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Here are 1-3 brief analogies for ADC Therapeutics:

• Seagen (now part of Pfizer) for next-generation antibody-drug conjugates (ADCs).

• Genentech (now part of Roche) for highly targeted cancer therapies (ADCs).

• Vertex Pharmaceuticals for precision cancer therapies (ADCs).

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• Zynlonta (loncastuximab tesirine): Approved for treating adult patients with relapsed or refractory diffuse large B-cell lymphoma (DLBCL), including DLBCL arising from low-grade lymphoma.
• Camidanalamab Tesirine (Cami): An investigational antibody-drug conjugate in clinical development for relapsed or refractory Hodgkin lymphoma and peripheral T-cell lymphoma.

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ADC Therapeutics (ADCT) primarily sells its products to other companies, specifically major pharmaceutical wholesale distributors. These distributors then supply the drugs to healthcare providers, hospitals, specialty pharmacies, and other entities for ultimate patient use.

The company's major customers, all of which are public companies, are:

• AmerisourceBergen (symbol: ABC)
• Cardinal Health (symbol: CAH)
• McKesson Corporation (symbol: MCK)

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• Lonza Group AG (LONN.SW)

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Ameet Mallik, Chief Executive Officer

Ameet Mallik joined ADC Therapeutics in May 2022, bringing over 25 years of industry experience. Prior to ADC Therapeutics, he served as CEO of Rafael Holdings, a company focused on cancer and immune metabolism therapeutics. Before that, Mr. Mallik spent more than 16 years at Novartis, where his roles included Executive Vice President and Head, U.S. Oncology from November 2017 to April 2021. He also held positions as Global Head, Marketing, Value and Access, and Head, Latin America and Canada for Novartis Oncology. Mr. Mallik began his career at Novartis as Head of Strategic Planning and held various commercial and leadership roles at Novartis and Sandoz, including Global Head of Biopharmaceuticals & Oncology Injectables. Earlier in his career, he was an Associate Principal at McKinsey & Company. He currently serves on the boards of directors of ADC Therapeutics and Atara Biotherapeutics. His tenure as CEO of Rafael Holdings was brief, as the company faced clinical trial setbacks, leading to his transition to their board.

Jose Carmona, Chief Financial Officer

Jose Carmona joined ADC Therapeutics as Chief Financial Officer in December 2022, bringing over 20 years of financial and leadership experience in the biotechnology and pharmaceutical industries. Most recently, he served as CFO of Rubius Therapeutics. Prior to Rubius, he was the CFO of Radius Health and Innocoll. Innocoll Holdings PLC was acquired by Gurnet Point L.P. He also spent 12 years at Novartis in various global and regional financial management positions, including serving as CFO Alcon for Europe, Middle East and Africa. Mr. Carmona currently serves on the board of directors of HotSpot Therapeutics and Senda Biosciences.

Mohamed Zaki, MD, PhD, Chief Medical Officer

Mohamed Zaki serves as the Chief Medical Officer at ADC Therapeutics. His background includes extensive experience in oncology and hematology. Before joining ADC Therapeutics in September 2022, Dr. Zaki was the Head of Global Regulatory Affairs at Novartis Oncology. He also previously served as Senior Vice President, Head of Oncology Development, and subsequently Chief Medical Officer at Ignyta, which was acquired by Roche. Earlier in his career, he held leadership positions in clinical development at Bristol-Myers Squibb, responsible for multiple oncology assets.

Kristen Harrington-Smith, Chief Commercial Officer

Kristen Harrington-Smith joined ADC Therapeutics in November 2022 and has over 20 years of experience in the pharmaceutical industry. Most recently, she served as Chief Commercial Officer at ImmunoGen, where she was responsible for building the commercial organization and preparing for the launch of its first commercial product. Before ImmunoGen, Ms. Harrington-Smith held roles of increasing responsibility at Novartis Pharmaceuticals. These included Vice President and Head, US CAR-T, where she led the commercial launch of Kymriah®, the first CAR-T cell therapy for diffuse large B-cell lymphoma and acute lymphoblastic leukemia. She also served as Vice President and Head, US Hematology at Novartis Pharmaceuticals. She currently serves on the board of directors of eFFECTOR Therapeutics.

Patrick van Berkel, PhD, Chief Scientific Officer

Patrick van Berkel, PhD, is the Chief Scientific Officer at ADC Therapeutics. He is a co-founder of ADC Therapeutics and has been instrumental in developing the company's proprietary antibody-drug conjugate (ADC) technology. Prior to ADC Therapeutics, Dr. van Berkel held various scientific leadership positions at Spirogen (acquired by ADC Therapeutics) and its predecessor companies. His expertise is in the discovery and development of novel cancer therapies, particularly in the field of ADCs, with a focus on target identification, antibody engineering, and linker-payload technologies.

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ADC Therapeutics faces substantial financial risks due to its high cash burn, considerable debt, and a limited cash runway, estimated at 1.3 years. These factors constrain its future financing options and burden the company with ongoing interest payments.

Another major risk stems from the inherent challenges of clinical trials and the potential for product toxicity. Oncology clinical trials carry high failure rates, with 67% in Phase I, 48% in Phase II, and 32% in Phase III. More specifically, Antibody-Drug Conjugates (ADCs), like those developed by ADC Therapeutics, are associated with substantial toxicity, and many have failed clinical development due to unacceptable safety profiles. ADC Therapeutics' flagship product, Zynlonta, has shown treatment-related adverse events such as neutropenia and anemia. The company has also faced investor concerns regarding the safety profile of ADCT-6010 for sarcoma tumors and previously discontinued a mid-pipeline candidate (ADCT-502) due to toxicity issues where efficacy could not be achieved at tolerated doses.

Lastly, ADC Therapeutics operates in an intensely competitive oncology therapeutics market, particularly within the ADC space, which includes well-capitalized pharmaceutical giants. Zynlonta, the company's primary value driver, currently holds a limited market share and may not offer a highly differentiated value proposition. The company faces competitive pressure from other therapies, such as Roche's CD20 bispecific antibodies.

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The emergence and increasing adoption of novel therapies, particularly bispecific antibodies such as epcoritamab (Epkinly) and glofitamab (Columvi), pose a clear emerging threat to ADC Therapeutics. These therapies, recently approved for relapsed/refractory diffuse large B-cell lymphoma (DLBCL) in patient populations similar to those targeted by ADC Therapeutics' lead product ZYNLONTA (loncastuximab tesirine-lpyl), offer alternative mechanisms of action and competitive efficacy profiles. Their entry into the market directly increases competition for patient share and physician preference in a critical therapeutic area for ADC Therapeutics.

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ADC Therapeutics' primary commercial product, ZYNLONTA (loncastuximab tesirine-lpyl), addresses the market for relapsed or refractory diffuse large B-cell lymphoma (DLBCL) and is being explored for additional indications.

The global market size for loncastuximab tesirine reached approximately USD 432 million in 2024. North America holds the largest share of this market due to high healthcare expenditure and advanced diagnostic infrastructure.

For ZYNLONTA specifically, ADC Therapeutics' management has estimated its peak revenue in the U.S. at between USD 600 million and USD 1 billion, contingent on regulatory approval and compendia listing. Furthermore, the potential expansion of ZYNLONTA into indolent lymphomas, including follicular lymphoma and marginal zone lymphoma, is projected to add an additional USD 100 million to USD 200 million in peak revenue potential in the U.S.

While specific market sizes for ADC Therapeutics' other pipeline products, such as ADCT-601 (targeting AXL) and ADCT-602 (targeting CD22), are not currently available, the company is advancing a robust pipeline of antibody-drug conjugates for various hematological cancers and solid tumors.

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ADC Therapeutics (ADCT) is expected to drive future revenue growth over the next 2-3 years primarily through the expanded use and market penetration of its lead product, ZYNLONTA (loncastuximab tesirine-lpyl). The key drivers include:

1. Expansion of ZYNLONTA into Earlier Lines of Therapy: A significant growth driver is the potential approval and market expansion of ZYNLONTA into earlier lines of treatment for diffuse large B-cell lymphoma (DLBCL). The ongoing LOTIS-5 Phase 3 trial, evaluating ZYNLONTA in combination with rituximab in second-line plus DLBCL, is a critical component of this strategy. Top-line data for LOTIS-5 is anticipated by the end of 2025, with a supplemental Biologics License Application (sBLA) submission targeted for the first half of 2026 and potential approval in the first half of 2027. Successful outcomes in this trial could significantly broaden ZYNLONTA's market opportunity, with management projecting peak sales of $200 million to $300 million from this expansion alone.
2. Expansion of ZYNLONTA into Additional Lymphoma Indications and Combinations: ADC Therapeutics is also pursuing the expansion of ZYNLONTA into other lymphoma indications and through combination therapies. The LOTIS-7 Phase 2 study, investigating ZYNLONTA in combination with glofitamab for relapsed/refractory DLBCL, has shown promising initial data with high overall and complete response rates. Enrollment for LOTIS-7 is expected to complete in the first half of 2026, with regulatory discussions and potential guideline inclusions expected by 2027. Additionally, promising data from investigator-initiated trials evaluating ZYNLONTA in indolent lymphomas, such as marginal zone lymphoma (MZL) and follicular lymphoma (FL), indicate further opportunities for label expansion and guideline inclusions, potentially adding $100 million to $200 million in peak revenue.
3. Increased Market Penetration and Adoption within Approved and Expanded Indications: Beyond new indications, the company anticipates revenue growth from increased adoption and market penetration of ZYNLONTA within its currently approved and any newly approved indications. The company's strategy includes active engagement with regulatory bodies like the FDA and organizations like the National Comprehensive Cancer Network (NCCN) for guideline approvals, which are crucial for broader physician acceptance and utilization. ZYNLONTA achieved commercial brand profitability in 2024, and the company remains focused on enhancing its position as a treatment option for third-line plus DLBCL patients while also expanding its use into earlier lines of therapy.

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Share Issuance

• In June 2025, ADC Therapeutics completed a private investment in public equity (PIPE) financing of $100 million, involving the sale of 13.0 million common shares and pre-funded warrants for 15.7 million shares.
• ADC Therapeutics announced a $60 million PIPE financing in October 2025, selling 11.3 million common shares and pre-funded warrants for 3.8 million common shares.
• In May 2020, the company completed an upsized Initial Public Offering (IPO) with gross proceeds of approximately $267.6 million.

Inbound Investments

• ADC Therapeutics secured $100 million in June 2025 through a PIPE financing primarily to fund ZYNLONTA clinical development and commercialization activities, as well as for working capital and general corporate purposes.
• The company received $60 million from a PIPE financing in October 2025, led by TCGX and including Redmile Group and other existing investors, with proceeds intended for the commercial expansion of ZYNLONTA and to strengthen the balance sheet.
• Alongside its IPO in 2020, ADC Therapeutics received the first tranche of $65 million from its $115 million convertible credit facility with Deerfield.

Outbound Investments

• In December 2020, ADC Therapeutics formed a joint venture, Overland ADCT BioPharma, to develop and commercialize Lonca and other pipeline assets in Greater China and Singapore.

Capital Expenditures

• Capital expenditures recorded in Other current liabilities amounted to $220 in 2020.
• ADC Therapeutics expects to incur one-time cash restructuring charges of $6 million to $7 million in 2025, mainly in the second quarter, for employee severance, benefits, and related termination costs due to a global workforce reduction and the closure of its UK facility.