ADC Therapeutics (NYSE:ADCT) reported first-quarter 2026 net product revenue growth for its lymphoma therapy ZYNLONTA and reiterated expectations for multiple upcoming clinical milestones, led by a near-term top-line readout from its Phase 3 LOTIS-5 trial.
ZYNLONTA revenue rises to $20 million as company points to ordering variability
Chief Executive Officer Ameet Mallik said the company’s commercial focus remains on “execution” and maintaining ZYNLONTA as a “differentiated treatment option for third-line plus DLBCL patients.” First-quarter 2026 net product revenues were $20.0 million, compared with $17.4 million in the prior-year quarter.
Mallik said ADC Therapeutics believes “the relative stability we’ve seen in net product revenues over multiple quarters demonstrates that ZYNLONTA has a clear place in this market,” while describing expansion into earlier lines of therapy and indolent lymphomas as future growth opportunities.
LOTIS-5 top-line data expected by end of June; company says it remains blinded
Management highlighted LOTIS-5, a Phase 3 confirmatory trial evaluating ZYNLONTA plus rituximab, as the next major catalyst. Mallik said the company expects to share top-line data in the second quarter and “before the end of June,” while noting the team is “currently still blinded to the data.”
During Q&A, when asked about database lock timing and the trial’s event count, the company reiterated that it remains blinded and said it would disclose top-line results after the database is locked and statistical analysis is completed. Management declined to comment on the precise timing of reaching the event target, but said it remains on track to report results in the quarter.
Executives also discussed the scope of the upcoming top-line disclosure. In response to questions from analysts, management said the release is expected to include primary endpoint results such as median progression-free survival (PFS) and hazard ratio, plus information on key secondary endpoints and “top-line safety data.” The company added that more detailed analyses are expected later in the year in connection with a medical meeting or publication.
On overall survival (OS), management said it plans to provide the OS information available at the time of top-line disclosure, whether “mature” or “a trend,” along with other key secondary endpoints including response rate and duration of response. The company did not provide an estimate for OS event maturity.
Management also addressed questions about earlier site-level interventions related to dropout and censoring. The company said the most recent Independent Data Monitoring Committee (IDMC) review was “from a safety standpoint” last fall and that the recommendation was to continue the study as planned; it did not indicate additional IDMC looks since then.
Regulatory and Compendia pathway outlined; company does not expect 2026 revenue impact from LOTIS-5
Chief Financial Officer Jose Carmona said that, assuming positive LOTIS-5 results, ADC Therapeutics plans to submit a supplemental Biologics License Application (sBLA) to the FDA by year-end 2026. Carmona also said full LOTIS-5 results are anticipated by year-end, with potential publication and Compendia inclusion in the first half of 2027 and confirmatory approval after that.
In response to an analyst question about potential near-term prescribing effects, management said it does not expect a revenue impact in 2026 from the LOTIS-5 readout. The company said it expects 2026 to be “largely in line with what the previous years are,” and indicated it expects an increased revenue trajectory beginning next year, with promotion tied to formal approval timing.
The company also noted it entered a blackout/quiet period related to the upcoming LOTIS-5 data release. Management said it has not been engaging with analysts or investors since April 1 other than the earnings process and may need to cancel conference participation and investor meetings until data are disclosed.
Other clinical updates: LOTIS-7 enrollment expected to complete in Q2; indolent lymphoma data later
Beyond LOTIS-5, management provided updates across the ZYNLONTA development program:
- LOTIS-7: Mallik said the company expects to complete enrollment of approximately 100 patients at the selected dose level of ZYNLONTA plus ofatumumab in the second quarter of 2026. Full data are anticipated by year-end, with Carmona stating the next update is planned “at a medical meeting by the end of 2026.” Assuming positive results, the company plans to pursue Compendia inclusion and assess a regulatory strategy.
- Indolent lymphoma investigator-initiated trials (IITs): Management said additional data from multicenter IITs are expected to be shared at medical conferences between the end of 2026 and mid-2027. The trials include ZYNLONTA plus rituximab in relapsed or refractory follicular lymphoma and ZYNLONTA monotherapy in relapsed or refractory marginal zone lymphoma. The company said it plans to assess regulatory and Compendia strategies once sufficient data are available.
Expenses decline year over year; cash balance of $231 million supports runway into 2028
Carmona reported total operating expenses of $46.1 million for the first quarter, with non-GAAP adjusted operating expenses of $42.9 million. Management said adjusted operating expenses were down 13% year over year, “primarily driven by lower R&D expenses.”
On the bottom line, ADC Therapeutics posted a GAAP net loss of $33.0 million, or $0.21 per basic and diluted share, compared with a net loss of $38.6 million, or $0.36 per share, in the first quarter of 2025. On a non-GAAP basis, adjusted net loss was $19.7 million versus $24.0 million a year earlier. Carmona attributed the lower losses primarily to reduced R&D spending, while noting per-share comparisons were also affected by a higher weighted average share count.
Cost of product sales increased by $1.6 million year over year to $3.6 million, which Carmona said reflected a shift in allocation of certain personnel costs from research and development to commercial manufacturing activities. In Q&A, Carmona said the reallocation is expected to continue in subsequent quarters, adding that cost of goods would increase due to the fixed costs now being allocated there.
ADC Therapeutics ended the quarter with $231 million in cash and cash equivalents, down from $261.3 million as of Dec. 31, 2025. Both Mallik and Carmona said the cash position supports an expected runway “at least into 2028.”
Looking ahead, Mallik said the company expects multiple “value-creating catalysts” beginning with the LOTIS-5 readout, and reiterated confidence in the potential for longer-term growth starting in 2027, contingent on clinical outcomes and subsequent regulatory and Compendia steps.
About ADC Therapeutics (NYSE:ADCT)
ADC Therapeutics SA is a clinical-stage biopharmaceutical company focused on the discovery and development of highly targeted antibody-drug conjugates (ADCs) designed to treat hematological malignancies such as non-Hodgkin lymphoma and acute myeloid leukemia. By marrying the specificity of monoclonal antibodies with potent cytotoxic payloads, the company aims to maximize tumor cell eradication while limiting off-target toxicity.
At the core of ADC Therapeutics’ portfolio is loncastuximab tesirine-lpyl, a CD19-directed ADC that received accelerated approval from the U.S.
