ADC Therapeutics Reports Fourth Quarter and Full Year 2024 Financial Results and Provides Operational Update

Core Insights - ADC Therapeutics reported significant progress in clinical trials for ZYNLONTA, with a 94% overall response rate (ORR) and a 72% complete response (CR) rate in the LOTIS-7 Phase 1b trial [1][5] - The company completed enrollment in the LOTIS-5 Phase 3 trial, with data updates expected in late 2025 [1][5] - Financial results for Q4 and full year 2024 showed a net product revenue of $16.4 million for Q4 and$69.3 million for the full year, indicating a slight increase compared to 2023 [8][22] Operational Updates - The LOTIS-7 trial demonstrated promising initial data, with 94% ORR and 72% CR in patients with relapsed or refractory non-Hodgkin lymphoma [5] - Enrollment for the LOTIS-5 trial was completed in December 2024, with data updates anticipated once progression-free survival (PFS) events are reached [5] - The company is also advancing its early research solid tumor program to the IND-enabling stage [2] Financial Performance - Q4 2024 net product revenues were $16.4 million, compared to$16.6 million in Q4 2023, while full-year revenues increased from $69.1 million in 2023 to$69.3 million in 2024 [8][22] - Research and development expenses decreased to $27.1 million for Q4 2024 from$30.3 million in Q4 2023, and full-year expenses dropped from $127.1 million to$109.6 million [8][22] - The net loss for Q4 2024 was $30.7 million, a significant reduction from$85.0 million in Q4 2023, and the full-year net loss decreased from $240.1 million to$157.8 million [8][22] Cash Position - As of December 31, 2024, the company had $250.9 million in cash and cash equivalents, down from$278.6 million in 2023, providing a runway expected to fund operations into the second half of 2026 [1][8]