ADC Therapeutics reported first-quarter 2026 net product revenue of $20.0 million, up from $17.4 million a year earlier, as higher volume and pricing lifted sales.
License revenue and royalties fell sharply to $0.8 million from $5.6 million in the first quarter of 2025, reflecting the absence of the prior-year milestone payment.
Cost of product sales rose to $3.6 million from $2.1 million, driven in part by a $1.2 million increase in personnel costs tied to a shift toward commercial manufacturing activities.
Research and development expense dropped to $19.9 million from $28.9 million, a decline of $9.0 million, mainly because external spending fell by $6.1 million after discontinued programs and completion of IND-enabling work for the company’s PSMA-targeting ADC. Certain personnel costs also moved out of R&D and into other expense lines.
Selling and marketing expense increased to $12.7 million from $10.6 million, while general and administrative expense was essentially flat at $9.9 million versus $10.0 million.
Total operating expenses declined to $46.1 million from $51.5 million. On an adjusted basis, operating expenses fell to $42.9 million from $49.1 million.
Net loss narrowed to $33.0 million, or $0.21 per share, from $38.6 million, or $0.36 per share, in the prior-year quarter. Adjusted net loss improved to $19.7 million, or $0.13 per share, from $24.0 million, or $0.22 per share.
Cash and cash equivalents were $231.0 million at March 31, 2026, down from $261.3 million at December 31, 2025, a decrease of $30.3 million. The market has reacted to these announcements by moving the company's shares -0.51% to a price of $3.94. For the full picture, make sure to review ADC Therapeutics's 8-K report.
