ADC Therapeutics(ADCT) - 2025 Q1 - Quarterly Results

Financial Performance - ZYNLONTA generated net product revenues of $17.4 million for Q1 2025, compared to $17.8 million in Q1 2024[5] - Total revenue for Q1 2025 was $23.033 million, a 27.5% increase from $18.053 million in Q1 2024[22] - Product revenues decreased slightly to $17.404 million from $17.848 million, a decline of 2.5% year-over-year[22] - License revenue and royalties increased to $5.6 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 $12.0 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 $51.666 million in Q1 2024[25] - Share-based compensation expense rose significantly to $2.421 million from $158, a 1,432% increase[25] Net Loss - Net loss for Q1 2025 was $38.6 million, or $0.36 per share, an improvement from a net loss of $46.6 million, or $0.56 per share, in Q1 2024[5] - Adjusted net loss for Q1 2025 was $24.0 million, or $0.22 per share, compared to an adjusted net loss of $31.1 million, or $0.38 per share, in Q1 2024[5] - Net loss for Q1 2025 was $38.602 million, compared to a net loss of $46.606 million in Q1 2024, reflecting an improvement of 17.3%[22] - Adjusted net loss for Q1 2025 was $23.963 million, down from $31.147 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 $250.9 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 $250.867 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 $524.622 million, with total shareholders' equity showing a deficit of $238.223 million[24]