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Senior secured term loan facility
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Senior secured term loan facility Senior secured term loan facility
On August 15, 2022, the Company, ADCT UK and ADCT America entered into the Loan Agreement, pursuant to which the Company may borrow up to $175.0 million principal amount of secured term loans, including (i) a First Tranche and (ii) Future Tranches. On August 15, 2022, the Company drew down $120.0 million principal amount of term loans under the Loan Agreement.
On August 15, 2022, the Company also issued to the lenders under the Loan Agreement warrants to purchase an aggregate of 527,295 common shares, which warrants have an exercise price of $8.30 per share. Each warrant is exercisable, on a cash or a cashless basis, at the option of the holder at any time on or prior to August 15, 2032. The warrants are freestanding financial instruments that are indexed to the Company’s common stock and meet all other conditions for equity classification under ASC 480 and ASC 815. Accordingly, these warrants are recognized in equity and accounted for as a component of additional paid-in capital at the time of issuance.
On August 15, 2022, the Company also entered into the Share Purchase Agreement with the lenders under the Loan Agreement to purchase 733,568 common shares of the Company.

For the three and nine months ended September 30, 2025, the Company recorded interest expense on the senior secured term loan in the amount of $4,396 and $12,455, respectively, and $4,585 and $13,401 for the three and nine months ended September 30, 2024, respectively, which was recorded in interest expense in the unaudited condensed consolidated statements of operations. The effective interest rate (“EIR”) at September 30, 2025 was 16.01%.

The following table provides a summary of the interest expense for the Company’s senior secured term loan for the three and nine months ended September 30, 2025 and 2024:

Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Contractual interest expense$3,663 $4,069 $10,881 $11,942 
Amortization of debt discount733 516 1,574 1,459 
Total$4,396 $4,585 $12,455 $13,401 
The amount at which the senior secured term loan is presented as a liability in the unaudited condensed consolidated balance sheets represents the net present value of all future cash outflows associated with the loan discounted at the EIR. The carrying value of the senior secured term loan is $115.2 million and $113.6 million as of September 30, 2025 and December 31, 2024, respectively.

Contractual payments due under our senior secured term loans, including exit fees are as follows (in thousands):
2025 (remainder)$— 
2026 (commencing third quarter)3,090 
20279,330 
202812,480 
202999,840 
Total$124,740