ADC Therapeutics SA is a commercial-stage biotechnology company based in Switzerland that develops and commercializes antibody-drug conjugates (ADCs) for the treatment of cancer. The company's lead product, ZYNLONTA, is an FDA-approved targeted therapy for patients with certain types of blood cancer, such as relapsed or refractory diffuse large B-cell lymphoma. ADC Therapeutics focuses on proprietary ADC technology designed to deliver cell-killing payloads directly to tumor cells.
ADC Therapeutics does not have a share repurchase or buyback program. As a commercial-stage but still net-loss-generating oncology biotech, the company has prioritized funding ZYNLONTA commercialization and its LOTIS-5, LOTIS-7 and indolent-lymphoma clinical programs, and it strengthened its balance sheet during 2025 through equity financings rather than returning capital. It completed a $100 million PIPE in June 2025 and a $60 million PIPE in October 2025, ending 2025 with $261.3 million of cash and an expected cash runway at least into 2028. The only use of the word 'repurchase' in the Form 10-K relates to a contractual warrant obligation, not a share buyback program. The company pays no dividend.
ADC Therapeutics' only source of product revenue is U.S. sales of ZYNLONTA (loncastuximab tesirine), which commenced in May 2021 and is sold primarily through a small number of wholesale distributors that resell to healthcare providers and hospitals (the end users); the company also contracts with group purchasing organizations affiliated with community oncology practices. Concentration is high: three customers accounted for 100% of gross accounts receivable as of December 31, 2025, and 98% as of December 31, 2024. The company has not experienced significant credit losses and recorded no allowance for expected credit losses at year-end 2025.