ADC Therapeutics

Since 2024 the company has relied on dilutive equity raises and pre‑funded warrants, senior secured debt, and royalty financing to fund operations.

Shares outstanding rose from a 2024 weighted average of 97.2 million to 127.1 million in 2025 and 154.1 million in Q1 2026. The 2025 restructuring shuttered the UK R&D site and reduced headcount, with a further 17% reduction announced on June 24, 2026 to focus on ZYNLONTA and conserve cash.

While refocusing and opex cuts are rational, the cumulative mix of dilution and quasi‑debt is value‑destructive absent clear, near‑term cash generation.