ADC Therapeutics SA (NYSE: ADCT) is a clinical-stage biopharmaceutical company that develops antibody-drug conjugates (ADCs) for the treatment of hematologic malignancies and solid tumors. Revenue is generated primarily through commercial sales of ZYNLONTA (loncastuximab tesirine), which is FDA-approved for adult patients with relapsed or refractory large B-cell lymphoma after two or more lines of systemic therapy, including DLBCL not otherwise specified, DLBCL arising from low grade lymphoma, and high-grade B-cell lymphoma. The company is headquartered at Biopôle, Route de, Switzerland and operates as a commercial-stage issuer with a pipeline supported by in-licensing and collaboration agreements, including arrangements with MedImmune for PBD-based ADC technology. Net cash used in operating activities was $141.2 million for the year ended December 31, 2025, reflecting a pre-profitability operating structure. The company raised $93.1 million in net proceeds from a $100.0 million private placement completed June 16, 2025. R&D expenses were $104.0 million for the year ended December 31, 2025.

Revenue model

Product revenue from commercial sales of ZYNLONTA in approved indications, supplemented by potential future milestone and royalty payments from collaboration and in-licensing agreements. As of December 31, 2025, aggregate potential milestone payments under all collaboration agreements totaled $59.6 million, none of which had been earned. The company has not achieved profitability and funds operations through equity financing.

Products and services

ZYNLONTA (loncastuximab tesirine), an ADC approved by the FDA for relapsed or refractory large B-cell lymphoma. A PSMA-targeting ADC program in IND-enabling activities as of FY2025. ADCT-601 was discontinued in November 2024. The company uses a pyrrolobenzodiazepine (PBD) warhead technology licensed in part from MedImmune.

Customers and end markets

Oncology patients with hematologic malignancies, specifically adults with relapsed or refractory large B-cell lymphoma. Prescribing physicians in hematology and oncology practices. The end market is the U.S. commercial oncology channel for approved indications, with clinical trial activity supporting potential label expansion.

Value-chain role

Drug developer and commercial-stage marketer of ADC therapeutics. Licenses PBD-based ADC technology from MedImmune under a collaboration agreement that allocates patent rights between the parties. Responsible for prosecuting and maintaining patents on antibodies binding approved ADC targets and jointly owned PBD-based ADC patents. Engages third-party manufacturers and clinical trial sites under contractual arrangements.

Geographic exposure

Headquartered in Switzerland (Biopôle). Files with the SEC as a foreign private issuer equivalent under Section 13/15(d). Subject to GDPR for clinical trial and personal data processing in the European Union. Primary commercial market is the United States based on FDA approval of ZYNLONTA.

Source: SEC 10-K, filed 2026-03-10

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