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ADC Therapeutics(ADCT) - 2025 Q1 - Quarterly Results
ADCTADC Therapeutics(ADCT)2025-05-14 12:14

Financial Performance - ZYNLONTA generated net product revenues of 17.4millionforQ12025,comparedto17.4 million for Q1 2025, compared to 17.8 million in Q1 2024[5] - Total revenue for Q1 2025 was 23.033million,a27.523.033 million, a 27.5% increase from 18.053 million in Q1 2024[22] - Product revenues decreased slightly to 17.404millionfrom17.404 million from 17.848 million, a decline of 2.5% year-over-year[22] - License revenue and royalties increased to 5.6millioninQ12025from5.6 million in Q1 2025 from 0.2 million in Q1 2024, including a 5.0 million milestone payment from Health Canada[5] Expenses - Research and Development (R&D) expenses rose to 28.9 million in Q1 2025, up from 25.7 million in Q1 2024, primarily due to increased spending on next-generation ADCs[5] - Selling and Marketing (S&M) expenses decreased to 10.6 million in Q1 2025 from 11.4 million in Q1 2024, attributed to lower marketing costs[5] - General & Administrative (G&A) expenses fell to 10.0 million in Q1 2025 from 12.0millioninQ12024,mainlyduetoreducedprofessionalfees[5]−TotaloperatingexpensesforQ12025were12.0 million in Q1 2024, mainly due to reduced professional fees[5] - Total operating expenses for Q1 2025 were 51.497 million, a marginal decrease of 0.3% from 51.666millioninQ12024[25]−Share−basedcompensationexpenserosesignificantlyto51.666 million in Q1 2024[25] - Share-based compensation expense rose significantly to 2.421 million from 158,a1,432158, a 1,432% increase[25] Net Loss - Net loss for Q1 2025 was 38.6 million, or 0.36pershare,animprovementfromanetlossof0.36 per share, an improvement from a net loss of 46.6 million, or 0.56pershare,inQ12024[5]−AdjustednetlossforQ12025was0.56 per share, in Q1 2024[5] - Adjusted net loss for Q1 2025 was 24.0 million, or 0.22pershare,comparedtoanadjustednetlossof0.22 per share, compared to an adjusted net loss of 31.1 million, or 0.38pershare,inQ12024[5]−NetlossforQ12025was0.38 per share, in Q1 2024[5] - Net loss for Q1 2025 was 38.602 million, compared to a net loss of 46.606millioninQ12024,reflectinganimprovementof17.346.606 million in Q1 2024, reflecting an improvement of 17.3%[22] - Adjusted net loss for Q1 2025 was 23.963 million, down from 31.147millioninQ12024,indicatinga23.031.147 million in Q1 2024, indicating a 23.0% reduction[25] Cash Position - Cash and cash equivalents as of March 31, 2025, were 194.7 million, down from 250.9millionasofDecember31,2024,withacashrunwayexpectedtoextendintothesecondhalfof2026[6]−CashandcashequivalentsasofMarch31,2025,were250.9 million as of December 31, 2024, with a cash runway expected to extend into the second half of 2026[6] - Cash and cash equivalents as of March 31, 2025, were 194.701 million, down from 250.867millionattheendof2024[24]ClinicalTrials−LOTIS−7trialreached40patientenrollments,withupdatesexpectedinthesecondhalfof2025[3]−ZYNLONTAplusglofitamabdemonstratedanoverallresponserate(ORR)of95.5250.867 million at the end of 2024[24] Clinical Trials - LOTIS-7 trial reached 40 patient enrollments, with updates expected in the second half of 2025[3] - ZYNLONTA plus glofitamab demonstrated an overall response rate (ORR) of 95.5% and a complete response (CR) rate of 90.9% in the LOTIS-7 trial[3] Shareholder Information - The weighted average shares outstanding increased to 107,202,374 in Q1 2025 from 82,552,322 in Q1 2024[25] - Total liabilities increased slightly to 510.762 million from 524.622million,withtotalshareholders′equityshowingadeficitof524.622 million, with total shareholders' equity showing a deficit of 238.223 million[24]