ADC Therapeutics SA

Q2 FY2026 EarningsQ2 FY2026 results were mixed relative to consensus: revenue of $19.2M slightly beat the $18.9M estimate (+1.9%), while GAAP EPS of -$0.11 significantly outperformed the -$0.216 consensus. The beat was primarily driven by a 29% YoY reduction in operating expenses following strategic restructuring and a massive non-cash gain from warrant valuation. However, management disclosed FDA concerns regarding the benefit-risk profile of the LOTIS-5 trial, creating significant regulatory uncertainty for ZYNLONTA’s path to full approval.