ADC Therapeutics (ADCT) announced a strategic financial restructuring that includes an $86.6 million private investment in public equity financing, amendments to its HealthCare Royalty agreement, and refinancing of its senior secured loan.
The company expects approximately $21.0 million in third-quarter 2026 ZYNLONTA net product revenue and reported $189.2 million in cash and cash equivalents as of September 30, 2026. It said the transactions are expected to extend its cash runway into 2029.
- The PIPE is expected to generate approximately $86.6 million in gross proceeds and is expected to close October 22, 2026, subject to conditions.
- Estimated net PIPE proceeds are approximately $76.3 million after placement-agent fees and offering expenses.
- The loan amendment provides for a $70.0 million term-loan principal prepayment, leaving $50.0 million outstanding, payable at maturity in August 2029 unless accelerated.
- The HealthCare Royalty amendment eliminates a $150 million payment otherwise required solely upon a change of control.
- On a pro forma basis, the company said cash and cash equivalents would have been approximately $196 million as of September 30, 2026.
$ADCT Hedge Fund Activity
We have seen 66 institutional investors add shares of $ADCT stock to their portfolio, and 54 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- EVENTIDE ASSET MANAGEMENT, LLC removed 5,701,655 shares (-100.0%) from their portfolio in Q2 2026, for an estimated $6,100,770
- REDMILE GROUP, LLC removed 3,943,792 shares (-25.5%) from their portfolio in Q2 2026, for an estimated $4,219,857
- ORBIMED ADVISORS LLC removed 1,318,026 shares (-100.0%) from their portfolio in Q2 2026, for an estimated $1,410,287
- BLACKROCK, INC. added 769,346 shares (+12.3%) to their portfolio in Q2 2026, for an estimated $823,200
- MORGAN STANLEY removed 761,409 shares (-20.0%) from their portfolio in Q2 2026, for an estimated $814,707
- OPALEYE MANAGEMENT INC. added 700,000 shares (+inf%) to their portfolio in Q2 2026, for an estimated $749,000
- VOLEON CAPITAL MANAGEMENT LP removed 513,831 shares (-100.0%) from their portfolio in Q2 2026, for an estimated $549,799
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard. You can access data on hedge funds moves and 13F filings through the Quiver Quantitative API 13F endpoint.
