash and cash equivalents of $219.1 million as of June 30, 2026. ZYNLONTA sales in third-line-plus DLBCL were broadly consiste...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.