ADC Therapeutics SA
ADCTNYSEUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $1.51 Prior regular-session close from the quote source.
- $1.43–$1.62 Regular-session low and high so far today.
- 768.2K Regular-session shares traded · Nov 11, 4:00 PM ET.
- Feb 8 projected Projected for 2027-02-08 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $0.78–$4.98 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own ADCT if ADC Therapeutics is a distressed oncology option whose value depends on turning ZYNLONTA from a narrow late-line DLBCL product into a broader lymphoma franchise before cash burn and liabilities overwhelm shareholders.
ADCT price history
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Investment thesis
What must happen next
ZYNLONTA’s approved CD19-directed ADC role in relapsed/refractory DLBCL remains clinically relevant enough that oncologists keep using it while expansion trials mature; the claim is weaker if use is sustained mainly by net-price gains rather than patient volume.HoldingMateriality: High
MD&A states ZYNLONTA has FDA accelerated approval and conditional approvals from the European Commission, China NMPA and Health Canada for relapsed or refractory DLBCL after two or more lines of systemic therapy. If the base indication erodes, ADCT loses the commercial foundation needed to fund and validate the expansion strategy.
Watch: CD20xCD3 bispecific antibodies or CAR-T therapies become preferred in later-line DLBCL and push ZYNLONTA out of the treatment sequence.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
MD&A states ZYNLONTA has FDA accelerated approval and conditional approvals from the European Commission, China NMPA and Health Canada for.
Open source ↗ZYNLONTA retains specialty-oncology pricing and low product cost, so incremental sales can carry high gross profit if payer rebates, manufacturing cost and mix do not deteriorate.StrengtheningMateriality: High
FY2025 GAAP annual gross profit was approximately $75.559 million on $81.357 million of revenue, implying very high product economics. High gross profit is what gives a small commercial-stage biotech a chance to fund trials and reduce losses without needing explosive revenue growth.
Watch: U.S. payers, government rebate programs or hospital purchasing groups force materially higher gross-to-net deductions for ZYNLONTA.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
FY2025 GAAP annual gross profit was approximately $75.559 million on $81.357 million of revenue, implying very high product economics.
Open source ↗ADCT needs trials and collaborators to extend ZYNLONTA beyond its narrow U.S. late-line base, because the company does not have the scale to self-fund global commercialization and all expansion programs indefinitely.HoldingMateriality: Medium
MD&A says ADCT is pursuing ZYNLONTA expansion internationally, into earlier lines of DLBCL through LOTIS-5 and LOTIS-7, and into indolent lymphomas including MZL and FL through investigator-initiated trials. Successful label and geographic expansion could turn ADCT into a real franchise; failure leaves it dependent on a small, slow-growing product base.
Watch: LOTIS-5 fails or is delayed and cannot support the confirmatory or earlier-line DLBCL strategy.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
MD&A says ADCT is pursuing ZYNLONTA expansion internationally, into earlier lines of DLBCL through LOTIS-5 and LOTIS-7, and into indolent.
Open source ↗The 2025 restructuring must turn ADCT from a broad ADC platform spender into a focused ZYNLONTA-and-PSMA company without cutting the commercial and clinical capacity needed for expansion.HoldingMateriality: Medium
MD&A says the June 2025 restructuring focuses resources on ZYNLONTA expansion opportunities and the preclinical exatecan-based PSMA-targeting ADC. If focus reduces burn while preserving execution, shareholder survival odds improve; if it starves the franchise, the company merely shrinks into decline.
Watch: Commercial cuts reduce ZYNLONTA field effectiveness, account coverage or physician education before expansion indications arrive.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
MD&A says the June 2025 restructuring focuses resources on ZYNLONTA expansion opportunities and the preclinical exatecan-based PSMA-targeting ADC.
Open source ↗The equity has option value only if the cash balance buys enough time for clinical and commercial catalysts before creditors or new financing absorb the upside.HoldingMateriality: Medium
FY2025 cash was $261.338 million, above the reported market cap of $141.711 million as of September 2026. For a distressed biotech, who funds the next stage can matter as much as whether the science eventually works.
Watch: Trial disappointment closes the equity-financing window before ADCT can raise non-dilutive or tolerably priced capital.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
FY2025 cash was $261.338 million, above the reported market cap of $141.711 million as of September 2026.
Open source ↗
Full investment case & evidence
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Original research
ZYNLONTA’s approved CD19-directed ADC role in relapsed/refractory DLBCL remains clinically relevant enough that oncologists keep using it while expansion trials mature; the claim is weaker if use is sustained mainly by net-price gains rather than patient volume. If the base indication erodes, ADCT loses the commercial foundation needed to fund and validate the expansion strategy.
ZYNLONTA retains specialty-oncology pricing and low product cost, so incremental sales can carry high gross profit if payer rebates, manufacturing cost and mix do not deteriorate. High gross profit is what gives a small commercial-stage biotech a chance to fund trials and reduce losses without needing explosive revenue growth.
ADCT needs trials and collaborators to extend ZYNLONTA beyond its narrow U.S. late-line base, because the company does not have the scale to self-fund global commercialization and all expansion programs indefinitely. Successful label and geographic expansion could turn ADCT into a real franchise; failure leaves it dependent on a small, slow-growing product base.
The 2025 restructuring must turn ADCT from a broad ADC platform spender into a focused ZYNLONTA-and-PSMA company without cutting the commercial and clinical capacity needed for expansion. If focus reduces burn while preserving execution, shareholder survival odds improve; if it starves the franchise, the company merely shrinks into decline.
The equity has option value only if the cash balance buys enough time for clinical and commercial catalysts before creditors or new financing absorb the upside. For a distressed biotech, who funds the next stage can matter as much as whether the science eventually works.
All standing thesis claims
Original report summary
ADC Therapeutics is a distressed oncology option whose value depends on turning ZYNLONTA from a narrow late-line DLBCL product into a broader lymphoma franchise before cash burn and liabilities overwhelm shareholders.
Bull case and bear case
Bull case and bear case for ADC Therapeutics SA
Where the evidence on ADC Therapeutics SA stands: Holding on the latest evidence (Oct 15, 2026). Of its 5 thesis points, 1 strengthening and 4 holding.
Bull case: what the evidence supports
ZYNLONTA’s approved CD19-directed ADC role in relapsed/refractory DLBCL remains clinically relevant enough that oncologists keep using it while expansion trials mature; the claim is weaker if use is sustained mainly by net-price gains rather than patient volume.
ZYNLONTA retains specialty-oncology pricing and low product cost, so incremental sales can carry high gross profit if payer rebates, manufacturing cost and mix do not deteriorate.
ADCT needs trials and collaborators to extend ZYNLONTA beyond its narrow U.S. late-line base, because the company does not have the scale to self-fund global commercialization and all expansion programs indefinitely.
The 2025 restructuring must turn ADCT from a broad ADC platform spender into a focused ZYNLONTA-and-PSMA company without cutting the commercial and clinical capacity needed for expansion.
The equity has option value only if the cash balance buys enough time for clinical and commercial catalysts before creditors or new financing absorb the upside.
Bear case: what would count against it
CD20xCD3 bispecific antibodies or CAR-T therapies become preferred in later-line DLBCL and push ZYNLONTA out of the treatment sequence.
U.S. payers, government rebate programs or hospital purchasing groups force materially higher gross-to-net deductions for ZYNLONTA.
LOTIS-5 fails or is delayed and cannot support the confirmatory or earlier-line DLBCL strategy.
Thesis-Break Engine
Thesis-break watch · ADC Therapeutics SA
No break has crossed ADC Therapeutics SA’s thesis. Its break conditions are checked against every new filing as it lands.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedReported results of operations (earnings release).
ADC Therapeutics SA filed an SEC 8-K on 2026-10-13: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
ADC Therapeutics SA filed an SEC 8-K on 2026-08-13: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedDirector or principal officer change.
ADC Therapeutics SA filed an SEC 8-K on 2026-07-02: Director or principal officer change. It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- CD20xCD3 bispecific antibodies or CAR-T therapies become preferred in later-line DLBCL and push ZYNLONTA out of the treatment sequence.
- U.S. payers, government rebate programs or hospital purchasing groups force materially higher gross-to-net deductions for ZYNLONTA.
- LOTIS-5 fails or is delayed and cannot support the confirmatory or earlier-line DLBCL strategy.
- Commercial cuts reduce ZYNLONTA field effectiveness, account coverage or physician education before expansion indications arrive.
- Trial disappointment closes the equity-financing window before ADCT can raise non-dilutive or tolerably priced capital.
ADCT news
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Financial statements
ADCT income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
ADCT: quick answers
- When does ADC Therapeutics SA (ADCT) report earnings next?
- ADC Therapeutics SA's next results are projected for February 8, 2027, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on November 9, 2026. Earnings calendar
- What is ADCT's short interest?
- As of October 30, 2026, 6.4M ADCT shares were sold short, up 1.4% from the count before. At the stock's average daily volume that is 6.7 days to cover. FINRA publishes the count twice a month. ADCT short interest history