ADC Therapeutics SA (NYSE:ADCT)
$ 2.93 -0.05 (-1.68%) Market Cap: 283.30 Mil Enterprise Value: 112.41 Mil PE Ratio: 0 PB Ratio: 0 GF Score: 46/100
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Q2 2024 ADC Therapeutics SA Earnings Call Transcript

Aug 06, 2024 / 12:30PM GMT
Release Date Price: $2.92 (+1.74%)

Key Points

Positve
  • Achieved commercial profitability with ZYNLONTA in 2024, generating $34.9 million in revenue year-to-date.
  • Positive interim results from the LOTIS-5 Phase III study, with full enrollment expected by the end of 2024.
  • Strong progress in solid tumor programs, including ADCT-601 targeting AXL, with initial updates expected in the second half of 2024.
  • Disciplined capital allocation strategy, reducing operating expenses by 23% year-over-year on a non-GAAP basis.
  • Extended cash runway into mid-2026 due to recent financing of $105 million, providing a stronger balance sheet.
Negative
  • Quarter-over-quarter revenue decrease, with second quarter revenues of $17 million compared to $19.2 million in the same period in 2023.
  • Continued competition in the third-line plus DLBCL space, impacting market share.
  • Variability in ZYNLONTA sales due to ordering patterns and competition from bispecifics.
  • Net loss of $36.5 million for the quarter on a GAAP basis, indicating ongoing financial challenges.
  • Uncertainty around the timing and outcome of regulatory approvals and inclusion in treatment guidelines for new indications.
Operator

Welcome to the ADC Therapeutics second quarter 2024 financial results conference call. My name is Didi, and I will be your operator for today's call. (Operator Instructions)

I will now turn the call over to Marcy Graham, Investor Relations Officer for ADCT. Marcy, you may begin.

Mary Graham
ADC Therapeutics SA - IR

Thank you, operator. This morning, we issued a press release announcing our second quarter 2024 financial results and business update. This release and the slides we will use in today's presentation are available on the Investors section of the ADC Therapeutics website.

I'm joined on today's call by our Chief Executive Officer, Ameet Mallik; and our CFO, Pepe Carmona. We will discuss recent business highlights and review our second quarter 2024 financial results. We will then open the call for questions.

Before we begin, I would like to remind listeners that some of the statements made during this conference call will contain forward-looking statements within the meaning of the safe harbor provisions of the US Private

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