ADC Therapeutics SA (ADCT) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: March 10, 2026

Risk Assessment Details

Potential Dilution: 51.11% of current shares
Recent Dilution: 34.82% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
110M
Potential Supply
58M
Additional shares possible
Splits
None
Past 2 years

Summary

ADCT currently has 114M outstanding shares. with significant dilution risk as 58.1M authorized shares could dilute existing holders by 51.1%. The company has significantly diluted shareholders by 34.82% over the past 2 years, indicating aggressive capital raising.

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
Mar 10, 2026

S-3 filing: This is an S-3 filing for ADC Therapeutics SA, registering 9,834,776 common shares for resale by selling shareholders, potentially generating up to $37.5 million from warrant exercises for the company's working capital and general corporate purposes.

110M 58M
Dec 09, 2025

S-3/A filing: SEC filing for a primary offering of securities, outlining the registrant's commitment as a seller to purchasers in the initial distribution.

110M 48M
Nov 10, 2025

S-3 filing: This S-3 filing registers the resale of common shares and shares issuable upon exercise of pre-funded warrants previously sold in a private placement.

110M 48M
Nov 10, 2025

10-Q filing | 123.9M shares outstanding

120M 34M
Oct 14, 2025

8-K filing: ADC Therapeutics SA will sell 11,250,000 common shares at $4.00 per share and pre-funded warrants to purchase 3,846,153 common shares at $3.90 per pre-funded warrant in a $60.0 million private placement expected to close on October 27, 2025. ($60.0M proceeds)

110M 34M
Aug 12, 2025

10-Q filing | 113.7M shares outstanding

110M 34M
Jun 30, 2025

S-3 filing: This is an S-3 filing for ADC Therapeutics SA, where selling shareholders may offer an aggregate of 27,726,052 common shares from time to time.

110M 34M
Jun 12, 2025

8-K filing: ADC Therapeutics SA entered into securities purchase agreements for a $100 million private placement, selling 13,031,161 common shares at $3.53 per share and pre-funded warrants to purchase 15,734,267 common shares at $3.432 per pre-funded warrant. The private placement is expected to close on June 16, 2025.

110M 5.9M
May 14, 2025

10-Q filing | 107.2M shares outstanding

110M 5.9M
Mar 27, 2025

10-K filing | 97.2M shares outstanding

97M 5.9M
Nov 07, 2024

10-Q filing | 104.8M shares outstanding

100M 5.9M
Aug 06, 2024

S-3 filing: ADC Therapeutics SA may offer and sell from time to time, in one or more offerings, up to $300,000,000 of any combination of securities including common shares, debt securities, warrants, subscription rights, purchase contracts and units.

96M 5.9M
Aug 06, 2024

10-Q filing | 95.7M shares outstanding

96M 5.9M
May 08, 2024

8-K filing: ADC Therapeutics SA completed an offering of 13,411,912 common shares and pre-funded warrants to purchase 8,163,265 common shares at $4.90 and $4.812 respectively, with gross proceeds of approximately $105.0 million. ($105.0M proceeds)

83M 5.9M
May 06, 2024

10-Q filing | 82.6M shares outstanding

83M 5.9M
Mar 13, 2024

POS AM filing: This is a POS AM filing for the resale of up to 1,260,863 common shares by selling shareholders.

81M 5.9M
Mar 13, 2024

POS AM filing: ADC Therapeutics SA may offer and sell from time to time, in one or more offerings, up to $300,000,000 of any combination of securities including common shares, debt securities, warrants, subscription rights, purchase contracts and units.

81M 5.9M
Mar 13, 2024

POS AM filing: This prospectus relates to the resale of up to an aggregate of 4,412,840 common shares by the selling shareholders identified in this prospectus.

81M 5.9M
Mar 13, 2024

10-K filing | 81.7M shares outstanding

82M 5.9M
Mar 15, 2023

F-3 filing: ADC THERAPEUTICS SA files an F-3 form to offer and sell up to $300,000,000 of common shares, debt securities, warrants, subscription rights, purchase contracts and units.

77M 12M
Mar 15, 2023

20-F filing | 80.6M shares outstanding

81M 12M
Sep 06, 2022

F-3 filing: The filing relates to the resale of up to an aggregate of 4,412,840 common shares by the selling shareholders.

77M 12M
Sep 06, 2022

F-3 filing: This F-3 filing relates to the potential resale of 1,260,863 common shares by selling shareholders, including shares issuable upon exercise of warrants, with the company not receiving any proceeds from these sales.

77M 12M
Aug 16, 2022

POS AM filing: Post-Effective Amendment No. 1 to deregister all securities that had been registered for sale on the Registration Statement that remain unsold under such Registration Statement.

77M 5.9M
Mar 17, 2022

20-F filing | 76.8M shares outstanding

77M 5.9M
Mar 18, 2021

20-F filing | 76.7M shares outstanding

77M 5.9M
Sep 21, 2020

F-1 filing: This is an F-1 filing describing a $115 million facility agreement with Deerfield, which includes two tranches of convertible loans. The first tranche is for $65 million and the second tranche is for $50 million, subject to regulatory approval.

N/A 5.9M
Apr 24, 2020

F-1 filing: The company entered into a $115.0 million Facility Agreement with Deerfield Partners, L.P. to extend senior secured convertible term loans in two separate disbursements.

N/A 0
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