ADC Therapeutics reports financials and pipeline progress

Shares of Swiss antibody drug conjugates (ADCs) develop ADC Therapeutics (NYSE: ADCT) were down more than 11% at $2.55 as it reported financial results for 2nd-qtr 2024 and provided operational updates.

Net product revenues were $17.0 million for the second quarter ended June 30, 2024. Net loss for the quarter ended June 30, 2024 was $36.5 million, or a net loss of $0.38 per basic and diluted share, as compared to net loss of $48.9 million, or a net loss of $0.60 per basic and diluted share for the same period in 2023.

“We continue to make progress on multiple fronts, including reaching a key milestone as Zynlonta achieves commercial profitability in the first half of the year. We are excited about the potential to further our growth as we move toward expanding into the second line setting of DLBCL and indolent lymphomas,” said Ameet Mallik, chief executive of ADC Therapeutics. “Additionally, we have now passed futility analysis with LOTIS-5 and expect to complete enrollment this year, while also planning to deliver updates on the LOTIS-7 trial and on ADCT-601 targeting AXL. With our expected cash runway extended into mid-2026, we are well positioned to execute our strategy and advance multiple value-generating catalysts before year-end,” he added.