ADC Therapeutics S.A.
ADCTHealthcare|Biotechnology|CH
$1.58
-0.06 (-3.66%)
Cash / Share
$1.41
Financials
Financial Snapshot
Market Cap
$201.7M
Enterprise Value
$399.7M
Revenue (TTM)
$78.8M
Net Income (TTM)
-$96.9M
Cash & Investments
$219.1M
Net Cash
-$198.0M
Free Cash Flow (TTM)
-$102.3M
Operating CF (TTM)
-$102.3M
Debt/Equity
-1.83
Cash Runway & Burn Rate
Cash on Hand
$219.1M
Quarterly Burn
$25.6M
Monthly Burn
$8.5M
Est. Runway
~8.6 quarters
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $262.8M | $138.8M | $115.6M | $439.2M | $466.5M | $326.4M | $278.6M | $250.9M | $261.3M | $219.1M | |
| Operating Cash Flow | -$74.9M | -$121.4M | -$121.6M | -$168.7M | -$233.4M | -$136.8M | -$118.7M | -$123.8M | -$141.2M | -$102.3M | |
| Free Cash Flow | -$78.1M | -$123.8M | -$123.7M | -$171.5M | -$239.8M | -$137.4M | -$121.9M | -$124.7M | -$141.4M | -$102.3M | |
| Capital Expenditure | -$3.2M | -$2.5M | -$2.1M | -$2.8M | -$6.4M | -$577.0K | -$3.2M | -$867.0K | -$264.0K | -$45.6K | |
| Financing Cash Flow | $197.2M | -$24.0K | $100.5M | $495.0M | $267.4M | -$593.0K | $73.9M | $97.1M | $150.9M | $57.3M |
R&D Spending
R&D (TTM)
$82.2M
R&D Intensity
104.4%
R&D Growth vs Prior
-20.9%
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.8M | $1.1M | $2.3M | $0.00 | $33.9M | $209.9M | $69.6M | $70.8M | $81.4M | $78.8M | |
| R&D Expense | $85.5M | $118.3M | $107.5M | $142.0M | $158.0M | $186.5M | $127.1M | $109.6M | $104.0M | $82.2M | |
| R&D % of Revenue | 4743.8% | 10378.3% | 4595.6% | — | 465.8% | 88.8% | 182.8% | 154.8% | 127.8% | 104.4% | |
| SG&A | $7.8M | $8.6M | $14.2M | $77.2M | $136.2M | $143.5M | $105.9M | $85.9M | -$6.8M | $85.3M |
Income Statement
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.8M | $1.1M | $2.3M | $0.00 | $33.9M | $209.9M | $69.6M | $70.8M | $81.4M | $78.8M | |
| Cost of Revenue | $85.5M | $118.1M | $0.00 | $141.8M | $1.4M | $3.3M | $2.5M | $5.9M | $7.7M | $8.9M | |
| Gross Profit | -$83.7M | -$116.9M | $2.3M | -$141.8M | $32.5M | $206.6M | $67.0M | $64.9M | $73.7M | $69.9M | |
| R&D | $85.5M | $118.3M | $107.5M | $142.0M | $158.0M | $186.5M | $127.1M | $109.6M | $104.0M | $82.2M | |
| SG&A | $7.8M | $8.6M | $14.2M | $77.2M | $136.2M | $143.5M | $105.9M | $85.9M | -$6.8M | $85.3M | |
| Operating Income | -$91.7M | -$125.9M | -$119.4M | -$219.3M | -$261.7M | -$123.3M | -$166.0M | -$130.7M | -$108.4M | -$99.1M | |
| Interest Expense | $0.00 | $0.00 | $156.0K | $4.9M | $18.3M | $36.7M | $46.3M | $50.2M | $51.6M | $52.3M | |
| Pretax Income | -$89.8M | -$122.9M | -$115.9M | -$246.0M | -$251.5M | -$156.9M | -$200.9M | -$157.7M | -$142.8M | -$97.3M | |
| Net Income | -$89.9M | -$123.1M | -$116.5M | -$246.3M | -$230.0M | -$157.1M | -$240.1M | -$157.8M | -$142.6M | -$96.9M | |
| EPS (Diluted) | -1.53 | -2.29 | -1.74 | -3.77 | -3.00 | -1.99 | -2.94 | -1.62 | -1.12 | -0.66 | |
| EBITDA | -$91.3M | -$122.1M | -$114.1M | -$217.1M | -$230.5M | -$107.7M | -$145.8M | -$102.6M | -$89.3M | -$87.6M | |
| Shares Out. (M) | 58.85 | 53.83 | 66.87 | 65.41 | 76.75 | 78.15 | 81.71 | 97.16 | 127.07 | 155.02 |
Balance Sheet
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $262.8M | $138.8M | $115.6M | $439.2M | $466.5M | $326.4M | $278.6M | $250.9M | $261.3M | $219.1M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $265.2M | $142.1M | $122.6M | $450.4M | $525.2M | $435.0M | $336.3M | $307.4M | $306.3M | $261.7M | |
| Total Assets | $271.9M | $150.6M | $137.7M | $513.7M | $618.0M | $490.9M | $354.8M | $322.0M | $323.1M | $279.4M | |
| Total Current Liabilities | $20.5M | $22.4M | $19.9M | $40.4M | $73.9M | $81.9M | $67.7M | $80.5M | $70.2M | $86.3M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $108.0M | $125.1M | $109.7M | $112.7M | $113.6M | $436.0M | $410.9M | |
| Total Liabilities | $22.8M | $24.3M | $26.5M | $178.2M | $451.9M | $411.4M | $503.0M | $524.6M | $509.0M | $507.6M | |
| Stockholders' Equity | $249.2M | $126.2M | $111.2M | $335.5M | $166.1M | $79.5M | -$148.2M | -$202.6M | -$185.8M | -$228.2M | |
| Retained Earnings | -$209.0M | -$332.1M | -$448.6M | -$694.9M | -$924.9M | -$1.10B | -$1.34B | -$1.49B | -$1.64B | -$1.69B |
Cash Flow Statement
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$74.9M | -$121.4M | -$121.6M | -$168.7M | -$233.4M | -$136.8M | -$118.7M | -$123.8M | -$141.2M | -$102.3M | |
| Capital Expenditure | -$3.2M | -$2.5M | -$2.1M | -$2.8M | -$6.4M | -$577.0K | -$3.2M | -$867.0K | -$264.0K | -$45.6K | |
| Free Cash Flow | -$78.1M | -$123.8M | -$123.7M | -$171.5M | -$239.8M | -$137.4M | -$121.9M | -$124.7M | -$141.4M | -$102.3M | |
| Investing Cash Flow | -$3.2M | -$2.5M | -$2.2M | -$2.8M | -$6.7M | -$2.5M | -$3.2M | -$867.0K | $395.0K | $653.9K | |
| Financing Cash Flow | $197.2M | -$24.0K | $100.5M | $495.0M | $267.4M | -$593.0K | $73.9M | $97.1M | $150.9M | $57.3M | |
| Issuance of Stock | $197.2M | $0.00 | $41.0K | $433.2M | $0.00 | $6.1M | $0.00 | $60.5M | $152.5M | $59.4M | |
| Repurchase of Stock | $0.00 | -$24.0K | -$141.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$20.0K | |
| Net Debt Issuance | $0.00 | $0.00 | -$1.0M | $61.8M | $48.6M | $112.8M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $980.0K | $469.0K | $1.1M | $37.6M | $60.5M | $49.3M | $13.5M | $6.6M | $6.9M | $15.1M | |
| Net Change in Cash | $119.1M | -$123.9M | -$23.3M | $323.6M | $27.3M | -$139.9M | -$47.8M | -$27.7M | $10.5M | -$45.5M |
Dilution Tracker
Shares outstanding grew 94.3% over 5 years — significant dilution
Shares Outstanding
128M
5-Year Share Growth
+94.3%
Stock Issuance (TTM)
$59.4M
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 58.85 | 53.83 | 66.87 | 65.41 | 76.75 | 78.15 | 81.71 | 97.16 | 127.07 | 155.02 | |
| Change vs Prior % | — | -8.5% | 24.2% | -2.2% | 17.3% | 1.8% | 4.6% | 18.9% | 30.8% | 22.0% | |
| Stock Issuance | $197.2M | $0.00 | $41.0K | $433.2M | $0.00 | $6.1M | $0.00 | $60.5M | $152.5M | $59.4M | |
| Stock Repurchase | $0.00 | -$24.0K | -$141.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$20.0K | |
| Stock Based Comp. | $980.0K | $469.0K | $1.1M | $37.6M | $60.5M | $49.3M | $13.5M | $6.6M | $6.9M | $15.1M |
Margins & Profitability
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | -4643.8% | -10258.4% | 100.0% | — | 95.9% | 98.4% | 96.4% | 91.6% | 90.6% | 88.7% | |
| Operating Margin % | -5084.3% | -11047.5% | -5102.5% | — | -771.6% | -58.8% | -238.6% | -184.4% | -133.2% | -125.8% | |
| Net Margin % | -4984.0% | -10797.9% | -4977.9% | — | -678.2% | -74.9% | -345.1% | -222.8% | -175.3% | -123.0% | |
| EBITDA Margin % | -5065.4% | -10713.3% | -4876.1% | — | -679.7% | -51.3% | -209.6% | -144.9% | -109.7% | -111.2% | |
| FCF Margin % | -4331.7% | -10862.5% | -5287.6% | — | -706.9% | -65.4% | -175.3% | -176.0% | -173.8% | -129.9% | |
| ROE % | -36.1% | -97.5% | -104.8% | -73.4% | -138.5% | -197.8% | 161.9% | 77.9% | 76.7% | 44.6% | |
| ROA % | -33.0% | -81.8% | -84.6% | -47.9% | -37.2% | -32.0% | -67.7% | -49.0% | -44.1% | -34.7% | |
| ROIC % | -36.5% | -98.2% | -100.4% | -45.9% | -43.4% | -29.2% | -57.5% | -53.8% | -42.3% | -49.5% | |
| R&D / Revenue % | 4743.8% | 10378.3% | 4595.6% | — | 465.8% | 88.8% | 182.8% | 154.8% | 127.8% | 104.4% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | -36.8% | 105.3% | -100.0% | 0.0% | 518.9% | -66.9% | 1.8% | 14.9% | |
| Gross Profit | 0.0% | 0.0% | -39.7% | 102.0% | -6160.5% | 122.9% | 535.2% | -67.6% | -3.2% | 13.6% | |
| Operating Income | 0.0% | 0.0% | -37.4% | 5.2% | -83.6% | -19.4% | 52.9% | -34.6% | 21.3% | 17.0% | |
| Net Income | 0.0% | 0.0% | -37.0% | 5.4% | -111.4% | 6.6% | 31.7% | -52.8% | 34.2% | 9.6% | |
| EPS (Diluted) | 0.0% | 0.0% | -49.7% | 24.0% | -116.7% | 20.4% | 33.7% | -47.7% | 44.9% | 30.9% | |
| Operating Cash Flow | 0.0% | 0.0% | -61.9% | -0.2% | -38.8% | -38.3% | 41.4% | 13.2% | -4.3% | -14.0% | |
| Free Cash Flow | 0.0% | 0.0% | -58.6% | 0.1% | -38.6% | -39.8% | 42.7% | 11.3% | -2.3% | -13.4% | |
| R&D Expense | 0.0% | 0.0% | 38.3% | -9.1% | 32.1% | 11.2% | 18.0% | -31.8% | -13.8% | -5.1% | |
| SG&A Expense | 0.0% | 0.0% | 10.2% | 65.1% | 443.8% | 76.4% | 5.3% | -26.2% | -18.9% | -107.9% | |
| Total Assets | 0.0% | 75.4% | -44.6% | -8.6% | 273.1% | 20.3% | -20.6% | -27.7% | -9.2% | 0.4% | |
| Book Value / Share | 0.0% | 0.0% | -44.6% | -29.1% | 208.6% | -57.8% | -53.0% | -278.5% | -15.0% | 29.9% | |
| Debt | 0.0% | 0.0% | 0.0% | 0.0% | 2187.4% | 21.4% | -7.1% | -4.2% | -1.1% | 256.9% | |
| Diluted Shares | 0.0% | 0.0% | -8.5% | 24.2% | -2.2% | 17.3% | 1.8% | 4.6% | 18.9% | 30.8% |
Valuation
P/E (TTM)At Loss
P/S2.56
10Y Low / Med / High1.43 / 45.71 / 1400.06
P/B-1.07
10Y Low / Med / High3.78 / 9.33 / 17.84
EV/EBITDAAt Loss
EV/Revenue5.07
10Y Low / Med / High0.49 / 36.07 / 1278.30
P/FCFAt Loss
Intrinsic Value Models (per share)
Cash / Share
$1.41
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -19.38 | -12.95 | -17.04 | -8.49 | -6.73 | -1.93 | -0.56 | -1.23 | -3.15 | -2.38 | |
| P/S Ratio | 967.84 | 1400.06 | 847.33 | 0.00 | 45.71 | 1.43 | 1.95 | 2.73 | 5.51 | 2.56 | |
| P/B Ratio | 7.00 | 12.64 | 17.84 | 6.24 | 9.33 | 3.78 | -0.91 | -0.95 | -2.41 | -1.07 | |
| EV/EBITDA | -16.23 | -11.93 | -16.41 | -8.15 | -5.31 | -0.96 | 0.13 | -0.64 | -7.01 | -4.56 | |
| EV/Revenue | 822.11 | 1278.30 | 800.10 | 0.00 | 36.07 | 0.49 | -0.27 | 0.92 | 7.70 | 5.07 |
Analyst Estimates & Quality
Altman Z-Score
-8.21
Distress
Piotroski F-Score
1
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $79.5M | $96.6M | $192.8M |
| Net Income | -$95.6M | -$83.1M | -$41.0M |
| EPS | $-0.75 | $-0.68 | $-0.34 |
| # Analysts (EPS) | 3 | 3 | 4 |
Revenue Segments
By Product
| Segment | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Contract Revenue | — | $135.0M | — | — | — |
| Product Revenue | $33.9M | $74.9M | — | — | — |
| License Revenues | — | — | — | — | $5.0M |
| Product | — | — | $69.1M | $69.3M | $73.6M |
| Royalty Revenue | — | — | $498.0K | $1.6M | $2.8M |
By Geography
| Segment | 2023 | 2024 | 2025 |
|---|---|---|---|
| EMEA | $498.0K | $1.6M | $7.8M |
| JAPAN | — | — | — |
| UNITED STATES | $69.1M | $69.3M | $73.6M |