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Operating expense | 9 Months Ended
--- | ---
Sep. 30, 2023
Analysis of income and expense [abstract] |
Operating expense | Operating expense The following table provides the unaudited condensed consolidated interim statement of operations classification of the Company's total operating expense:
(in KUSD) | Three months ended September 30, |  | Nine months ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Cost of product sales | 366 |  |  | 1,295 |  |  | 2,275 |  |  | 4,090 |
R&D |  |  |  |  |  |  |
External costs (1) | 17,365 |  |  | 24,363 |  |  | 56,966 |  |  | 83,706 |
Employee expenses (2) | 11,075 |  |  | 17,313 |  |  | 42,898 |  |  | 55,459 |
R&D expense | 28,440 |  |  | 41,676 |  |  | 99,864 |  |  | 139,165 |
S&M |  |  |  |  |  |  |
External costs (1) | 8,035 |  |  | 8,236 |  |  | 23,724 |  |  | 26,406 |
Employee expenses (2) | 5,695 |  |  | 8,611 |  |  | 19,813 |  |  | 26,470 |
S&M expense | 13,730 |  |  | 16,847 |  |  | 43,537 |  |  | 52,876 |
G&A |  |  |  |  |  |  |
External costs (1) | 3,907 |  |  | 5,020 |  |  | 13,326 |  |  | 18,539 |
Employee expenses (2) | 5,454 |  |  | 14,597 |  |  | 22,531 |  |  | 38,329 |
G&A expense | 9,361 |  |  | 19,617 |  |  | 35,857 |  |  | 56,868 |
Total operating expense | 51,897 |  |  | 79,435 |  |  | 181,533 |  |  | 252,999 |
(1) Includes depreciation expense (2) Includes share-based compensation expense The decrease in Cost of product sales for the three and nine months ended September 30, 2023, was primarily driven by lower impairment charges related to the manufacturing of batches that did not meet the Company's specifications. R&D external costs decreased for the three and nine months ended September 30, 2023 as a result of the completion of the Phase 2 study in 2022 for camidanlumab tesirine (Cami) and our decision to pause the program while we evaluated FDA feedback. The Company continues to assess a potential regulatory pathway and seek a partner to continue developing this program. The Company also had higher cost sharing with our partners, lower clinical trial costs for LOTIS 3, LOTIS 6 and LOTIS 7, as well as lower professional fees related to ZYNLONTA, partially offset by higher clinical trial expenses for LOTIS 5 and LOTIS 9. In ADCT-212, the Company incurred lower manufacturing expenses related to IND-enabling work. The decrease in external costs for ADCT-901 was partially offset by an increase in clinical trial costs and expenses related to the Company's preclinical product candidates and research pipeline. Employee expense decreased for the three and nine months ended September 30, 2023 primarily due to lower share-based compensation expense driven by fluctuations in our share price, voluntary terminations as well as the workforce reduction announced and put into effect during the second quarter of 2023. The decrease in S&M expenses for the three months ended September 30, 2023 was primarily due to lower share-based compensation expense due to the fluctuations in the Company's share price and voluntary terminations as well as lower wages and benefits. The decrease in S&M expenses for the nine months ended September 30, 2023 was primarily due to lower share-based compensation expense due to the fluctuations in the Company's share price, voluntary terminations and the commercial re-alignment announced and put into effect during the second quarter of 2023, as well as lower spend on marketing, analytics and expenses, including those expenses in the European Union relating to the commercial launch of ZYNLONTA. The decrease in G&A expenses for the three months ended September 30, 2023 was attributable to lower share-based compensation expense due to fluctuations in the Company's share price and voluntary terminations as well as lower wages and benefits. The decrease in G&A expenses for the nine months ended September 30, 2023 was also attributable to lower share-based compensation expense due to fluctuations in the Company's share price, award forfeitures in connection with the transition of a board member, voluntary terminations and the workforce reduction announced and put into effect during the second quarter of 2023 as well as lower external costs related to insurance and IT and lower professional fees primarily associated with the license agreement entered into with MTPC recognized during the nine months ended September 30, 2022.

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