ADC Therapeutics SA (ADCT) Balance Sheet
ADCT balance sheet, 2025
December 31, 2025 · U.S. dollars$323.1M assets = $509.0M liabilities + −$185.8M equity
Liabilities exceed assets: shareholders’ equity is negative (−$185.8M).
Both columns are drawn to the same scale: what ADCT owns equals what it owes plus shareholders’ equity. Hover a block for its value.
ADCT financial health
Descriptive bands, not a rating. Fiscal 2025.
ADCT balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $155.1M2016 | $323.1M2025 | +8.5%/yr | |
| Total liabilities | $14.2M2016 | $509.0M2025 | +48.9%/yr | |
| Shareholders’ equity | $140.9M2016 | −$185.8M2025 | — | |
| Cash & short-term investments | $143.7M2016 | $261.3M2025 | +6.9%/yr | |
| Total debt | $5.0M2019 | $439.0M2025 | +110.6%/yr | |
| Net cash (debt) | $110.5M2019 | −$177.7M2025 | −$288.2M | |
| Working capital | $141.6M2016 | $236.2M2025 | +$94.6M | |
| Book value per share | $4.232017 | −$1.462025 | — | |
| Current ratio | 15.642016 | 4.372025 | −11.28 | |
| Debt / equity | 0.052019 | 1.632022 | +1.59 | |
| Shares outstanding | 58.9M2017 | 127.1M2025 | +10.1%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ADCT assets
ADCT liabilities and equity
ADCT debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
ADCT balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $261.3M | $250.9M | $278.6M | $326.4M | $466.5M | $439.2M | $115.6M | $138.8M | $262.8M | $143.7M |
| Cash & equivalents | $261.3M | $250.9M | $278.6M | $326.4M | $466.5M | $439.2M | $115.6M | $138.8M | $262.8M | $143.7M |
| Receivables | $29.1M | $20.3M | $25.2M | $73.0M | $31.1M | $2.7M | $2.8M | $372,000 | $1.9M | $5.9M |
| Inventory | $4.2M | $18.4M | $16.2M | $12.1M | $11.1M | $6.5M | $2.5M | $1.2M | $293,000 | $0 |
| Other current assets | $11.7M | $17.8M | $16.3M | $23.5M | $16.5M | $2.1M | $1.7M | $1.7M | $202,000 | $1.7M |
| Total current assets | $306.3M | $307.4M | $336.3M | $435.0M | $525.2M | $450.4M | $122.6M | $142.1M | $265.2M | $151.3M |
| Property, plant & equipment (net) | $1.3M | $13.4M | $16.1M | $10.3M | $11.2M | $4.8M | $6.3M | $1.5M | $1.1M | $777,000 |
| Goodwill & intangible assets | $0 | $0 | $0 | $14.4M | $13.6M | $10.2M | $8.4M | $6.7M | $5.4M | $2.9M |
| Long-term investments | $0 | $0 | $1.6M | $31.2M | $41.2M | $47.9M | $0 | $0 | $0 | $0 |
| Other non-current assets | $15.5M | $1.2M | $711,000 | $107,000 | $26.7M | $397,000 | $368,000 | $264,000 | $232,000 | $134,000 |
| Total assets | $323.1M | $322.0M | $354.8M | $490.9M | $618.0M | $513.7M | $137.7M | $150.6M | $271.9M | $155.1M |
| Liabilities | ||||||||||
| Accounts payable | $9.2M | $18.0M | $15.6M | $12.4M | $12.1M | $5.3M | $3.3M | $6.8M | $7.6M | $2.1M |
| Short-term debt | $3.0M | $1.4M | $1.5M | $13.6M | $7.6M | $4.6M | $1.1M | — | — | — |
| Deferred revenue | — | — | — | — | $3.8M | $149,000 | $834,000 | $1.8M | $2.3M | $1.8M |
| Total current liabilities | $70.2M | $80.5M | $67.7M | $81.9M | $73.9M | $40.4M | $19.9M | $22.4M | $20.5M | $9.7M |
| Long-term debt | $112.5M | $113.6M | $112.7M | $97.2M | $125.1M | $108.0M | $0 | $0 | $0 | $0 |
| Lease obligations | $1.6M | $9.4M | $11.6M | $7.7M | $8.0M | $3.5M | $5.0M | — | — | — |
| Other long-term liabilities | $326.4M | $330.5M | $322.6M | $232.2M | $252.8M | $29.8M | $6.6M | $2.0M | $2.2M | $4.5M |
| Total liabilities | $509.0M | $524.6M | $503.0M | $411.4M | $451.9M | $178.2M | $26.5M | $24.3M | $22.8M | $14.2M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $11.1M | $8.4M | $7.3M | $7.3M | $6.4M | $6.3M | $4.4M | $401,000 | $397,000 | $334,000 |
| Retained earnings (deficit) | −$1.64B | −$1.49B | −$1.34B | −$1.10B | −$924.9M | −$694.9M | −$448.6M | −$332.1M | −$209.0M | −$119.1M |
| Accumulated other comprehensive income | −$517,000 | −$1.4M | −$93,000 | $1.8M | $102.8M | $43.0M | $5.5M | $5.7M | $5.5M | $4.6M |
| Total shareholders' equity | −$185.8M | −$202.6M | −$148.2M | $79.5M | $166.1M | $335.5M | $111.2M | $126.2M | $249.2M | $140.9M |
| Key figures | ||||||||||
| Total debt | $439.0M | $123.0M | $124.4M | $129.8M | $139.7M | $115.1M | $5.0M | — | — | — |
| Net cash (debt) | −$177.7M | $127.9M | $154.2M | $196.6M | $326.8M | $324.1M | $110.5M | — | — | — |
| Working capital | $236.2M | $226.9M | $268.6M | $353.0M | $451.2M | $410.0M | $102.7M | $119.7M | $244.6M | $141.6M |
| Tangible book value | −$185.8M | −$202.6M | −$148.2M | $65.1M | $152.5M | $325.3M | $102.7M | $119.6M | $243.8M | $138.0M |
| Book value per share | −$1.46 | −$2.09 | −$1.81 | $1.02 | $2.16 | $5.13 | $1.66 | $2.35 | $4.23 | — |
| Shares outstanding | 127.1M | 97.2M | 81.7M | 78.2M | 76.7M | 65.4M | 66.9M | 53.8M | 58.9M | — |
| Current ratio | 4.37 | 3.82 | 4.97 | 5.31 | 7.10 | 11.14 | 6.15 | 6.36 | 12.91 | 15.64 |
| Quick ratio | 4.14 | 3.37 | 4.49 | 4.87 | 6.73 | 10.93 | 5.94 | 6.23 | 12.88 | 15.47 |
| Debt / equity | — | — | — | 1.63 | 0.84 | 0.34 | 0.05 | — | — | — |
| Equity / assets | −57.5% | −62.9% | −41.8% | 16.2% | 26.9% | 65.3% | 80.7% | 83.9% | 91.6% | 90.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $219.1M | $231.0M | $261.3M | $234.7M | $264.6M | $194.7M | $250.9M | $274.3M | $300.1M | $234.3M | $278.6M | $310.4M |
| Cash & equivalents | $219.1M | $231.0M | $261.3M | $234.7M | $264.6M | $194.7M | $250.9M | $274.3M | $300.1M | $234.3M | $278.6M | $310.4M |
| Receivables | $28.0M | $31.0M | $29.1M | $22.9M | $26.2M | $31.8M | $20.3M | $24.0M | $22.9M | $23.2M | $25.2M | $21.2M |
| Inventory | $4.9M | $4.8M | $4.2M | $18.0M | $17.8M | $17.4M | $18.4M | $16.1M | $15.2M | $16.0M | $16.2M | $22.7M |
| Other current assets | $9.6M | $9.9M | $11.7M | $11.5M | $10.2M | $14.1M | $17.8M | $18.6M | $17.2M | $16.7M | $16.3M | $21.3M |
| Total current assets | $261.7M | $276.8M | $306.3M | $287.1M | $318.8M | $258.0M | $307.4M | $333.0M | $355.4M | $290.2M | $336.3M | $375.6M |
| Property, plant & equipment (net) | $1.1M | $1.2M | $1.3M | $1.4M | $1.5M | $13.4M | $13.4M | $14.9M | $15.2M | $15.8M | $16.1M | $15.5M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $12.4M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $260,000 | $930,000 | $1.6M | $27.0M |
| Other non-current assets | $16.6M | $13.5M | $15.5M | $1.2M | $1.3M | $1.2M | $1.2M | $1.2M | $992,000 | $986,000 | $711,000 | $36.4M |
| Total assets | $279.4M | $291.5M | $323.1M | $289.8M | $321.6M | $272.5M | $322.0M | $349.1M | $371.8M | $308.0M | $354.8M | $466.9M |
| Liabilities | ||||||||||||
| Accounts payable | $12.8M | $5.3M | $9.2M | $8.1M | $9.6M | $15.6M | $18.0M | $14.4M | $10.7M | $14.3M | $15.6M | $9.0M |
| Short-term debt | $6.2M | $4.6M | $3.0M | $933,000 | $1.8M | $1.4M | $1.4M | $1.5M | $1.4M | $1.4M | $1.5M | $15.7M |
| Total current liabilities | $86.3M | $67.6M | $70.2M | $62.0M | $64.6M | $57.8M | $80.5M | $67.7M | $57.6M | $63.0M | $67.7M | $78.2M |
| Long-term debt | $110.4M | $111.0M | $112.5M | $115.2M | $114.5M | $113.8M | $113.6M | $114.2M | $113.7M | $113.2M | $112.7M | $97.7M |
| Lease obligations | $946,000 | $991,000 | $1.6M | $2.1M | $3.0M | $9.3M | $9.4M | $10.4M | $10.7M | $11.1M | $11.6M | $11.5M |
| Other long-term liabilities | $310.8M | $329.2M | $326.4M | $350.7M | $341.7M | $339.1M | $330.5M | $339.2M | $332.1M | $326.2M | $322.6M | $345.2M |
| Total liabilities | $507.6M | $507.9M | $509.0M | $527.9M | $520.7M | $510.8M | $524.6M | $521.0M | $503.4M | $502.4M | $503.0M | $521.1M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $11.3M | $11.2M | $11.1M | $9.8M | $9.8M | $8.4M | $8.4M | $8.2M | $8.2M | $7.3M | $7.3M | $7.3M |
| Retained earnings (deficit) | −$1.69B | −$1.67B | −$1.64B | −$1.63B | −$1.59B | −$1.53B | −$1.49B | −$1.46B | −$1.42B | −$1.38B | −$1.34B | −$1.24B |
| Accumulated other comprehensive income | −$814,000 | −$802,000 | −$517,000 | −$702,000 | −$388,000 | −$1.1M | −$1.4M | $203,000 | −$338,000 | −$201,000 | −$93,000 | $166.0M |
| Total shareholders' equity | −$228.2M | −$216.4M | −$185.8M | −$238.2M | −$199.2M | −$238.2M | −$202.6M | −$171.9M | −$131.7M | −$194.4M | −$148.2M | −$54.2M |
| Key figures | ||||||||||||
| Total debt | $417.1M | $116.7M | $439.0M | $117.3M | $117.5M | $449.9M | $123.0M | $124.6M | $124.4M | $124.3M | $124.4M | $123.5M |
| Net cash (debt) | −$198.0M | $114.3M | −$177.7M | $117.5M | $147.0M | −$255.2M | $127.9M | $149.7M | $175.7M | $110.0M | $154.2M | $186.9M |
| Working capital | $175.4M | $209.1M | $236.2M | $225.1M | $254.2M | $200.2M | $226.9M | $265.3M | $297.7M | $227.2M | $268.6M | $297.4M |
| Tangible book value | −$228.2M | −$216.4M | −$185.8M | −$238.2M | −$199.2M | −$238.2M | −$202.6M | −$171.9M | −$131.7M | −$194.4M | −$148.2M | −$66.5M |
| Book value per share | −$1.47 | −$1.40 | −$1.24 | −$1.75 | −$1.75 | −$2.22 | −$1.92 | −$1.64 | −$1.38 | −$2.36 | −$1.80 | −$0.66 |
| Shares outstanding | 155.0M | 154.1M | 150.3M | 136.4M | 113.7M | 107.2M | 105.4M | 104.8M | 95.7M | 82.6M | 82.3M | 82.3M |
| Current ratio | 3.03 | 4.09 | 4.37 | 4.63 | 4.93 | 4.46 | 3.82 | 4.92 | 6.17 | 4.61 | 4.97 | 4.80 |
| Quick ratio | 2.86 | 3.87 | 4.14 | 4.15 | 4.50 | 3.92 | 3.37 | 4.41 | 5.60 | 4.09 | 4.49 | 4.24 |
| Equity / assets | −81.7% | −74.2% | −57.5% | −82.2% | −61.9% | −87.4% | −62.9% | −49.3% | −35.4% | −63.1% | −41.8% | −11.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 10, 2026); data from EODHD.
ADCT financial position
At the end of fiscal 2025 (December 31, 2025), ADC Therapeutics had total assets of $323.1 million (up 0.4% from a year earlier), total liabilities of $509.0 million and shareholders' equity of -$185.8 million. It held $261.3 million in cash and short-term investments against $439.0 million of debt, net debt of $177.7 million. Its current ratio was 4.37. In the latest quarter (ended June 30, 2026) total assets were $279.4 million and equity -$228.2 million.
Related: ADCT income statement, ADCT cash flow statement, ADCT key metrics. See the ADCT stock overview for the latest quote and news.
ADCT balance sheet FAQ
What are ADC Therapeutics's total assets?
ADC Therapeutics reported total assets of $323.1 million at the end of fiscal 2025 (December 31, 2025), compared with $322.0 million a year earlier.
How much debt does ADC Therapeutics have?
ADC Therapeutics had $439.0 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was —.
How much cash does ADC Therapeutics have?
ADC Therapeutics held $261.3 million in cash and short-term investments at the end of fiscal 2025; with $439.0 million of debt that is net debt of $177.7 million.
What is ADC Therapeutics's book value?
ADC Therapeutics's shareholders' equity (book value) was -$185.8 million at the end of fiscal 2025, or −$1.46 per share.
What is ADC Therapeutics's current ratio?
ADC Therapeutics had current assets of $306.3 million and current liabilities of $70.2 million, a current ratio of 4.37 (it can cover its short-term obligations).