ADC Therapeutics S.A.

ZYNLONTA net product revenue in Q2 2026 was $18.6 million versus $18.1 million in Q2 2025. Cost of product sales was $2.3 million in Q2 and $6 million for the first 6 months of 2026, compared with $0.8 million and $2.9 million in the prior-year periods. Total operating expenses were $44.7 million, and adjusted operating expenses were $37.2 million, down 22% year over year. GAAP net loss was $16.6 million versus a net loss of $56.6 million a year earlier; adjusted net loss was $16.3 million versus $28.7 million. Cash and cash equivalents were $219.1 million at quarter-end, down from $231 million on March 31, 2026, and management said runway extends at least into 2028. No formal revenue or EPS guidance was provided; the main forward-looking updates were that LOTIS-5, LOTIS-7, and MZL data are expected before year-end, breakthrough designation for LOTIS-7 is planned this year, and the company is evaluating the best regulatory path for LOTIS-5.

Ameet Mallik emphasized that ZYNLONTA monotherapy continues to have a clear role in third-line-plus DLBCL and that U.S. commercial performance was broadly in line with recent quarters. Strategically, he framed the company’s growth plan around moving ZYNLONTA earlier in DLBCL and into indolent lymphomas, while also describing LOTIS-7 as potentially a best-in-class combination and a path to a leading second-line position. His tone was confident, but he also acknowledged that LOTIS-5’s regulatory path is now under review after the FDA feedback.

Pepe Carmona highlighted that Q2 ZYNLONTA product revenue was $18.6 million, with costs and expenses improving year over year as adjusted operating expenses fell 22% to $37.2 million. He attributed the lower adjusted loss to reduced operating expenses and noted a $10 million annualized cost savings benefit from the June reorganization, which included an approximately 17% workforce reduction. He also pointed to $219.1 million in cash at quarter-end and reiterated the company’s runway at least into 2028.

Analysts focused heavily on whether the FDA’s concerns about LOTIS-5 could threaten ZYNLONTA’s accelerated approval, and management said the agency’s comments were specific to the combination study, not the single-agent approval. Questions also centered on LOTIS-7’s Phase III prospects, timing, and whether Roche was involved; management said it is still early, that several design options are being considered, and that breakthrough designation will be pursued this year. On LOTIS-5 safety, management said the Grade 5 infections were primarily bacterial and stressed that LOTIS-7 includes prophylaxis and vaccinations that were not part of LOTIS-5, which they believe may matter.