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ADC Therapeutics SA (ADCT-3.78%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in net product revenues to $18,016,000 from $14,267,000 in the same quarter the previous year. This increase is attributed to higher sales volume and a higher selling price.
Cost of product sales for the quarter was $851,000, compared to $208,000 in the same quarter of the previous year. This increase is due to higher commercial shipping, storage, and stability costs.
The company reported a net loss of $43,969,000 for the quarter, compared to $46,726,000 in the previous year, with the decrease attributed to higher revenues and reduced operating expenses.
Research and development expenses increased to $32,502,000 from $27,080,000, primarily due to higher spending on ZYNLONTA and other research initiatives.
Selling and marketing expenses decreased to $10,673,000 from $13,730,000, reflecting reduced marketing and advertising expenses.
General and administrative expenses were $10,002,000, compared to $9,624,000 in the previous year, with the increase primarily due to higher wages and benefits.
Interest income for the quarter was $3,438,000, up from $2,703,000 in the previous year, due to higher average cash balances and yields.
Interest expense increased to $13,117,000 from $12,816,000, primarily related to the accretion of the deferred royalty obligation.
ADC Therapeutics had cash and cash equivalents of $274,272,000 as of September 30, 2024. The company believes its current cash position is sufficient to fund operations for at least the next twelve months.
The filing also details the company's ongoing research and development efforts, including the discontinuation of the ADCT-601 program and continued focus on ZYNLONTA and other pipeline initiatives.
ADC Therapeutics does not anticipate any significant changes in its current business strategy and continues to seek strategic collaborations and partnerships to advance its product pipeline.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the ADC Therapeutics SA quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.