ADCT Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

03

Price $1.49

Market Cap (MRQ) $190M

P/E (TTM) -2.6

EPS (TTM) $-0.58

Revenue (TTM) $80M

ROE (TTM) 45.3%

Debt/Equity (MRQ) -0.0

52W Range $1–$5

ADCT Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

04

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10-Year Performance Revenue, net income, margins and EPS trends

06

Revenue$81M

2022-12-31 → 2025-12-31

EPS$-1.12

2022-12-31 → 2025-12-31

Free Cash Flow$-141M

2020-12-31 → 2025-12-31

Net margin-121.8%

2023-12-31 → 2025-12-31

Valuation & Ratios 07–12

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric	ADCT	5Y avg	Peer Median	Verdict
P/E (TTM)	-2.65Y avg ≈-1.7	≈-1.7	·	·
P/S (TTM)	2.45Y avg ≈3.4	≈3.4	·	·
P/B (MRQ)	-0.85Y avg ≈-1.4	≈-1.4	·	·
EV / EBITDA	0.5	·	·	·
Price / FCF (TTM)	-1.95Y avg ≈-1.9	≈-1.9	·	·
Price / Cash Flow (TTM)	-1.95Y avg ≈-2.0	≈-2.0	·	·
EV / Revenue	-0.8	·	·	·
EV / FCF	0.5	·	·	·

Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric	ADCT	5Y avg	Peer Median	Verdict
Operating Margin (TTM)	-125.1%5Y avg ≈-190.8%	≈-190.8%	·	·
EBITDA Margin	-149.3%5Y avg ≈-190.8%	≈-190.8%	·	·
Pretax Margin (TTM)	-122.3%5Y avg ≈-225.1%	≈-225.1%	·	·
Net Profit Margin (TTM)	-121.8%5Y avg ≈-247.8%	≈-247.8%	·	·
ROA (TTM)	-32.3%5Y avg ≈-43.1%	≈-43.1%	-47.3%	In line
ROE (TTM)	45.3%5Y avg ≈32.8%	≈32.8%	6.8%	Top tier
ROIC	66.9%5Y avg ≈-3.7%	≈-3.7%	·	·

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric	ADCT	5Y avg	Peer Median	Verdict
Debt / Equity (MRQ)	-0.0	·	·	·
Current Ratio (MRQ)	3.05Y avg ≈5.0	≈5.0	2.0	Strong liquidity
Quick Ratio	3.75Y avg ≈4.3	≈4.3	1.5	Strong liquidity

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric	5Y trend	ADCT	5Y avg	Peer Median	Verdict
Revenue YoY		14.8%5Y avg ≈-16.7%	≈-16.7%	·	·
Revenue CAGR 3Y		-27.1%	·	·	·

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric	ADCT	5Y avg	Peer Median	Verdict
EPS (Diluted)	$-1.125Y avg ≈$-1.92	≈$-1.92	·	·
Revenue / Share	$0.645Y avg ≈$0.74	≈$0.74	·	·
Cash Flow / Share	$-1.115Y avg ≈$-1.28	≈$-1.28	·	·
Cash / Share	$2.085Y avg ≈$2.67	≈$2.67	·	·

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric	ADCT	5Y avg	Peer Median	Verdict
Asset Turnover	0.35Y avg ≈0.2	≈0.2	·	·
Inventory Turnover	1.85Y avg ≈0.6	≈0.6	·	·
Revenue / Employee	≈$432.8K	·	·	·

value · ≈ 5Y avg · industry median · verdict relative to median

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

14

Avg Surprise 38.0%

Next Report Nov 10, 2026

Period	Report	EPS Actual	EPS Est	Surprise
June 30, 2026	Aug 13, 2026	$-0.11	$-0.22	49.1%
March 31, 2026	May 12, 2026	$-0.13	$-0.22	40.7%
Dec. 31, 2025		$-0.04	$-0.27	85.4%
Sept. 30, 2025		$-0.30	$-0.37	18.7%
June 30, 2025		$-0.38	$-0.48	21.4%
March 31, 2025		$-0.36	$-0.41	12.5%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

15

Income Statement 17

Metric	2025	2024	2023	2022
Revenue	$81M	$71M	$70M	$210M
Cost of Revenue	$6M	$6M	$3M	$3M
R&D Expense	$104M	$110M	$127M	$186M
SG&A Expense	$37M	$42M	$48M	$74M
Operating Expenses	$203M	$201M	$236M	$333M
Operating Income	$-121M	$-131M	$-166M	$-123M
Interest Expense	·	$50M	$46M	$37M
Interest Income	$9M	$12M	$11M	$3M
Other Non-op	$23M	$12M	$6M	$53M
Pretax Income	$-142M	$-156M	$-195M	$-147M
Income Tax	$1M	$166.0K	$39M	$227.0K
Net Income	$-143M	$-158M	$-240M	$-157M
EPS (Basic)	$-1.12	$-1.62	$-2.94	$-2.01
EPS (Diluted)	$-1.12	$-1.62	$-2.94	$-2.01
Shares (Basic)	127,067,540	97,159,966	81,712,166	78,152,964
Shares (Diluted)	127,067,540	97,159,966	81,712,166	78,152,964
EBITDA	$-121M	$-131M	$-166M	$-124M

Balance Sheet 28

Metric	2025	2024	2023	2022
Cash & Equivalents	$261M	$251M	$279M	$326M
Receivables	·	·	·	$73M
Inventory	$4M	$2M	$16M	$12M
Prepaid Expense	$6M	$8M	$10M	$23M
Other Current Assets	$6M	$9M	$6M	·
Current Assets	$306M	$291M	$336M	$435M
PP&E (Net)	$0	$5M	$6M	$3M
PP&E (Gross)	$1M	$10M	$10M	$7M
Accum. Depreciation	$1M	$5M	$4M	$3M
Intangibles	·	·	·	$14M
Other Non-current Assets	$1M	$1M	$711.0K	$902.0K
Total Assets	$323M	$322M	$355M	$491M
Accounts Payable	$9M	$18M	$16M	$12M
Accrued Liabilities	$58M	$62M	$52M	$68M
Current Liabilities	$70M	$80M	$68M	$82M
Capital Leases	$1M	$8M	$10M	$7M
Deferred Tax	$789.0K	$2M	$1M	$4M
Other Non-current Liabilities	$3M	$2M	$9M	$838.0K
Total Liabilities	$509M	$525M	$503M	$411M
Total Debt	$3M	·	·	·
Common Stock	$11M	$8M	$7M	$7M
Paid-in Capital	$1.44B	$1.28B	$1.18B	$1.17B
Retained Earnings	$-1.64B	$-1.49B	$-1.34B	$-1.10B
Treasury Stock	$205.0K	$220.0K	$541.0K	$679.0K
AOCI	$-517.0K	$-1M	$-93.0K	$2M
Stockholders' Equity	$-186M	$-203M	$-148M	$79M
Liabilities + Equity	$323M	$322M	$355M	$491M
Shares Outstanding	125,748,762	101,606,376	89,041,946	89,041,946

Cash Flow 11

Metric	2025	2024	2023	2022
Stock-based Comp	$7M	$7M	$13M	$49M
Deferred Tax	$0	$0	$37M	$-2M
Operating Cash Flow	$-141M	$-124M	$-119M	$-138M
CapEx	$264.0K	$867.0K	$3M	$687.0K
Investing Cash Flow	$395.0K	$-867.0K	$-3M	$-687.0K
Stock Issued	$86M	$61M	$0	·
Net Stock Activity	$86M	$61M	·	·
Financing Cash Flow	$151M	$97M	$74M	$-897.0K
Taxes Paid	$-100.0K	$-900.0K	·	·
Free Cash Flow	$-141M	$-125M	$-122M	$-137M
Levered FCF	·	$-175M	$-177M	$-175M

Profitability 7

Metric	2025	2024	2023	2022
Operating Margin	-149.3%	-184.4%	-238.6%	·
Net Margin	-175.3%	-222.8%	-345.1%	·
Pretax Margin	-174.1%	-220.4%	-280.9%	·
EBITDA Margin	-149.3%	-184.4%	-238.6%	·
ROA	-44.2%	-46.7%	-56.8%	-27.2%
ROE	74.1%	84.3%	225.9%	-128.4%
ROIC	66.9%	64.5%	134.4%	-140.4%

Liquidity & Solvency 4

Metric	2025	2024	2023	2022
Current Ratio	4.4	3.8	5.0	4.5
Quick Ratio	3.7	3.1	4.1	4.0
Debt / Equity	-0.0	·	·	·
Interest Coverage	·	-2.6	-3.6	-3.3

Efficiency 2

Metric	Trend	2025	2024	2023	2022
Asset Turnover		0.3	0.2	0.2	·
Inventory Turnover		1.8	0.3	0.2	0.3

Per Share 5

Metric	2025	2024	2023	2022
Book Value / Share	$-1.48	$-2.05	$-1.80	·
Revenue / Share	$0.64	$0.73	$0.85	·
Cash Flow / Share	$-1.11	$-1.27	$-1.45	·
Cash / Share	$2.08	$2.54	$3.39	·
EPS (TTM)	$-1.12	$-1.62	$-2.94	$-2.01

Growth Rates 2

Metric	Trend	2025	2024	2023	2022
Revenue YoY		14.8%	1.8%	-66.9%	·
Revenue CAGR 3Y		-27.1%	·	·	·

Valuation (TTM) 13

Metric	2025	2024	2023	2022
Revenue TTM	$81M	$71M	$70M	$210M
Net Income TTM	$-143M	$-158M	$-240M	$-157M
Market Cap	$444M	$197M	$137M	·
Enterprise Value	$186M	·	·	·
P/E	-3.2	-1.2	-0.6	-1.9
P/S	5.5	2.8	2.0	·
P/B	-2.4	-1.0	-0.9	·
P / Cash Flow	-3.1	-1.6	-1.2	·
P / FCF	-3.1	-1.6	-1.1	·
EV / EBITDA	-1.5	·	·	·
EV / FCF	-1.3	·	·	·
EV / Revenue	2.3	·	·	·
Earnings Yield	-31.7%	-81.4%	-177.1%	-52.3%

Income Statement 16

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023
Revenue	$19M	$21M	$23M	$16M	$19M	$23M	$17M	$18M	$17M	$18M	$17M	$14M	$19M	$19M
R&D Expense	$17M	$20M	$18M	$27M	$30M	$29M	$27M	$33M	$24M	$26M	$30M	$27M	$31M	$38M
SG&A Expense	$10M	$10M	$9M	$8M	$9M	$10M	$10M	$10M	$10M	$12M	$11M	$10M	$12M	$16M
Operating Expenses	$45M	$46M	$41M	$47M	$63M	$51M	$49M	$54M	$46M	$52M	$57M	$51M	$59M	$69M
Operating Income	$-25M	$-25M	$-18M	$-31M	$-44M	$-28M	$-32M	$-36M	$-29M	$-34M	$-40M	$-36M	$-40M	$-50M
Interest Expense	·	·	·	·	·	$12M	·	$13M	$13M	$12M	$13M	$13M	$10M	$10M
Interest Income	$2M	$2M	$2M	$2M	$2M	$2M	$3M	$3M	$3M	$3M	$3M	$3M	$2M	$2M
Other Non-op	$21M	$3M	$22M	$925.0K	$-182.0K	$203.0K	$11M	$2M	$3M	$-3M	$10M	$860.0K	$-5M	$833.0K
Pretax Income	$-17M	$-33M	$-7M	$-41M	$-55M	$-38M	$-31M	$-44M	$-36M	$-46M	$-40M	$-45M	$-53M	$-57M
Income Tax	$0	$0	$-404.0K	$0	$1M	$165.0K	$-321.0K	$90.0K	$234.0K	$163.0K	$43M	$-85.0K	$-4M	$518.0K
Net Income	$-17M	$-33M	$-6M	$-41M	$-57M	$-39M	$-31M	$-44M	$-37M	$-47M	$-85M	$-47M	$-49M	$-59M
EPS (Basic)	$-0.11	$-0.21	$0.04	$-0.30	$-0.50	$-0.36	$-0.26	$-0.42	$-0.38	$-0.56	$-1.04	$-0.57	$-0.60	$-0.73
EPS (Diluted)	$-0.11	$-0.21	$0.04	$-0.30	$-0.50	$-0.36	$-0.26	$-0.42	$-0.38	$-0.56	$-1.04	$-0.57	$-0.60	$-0.73
Shares (Basic)	155,016,023	154,142,347	·	136,446,534	113,743,358	107,202,374	·	104,824,877	95,691,245	82,552,322	·	82,256,847	81,471,127	80,805,770
Shares (Diluted)	155,016,023	154,142,347	·	136,446,534	113,743,358	107,202,374	·	104,824,877	95,691,245	82,552,322	·	82,256,847	81,471,127	80,805,770
EBITDA	$-25M	$-25M	·	$-31M	$-44M	$-28M	·	$-36M	$-29M	$-34M	·	·	·	·

Balance Sheet 26

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023
Cash & Equivalents	$219M	$231M	$261M	$235M	$265M	$195M	$251M	$274M	$300M	$234M	$279M	·	·	·
Inventory	$5M	$5M	$4M	$18M	$18M	$17M	$2M	$16M	$15M	$16M	$16M	·	·	·
Prepaid Expense	$5M	$6M	$6M	$6M	$5M	$7M	$8M	$19M	$17M	$17M	$10M	·	·	·
Other Current Assets	$4M	$4M	$6M	$6M	$6M	$7M	$9M	·	·	·	$6M	·	·	·
Current Assets	$262M	$277M	$306M	$287M	$319M	$258M	$291M	$333M	$355M	$290M	$336M	·	·	·
PP&E (Net)	·	·	$0	$0	$1.0K	$5M	$5M	$6M	$5M	$6M	$6M	·	·	·
PP&E (Gross)	·	·	$1M	$6M	$6M	$11M	$10M	$11M	$10M	$10M	$10M	·	·	·
Accum. Depreciation	·	·	$1M	$6M	$6M	$6M	$5M	$5M	$5M	$5M	$4M	·	·	·
Other Non-current Assets	$1M	$1M	$1M	$1M	$1M	$1M	$1M	$1M	$992.0K	$986.0K	$711.0K	·	·	·
Total Assets	$279M	$291M	$323M	$290M	$322M	$273M	$322M	$349M	$372M	$308M	$355M	·	·	·
Accounts Payable	$13M	$5M	$9M	$8M	$10M	$16M	$18M	$14M	$11M	$14M	$16M	·	·	·
Accrued Liabilities	$67M	$58M	$58M	$54M	$55M	$42M	$62M	$53M	$47M	$49M	$52M	·	·	·
Current Liabilities	$86M	$68M	$70M	$62M	$65M	$58M	$80M	$68M	$58M	$63M	$68M	·	·	·
Capital Leases	$946.0K	$991.0K	$1M	$1M	$1M	$8M	$8M	$9M	$9M	$10M	$10M	·	·	·
Deferred Tax	·	·	$789.0K	·	·	·	$2M	·	·	·	$1M	·	·	·
Other Non-current Liabilities	$6M	$5M	$3M	$9M	$7M	$4M	$2M	$8M	$7M	$7M	$9M	·	·	·
Total Liabilities	$508M	$508M	$509M	$528M	$521M	$511M	$525M	$521M	$503M	$502M	$503M	·	·	·
Total Debt	$6M	$5M	·	·	·	·	·	·	·	·	·	·	·	·
Common Stock	$11M	$11M	$11M	$10M	$10M	$8M	$8M	$8M	$8M	$7M	$7M	·	·	·
Paid-in Capital	$1.45B	$1.44B	$1.44B	$1.38B	$1.38B	$1.29B	$1.28B	$1.28B	$1.28B	$1.18B	$1.18B	·	·	·
Retained Earnings	$-1.69B	$-1.67B	$-1.64B	$-1.63B	$-1.59B	$-1.53B	$-1.49B	$-1.46B	$-1.42B	$-1.38B	$-1.34B	·	·	·
Treasury Stock	$205.0K	$205.0K	$205.0K	$205.0K	$207.0K	$207.0K	$220.0K	$222.0K	$239.0K	$502.0K	$541.0K	·	·	·
AOCI	$-814.0K	$-802.0K	$-517.0K	$-702.0K	$-388.0K	$-1M	$-1M	$203.0K	$-338.0K	$-201.0K	$-93.0K	·	·	·
Stockholders' Equity	$-228M	$-216M	$-186M	$-238M	$-199M	$-238M	$-203M	$-172M	$-132M	$-194M	$-148M	·	·	·
Liabilities + Equity	$279M	$291M	$323M	$290M	$322M	$273M	$322M	$349M	$372M	$308M	$355M	·	·	·
Shares Outstanding	127,438,173	127,165,116	125,748,762	112,626,731	112,499,083	99,178,286	98,861,402	96,687,985	96,469,641	82,777,226	82,293,137	·	·	·

Cash Flow 9

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023
Stock-based Comp	$5M	$2M	$673.0K	$2M	$2M	$2M	$2M	$3M	$2M	$158.0K	$2M	$2M	$1M	$8M
Operating Cash Flow	$-12M	$-30M	$-31M	$-30M	$-24M	$-56M	$-22M	$-25M	$-33M	$-44M	$-32M	$-37M	$-35M	$-15M
CapEx	$0	$32.0K	$0	$0	$0	$264.0K	$90.0K	$216.0K	$30.0K	$531.0K	$327.0K	$661.0K	$1M	$1M
Investing Cash Flow	$0	$-32.0K	$659.0K	$0	$0	$-264.0K	$-90.0K	$-216.0K	$-30.0K	$-531.0K	$-327.0K	$-661.0K	$-1M	$-1M
Stock Issued	$0	$-20.0K	$44M	$-479.0K	$43M	$0	$0	$-1M	·	·	$0	$0	·	·
Net Stock Activity	·	$-20.0K	·	·	·	·	·	·	·	·	·	·	·	·
Financing Cash Flow	$-99.0K	$-583.0K	$57M	$-198.0K	$94M	$271.0K	$-1M	$-879.0K	$99M	$356.0K	$-1.0K	$349.0K	$73M	$425.0K
Free Cash Flow	·	$-30M	·	·	·	$-57M	·	·	·	$-45M	·	·	·	·
Levered FCF	·	·	·	·	·	$-69M	·	·	·	$-57M	·	·	·	·

Profitability 7

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023
Operating Margin	-132.0%	-121.1%	·	-188.5%	-234.3%	-123.6%	·	-192.6%	-166.8%	-186.2%	·	·	·	·
Net Margin	-86.1%	-158.1%	·	-249.4%	-300.7%	-167.6%	·	-238.1%	-209.9%	-258.2%	·	·	·	·
Pretax Margin	-86.1%	-158.1%	·	-249.4%	-294.0%	-166.9%	·	-236.2%	-205.1%	-253.4%	·	·	·	·
EBITDA Margin	-132.0%	-121.1%	·	-188.5%	-234.3%	-123.6%	·	-192.6%	-166.8%	-186.2%	·	·	·	·
ROA	-5.5%	-11.7%	·	-12.8%	-16.3%	-13.3%	·	-25.2%	-19.7%	-30.3%	·	·	·	·
ROE	7.8%	14.5%	·	20.0%	34.2%	17.8%	·	51.1%	55.5%	47.9%	·	·	·	·
ROIC	11.5%	11.9%	·	13.0%	22.7%	12.0%	·	20.7%	22.2%	17.3%	·	·	·	·

Liquidity & Solvency 4

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023
Current Ratio	3.0	4.1	·	4.6	4.9	4.5	·	4.9	6.2	4.6	·	·	·	·
Quick Ratio	2.5	3.4	·	3.8	4.1	3.4	·	4.1	5.2	3.7	·	·	·	·
Debt / Equity	-0.0	-0.0	·	·	·	·	·	·	·	·	·	·	·	·
Interest Coverage	·	·	·	·	·	-2.3	·	-2.7	-2.3	-2.7	·	·	·	·

Efficiency 1

Metric	Trend	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023
Asset Turnover		0.1	0.1	·	0.1	0.1	0.1	·	0.1	0.1	0.1	·	·	·	·

Per Share 5

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023
Book Value / Share	$-1.79	$-1.70	·	$-2.11	$-1.77	$-2.40	·	$-1.78	$-1.36	$-2.35	·	·	·	·
Revenue / Share	$0.12	$0.14	·	$0.12	$0.17	$0.21	·	$0.18	$0.18	$0.22	·	·	·	·
Cash Flow / Share	·	$-0.19	·	·	·	$-0.53	·	·	·	$-0.53	·	·	·	·
Cash / Share	$1.72	$1.82	·	$2.08	$2.35	$1.96	·	$2.84	$3.11	$2.83	·	·	·	·
EPS (TTM)	$-0.58	$-0.97	·	$-1.42	$-1.54	$-1.42	·	$-2.40	$-2.55	$-2.77	·	·	·	·

Valuation (TTM) 10

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023
Revenue TTM	$80M	$79M	·	$75M	$77M	$76M	·	$71M	$67M	$69M	·	·	·	·
Net Income TTM	$-97M	$-137M	·	$-167M	$-170M	$-150M	·	$-212M	$-215M	$-227M	·	·	·	·
Market Cap	$136M	$477M	·	$451M	$301M	$140M	·	$305M	$305M	$372M	·	·	·	·
Enterprise Value	$-77M	$250M	·	·	·	·	·	·	·	·	·	·	·	·
P/E	-1.8	-3.9	·	-2.8	-1.7	-1.0	·	-1.3	-1.2	-1.6	·	·	·	·
P/S	1.7	6.0	·	6.0	3.9	1.8	·	4.3	4.6	5.4	·	·	·	·
P/B	-0.6	-2.2	·	-1.9	-1.5	-0.6	·	-1.8	-2.3	-1.9	·	·	·	·
P / Cash Flow	·	-16.1	·	·	·	-2.5	·	·	·	-8.4	·	·	·	·
EV / Revenue	-1.0	3.2	·	·	·	·	·	·	·	·	·	·	·	·
Earnings Yield	-54.2%	-25.9%	·	-35.5%	-57.5%	-100.7%	·	-76.2%	-80.7%	-61.7%	·	·	·	·

Most recent period on the left · null values shown as ·

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

16

Metric	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Revenue	$81M	$71M	$70M	$210M	·
Operating Margin %	-149.3%	-184.4%	-238.6%	·	·
Net Income	$-143M	$-158M	$-240M	$-157M	$-230M
Diluted EPS	$-1.12	$-1.62	$-2.94	$-2.01	·

Metric	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Debt / Equity	-0.0	·	·	·	·
Current Ratio	4.4	3.8	5.0	4.5	7.1
Quick Ratio	3.7	3.1	4.1	4.0	6.7

Metric	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Free Cash Flow	$-141M	$-125M	$-122M	$-137M	$-237M

Institutional owners (13F) 122 filers · $93.2M total · As of Sept. 30, 2026

17

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Holders 122

Value held $93.2M

New positions 27

Exited positions 30

Institutional activity — Q2 2026 vs prior quarter

New positions	Exited positions	Increased	Decreased	Net shares change
27 (+4 vs prior Q)	30 (+18 vs prior Q)	42 (-9 vs prior Q)	30 (+1 vs prior Q)	-2.7M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution	Value	Shares	% of tracked 13F	Type
Nantahala Capital Management, LLC	$13,189,017	12,326,184	14.15%	Shares
Redmile Group, LLC	$12,333,580	11,526,710	13.23%	Shares
TCG Crossover Management, LLC	$12,187,487	11,390,175	13.07%	Shares
Prosight Management, LP	$8,372,481	7,824,749	8.98%	Shares
BlackRock, Inc.	$7,511,500	7,020,093	8.06%	Shares
VANGUARD GROUP INC	$3,987,442	1,129,587	4.28%	Shares
Point72 Asset Management, L.P.	$3,904,584	3,649,144	4.19%	Shares
MORGAN STANLEY	$3,264,755	3,051,173	3.50%	Shares
MILLENNIUM MANAGEMENT LLC	$3,102,502	2,899,535	3.33%	Shares
Vantage Consulting Group Inc	$2,410,983	682,998	2.59%	Shares
CITADEL ADVISORS LLC	$2,197,048	2,053,316	2.36%	Shares
GOLDMAN SACHS GROUP INC	$2,048,434	1,914,424	2.20%	Shares
STATE STREET CORP	$1,803,845	1,685,836	1.93%	Shares
GEODE CAPITAL MANAGEMENT, LLC	$1,546,733	1,445,546	1.66%	Shares
BANK OF AMERICA CORP /DE/	$1,378,381	1,288,206	1.48%	Shares
VANGUARD PORTFOLIO MANAGEMENT LLC	$959,888	897,092	1.03%	Shares
TWO SIGMA INVESTMENTS, LP	$827,553	773,414	0.89%	Shares
Blue Owl Capital Holdings LP	$784,918	733,568	0.84%	Shares
D. E. Shaw & Co., Inc.	$769,672	719,320	0.83%	Shares
Opaleye Management Inc.	$749,000	700,000	0.80%	Shares
AQR CAPITAL MANAGEMENT LLC	$704,193	658,125	0.76%	Shares
BNP PARIBAS FINANCIAL MARKETS	$698,548	652,849	0.75%	Shares
NORTHERN TRUST CORP	$635,607	594,025	0.68%	Shares
PLATINUM INVESTMENT MANAGEMENT LTD	$622,322	581,609	0.67%	Shares
PANAGORA ASSET MANAGEMENT INC	$612,913	572,816	0.66%	Shares
UBS Group AG	$556,714	520,293	0.60%	Shares
SCHRODER INVESTMENT MANAGEMENT GROUP	$431,345	418,782	0.46%	Shares
TWO SIGMA ADVISERS, LP	$425,602	120,567	0.46%	Shares
ALLIANCEBERNSTEIN L.P.	$406,763	108,470	0.44%	Shares
WELLS FARGO & COMPANY/MN	$328,644	307,144	0.35%	Shares
Russell Investments Group, Ltd.	$306,664	286,604	0.33%	Shares
Bank of New York Mellon Corp	$269,260	251,645	0.29%	Shares
WELLINGTON MANAGEMENT GROUP LLP	$250,760	234,355	0.27%	Shares
Florida Trust Wealth Management Co	$246,565	230,435	0.26%	Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	$239,742	224,058	0.26%	Shares
Nuveen, LLC	$189,061	176,693	0.20%	Shares
STATE OF WISCONSIN INVESTMENT BOARD	$171,414	160,200	0.18%	Shares
MILLENNIUM MANAGEMENT LLC	$160,500	150,000	0.17%	Call option
JPMORGAN CHASE & CO	$157,116	152,540	0.17%	Shares
JACOBS LEVY EQUITY MANAGEMENT, INC	$151,238	141,344	0.16%	Shares
XTX Topco Ltd	$150,165	140,341	0.16%	Shares
FMR LLC	$142,069	132,775	0.15%	Shares
RHUMBLINE ADVISERS	$125,571	117,364	0.13%	Shares
Revolve Wealth Partners, LLC	$122,000	100,000	0.13%	Shares
Wilmington Savings Fund Society, FSB	$122,000	100,000	0.13%	Shares
Focus Partners Wealth	$119,627	111,801	0.13%	Shares
Quadrature Capital Ltd	$113,088	105,690	0.12%	Shares
BARCLAYS PLC	$100,864	94,264	0.11%	Shares
DEUTSCHE BANK AG\	$89,285	83,444	0.10%	Shares
DAFNA Capital Management LLC	$82,477	77,081	0.09%	Shares

Show all 122 institutional owners →

Activists & 5%+ owners 2 positions

18

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer	Filed	Stake	Status	Purpose	Filing
A.T. Holdings II Sarl, C.T. Phinco Sarl, ADC Products Switzerland Sarl, Auven Therapeutics Holdings L.P., Auven Therapeutics General L.P., Auven Therapeutics GP Ltd., Stephen Evans-Freke, Peter B. Corr ×8 filings	April 25, 2024	·	Initial filing	·	SEC
HPWH TH AG, HP WILD HOLDING AG, Dr. Hans-Peter Wild, Thomas Pfisterer	Sept. 14, 2020	·	Initial filing	Passive investment	SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

Company insiders 14 insiders · 5 officers · 8 directors

19

Insider	Role	Last activity	Shares owned	Net 12m
Ameet Mallik	Chief Executive Officer	June 30, 2026 A	2,121,769	$0
Jose Carmona	Chief Financial Officer	June 30, 2026 A	938,076	$0
Mohamed Zaki	Chief Medical Officer	June 30, 2026 A	896,317	$0
Peter J Graham	Chief Legal Officer	June 30, 2026 A	841,640	$0
Lisa Michelle Kallebo	Chief Accounting Officer	Feb. 13, 2026 F	128,224	$0
Peter Hug	Director	June 3, 2026 F	263,344	$0
Viviane Monges	Director	June 3, 2026 F	186,447	$0
Robert Azelby	Director	June 3, 2026 F	112,805	$0
Jean-Pierre Bizzari	Director	June 3, 2026 F	139,302	$0
Victor Sandor	Director	June 3, 2026 F	140,686	$0
Ron Squarer	Director	June 3, 2026 F	123,431	$0
Timothy Coughlin	Director	June 3, 2026 F	72,400	$0
Hans Peter Wild	10% owner	May 15, 2025 J	9,788,944	$0
Thomas Pfisterer	·	May 15, 2025 J	173,899	$0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

ETF ownership Held by 11 ETFs

20

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund	Weight	Units	As of	Source
IWC · iShares Trust	0.03%	358,020 SH	Sept. 11, 2026	Daily
VTWV · VANGUARD SCOTTSDALE FUNDS	0.01%	74,478 SH	Aug. 19, 2026	Daily
IBB · iShares Trust	0.01%	713,042 SH	Sept. 11, 2026	Daily
IWM · iShares Trust	0.00%	2,687,086 SH	Sept. 11, 2026	Daily
RSSL · Global X Funds	0.00%	51,103 NS	July 31, 2026	N-PORT
IWO · iShares Trust	0.00%	202,930 SH	Sept. 11, 2026	Daily
IWV · iShares Trust	0.00%	48,185 SH	Sept. 3, 2026	Daily
VTWO · VANGUARD SCOTTSDALE FUNDS	0.00%	611,978 SH	Aug. 19, 2026	Daily
VTWG · VANGUARD SCOTTSDALE FUNDS	0.00%	24,289 SH	Aug. 19, 2026	Daily
VTHR · VANGUARD SCOTTSDALE FUNDS	0.00%	9,269 SH	Aug. 19, 2026	Daily
IWN · iShares Trust	·	715,322 SH	Sept. 11, 2026	Daily

ADCT Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

21

rating · 12 analysts BUY

Median target $3.00 +101.3%

4 33.3% Strong Buy

4 33.3% Buy

3 25.0% Hold

0 0.0% Sell

1 8.3% Strong Sell

12-Month Price Target

3 analysts · 2026-10-22

Mean target $3.33 +123.7%

← Below all targets Current price $1.49

Low$2.00 Mean$3.33 High$5.00

Peer comparison (GICS sub-industry) Key metrics vs sector peers

22

FY basis, prices as of each company's last fiscal year-end close.

Ticker	Market Cap	P/E	Rev YoY	Net Margin	ROE	Gross Margin
ADCT	$444M	-3.2	14.8%	-175.3%	74.1%	·
MLTX	·	-3.7	·	·	-60.5%	·
ACIU	·	-4.5	·	-1971.7%	-89.6%	·
VRXA	·	·	·	·	·	·
NCEL	$9M	0.9	·	·	2225.2%	·

My Metrics Your personal watchlist — selected rows from Full Fundamentals

26

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ADCT ADC Therapeutics SA Common Shares