ADC Therapeutics SA reported net product revenues of $15.8 million for the third quarter ended September 30, 2025, compared to $18.0 million in the same period of 2024. Net product revenues for the nine months of 2025 were $51.2 million, down from $52.9 million for the same period in 2024. The changes were primarily due to lower sales volume, partially offset by higher sales prices and favorable gross-to-net sales adjustments. Research and development expenses were $26.8 million for the third quarter of 2025, down from $32.5 million in 2024, mainly due to reduced spending on discontinued programs and the timing and enrollment of ZYNLONTA clinical trials, partially offset by increased IND-enabling activities for the PSMA-targeting ADC. For the nine months ended September 30, 2025, R&D expenses were $85.8 million, up from $82.5 million in 2024, driven by increased IND-enabling activities and clinical trial enrollment. The company advanced its IND-enabling activities for the exatecan-based, PSMA-targeting ADC, expecting completion by the end of 2025, and continued progress in its LOTIS-7 and LOTIS-5 studies, with updated data anticipated in 2025 and topline data expected in the first half of 2026. Recent financing supports the expansion of ZYNLONTA in anticipation of a 2L+ DLBCL launch.