ADC Therapeutics Completes $86.6 Million PIPE After Third-Quarter Loss

The Tip Desk · November 9, 2026 · 3 min read

Net product revenue was $21.0 million and cash stood at $189.2 million as of September 30, 2026, with an expected runway into 2029.

ADC Therapeutics SA (ADCT) reported third-quarter 2026 net product revenue of $21.0 million, up from $15.8 million a year earlier, and said the increase was primarily driven by volume.

The commercial-stage antibody-drug-conjugate company posted a net loss of $25.3 million, or $0.16 a share, versus a net loss of $41.0 million, or $0.30 a share, in the year-ago quarter. Adjusted net loss was $8.8 million, or $0.06 a share.

Total operating expenses were $36.1 million, down 24% from $47.4 million. Adjusted total operating expenses were $32.1 million. The company said the reduction in adjusted operating expenses was primarily driven by lower research and development.

Research and development expense was $14.7 million. The company attributed the decline to lower spending on discontinued programs, completion of IND-enabling activities for its PSMA-targeting ADC, lower ZYNLONTA spend, and a shift of certain personnel costs toward commercial manufacturing and fulfillment. Selling and marketing expense was $8.7 million. General and administrative expense was $10.7 million. Cost of product sales was $2.0 million. License revenue and royalties were $0.7 million.

Cash and cash equivalents were $189.2 million as of September 30, 2026, compared with $261.3 million as of December 31, 2025. The company said the change was primarily driven by cash used in operations and that it has an expected cash runway into 2029.

In October 2026, ADC Therapeutics completed an $86.6 million private investment in public equity financing with participation from new investor Bain Capital Life Sciences and existing investors Redmile, TCGX, and Nantahala Capital. About 12.9 million common shares were issued, as well as 48 million warrants with a strike price of CHF 0.08.

The company also amended its HealthCare Royalty financing agreement to eliminate a $150 million change-of-control payment, amended its senior secured loan agreement to reduce outstanding principal by $68.5 million to $50 million, eliminated scheduled principal amortization, and removed the minimum liquidity covenant. Those transactions, the company said, strengthened its capital structure and extended the expected cash runway into 2029.

Japanese licensing partner Tanabe Pharma Corporation submitted a marketing authorization application with Japan’s Ministry of Health, Labor and Welfare for ZYNLONTA in relapsed or refractory DLBCL after two or more lines of systemic therapy. Tanabe also entered into an exclusive sublicensing agreement with Nippon Shinyaku Co., Ltd., for commercialization in Japan.

Multiple ZYNLONTA abstracts, including five oral presentations, were accepted for the 68th American Society of Hematology Annual Meeting in December. Oral presentations will feature updated results from the Phase 1b LOTIS-7 trial of ZYNLONTA plus glofitamab in relapsed or refractory large B-cell lymphoma, full results from Phase 3 LOTIS-5 in relapsed or refractory DLBCL, and investigator-initiated studies in marginal zone lymphoma, mantle cell lymphoma and Waldenström macroglobulinemia.

Chief Executive Officer Ameet Mallik said the company made progress toward strengthening the balance sheet and increasing strategic optionality while advancing clinical opportunities for ZYNLONTA. Chief Medical Officer Mohamed Zaki said the company plans to use LOTIS-7 and marginal zone lymphoma IIT data at ASH to guide clinical development priorities and regulatory strategy.