ADC Therapeutics (NYSE: ADCT), a commercial-stage biotechnology company improving the lives of cancer patients with its next-generation antibody-drug conjugates (ADCs), reported a steady fourth quarter for 2025 and a significantly strengthened balance sheet on Tuesday.
The company announced it has secured a financial runway at least into 2028, providing the stability needed to reach major data readouts for its lead programs.
For the fourth quarter ended December 31, 2025, the company reported product revenue of $22.3 million, primarily driven by ZYNLONTA® in the relapsed or refractory diffuse large B-cell lymphoma (DLBCL) market.
Full-year 2025 product revenue reached $73.6 million.
While the company posted a full-year net loss of $142.6 million, the deficit reflects heavy investment in the company’s late-stage pipeline and a strategic shift toward high-potential combination therapies.
A key highlight of the report was the amended royalty financing agreement with HealthCare Royalty and an associated warrant issuance, which—combined with a cash balance of $261.3 million as of year-end—extends the company’s operating window by several years.