ADC Therapeutics (ADCT) registers a negative price-to-earnings (P/E) ratio, traditionally hovering between -1.50 and -1.69. Because the commercial-stage biotechnology enterprise has historically generated net operating losses while investing heavily in clinical pipeline research, oncology drug development, and commercial trials, a positive P/E ratio is not applicable. Investors evaluate its market valuation through alternative metrics such as price-to-sales ratios, clinical milestones, and cash burn runway relative to peers.