On March 11, 2026 Verrica Pharmaceuticals Inc. ("Verrica") (Nasdaq: VRCA), a therapeutics company developing and commercializing medications for the treatment of dermatological diseases, including skin cancers, reported financial results for the fourth quarter and full year ended December 31, 2025.

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"In 2025, Verrica successfully implemented a series of transformational changes that we believe have fundamentally improved the future growth and strategic value of our entire business," said Jayson Rieger, PhD, MBA, President and Chief Executive Officer of Verrica. "Our focused and efficient commercial strategy allowed us to nearly double dispensed applicator units of YCANTH from the prior year while cutting selling, general and administrative expenses by over 40% over that same period. This February, we dispensed more applicators of YCANTH per selling day than in any month in our history, reflecting strong and increasing demand for YCANTH. We are poised to advance our late-stage clinical pipeline in common warts and basal cell carcinoma, which collectively could represent a multiple billion-dollar opportunity. Finally, in 2025 we significantly improved our financial position, repaying our outstanding debt while extending our cash runway into the first quarter of 2027.

"Looking ahead, in addition to growing YCANTH sales in the United States we have multiple potential avenues to continue building value by entering new markets and expanding our product portfolio. Our first international partnership for YCANTH, with Torii Pharmaceutical, has now launched in Japan. After recently gaining alignment with regulators for YCANTH’s approval pathway in the European Union, we are now able to more meaningfully engage in discussions with additional potential commercialization partners, which could provide a significant source of non-dilutive funding and future revenue for the Company," Dr. Rieger continued.

"We are also advancing toward pivotal Phase 3 studies of VP-315 for the treatment of basal cell carcinoma. VP-315 represents a unique opportunity to introduce a novel immunotherapy with potential abscopal activity that could become a primary or neoadjuvant, non-surgical treatment option for this large patient population. With the opportunity to grow YCANTH in the United States, enter new markets and develop transformative medicines, we are tremendously excited about what 2026 has in store for Verrica and our patients," Dr. Rieger concluded.

Conference Call and Webcast Information

The Company will host a conference call on Wednesday, March 11, 2026, at 8:30 am, to discuss its fourth quarter and full year 2025 financial results and provide a business update. To participate in the conference call, please utilize the following information:

Domestic Dial-In Number: Toll-Free: 1-800-343-4136

International Dial-In Number: 1-203-518-9843

Conference ID: VERRICA

Participants can use Guest dial-in #s above and be answered by an operator.

Webcast:

View Source;tp_key=9018bdf1ab

The call will be broadcast live over the Web and can also be accessed on Verrica Pharmaceuticals’ website: www.verrica.com.

The conference call will also be available for replay for one month on the Company’s website in the Events Calendar of the Investors section.

Business Highlights and Recent Developments

YCANTH (VP-102)

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During the fourth quarter of 2025, YCANTH dispensed applicator units totaled 13,654, representing a year-over-year increase of 58% from the fourth quarter of 2024. On a sequential basis, YCANTH dispensed applicator units decreased approximately 3% from the prior quarter.

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In the first quarter of 2026, while January was likely impacted somewhat by significant winter weather across the East Coast, dispensed applicator units per selling day in February rebounded, reaching a record monthly high since launch.

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In September 2025, Verrica announced that its partner, Torii Pharmaceutical Co. Ltd. ("Torii"), a wholly-owned subsidiary of Shionogi & Co., Ltd., received approval from the Japanese Ministry of Health, Labour and Welfare for YCANTH for the treatment of molluscum. On February 9, 2026, the Company announced the commercial launch of YCANTH in Japan by Torii for the treatment of molluscum contagiosum.

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On January 7, 2026, the Company announced that the first patient was dosed in December 2025 in the global Phase 3 program evaluating YCANTH (VP-102) for the treatment of common warts. The Phase 3 program was initiated based upon the clinically meaningful activity observed for the primary endpoint of complete clearance in the Phase 2 COVE-1 study. These results, if replicated in the Phase 3 program, support the potential for YCANTH to become the first therapy approved in either the United States or Japan for the treatment of common warts, a condition that impacts over 22 million people in the United States alone. The Company has retained full commercial rights for all potential YCANTH indications outside of Japan and believes that YCANTH for common warts could represent a substantial commercial and licensing opportunity.

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The Company launched YcanthRx in the fourth quarter of 2025, a new non-dispensing pharmacy option. YcanthRx is designed to provide prescribers a central hub option for YCANTH prescriptions to assist with benefits investigations and prior authorizations. Prescriptions written to YcanthRx are then routed to a dispensing pharmacy in the Company’s pharmacy network that is contracted with the patient’s insurance plan, where available.

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On October 20, 2025, the Company announced that the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency provided positive feedback that supports the filing of a Marketing Authorization Application for YCANTH as a treatment for molluscum contagiosum. Based on Verrica’s comprehensive efficacy and safety data from the well-controlled Phase 3 studies successfully conducted in both the U.S. and Japan, the CHMP concluded that no further Phase 3 clinical studies are needed to progress toward a filing for approval.

VP-315

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On November 4, 2025, the Company presented new data on VP-315 from its Phase 2 trial in basal cell carcinoma (BCC) at the 40th Society for Immunotherapy of Cancer (SITC) (Free SITC Whitepaper) Annual Meeting. The presentation revealed supportive immunologic mechanistic data that helps explain why VP-315 shrinks treated basal cell carcinomas in many patients (as evidenced by a 97% objective response rate and an 86% reduction in overall tumor size).

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The Company is now providing additional data on the abscopal response in 14 observed but not treated lesions from the Phase 2 study, which suggests immune system engagement. Specifically, 3 out of the 14 lesions had complete histologic clearance and there was a 67% overall reduction in tumor size across all 14 lesions. Additional details on this observation are being planned for discussion at a scientific conference later this year.

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On November 14, 2025, the Company announced that the FDA confirmed alignment with the Company’s plan for the Phase 3 program for BCC to encompass two placebo-controlled Phase 3 studies with approximately 100 subjects each and a primary endpoint of complete clearance as assessed at week 14. Based on the discussion with the FDA, the Company expects these studies will be adequate to support a New Drug Application filing, with long-term follow-up studies to be conducted as post-approval commitments.

CORPORATE

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On February 12, 2026, the Company announced the appointment of Chris Chapman as its Chief Commercial Officer. Mr. Chapman brings over 25 years of commercial experience in the pharmaceutical industry to Verrica, and most recently served as Chief Commercial Officer at Dermavant Sciences through its acquisition by Organon, where he played an instrumental role in launching VTAMA (tapinarof) cream, 1%, approved for adult plaque psoriasis in June 2022 and atopic dermatitis in December 2024.

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On November 24, 2025, the Company announced a private placement of $50 million anchored by Caligan Partners LP and PBM Capital, along with other new and existing investors. The Company used $35.0 million of the net proceeds to fully repay its outstanding obligations and terminate all outstanding commitments under its Credit Agreement, and the remainder for working capital and general corporate purposes. With these proceeds and its existing cash and cash equivalents, the Company expects its cash runway to fund operations into the first quarter of 2027.

Financial Results

Fourth Quarter 2025 Financial Results

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Product revenue, net was $3.7 million for the three months ended December 31, 2025, compared to net product revenue of $0.3 million for the three months ended December 31, 2024. The increase in product revenue was based on higher demand for YCANTH. Product revenue, net, relates to the delivery of YCANTH to Verrica’s distribution partners.

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License and collaboration revenue was $1.4 million for the three months ended December 31, 2025, consisting primarily of commercial supply for Torii’s YCANTH launch in Japan. License and collaboration revenue was not material for the three months ended December 31, 2024.

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Costs of product revenue were $0.7 million for the quarter ended December 31, 2025, compared to $0.6 million for the quarter ended December 31, 2024.

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Selling, general and administrative expenses were $8.1 million for the quarter ended December 31, 2025, compared to $9.9 million for the same period in 2024. Excluding the impact of stock-based compensation, the decrease of $1.8 million was primarily due to lower expenses related to commercial activities for YCANTH.

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Research and development expenses were $2.5 million for the quarter ended December 31, 2025, compared to $1.2 million for the same period in 2024. Excluding the impact of stock-based compensation, the increase was primarily attributable to costs associated with the Phase 3 program for common warts and compensation.

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Interest income was $0.2 million for the quarter ended December 31, 2025, which was unchanged from the quarter ended December 31, 2024.

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Interest expense was $1.3 million for the quarter ended December 31, 2025, compared to $2.3 million for the same period in 2024. Interest expense was related to borrowings under the Company’s now-repaid Credit Agreement. The decrease of $1.0 million was related to a lower principal balance and the termination of the Credit Agreement in November 2025.

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For the quarter ended December 31, 2025, net loss was $8.1 million, or $0.57 per basic and diluted share, compared to a net loss of $16.2 million, or $2.41 per share, for the same period in 2024.

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For the quarter ended December 31, 2025, non-GAAP net loss was $7.2 million, or $0.51 per basic and diluted share, compared to a non-GAAP net loss of $12.2 million, or $1.81 per share, for the same period in 2024.

Full Year 2025 Financial Results

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Product revenue, net was $15.3 million for the twelve months ended December 31, 2025, compared to $6.6 million for the twelve months ended December 31, 2024. For the twelve months ended December 31, 2025, product revenue, net was primarily related to increased demand for YCANTH.

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License and collaboration revenue was $20.3 million for the twelve months ended December 31, 2025, compared to $1.0 million for the twelve months ended December 31, 2024. License and collaboration revenue for the twelve months ended December 31, 2025, consisted primarily of $18.0 million in milestone payments and $2.3 million of revenue related to commercial supplies and development activity from the Collaboration and License Agreement with Torii.

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Costs of product revenue were $2.2 million for the twelve months ended December 31, 2025, compared to $1.9 million for the twelve months ended December 31, 2024. The increase was due to increased sales of YCANTH partially offset by higher obsolete inventory reserves in the prior period.

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Selling, general and administrative expenses were $35.2 million during the twelve months ended December 31, 2025, compared to $58.8 million for the same period in 2024. Excluding the impact of stock-based compensation, the decrease of $20.6 million was primarily due to lower expenses related to commercial activities for YCANTH, including decreases in compensation, benefits and travel due to reduced sales force of $6.9 million, decreased commercial costs of $6.6 million, decreased compensation of $2.7 million related to termination of non-sales employees, decreased travel and fleet costs of $2.0 million and decreased legal and administrative costs of $2.3 million.

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Research and development expenses were $8.9 million for the twelve months ended December 31, 2025, compared to $11.8 million for the same period in 2024. Excluding stock-based compensation, the decrease of $2.1 million was primarily attributable to decreased clinical costs for VP-315.

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Interest income was $0.9 million for the twelve months ended December 31, 2025, compared to $1.4 million for the same period in 2024. The decrease of $0.5 million was primarily due to a lower cash balance.

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Interest expense was $7.7 million for the twelve months ended December 31, 2025, and $9.4 million for the same period in 2024. Interest expense is related to borrowings under the Credit Agreement, which was terminated in November 2025. The decrease of $1.7 million was primarily related to a lower principal balance and the termination of the Credit Agreement.

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For the twelve months ended December 31, 2025, net loss was $17.9 million, or $1.68 per share, compared to a net loss of $76.6 million, or $14.78 per share, for the same period in 2024.

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For the twelve months ended December 31, 2025, non-GAAP net loss was $13.2 million, or $1.24 per share, compared to a non-GAAP net loss of $64.6 million, or $12.47 per share, for the same period in 2024.

(Press release, Verrica Pharmaceuticals, MAR 11, 2026, View Source [SID1234663460])

On March 11, 2026 Tempus AI, Inc. (NASDAQ: TEM), a technology company leading the adoption of AI to advance precision medicine, reported the publication of a new study in JCO Precision Oncology highlighting how advanced features of comprehensive genomic profiling (CGP) expand treatment options for cancer patients in community oncology settings. The study, conducted in collaboration with The Oncology Institute (TOI), reveals that features such as tumor-normal matched sequencing, RNA sequencing, and liquid biopsy reflex identify actionable findings that are missed by more limited standard in-network testing.

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While organizations like ASCO (Free ASCO Whitepaper) and the NCCN strongly advocate for CGP to guide precision therapies, current guidelines often lack specificity regarding the exact composition or essential features required within these panels. This research demonstrates that CGP value extends far beyond simple panel size, highlighting the utility of advanced testing features to more fully capture clinically relevant findings.

In the study, 12% (approximately 1 in 8) of patients across the pilot and expanded cohorts had potentially actionable findings associated with an approved therapy identified solely through advanced Tempus features—such as tumor-normal matching, RNA sequencing, and liquid biopsy reflex testing—that would otherwise have been missed by less comprehensive tests.

"This study demonstrates a clear clinical mandate: to truly provide precision medicine, we must utilize the most comprehensive tools available," said Ezra Cohen, MD, Chief Medical Officer, Oncology at Tempus and a coauthor of the study. "Advanced testing capabilities expand access to targeted treatments and clinical trial opportunities, while providing clinicians with a more comprehensive view of clinically relevant findings. This underscores the critical role Tempus plays in helping clinicians ensure that no stone is left unturned for their patients."

(Press release, Tempus, MAR 11, 2026, View Source [SID1234663461])

On March 11, 2026 Parabilis Medicines, a clinical-stage biopharmaceutical company committed to creating extraordinary medicines for people living with cancer using its Helicon TM peptide platform to drug historically undruggable targets, reported that the U.S. Food and Drug Administration (FDA) has granted Orphan Drug Designation to zolucatetide (previously known as FOG-001), the company’s lead investigational HeliconTM peptide and the first and only direct inhibitor of the elusive β-catenin:TCF interaction, for the treatment of desmoid tumors. Zolucatetide has also received FDA Fast Track Designation in desmoid tumors.

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"Patients living with desmoid tumors have lacked therapies that directly address the root biological cause of their disease because that biology, the β-catenin:TCF interaction, has long been considered ‘undruggable,’" said Mathai Mammen, M.D., Ph.D., Chairman, CEO and President of Parabilis Medicines. "With Orphan Drug Designation and Fast Track Designation from the FDA, along with compelling early clinical data showing encouraging evidence of clinical activity, we are building momentum behind zolucatetide as a potential first-in-class therapy that we believe could help redefine the standard of care for patients with desmoid tumors and other tumors driven by the same elusive biology. We are committed to advancing this program with rigor and speed to deliver meaningful impact for patients."

Desmoid tumors are considered a rare condition involving locally invasive soft-tissue tumors that form in the connective tissues. While they do not metastasize, desmoid tumors can be aggressive and recurrent, often causing chronic and significant pain, limited mobility, disfigurement and organ dysfunction, and no existing therapies target the underlying biology of the disease.

Zolucatetide is an investigational first-in-class inhibitor of the Wnt/β-catenin pathway, which is the fundamental driver of desmoid tumor growth. Orphan Drug Designation follows early data, first released at the European Society for Medical Oncology (ESMO) (Free ESMO Whitepaper) Congress and Connective Tissue Oncology Society (CTOS) 2025 Annual Meeting, demonstrating that zolucatetide has shown evidence of clinically meaningful antitumor activity in desmoid tumors, including tumor reductions and 100% disease-control rate (DCR) in all 10 patients with at least one post-baseline scan and an 80% objective response rate (ORR) in the five patients with more than one post-baseline scan per RECIST 1.1.

The FDA grants Orphan Drug Designation to drugs and biologics that are intended for safe and effective treatment, diagnosis or prevention of rare diseases or conditions that affect fewer than 200,000 people in the U.S. Orphan Drug Designation provides certain incentives, such as tax credits towards the cost of clinical trials upon approval and prescription drug user fee waivers. Products with Orphan Drug Designation status are also entitled to a potential seven years of regulatory exclusivity following regulatory approval.

Beyond desmoid tumors, zolucatetide is being evaluated across a broad range of rare and common Wnt/β-catenin-driven tumor types. Clinical data presented at the AACR (Free AACR Whitepaper)-NCI-EORTC 2025 meeting showed zolucatetide had single-agent activity in five low-complexity tumor types where Wnt/β-catenin mutations are the primary drivers of disease – including desmoid, adamantinomatous craniopharyngioma (ACP), ameloblastoma, salivary gland cancer, and solid pseudopapillary neoplasm (SPN) – with strong scientific rational for combination therapy in more complex cancers such as microsatellite-stable colorectal cancer (MSS CRC). Parabilis also shared early data indicating the potential of zolucatetide in hepatocellular carcinoma (HCC) and familial adenomatous polyposis (FAP) at the JP Morgan Healthcare conference earlier this year.

The company plans to share additional data readouts in 2026 from its ongoing Phase 1/2 trial of zolucatetide, in which more than 150 patients have been dosed to date.

About Zolucatetide (Previously FOG-001)

Zolucatetide is an investigational first-in-class competitive inhibitor of β-catenin interactions with the T-cell factor (TCF) family of transcription factors and is currently in clinical development. By directly targeting the β-catenin:TCF protein-protein interaction, zolucatetide is intended to block the Wnt signaling pathway irrespective of the various APC and β-catenin mutations that typically drive disease.

Zolucatetide combines key features that distinguish it from previously reported Wnt/β-catenin pathway modulators: zolucatetide acts inside the cell where it binds directly to the key oncogenic driver β-catenin; and zolucatetide blocks the Wnt pathway at the key downstream node, disrupting the interaction between β-catenin and the TCF transcription factors, thereby abrogating the signal transmission by which Wnt pathway mutations are believed to drive oncogenesis.

Zolucatetide is currently being evaluated in a Phase 1/2 clinical trial in patients with locally advanced or metastatic solid tumors. Zolucatetide has received Fast Track Designation and Orphan Drug Designation for the treatment of desmoid tumors from the U.S. Food and Drug Administration (FDA).

About the Phase 1/2 trial of Zolucatetide

Zolucatetide is being evaluated in a Phase 1/2 multicenter, open-label study (NCT05919264) assessing its safety, tolerability, pharmacokinetics, pharmacodynamics, and antitumor activity. The trial includes dose-escalation and dose-expansion phases and is testing zolucatetide both as a monotherapy and in combination with other anticancer agents in patients with advanced or metastatic solid tumors likely or known to harbor a Wnt pathway–activating mutation (WPAM).

(Press release, Parabilis Medicines, MAR 11, 2026, View Source;cateninTCF-Interaction-Receives-FDA-Orphan-Drug-Designation-for-the-Treatment-of-Desmoid-Tumors [SID1234663462])

On March 10, 2026 Propanc Biopharma, Inc. (Nasdaq: PPCB) ("Propanc" or the "Company"), a biopharmaceutical company focused on developing novel treatments for chronic diseases, including recurrent and metastatic cancer, reported that management has executed a service agreement with FyoniBio GmbH (formerly Glycotope, est. 2010), a German Contract Development Organization (CDO) based in Berlin for establishing and validating a liquid chromatography-mass spectrometry (LC-MS) based pharmacokinetics (PK) assay. The objective is to quantify the Company’s lead asset, PRP, consisting of two proenzymes trypsinogen and chymotrypsinogen, as well as their activated enzyme forms trypsin and chymotrypsin from human serum during the Phase 1b, First-In-Human (FIH) study in advanced cancer patients suffering from solid tumors.

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The purpose and design of the study will be used as an important tool to measure the concentration of PRP and its analytes over time upon administration to advanced cancer patients suffering from solid tumors. Results from the PK assay will evaluate the systemic concentration of PRP sufficient to expect anti-tumor activity in patients whilst carefully evaluating their response according to safety and tolerability parameters. Secondary efficacy endpoints will also be observed to support duration of treatment for responders. The LC-MS PK assay should offer a robust method to quantify all four analytes in patients’ serum with a maximum sensitivity of at least 0.1µg/mL, sufficient to monitor the concentration of PRP in patients during the FIH study.

"Establishing and validating our PK method for the First-In-Human study is one of three key activities in preparation for this pivotal milestone. The other two are the GMP manufacture of PRP and clinical trial application for the study which we are actively undertaking," said Dr Ralf Brandt, Propanc’s Research and Development Director. "FyoniBio provides expertise in assisting biotech companies bringing biologics from early development to the clinic. My clinical research team and I are confident that the method development work initiated will successfully translate into a fully validated method that will support our team’s decision-making processes for the upcoming study which we plan to commence in the fourth calendar quarter of this year."

(Press release, Propanc, MAR 10, 2026, View Source [SID1234663421])

On March 10, 2026 ADC Therapeutics SA (NYSE: ADCT), a commercial-stage global leader and pioneer in the field of antibody drug conjugates (ADCs), reported financial results for the fourth quarter and full year ended December 31, 2025, and provided recent operational updates.

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"Building off the meaningful progress achieved across our ZYNLONTA clinical program in DLBCL and through investigator-initiated trials in indolent lymphomas this past year, we believe we have laid the foundation for multiple anticipated value-creating catalysts," said Ameet Mallik, Chief Executive Officer of ADC Therapeutics. "We expect topline LOTIS-5 results in the second quarter, followed by full LOTIS-5 and LOTIS-7 results in 2L+ DLBCL by the end of 2026 and, assuming positive data, potential compendia inclusions in first half of 2027 with LOTIS-5 regulatory approval to follow. Supported by an expected cash runway at least into 2028, we are confident we will drive significant potential long-term growth beginning in 2027."

Fourth Quarter 2025 Operational Updates and Upcoming Milestones

LOTIS-5 topline results anticipated in 2Q 2026. The Company expects to provide topline data in 2Q 2026 from the LOTIS-5 Phase 3 confirmatory trial of ZYNLONTA (loncastuximab tesirine-lpyl) in combination with rituximab in patients with 2L+ diffuse large B-cell lymphoma (DLBCL) once the pre-specified number of approximately 262 progression-free survival events is reached and data are available. Full results are anticipated to be published by the end of 2026. Assuming positive results, the Company will file a supplemental Biologics License Application (sBLA) submission with the U.S. Food and Drug Administration (FDA), with potential compendia inclusion in the first half of 2027 and confirmatory approval in 2L+ DLBCL to follow in mid-2027.

LOTIS-7 trial ongoing with data anticipated by year-end. In December 2025, the Company reported updated data from the LOTIS-7 Phase 1b trial evaluating ZYNLONTA in combination with the bispecific antibody glofitamab (COLUMVI) in patients with relapsed or refractory (r/r) DLBCL. The data demonstrated an 89.8% best overall response rate and a 77.6% complete response rate across 49 efficacy evaluable patients with a minimum of six months follow-up. The LOTIS-7 trial is ongoing at the selected 150 µg/kg dose and the Company plans to share full data at a medical meeting and through publication by the end of 2026. The Company plans to assess regulatory and compendia strategies.

Ongoing investigator-Initiated trials (IITs) evaluating ZYNLONTA in additional B-cell malignancies. The Company anticipates publication of data from the University of Miami Sylvester Comprehensive Cancer Center-led multi-center trials of ZYNLONTA in combination with rituximab to treat r/r follicular lymphoma (FL) and as a monotherapy to treat marginal zone lymphoma (MZL) between the end of 2026 and mid-2027. Assuming positive data, the Company intends to assess potential regulatory and compendia pathways.

Fourth Quarter and Full Year 2025 Financial Results

Product Revenues: Net product revenues were $22.3 million and $73.6 million for the fourth quarter and full year ended December 31, 2025, as compared to $16.4 million and $69.3 million for the same periods in 2024. The quarter-over-quarter increase in revenue primarily reflected variability in customer ordering, with underlying demand broadly stable. The increase for the full year was driven by higher selling price and relatively flat volume year-over-year.

Research and Development (R&D) Expense: R&D expense was $18.2 million and $104.0 million for the fourth quarter and full year ended December 31, 2025, respectively. This compares to R&D expense of $27.1 million and $109.6 million for the same periods in 2024. The decrease in R&D costs quarter-over quarter was primarily driven by a reduction in spending on discontinued programs and completion of the IND-enabling activities for our PSMA-targeting ADC. The decrease in R&D costs for the full year was driven by a reduction in spending on discontinued programs, partially offset by expenditure associated with completion of the IND-enabling activities for our PSMA-targeting ADC and our ongoing ZYNLONTA clinical trials.

Selling and Marketing (S&M) Expense: S&M expense was $12.0 million and $43.4 million for the fourth quarter and full year ended December 31, 2025, respectively. This compares to S&M expense of $11.3 million and $44.0 million for the same periods in 2024. S&M expense remained relatively flat period-over-period.

General & Administrative (G&A) Expense: G&A expense was $9.5 million and $36.6 million for the fourth quarter and full year ended December 31, 2025, respectively. This compares to G&A expense of $9.6 million and $41.9 million for the same periods in 2024. G&A expense remained relatively flat quarter-over-quarter. The reduction in G&A expense for the full year was primarily due to lower external professional fees.

Restructuring, impairment and other related costs: In connection with the strategic reprioritization and restructuring plan announced in June 2025, the Company incurred $0.3 million in income for the fourth quarter and $13.1 million in restructuring, impairment and other related costs for the full year ended December 31, 2025, which consisted of $6.0 million in employee severance and related benefit costs, $5.8 million in non-cash impairment of assets and $1.3 million in dilapidations, lease termination, legal fees, and other related costs in connection with the closure of the UK facility.

Total operating expenses and adjusted total operating expenses: Total operating expenses were $41.0 million and $202.9 million for the fourth quarter and full year ended December 31, 2025, respectively, as compared to $49.3 million and $201.5 million for the fourth quarter and full year ended December 31, 2025, respectively. On a non-GAAP basis, total adjusted operating expenses were $39.4 million and $181.3 million for the quarter and full year ended December 31, 2025, respectively, as compared to $46.6 million and $193.8 million for the quarter and full year ended December 31, 2024, respectively. The reduction in total adjusted operating expenses for the fourth quarter was primarily driven by lower R&D expenses. The decrease in total adjusted operating expenses for the full year was a result of lower R&D, G&A and S&M expenses.

Net Loss: Net loss for the quarter ended December 31, 2025, was $6.4 million, or a net loss of $0.04 per basic and diluted share, as compared to net loss of $30.7 million, or a net loss of $0.29 per basic and diluted share for the same period in 2024. Net loss for the full year ended December 31, 2025, was $142.6 million, or a net loss of $1.12 per basic and diluted share, as compared to net loss of $157.8 million, or a net loss of $1.62 per basic and diluted share for the full year ended December 31, 2024. The lower net loss over both periods was primarily due to a higher cumulative catch-up adjustment gain associated with our deferred royalty obligation and reduced R&D expense, partially offset by the restructuring, impairment and related costs incurred in connection with the strategic reprioritization and restructuring plan.

Adjusted Net Loss: Adjusted net loss, which is a non-GAAP financial measure, was $13.5 million, or an adjusted net loss of $0.09 per basic and diluted share for the quarter ended December 31, 2025, as compared to an adjusted net loss of $26.5 million, or $0.25 per basic and diluted share, for the same period in 2024. Adjusted net loss for the full year ended December 31, 2025, was $91.7 million, or an adjusted net loss of $0.72 per basic and diluted share, as compared to net loss of $111.4 million, or an adjusted net loss of $1.15 per basic and diluted share for the full year ended December 31, 2024. The decrease in adjusted net loss over both periods was due to lower operating expenses and a higher number of weighted average shares outstanding.

Cash and cash equivalents: As of December 31, 2025, cash and cash equivalents were $261.3 million, compared to $250.9 million as of December 31, 2024, providing expected cash runway at least into 2028. The Company significantly strengthened its cash and cash equivalents position by entering into a $100 million PIPE financing in June 2025 and a $60.0 million PIPE financing in October 2025 with certain institutional investors, which raised $150.8 million in total after deducting placement agent fees and offering expenses.

Subsequent event

Amended HealthCare Royalty Financing Agreement.

In February 2026, ADC Therapeutics entered into an amendment to its royalty purchase agreement with entities managed by HealthCare Royalty, offering greater strategic flexibility to the Company. The new agreement reduces the change of control payment from $750 million to $150 million through the end of 2027, and to $200 million thereafter. In the event of a change of control, HealthCare Royalty will continue to receive royalties on sales by the acquirer until the original royalty cap is reached. In return, HealthCare Royalty has been granted warrants to purchase approximately 9.8 million common shares, with an exercise price of $3.81 per share. These warrants are exercisable until December 31, 2030, and are subject to a lock-up through the end of 2027.

Conference Call Details

ADC Therapeutics management will host a conference call and live audio webcast to discuss fourth quarter and full year 2025 financial results and provide a company update today at 8:30 a.m. EDT. To access the conference call, please register here. Registrants will receive the dial-in number and unique PIN. It is recommended that you join 10 minutes before the event, though you may pre-register at any time. A live webcast of the call will be available under "Events & Presentations" in the Investors section of the ADC Therapeutics website at ir.adctherapeutics.com. The archived webcast will be available for 30 days following the call.

(Press release, ADC Therapeutics, MAR 10, 2026, View Source [SID1234663406])