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ADC Therapeutics SA cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$11.8M in Q2 2026 · −$102M over twelve months

Operating cash flow−$11.8M
Free cash flow−$11.8M

Analysis

In Q2 2026, ADC Therapeutics SA generated −$11.8M of operating cash flow. That is $12.3M more than in Q2 2025 (−$24.1M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$102M; the largest uses were operating cash flow ($102M), taxes on employees’ shares ($2.2M), capital spending ($32K); besides operations, cash came from shares issued ($43.8M), other financing ($14.6M); the cash balance fell by $45.5M.

Operating cash flow was −$11.8M against net income of −$16.6M. The largest differences: payables +$7.5M, stock-based pay +$4.5M, accrued liabilities +$3.8M.

Free cash flow

ADC Therapeutics SA: free cash flow by quarterADC Therapeutics SA: free cash flow by quarter−$25.3MQ3 2024−$21.9MQ4 2024−$56.6MQ1 2025−$24.1MQ2 2025−$29.6MQ3 2025−$31.1MQ4 2025−$29.7MQ1 2026−$11.8MQ2 2026
Operating cash flow less capital spending.
ADC Therapeutics SA: operating cash flow against capital spendingADC Therapeutics SA: operating cash flow against capital spendingOperating cash flowCapital spending−$25.0M$216KQ3 2024−$21.9M$90KQ4 2024−$56.3M$264KQ1 2025−$24.1M$0Q2 2025−$29.6M$0Q3 2025−$31.1M$0Q4 2025−$29.7M$32KQ1 2026−$11.8M$0Q2 2026
Latest (Q2 2026): Operating cash flow −$11.8M, Capital spending $0.

Capital allocation, year by year

ADC Therapeutics SA: where the cash came from (up) and went (down), by fiscal yearADC Therapeutics SA: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingFY2021: Operating cash flow −$233MFY2021: Capital spending −$3.4MFY2021FY2022: Operating cash flow −$138MFY2022: Net borrowing −$2.7MFY2022: Shares issued $6.1MFY2022: Capital spending −$687K$6.1MFY2022FY2023: Operating cash flow −$119MFY2023: Capital spending −$3.2MFY2023FY2024: Operating cash flow −$124MFY2024: Shares issued $60.7MFY2024: Capital spending −$867K$60.7MFY2024FY2025: Operating cash flow −$141MFY2025: Shares issued $86.8MFY2025: Capital spending −$264K$86.8MFY2025
Over these 5 years operating cash flow totalled −$755M; the largest uses were operating cash flow ($755M) and capital spending ($8.5M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$219M
Debtnone
Net cash$219M
Due within a year$6.2M
Cash runway2.1 years

ADC Therapeutics SA is burning cash: its operations consume cash, a free cash flow of −$102M a year at the current rate against $219M of cash and investments: a runway of about 2.1 years; $6.2M of debt also comes due within a year, which the cash covers before any new financing.

Where the cash came from and went

ADC Therapeutics SA: sources (+) and uses (−) of cash, Q2 2026ADC Therapeutics SA: sources (+) and uses (−) of cash, Q2 2026Cash drawn (+) / kept (−)$11.9MOperating cash flow−$11.8MTaxes on employees’ shares−$217KShares issued$118KExchange rates$5K
ADC Therapeutics SA: sources (+) and uses (−) of cash, TTM to Q2 2026ADC Therapeutics SA: sources (+) and uses (−) of cash, TTM to Q2 2026Operating cash flow−$102MCash drawn (+) / kept (−)$45.5MShares issued$43.8MOther financing$14.6MTaxes on employees’ shares−$2.2MOther investing$659KCapital spending−$32KExchange rates−$19K

From profit to cash

ADC Therapeutics SA: net income to operating cash flow, Q2 2026ADC Therapeutics SA: net income to operating cash flow, Q2 2026Net income−$16.6MStock-based pay$4.5MOther non-cash$281KReceivables$3.0MInventory−$3.3MPayables$7.5MAccrued liabilities$3.8MPrepaid and other assets$249KOther liabilities$1.2MOperating cash flow−$11.8M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingShares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$11.8M—$118K$11.9M−$11.8M
Q1 2026−$29.7M−$32K$185K$30.3M−$29.7M
Q4 2025−$31.1M—$43.7M−$26.6M−$31.1M
Q3 2025−$29.6M—−$198K$29.8M−$29.6M
Q2 2025−$24.1M—$43.3M−$69.9M−$24.1M
Q1 2025−$56.3M−$264K—$56.2M−$56.6M
Q4 2024−$21.9M−$90K$43K$23.4M−$21.9M
Q3 2024−$25.0M−$216K−$1.1M$25.8M−$25.3M

ADC Therapeutics SA: income statement and cash flow

ADC Therapeutics SA, Q2 2026: revenue $19.2M (+2% year over year), operating margin -132.0%. The chart follows the revenue to costs, profit and cash.

ADC Therapeutics SA: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.