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ADC Therapeutics(ADCT) - 2024 Q1 - Quarterly Results
ADCTADC Therapeutics(ADCT)2024-05-06 10:29

Financial Performance - ZYNLONTA® net sales reached 17.8millioninQ12024,a717.8 million in Q1 2024, a 7% increase from Q4 2023 but a 6% decrease from Q1 2023[3] - Total operating expenses decreased by 25% (adjusted total operating expenses decreased by 16%) compared to Q1 2023[1] - Net loss decreased to 46.6 million in Q1 2024 from 59.4millioninQ12023,drivenbyloweroperatingexpenses[13]−Adjustednetlosswas59.4 million in Q1 2023, driven by lower operating expenses[13] - Adjusted net loss was 31.1 million in Q1 2024, compared to 41.8millioninQ12023[13]−TotalrevenueforQ12024was41.8 million in Q1 2023[13] - Total revenue for Q1 2024 was 18.053 million, a decrease of 5% compared to 18.992millioninQ12023[27]−NetlossforQ12024was18.992 million in Q1 2023[27] - Net loss for Q1 2024 was 46.606 million, an improvement from 59.374millioninQ12023[27]−AdjustednetlossforQ12024was59.374 million in Q1 2023[27] - Adjusted net loss for Q1 2024 was 31.147 million, compared to 41.759millioninQ12023[31]−AdjustednetlosspershareforQ12024was41.759 million in Q1 2023[31] - Adjusted net loss per share for Q1 2024 was 0.38, compared to 0.52inQ12023[31]−Totaloperatingexpensesdecreasedby250.52 in Q1 2023[31] - Total operating expenses decreased by 25% to 51.666 million in Q1 2024 from 69.202millioninQ12023[27]−Adjustedtotaloperatingexpensesdecreasedby1669.202 million in Q1 2023[27] - Adjusted total operating expenses decreased by 16% to 51.508 million in Q1 2024 from 61.128millioninQ12023[30]−ZYNLONTA®productrevenuesdecreasedto61.128 million in Q1 2023[30] - ZYNLONTA® product revenues decreased to 17.848 million in Q1 2024 from 18.953millioninQ12023[27]CashPositionandRunway−Cashandcashequivalentswere18.953 million in Q1 2023[27] Cash Position and Runway - Cash and cash equivalents were 234.3 million as of March 31, 2024, with cash runway expected to extend into Q4 2025[8] - Cash and cash equivalents decreased to 234.285millionasofMarch31,2024,from234.285 million as of March 31, 2024, from 278.598 million as of December 31, 2023[28] - The company expects its cash runway to extend into the beginning of Q4 2025[24] Research and Development - LOTIS-7 dose escalation completed and expansion initiated in 2L+ DLBCL, with no dose-limiting toxicities observed[3][4] - Initial Phase 2 data from 15 MZL patients showed 13 complete responses (CR) and 1 partial response (PR)[4] - ADCT-601 Phase 1b trial continues enrollment in pancreatic cancer monotherapy arm, with additional data updates expected in H2 2024[5][7] - R&D expenses decreased to 25.7millioninQ12024from25.7 million in Q1 2024 from 38.4 million in Q1 2023, primarily due to reduced investment in camidanlumab tesirine (Cami)[10] - Research and development expenses decreased to 25.735millioninQ12024from25.735 million in Q1 2024 from 38.375 million in Q1 2023[27] - Preclinical data on Claudin-6 and NaPi2b targeting ADCs demonstrated potent anti-tumor activity and tolerability[5]