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ADC Therapeutics SA (ADCT-5.64%) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The company reported net product revenues of $69.3 million for ZYNLONTA, an increase of 0.3% from the previous year. The increase was attributed to a higher selling price and favorable adjustments in gross-to-net sales.
Cost of product sales increased to $5.9 million, primarily due to higher stability, shipping, and storage costs, as well as a batch cancellation fee.
Research and development expenses decreased by 13.8% to $109.6 million, with significant reductions in spending on discontinued programs such as Cami and ADCT-901.
Selling and marketing expenses fell by 23.4% to $44.0 million, largely due to reduced marketing and advertising costs.
General and administrative expenses also decreased by 13.5% to $41.9 million, driven by lower professional fees and insurance costs.
The company recorded a net loss of $157.8 million, a reduction of 34.2% compared to the previous year, attributed to decreased operating expenses and the timing of cash flows.
ADC Therapeutics reported cash and cash equivalents of $250.9 million as of December 31, 2024, indicating sufficient resources to fund operations for the next twelve months.
The company continues to focus on expanding the market opportunity for ZYNLONTA and developing its pipeline of ADCs targeting both hematologic malignancies and solid tumors.
ADC Therapeutics' future plans include seeking additional strategic collaborations, business combinations, and licensing opportunities to support its growth strategy.
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 annual 10-K report dated March 27, 2025. To report an error, please email earnings@qz.com.