ADC Therapeutics SAADCT

ADC Therapeutics SA Segments Disclosure

10-KFiled Mar 10, 20262 min read
Segment Reporting
The Company is managed and operated as one reportable segment, which includes all global activities related to the development and commercialization of targeted ADC cancer therapies. The determination of a single reportable segment is consistent with the consolidated financial information regularly provided to the Company’s CODM, which is its chief executive officer. The CODM uses loss from operations and consolidated net loss for purposes of assessing performance, making operating decisions, allocating resources and planning and forecasting for future periods. The CODM allocates resources and plans for the long-term growth of the Company based on the Company's available cash resources, forecasted cash flow, and expenditures on a consolidated basis, as well as an assessment of the probability of success of its research and development activities. Resource allocation and long-term growth decisions are informed by budgeted and forecasted expense information, along with actual expenses incurred to date. The measure of segment assets is reported on the consolidated balance sheets as total assets.

The following table is the summary of the segment profit or loss information, including the significant expense categories for the years ended December 31, 2025 and 2024, respectively:
For the Years Ended December 31,
20252024
Total revenues, net$81,357 $70,837 
Significant operating expenses:
   Cost of product sales(5,798)(5,949)
   Research and development(1)
(101,402)(107,712)
   Selling and marketing(1)
(42,079)(43,711)
   General and administrative(1)
(32,038)(36,388)
   Restructuring and impairment expenses(13,120)— 
   Share-based compensation(8,419)(7,731)
Total operating expenses(202,856)(201,491)
Loss from operations(121,499)(130,654)
   Other segment items(2)
(21,124)(27,192)
Net loss$(142,623)$(157,846)

(1)Excludes share-based compensation
(2)Includes Other expense, net, Income tax expense and Equity in net losses of joint venture

Historical Timeline

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

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

Income TaxesRevenueEarnings Per ShareFair ValuePP&ELeasesDebtCommitmentsNew Standards