Free cash flow remains structurally negative with quarterly burn rates often exceeding $25M, further obscured by stock-based compensation add-backs that reached $6.1M in 2025Q4.
| Cash from Operations | -114.55M | -141.17M | -123.83M | -118.69M | -138.31M | -233.38M | -168.73M | -121.58M | -121.36M | -74.94M |
| Operating CF Margin % | - | -173.52% | -174.82% | -170.63% | -65.89% | -688.09% | - | -5195.77% | -10645.79% | -4156.68% |
| Operating CF Growth % | 13.18% | -14% | -4.34% | 14.19% | 40.74% | -38.32% | -38.78% | -0.18% | -61.93% | - |
| Net Income | -136.99M | -142.62M | -157.85M | -240.05M | -157.13M | -230.03M | -246.29M | -116.48M | -123.1M | -89.86M |
| Depreciation & Amortization | 1.84M | 1.88M | 3.28M | 3.27M | 5.74M | 2.63M | 2.19M | 1.65M | 740K | 341K |
| Stock-Based Compensation | 12.63M | 6.91M | 6.57M | 13.49M | 50.64M | 60.48M | 37.59M | 1.12M | 469K | 980K |
| Deferred Taxes | 0 | 0 | 0 | 37.1M | 0 | -26.05M | 327K | 1.21M | 935K | 48K |
| Other Non-Cash Items | 2.88M | 18.02M | 20.34M | 23.23M | 11.47M | -24.7M | 25.1M | -1.19M | -891K | 36K |
| Working Capital Changes | 5.08M | -25.36M | 3.83M | 44.27M | -49.03M | -15.71M | 12.36M | -7.88M | 481K | 13.51M |
| Change in Receivables | 516.86K | -8.79M | 4.77M | 47.79M | -42.75M | -30.22M | 0 | 192K | 895K | 4.82M |
| Change in Inventory | -2.07M | -2.38M | -3.73M | -5.71M | -9.65M | -3.02M | 0 | -2.31M | 1.58M | 5.03M |
| Change in Payables | -4.08M | -9.04M | 2.46M | 3.17M | 0 | 6.8M | 1.92M | -3.42M | -858K | 5.47M |
| Cash from Investing | 653.73K | 395K | -867K | -3.22M | -687K | -6.67M | -2.83M | -2.25M | -2.51M | -3.25M |
| Capital Expenditures | -45.76K | -264K | -867K | -3.22M | -687K | -3.43M | -2.81M | -2.15M | -2.47M | -3.16M |
| CapEx % of Revenue | 0.06% | 0.32% | 1.22% | 4.62% | 0.33% | 10.11% | - | 91.79% | 216.67% | 175.04% |
| Acquisitions | 0 | 659K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 699.49K | 0 | 0 | 0 | 0 | -3.24M | -19K | -100K | -36K | -92K |
| Cash from Financing | 151.21M | 150.94M | 97.05M | 73.88M | -897K | 267.39M | 494.97M | 100.51M | -24K | 197.24M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | -2.71M | 48.61M | 61.75M | -1M | 0 | 0 |
| Equity Issued (Net) | 58.98M | 152.46M | 60.51M | 0 | -1.31M | 0 | 433.16M | -141K | 0 | 197.24M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -270K | 0 | 0 | 0 | -1.31M | 0 | 0 | -141K | -24K | 0 |
| Other Financing | 92.24M | -1.51M | 36.55M | 73.88M | 3.13M | 218.78M | 54K | 101.66M | -24K | 0 |
| Net Change in Cash | 36.31M | 10.47M | -27.73M | -47.84M | -140.1M | 27.35M | 323.64M | -23.26M | -123.94M | 119.08M |
| Free Cash Flow | -114.59M | -141.44M | -124.7M | -121.9M | -139M | -239.75M | -171.54M | -123.73M | -123.83M | -78.1M |
| FCF Margin % | -144.73% | -173.85% | -176.04% | -175.25% | -66.22% | -706.88% | - | -5287.56% | -10862.46% | -4331.72% |
| FCF Growth % | 16.16% | -13.42% | -2.3% | 12.3% | 42.02% | -39.77% | -38.64% | 0.08% | -58.55% | - |
| FCF per Share | -0.74 | -1.11 | -1.28 | -1.49 | -1.78 | -3.12 | -2.62 | -1.85 | -2.30 | -1.33 |
| FCF Conversion (FCF/Net Income) | 0.84x | 0.99x | 0.78x | 0.49x | 0.88x | 1.01x | 0.69x | 1.04x | 0.99x | 0.83x |
| Interest Paid | 7.29M | 0 | 15.7M | 15.39M | 10.18M | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Sustained cash burn trajectory
As reported in financial statements, ADCT's operating cash flow consistently trails net income, with the OCF/NI ratio exhibiting extreme volatility, including a 4.86 reading in 2025Q4, which suggests that accounting losses are not fully capturing the underlying cash outflows required to sustain the current commercial infrastructure.
The persistent gap between net income and operating cash flow indicates that the company's accrual-based accounting does not reflect the reality of its cash-intensive operations. Investors should monitor this divergence as it suggests that the firm's path to operational self-sufficiency remains obstructed by high cash-based operating expenses.
Based on recent SEC filings, ADCT's free cash flow trajectory remains firmly in negative territory, with quarterly burn rates frequently exceeding $25M, highlighting a structural inability to generate internal funding for its extensive R&D pipeline and commercialization efforts for the ZYNLONTA franchise.
The consistent negative FCF margins, which have reached as low as -190.4%, underscore the company's reliance on external financing to bridge the gap between product sales and operating costs. This trend warrants further investigation into whether the firm can achieve a pivot toward positive cash generation before its current liquidity reserves are exhausted.
According to the company's cash flow data, working capital changes have been highly erratic, swinging from a $21.6M inflow in 2025Q2 to a $29.5M outflow in 2025Q1, which suggests significant instability in the timing of collections and inventory management for its specialized oncology products.
Such fluctuations in working capital often indicate challenges in managing the cash conversion cycle, particularly for a firm with a concentrated product portfolio. This volatility may imply that the company's cash position is highly sensitive to the timing of milestone payments and the efficiency of its commercial distribution network.
Based on reported figures, ADCT maintains an exceptionally low capital intensity, with CapEx/Revenue ratios frequently below 2%, which reflects a business model that relies more on outsourced manufacturing and R&D investment than on heavy investment in physical production facilities or tangible assets.
While the low capital expenditure profile preserves cash, it also suggests that the company's primary investment burden is shifted toward intangible assets and clinical trial costs. This structure implies that the firm's financial health is more vulnerable to R&D cost overruns than to traditional capital asset depreciation.
As detailed in the cash flow statements, stock-based compensation consistently adds back millions to the operating cash flow, with quarterly figures reaching $6.1M in 2025Q4, which effectively obscures the true economic cost of talent retention in a highly competitive biotechnology labor market.
Investors should be wary of relying solely on operating cash flow metrics, as the add-back of non-cash compensation may lead to an overly optimistic view of the company's cash-generating capacity. This practice warrants further investigation into the dilutive impact on shareholders and the long-term sustainability of this compensation strategy.
Quick answers to the most common questions about buying ADCT stock.
ADC Therapeutics S.A. (ADCT) generated $-141.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
ADC Therapeutics S.A. (ADCT) reported negative free cash flow of $141.4M in 2025, indicating capital requirements exceeded cash from operations.
ADC Therapeutics S.A. (ADCT) spent $0.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.