ADC Therapeutics

As of March 31, 2026, cash and equivalents were 231.0 million dollars with total liabilities of 507.9 million dollars and shareholders’ deficit of 216.4 million dollars.

Debt includes 115.7 million dollars of senior secured term loans and a 304.7 million dollar deferred royalty obligation to HealthCare Royalty that accrues interest and is capped at 675 to 750 million dollars of aggregate payments.

Q1 2026 operating cash outflow was 29.7 million dollars, and TTM free cash flow approximates negative 115 million dollars. Loan covenants include a minimum cash requirement and a quarterly U.S. net sales covenant when average market cap is below 650 million dollars, increasing downside risk in adverse scenarios.

Management guides a runway into 2028, but this is sensitive to approvals, sales, and access to capital.