Detailed financial statements for ADC Therapeutics S.A. (ADCT): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
ADC Therapeutics S.A. operates as a commercial-stage biotechnology company, focused on developing antibody-drug conjugates (ADCs) for the treatment of hematological malignancies and solid tumors. Its flagship product, ZYNLONTA, is presently being evaluated in multiple clinical trials: a Phase II study for relapsed or refractory diffuse large B-cell lymphoma (DLBCL) and follicular lymphoma; a Phase III trial assessing its combination with rituximab for second-line, transplant-...
Analysis Summary
Trailing-twelve-month margins: gross margin 88.7%, operating margin -125.8%, net margin -123.0%.
At the current price of $1.05, ADCT has negative trailing earnings (P/E not meaningful) and an ROE of 44.63%. Market capitalisation stands at $134M.
Balance sheet quality for ADCT: current ratio of 4.4, net debt of $177.7M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $1.8M | $1.1M | $2.3M | 0 | $33.9M | $209.9M | $69.6M | $70.8M | $81.4M |
| Cost of Revenue | $85.5M | $118.1M | 0 | $141.8M | $1.4M | $3.3M | $2.5M | $5.9M | $7.7M |
| Gross Profit | -$83.7M | -$116.9M | $2.3M | -$141.8M | $32.5M | $206.6M | $67.0M | $64.9M | $73.7M |
| Research & Development | $85.5M | $118.3M | $107.5M | $142.0M | $158.0M | $186.5M | $127.1M | $109.6M | $104.0M |
| Selling, General & Admin | $7.8M | $8.6M | $14.2M | $77.2M | $136.2M | $143.5M | $105.9M | $85.9M | -$6.8M |
| Operating Expenses | $93.5M | $127.1M | $121.7M | $77.4M | $294.2M | $330.0M | $233.0M | $195.5M | $182.1M |
| Operating Income | -$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 |
| Interest Expense | 0 | 0 | $156000 | $4.9M | $18.3M | $36.7M | $46.3M | $50.2M | $51.6M |
| Pre-tax Income | -$89.8M | -$122.9M | -$115.9M | -$246.0M | -$251.5M | -$156.9M | -$200.9M | -$157.7M | -$142.8M |
| Income Tax | $48000 | $224000 | $582000 | $327000 | -$21.5M | $227000 | $39.1M | $166000 | -$157000 |
| Net Income | -$89.9M | -$123.1M | -$116.5M | -$246.3M | -$230.0M | -$157.1M | -$240.1M | -$157.8M | -$142.6M |
| EPS | $-1.53 | $-2.29 | $-1.74 | $-3.77 | $-3.00 | $-1.99 | $-2.94 | $-1.62 | $-1.12 |
| EPS (Diluted) | $-1.53 | $-2.29 | $-1.74 | $-3.77 | $-3.00 | $-1.99 | $-2.94 | $-1.62 | $-1.12 |
| Shares Outstanding (Diluted) | $58.9M | $53.8M | $66.9M | $65.4M | $76.7M | $78.2M | $81.7M | $97.2M | $127.1M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $16.4M | $23.1M | $20.0M | $19.2M |
| Gross Profit | $15.2M | $21.4M | $16.4M | $16.9M |
| Operating Income | -$30.3M | -$18.1M | -$25.2M | -$25.4M |
| EBITDA | -$27.5M | $6.3M | -$20.4M | -$46.0M |
| Net Income | -$41.0M | -$6.4M | -$33.0M | -$16.6M |
| EPS | $-0.30 | $-0.04 | $-0.21 | $-0.11 |
| EPS (Diluted) | $-0.30 | $-0.04 | $-0.21 | $-0.11 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $143.7M | $262.8M | $138.8M | $115.6M | $439.2M | $466.5M | $326.4M | $278.6M | $250.9M | $261.3M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $5.9M | $1.9M | $372000 | $2.8M | $2.7M | $31.1M | $73.0M | $25.2M | $20.3M | $29.1M |
| Inventory | 0 | $293000 | $1.2M | 0 | 0 | $11.1M | $12.1M | $16.2M | $18.4M | $4.2M |
| Total Current Assets | $151.3M | $265.2M | $142.1M | $122.6M | $450.4M | $525.2M | $435.0M | $336.3M | $307.4M | $306.3M |
| Property, Plant & Equipment | $777000 | $1.1M | $1.5M | $6.3M | $4.8M | $11.2M | $10.3M | $16.1M | $13.4M | $1.3M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | $2.9M | $5.4M | $6.7M | $8.4M | $10.2M | $13.6M | $14.4M | 0 | 0 | 0 |
| Total Assets | $155.1M | $271.9M | $150.6M | $137.7M | $513.7M | $618.0M | $490.9M | $354.8M | $322.0M | $323.1M |
| Accounts Payable | $2.1M | $7.6M | $6.8M | $3.3M | 0 | $12.1M | $12.4M | $15.6M | $18.0M | $9.2M |
| Short-term Debt | 0 | 0 | 0 | 0 | $4.6M | $6.6M | $12.5M | 0 | 0 | $3.0M |
| Total Current Liabilities | $9.7M | $20.5M | $22.4M | $19.9M | $40.4M | $73.9M | $81.9M | $67.7M | $80.5M | $70.2M |
| Long-term Debt | 0 | 0 | 0 | 0 | $108.0M | $125.1M | $109.7M | $112.7M | $113.6M | $436.0M |
| Total Liabilities | $14.2M | $22.8M | $24.3M | $26.5M | $178.2M | $451.9M | $411.4M | $503.0M | $524.6M | $509.0M |
| Retained Earnings | -$119.1M | -$209.0M | -$332.1M | -$448.6M | -$694.9M | -$924.9M | -$1.10B | -$1.34B | -$1.49B | -$1.64B |
| Total Equity | $140.9M | $249.2M | $126.2M | $111.2M | $335.5M | $166.1M | $79.5M | -$148.2M | -$202.6M | -$185.8M |
| Total Debt | 0 | 0 | 0 | $5.0M | $115.1M | $139.7M | $129.8M | $124.4M | $123.0M | $439.0M |
| Net Debt | -$143.7M | -$262.8M | -$138.8M | -$110.5M | -$324.1M | -$326.8M | -$196.6M | -$154.2M | -$127.9M | $177.7M |
| Working Capital | $141.6M | $244.6M | $119.7M | $102.7M | $410.0M | $451.2M | $353.0M | $268.6M | $226.9M | $236.2M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $234.7M | $261.3M | $231.0M | $219.1M |
| Total Assets | $289.8M | $323.1M | $291.5M | $279.4M |
| Total Liabilities | $527.9M | $509.0M | $507.9M | $507.6M |
| Total Equity | -$238.2M | -$185.8M | -$216.4M | -$228.2M |
| Total Debt | $117.3M | $439.0M | $116.7M | $417.1M |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$89.9M | -$123.1M | -$116.5M | -$246.3M | -$230.0M | -$155.8M | -$240.1M | -$157.8M | -$142.6M |
| Depreciation & Amortization | $341000 | $740000 | $1.6M | $2.2M | $2.6M | $2.3M | $3.3M | $3.3M | $1.9M |
| Stock-based Compensation | $980000 | $469000 | $1.1M | $37.6M | $60.5M | $49.3M | $13.5M | $6.6M | $6.9M |
| Change in Working Capital | $13.5M | $481000 | -$7.9M | $12.4M | -$15.7M | -$33.0M | $44.3M | $3.8M | -$25.4M |
| Operating Cash Flow | -$74.9M | -$121.4M | -$121.6M | -$168.7M | -$233.4M | -$136.8M | -$118.7M | -$123.8M | -$141.2M |
| Capital Expenditure | -$3.2M | -$2.5M | -$2.1M | -$2.8M | -$6.4M | -$577000 | -$3.2M | -$867000 | -$264000 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $659000 |
| Stock Repurchased | 0 | -$24000 | -$141000 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$78.1M | -$123.8M | -$123.7M | -$171.5M | -$239.8M | -$137.4M | -$121.9M | -$124.7M | -$141.4M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$29.6M | -$31.1M | -$29.7M | -$11.8M |
| Capital Expenditure | -$2186 | -$11580 | -$32000 | $139 |
| Free Cash Flow | -$29.6M | -$31.1M | -$29.7M | -$11.8M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $2.0M | $6.1M | $2.4M | $4.5M |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | -36.8% | +105.3% | -100.0% | | +518.9% | -66.9% | +1.8% | +14.9% |
| Net Income Growth (YoY) | | -37.0% | +5.4% | -111.4% | +6.6% | +31.7% | -52.8% | +34.2% | +9.6% |
| EPS Growth (YoY) | | -49.7% | +24.0% | -116.7% | +20.4% | +33.7% | -47.7% | +44.9% | +30.9% |
| Shares Change (YoY) | | -8.5% | +24.2% | -2.2% | +17.3% | +1.8% | +4.6% | +18.9% | +30.8% |
| FCF Growth (YoY) | | -58.6% | +0.1% | -38.6% | -39.8% | +42.7% | +11.3% | -2.3% | -13.4% |
| Gross Margin | -4643.8% | -10258.4% | 100.0% | | 95.9% | 98.4% | 96.4% | 91.6% | 90.6% |
| Operating Margin | -5084.3% | -11047.5% | -5102.5% | | -771.6% | -58.8% | -238.6% | -184.4% | -133.2% |
| EBITDA Margin | -5065.4% | -10733.2% | -4876.1% | | -679.7% | -51.3% | -209.6% | -144.9% | -109.7% |
| Net Margin | -4984.0% | -10797.9% | -4977.9% | | -678.2% | -74.9% | -345.1% | -222.8% | -175.3% |
| FCF Margin | -4331.7% | -10862.5% | -5287.6% | | -706.9% | -65.4% | -175.3% | -176.0% | -173.8% |
| Effective Tax Rate | -0.1% | -0.2% | -0.5% | -0.1% | 8.5% | -0.1% | -19.5% | -0.1% | 0.1% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-1.33 | $-2.30 | $-1.85 | $-2.62 | $-3.12 | $-1.76 | $-1.49 | $-1.28 | $-1.11 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $58.9M | $53.8M | $66.9M | $65.4M | $76.7M | $78.2M | $81.7M | $97.2M | $127.1M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | 44.63% |
| Return on Invested Capital | -49.54% |
| Return on Assets | -34.69% |
| Gross Margin | 88.75% |
| Operating Margin | -125.83% |
| Net Margin | -123.03% |
Financial Health
| Debt / Equity | -1.83 |
| Current Ratio | 3.03 |
| Piotroski F-Score | 4 |
| Altman Z-Score | -6.54 |
Key Ratios (10y)
| Year | 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/B | 0.00 | 7.00 | 12.64 | 17.84 | 6.24 | 9.33 | 3.78 | -0.91 | -0.95 | -2.41 |
| P/S | 0.00 | 967.84 | 1400.06 | 847.33 | 0.00 | 45.71 | 1.43 | 1.95 | 2.73 | 5.51 |
| Gross Margin | 0.0% | -4643.8% | -10258.4% | 100.0% | 0.0% | 95.9% | 98.4% | 96.4% | 91.6% | 90.6% |
| Operating Margin | 0.0% | -5084.3% | -11047.5% | -5102.5% | 0.0% | -771.6% | -58.8% | -238.6% | -184.4% | -133.2% |
| Net Margin | 0.0% | -4984.0% | -10797.9% | -4977.9% | 0.0% | -678.2% | -74.9% | -345.1% | -222.8% | -175.3% |