ADC Therapeutics SAADCT

ADC Therapeutics SA Earnings Per Share Disclosure

10-KFiled Mar 10, 20262 min read
Loss per share
The basic loss per share is calculated by dividing the net loss attributable to shareholders by the weighted average number of shares in issue during the period, excluding common shares owned by the Company and held as treasury shares, as follows:
For the Years Ended December 31,
(in thousands, except per share amounts)20252024
Net loss
$(142,623)$(157,846)
Weighted average number of shares outstanding
127,067,540 97,159,966 
Basic and diluted loss per share
$(1.12)$(1.62)
For the years ended December 31, 2025 and 2024, basic and diluted loss per share are calculated on the weighted average number of shares issued and outstanding and also include the 2024 Pre-funded warrants issued in connection with the 2024 Equity Offering, the June 2025 Pre-funded warrants issued in connection with the June 2025 Private Placement and the October 2025 Pre-funded warrants issued in connection with the October 2025 Private Placement. The calculation excludes shares to be issued under the Share-based Compensation Plans, the Company’s Deerfield warrants and shares to be issued under the ESPP as the effect of including those shares would be anti-dilutive. See Note 10, “Senior secured term loan facility and warrants,” Note 11, “Deerfield warrants”, Note 15, “Shareholders’ Equity” and Note 19, “Share-based compensation,” for further information.
Potentially dilutive securities that were not included in the diluted per share calculations because the effect of including them would be anti-dilutive were as follows:
For the Years Ended December 31,
20252024
2019 Equity Incentive Plan - Share Options9,481,763 10,054,588 
Inducement Plan - Share Options932,542 642,700 
2019 Equity Incentive Plan - RSUs2,654,427 608,961 
Conditional Share Capital Plan - RSUs1,970,000 2,497,349 
Outstanding warrants527,295 4,940,135 
ESPP— 163,576 
15,566,027 18,907,309 

Historical Timeline

Fiscal YearFiled
2025Mar 10, 2026Showing above
2024Mar 27, 2025
2023Mar 13, 2024

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

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