ADCT earnings analysis
What we found in ADCT's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
ADC Therapeutics reported Q2 revenue of $19.248 million and diluted EPS of $(0.11), with revenue modestly above the approximately $19 million prior-year level and the EPS loss narrowing from $(0.50). The filing does not provide sufficient data to assess Q2 gross margin, operating margin, free cash flow, balance-sheet changes, segment trends, or capex intensity. The key negative development is the FDA’s concern over LOTIS-5, including increased Grade 5 adverse events and potential implications for ZYNLONTA’s 3L+ approval.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue grew modestly year over year
- Q2 revenue was $19.248 million, down from $21 million in Q1 2026 but up from approximately $19 million in Q2 2025, indicating sequential contraction but modest year-over-year growth.
- EPS loss narrowed materially
- Diluted EPS was $(0.11), improving from $(0.21) in Q1 2026 and $(0.50) in Q2 2025, a $0.39 year-over-year improvement in loss per share.
- No material control deficiencies reported
- Management stated that disclosure controls and procedures were effective as of June 30, 2026, and that there were no changes in internal controls that materially affected, or were reasonably likely to materially affect, reporting.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- LOTIS-5 creates major regulatory risk
- The FDA cited increased Grade 5 adverse events in the LOTIS-5 treatment arm relative to the control arm and stated that the results were not supportive of a favorable benefit-risk assessment. Continued commercialization of ZYNLONTA in the 3L+ setting remains contingent on verification of clinical benefit, and current approvals could be withdrawn.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.11
What they said about what is next.
The 10-Q does not provide updated quantitative revenue or EPS guidance. The previously disclosed annual revenue outlook was $70 million-$80 million, but no update was provided in this filing.
The filing reads about the same as the one before it.
What came before.
- 10-Q · May 4, 2026
- ADC Therapeutics reported Q1 2026 results with total revenue of $20.9 million, a decline from $23.0 million in Q1 2025, while EPS improved to -$0.13 from -$0.36 year-over-year. The company saw significant growth in…
- 10-K · March 10, 2026
- ADC Therapeutics is focused on maximizing and expanding ZYNLONTA (CD19-directed ADC) into earlier lines of DLBCL and indolent lymphomas (LOTIS-5 and LOTIS-7) while pursuing global commercialization and partnership…
- 10-Q · November 10, 2025
- ADC Therapeutics reported Q3 2025 revenue of $16,427,000 (down from $18,464,000 in Q3 2024) and a net loss per share of $(0.30) (improved from $(0.42) in Q3 2024). Gross margins on product sales remain very high (~92%),…
- 10-K · March 27, 2025
- ADC Therapeutics positions itself as a commercial-stage ADC specialist with a two-pillar strategy: (1) maximize the commercial and label expansion opportunity for ZYNLONTA in hematology (3L+ DLBCL today; LOTIS-5 and…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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