ADC Therapeutics Q1 2025: Navigating Contradictions in LOTIS-5 Data and ZYNLONTA's Market Position

LOTIS-5 data readout timeline, regulatory discussions with authorities, LOTIS-5 top-line data timeline, commercialization of ZYNLONTA and competition with bispecific antibodies, and LOTIS-5 PFS boundaries disclosure are the key contradictions discussed in ADC Therapeutics' latest 2025Q1 earnings call.



Revenue Performance:
- ADC Therapeutics reported net product revenues of $17.4 million in Q1 2025, in line with Q1 2024 and higher than $16.4 million in Q4 2024.
- The stability in revenue is attributed to the continued focus on commercial strategy and maintaining market share in third-line plus DLBCL patients.

Clinical Trial Progress and Efficacy:
- The company announced promising data from the LOTIS-7 study, with an overall response rate of 95.5% and a complete response rate of 90.9% in 22 efficacy-evaluable patients.
- This is driven by the efficacy of the combination of ZYNLONTA and glofitamab, demonstrating high response rates compared to other bispecific combinations and CAR-T therapies.

Financial Performance and Cash Position:
- ADC Therapeutics reported a GAAP net loss of $38.6 million in Q1 2025, improving from $46.6 million in Q1 2024.
- The improvement is due to higher license revenues and royalties, as well as lower expenses, with a cash runway expected to fund operations into the second half of 2026.

Strategic Initiatives and Regulatory Pathways:
- The company is assessing options for expanding LOTIS-7 enrollment to 100 patients at the recommended dose level, which will support regulatory discussions.
- The goal is to pursue regulatory and compendia strategies with sufficient data, aligning with previous examples of bispecific combination therapies added to compendia.