Estados financieros detallados de ADC Therapeutics S.A. (ADCT): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Márgenes de los últimos 12 meses: margen bruto 88.7%, margen operativo -125.8%, margen neto -123.0%.
Al precio actual de $1.05, ADCT presenta beneficios negativos (P/E no significativo) y un ROE del 44.63%. La capitalización bursátil es de $134M.
Cuenta de Resultados (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $1.8M | $1.1M | $2.3M | 0 | $33.9M | $209.9M | $69.6M | $70.8M | $81.4M |
| Coste de Ventas | $85.5M | $118.1M | 0 | $141.8M | $1.4M | $3.3M | $2.5M | $5.9M | $7.7M |
| Beneficio Bruto | -$83.7M | -$116.9M | $2.3M | -$141.8M | $32.5M | $206.6M | $67.0M | $64.9M | $73.7M |
| I+D | $85.5M | $118.3M | $107.5M | $142.0M | $158.0M | $186.5M | $127.1M | $109.6M | $104.0M |
| Generales y Administrativos | $7.8M | $8.6M | $14.2M | $77.2M | $136.2M | $143.5M | $105.9M | $85.9M | -$6.8M |
| Gastos Operativos | $93.5M | $127.1M | $121.7M | $77.4M | $294.2M | $330.0M | $233.0M | $195.5M | $182.1M |
| Beneficio Operativo | -$91.7M | -$125.9M | -$119.4M | -$219.3M | -$261.7M | -$123.3M | -$166.0M | -$130.7M | -$108.4M |
| EBITDA | -$91.3M | -$122.4M | -$114.1M | -$218.2M | -$230.5M | -$107.7M | -$145.8M | -$102.6M | -$89.3M |
| Gastos por Intereses | 0 | 0 | $156000 | $4.9M | $18.3M | $36.7M | $46.3M | $50.2M | $51.6M |
| Beneficio Antes de Impuestos | -$89.8M | -$122.9M | -$115.9M | -$246.0M | -$251.5M | -$156.9M | -$200.9M | -$157.7M | -$142.8M |
| Impuestos | $48000 | $224000 | $582000 | $327000 | -$21.5M | $227000 | $39.1M | $166000 | -$157000 |
| Beneficio Neto | -$89.9M | -$123.1M | -$116.5M | -$246.3M | -$230.0M | -$157.1M | -$240.1M | -$157.8M | -$142.6M |
| BPA | $-1.53 | $-2.29 | $-1.74 | $-3.77 | $-3.00 | $-1.99 | $-2.94 | $-1.62 | $-1.12 |
| BPA Diluido | $-1.53 | $-2.29 | $-1.74 | $-3.77 | $-3.00 | $-1.99 | $-2.94 | $-1.62 | $-1.12 |
| Acciones en Circulación (Diluidas) | $58.9M | $53.8M | $66.9M | $65.4M | $76.7M | $78.2M | $81.7M | $97.2M | $127.1M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $16.4M | $23.1M | $20.0M | $19.2M |
| Beneficio Bruto | $15.2M | $21.4M | $16.4M | $16.9M |
| Beneficio Operativo | -$30.3M | -$18.1M | -$25.2M | -$25.4M |
| EBITDA | -$27.5M | $6.3M | -$20.4M | -$46.0M |
| Beneficio Neto | -$41.0M | -$6.4M | -$33.0M | -$16.6M |
| BPA | $-0.30 | $-0.04 | $-0.21 | $-0.11 |
| BPA Diluido | $-0.30 | $-0.04 | $-0.21 | $-0.11 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $143.7M | $262.8M | $138.8M | $115.6M | $439.2M | $466.5M | $326.4M | $278.6M | $250.9M | $261.3M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | $5.9M | $1.9M | $372000 | $2.8M | $2.7M | $31.1M | $73.0M | $25.2M | $20.3M | $29.1M |
| Inventario | 0 | $293000 | $1.2M | 0 | 0 | $11.1M | $12.1M | $16.2M | $18.4M | $4.2M |
| Activos Corrientes | $151.3M | $265.2M | $142.1M | $122.6M | $450.4M | $525.2M | $435.0M | $336.3M | $307.4M | $306.3M |
| Inmovilizado Material | $777000 | $1.1M | $1.5M | $6.3M | $4.8M | $11.2M | $10.3M | $16.1M | $13.4M | $1.3M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | $2.9M | $5.4M | $6.7M | $8.4M | $10.2M | $13.6M | $14.4M | 0 | 0 | 0 |
| Activos Totales | $155.1M | $271.9M | $150.6M | $137.7M | $513.7M | $618.0M | $490.9M | $354.8M | $322.0M | $323.1M |
| Cuentas por Pagar | $2.1M | $7.6M | $6.8M | $3.3M | 0 | $12.1M | $12.4M | $15.6M | $18.0M | $9.2M |
| Deuda a Corto | 0 | 0 | 0 | 0 | $4.6M | $6.6M | $12.5M | 0 | 0 | $3.0M |
| Pasivos Corrientes | $9.7M | $20.5M | $22.4M | $19.9M | $40.4M | $73.9M | $81.9M | $67.7M | $80.5M | $70.2M |
| Deuda a Largo | 0 | 0 | 0 | 0 | $108.0M | $125.1M | $109.7M | $112.7M | $113.6M | $436.0M |
| Pasivos Totales | $14.2M | $22.8M | $24.3M | $26.5M | $178.2M | $451.9M | $411.4M | $503.0M | $524.6M | $509.0M |
| Reservas | -$119.1M | -$209.0M | -$332.1M | -$448.6M | -$694.9M | -$924.9M | -$1.10B | -$1.34B | -$1.49B | -$1.64B |
| Patrimonio Neto | $140.9M | $249.2M | $126.2M | $111.2M | $335.5M | $166.1M | $79.5M | -$148.2M | -$202.6M | -$185.8M |
| Deuda Total | 0 | 0 | 0 | $5.0M | $115.1M | $139.7M | $129.8M | $124.4M | $123.0M | $439.0M |
| Deuda Neta | -$143.7M | -$262.8M | -$138.8M | -$110.5M | -$324.1M | -$326.8M | -$196.6M | -$154.2M | -$127.9M | $177.7M |
| Capital Circulante | $141.6M | $244.6M | $119.7M | $102.7M | $410.0M | $451.2M | $353.0M | $268.6M | $226.9M | $236.2M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $234.7M | $261.3M | $231.0M | $219.1M |
| Activos Totales | $289.8M | $323.1M | $291.5M | $279.4M |
| Pasivos Totales | $527.9M | $509.0M | $507.9M | $507.6M |
| Patrimonio Neto | -$238.2M | -$185.8M | -$216.4M | -$228.2M |
| Deuda Total | $117.3M | $439.0M | $116.7M | $417.1M |
Flujo de Caja (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$89.9M | -$123.1M | -$116.5M | -$246.3M | -$230.0M | -$155.8M | -$240.1M | -$157.8M | -$142.6M |
| Amortizaciones | $341000 | $740000 | $1.6M | $2.2M | $2.6M | $2.3M | $3.3M | $3.3M | $1.9M |
| Compensación en Acciones | $980000 | $469000 | $1.1M | $37.6M | $60.5M | $49.3M | $13.5M | $6.6M | $6.9M |
| Cambio en Capital Circulante | $13.5M | $481000 | -$7.9M | $12.4M | -$15.7M | -$33.0M | $44.3M | $3.8M | -$25.4M |
| Flujo de Caja Operativo | -$74.9M | -$121.4M | -$121.6M | -$168.7M | -$233.4M | -$136.8M | -$118.7M | -$123.8M | -$141.2M |
| Inversiones (CapEx) | -$3.2M | -$2.5M | -$2.1M | -$2.8M | -$6.4M | -$577000 | -$3.2M | -$867000 | -$264000 |
| Adquisiciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $659000 |
| Recompra de Acciones | 0 | -$24000 | -$141000 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$78.1M | -$123.8M | -$123.7M | -$171.5M | -$239.8M | -$137.4M | -$121.9M | -$124.7M | -$141.4M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$29.6M | -$31.1M | -$29.7M | -$11.8M |
| Inversiones (CapEx) | -$2186 | -$11580 | -$32000 | $139 |
| Flujo de Caja Libre | -$29.6M | -$31.1M | -$29.7M | -$11.8M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $2.0M | $6.1M | $2.4M | $4.5M |
Crecimiento y Márgenes (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | -36.8% | +105.3% | -100.0% | | +518.9% | -66.9% | +1.8% | +14.9% |
| Crecimiento Beneficio Neto (anual) | | -37.0% | +5.4% | -111.4% | +6.6% | +31.7% | -52.8% | +34.2% | +9.6% |
| Crecimiento BPA (anual) | | -49.7% | +24.0% | -116.7% | +20.4% | +33.7% | -47.7% | +44.9% | +30.9% |
| Cambio en Acciones (anual) | | -8.5% | +24.2% | -2.2% | +17.3% | +1.8% | +4.6% | +18.9% | +30.8% |
| Crecimiento FCF (anual) | | -58.6% | +0.1% | -38.6% | -39.8% | +42.7% | +11.3% | -2.3% | -13.4% |
| Margen Bruto | -4643.8% | -10258.4% | 100.0% | | 95.9% | 98.4% | 96.4% | 91.6% | 90.6% |
| Margen Operativo | -5084.3% | -11047.5% | -5102.5% | | -771.6% | -58.8% | -238.6% | -184.4% | -133.2% |
| Margen EBITDA | -5065.4% | -10733.2% | -4876.1% | | -679.7% | -51.3% | -209.6% | -144.9% | -109.7% |
| Margen Neto | -4984.0% | -10797.9% | -4977.9% | | -678.2% | -74.9% | -345.1% | -222.8% | -175.3% |
| Margen FCF | -4331.7% | -10862.5% | -5287.6% | | -706.9% | -65.4% | -175.3% | -176.0% | -173.8% |
| Tasa Impositiva Efectiva | -0.1% | -0.2% | -0.5% | -0.1% | 8.5% | -0.1% | -19.5% | -0.1% | 0.1% |
Datos por Acción (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-1.33 | $-2.30 | $-1.85 | $-2.62 | $-3.12 | $-1.76 | $-1.49 | $-1.28 | $-1.11 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $58.9M | $53.8M | $66.9M | $65.4M | $76.7M | $78.2M | $81.7M | $97.2M | $127.1M |
Qué mirar en Biotech
La mayoría de biotechs pequeñas pierden dinero. Analizarlas con P/E no tiene sentido — mira caja y pipeline.
- Cash Runway — Meses de caja al ritmo de gasto actual. <18 meses = riesgo de dilución urgente
- Cash burn anual — Ritmo al que queman caja operativa. Comparar con posición de caja para proyectar runway
- Total Debt — Biotech sin ingresos + deuda = receta para bancarrota
- I+D / Capitalización — Cuánto invierten en pipeline vs lo que vale la empresa — indicador de intensidad investigadora
- Market cap / Cash — Si cotiza cerca de su caja, el mercado le da ~0 valor al pipeline — puede ser oportunidad o trampa
Rentabilidad
| Rentabilidad sobre capital | 44.63% |
| Rentabilidad sobre capital invertido | -49.54% |
| Rentabilidad sobre activos | -34.69% |
| Margen bruto | 88.75% |
| Margen operativo | -125.83% |
| Margen neto | -123.03% |
Salud financiera
| Deuda / Patrimonio | -1.83 |
| Ratio corriente | 3.03 |
| Piotroski F-Score | 4 |
| Altman Z-Score | -6.54 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 0.00 | -19.38 | -12.95 | -17.04 | -8.49 | -6.73 | -1.93 | -0.56 | -1.23 | -3.15 |
| P/VC | 0.00 | 7.00 | 12.64 | 17.84 | 6.24 | 9.33 | 3.78 | -0.91 | -0.95 | -2.41 |
| P/V | 0.00 | 967.84 | 1400.06 | 847.33 | 0.00 | 45.71 | 1.43 | 1.95 | 2.73 | 5.51 |
| Margen Bruto | 0.0% | -4643.8% | -10258.4% | 100.0% | 0.0% | 95.9% | 98.4% | 96.4% | 91.6% | 90.6% |
| Margen Operativo | 0.0% | -5084.3% | -11047.5% | -5102.5% | 0.0% | -771.6% | -58.8% | -238.6% | -184.4% | -133.2% |
| Margen Neto | 0.0% | -4984.0% | -10797.9% | -4977.9% | 0.0% | -678.2% | -74.9% | -345.1% | -222.8% | -175.3% |