ADC Therapeutics(ADCT) - 2024 Q1 - Quarterly Results

Financial Performance - ZYNLONTA® net sales reached $17.8 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 $59.4 million in Q1 2023, driven by lower operating expenses[13] - Adjusted net loss was $31.1 million in Q1 2024, compared to $41.8 million in Q1 2023[13] - Total revenue for Q1 2024 was $18.053 million, a decrease of 5% compared to $18.992 million in Q1 2023[27] - Net loss for Q1 2024 was $46.606 million, an improvement from $59.374 million in Q1 2023[27] - Adjusted net loss for Q1 2024 was $31.147 million, compared to $41.759 million in Q1 2023[31] - Adjusted net loss per share for Q1 2024 was $0.38, compared to $0.52 in Q1 2023[31] - Total operating expenses decreased by 25% to $51.666 million in Q1 2024 from $69.202 million in Q1 2023[27] - Adjusted total operating expenses decreased by 16% to $51.508 million in Q1 2024 from $61.128 million in Q1 2023[30] - ZYNLONTA® product revenues decreased to $17.848 million in Q1 2024 from $18.953 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 $234.285 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 $25.7 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 $25.735 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]