Here are 1-2 brief analogies for ADC Therapeutics:

• ADC Therapeutics is like Genentech, but singularly focused on developing Antibody-Drug Conjugates (ADCs) for cancer.

• ADC Therapeutics is like Moderna, but for Antibody-Drug Conjugates (ADCs) as precision cancer therapies.

• ZYNLONTA: A commercial-stage antibody drug conjugate (ADC) for treating relapsed or refractory diffuse large B-cell lymphoma (DLBCL) and other non-Hodgkin lymphomas.
• camidanlumab tesirine: An antibody drug conjugate (ADC) in clinical trials for relapsed or refractory Hodgkin lymphoma and selected advanced solid tumors.
• ADCT-602: An antibody drug conjugate (ADC) in early clinical trials for acute lymphoblastic leukemia.
• ADCT-601: An antibody drug conjugate (ADC) in early clinical trials for various solid tumors.
• ADCT-901: An antibody drug conjugate (ADC) in early clinical trials and preclinical development for various solid tumors.
• ADCT-701: A preclinical antibody drug conjugate (ADC) candidate for the treatment of solid tumors.

ADC Therapeutics (ADCT) sells its products and intellectual property primarily to other companies. Its major customers, based on collaboration and license agreements for its technology and drug candidates, include:

• Genmab A/S (Symbol: GMAB)
• Bergenbio AS (Symbol: BGBIO)
• Synaffix B.V.
• Mitsubishi Tanabe Pharma Corporation (a subsidiary of Mitsubishi Chemical Holdings Corporation, TYO: 4188)
• Overland Pharmaceuticals
• MedImmune Limited (a subsidiary of AstraZeneca PLC, NASDAQ: AZN)

• Genmab A/S (GMAB)
• Bergenbio AS (BGBIO)
• Mitsubishi Tanabe Pharma Corporation (4508)

Ameet Mallik was appointed Chief Executive Officer of ADC Therapeutics in May 2022. Prior to joining ADC Therapeutics, he served as Chief Executive Officer of Rafael Holdings, a company focused on developing novel cancer and immune metabolism therapeutics. Mr. Mallik also held various leadership roles during his 16 years at Novartis, including Executive Vice President and Head of U.S. Oncology, Global Head of Marketing, Value and Access, and Head of Latin America and Canada for Novartis Oncology. He was also Global Head of Biopharmaceuticals & Oncology Injectables at Sandoz, a Novartis company. Earlier in his career, he was an Associate Principal at McKinsey & Company. He holds an MBA from The Wharton School at the University of Pennsylvania, and an M.S. in Biotechnology and B.S. in Chemical Engineering from Northwestern University.

Jose Carmona was appointed Chief Financial Officer of ADC Therapeutics in December 2022. With over 20 years of experience in the pharmaceutical industry, he most recently served as CFO of Rubius Therapeutics, where he managed financial functions, business development, investor relations, information technology, and procurement. Mr. Carmona contributed to capitalizing Rubius Therapeutics through various financing vehicles, guiding it from a research-stage to a clinical-stage company. Before Rubius, he held CFO positions at Radius Health and Innocoll. Innocoll Holdings PLC, where he was CFO, was under agreement to be acquired by Gurnet Point L.P., a private equity firm. During his 12 years at Novartis, Mr. Carmona held several financial management positions, including CFO Alcon for Europe, the Middle East, and Africa. He received his undergraduate degree from Universidad Técnica Federico Santa María and an MBA from Columbia Business School.

Mohamed Zaki was appointed Chief Medical Officer of ADC Therapeutics in January 2023. He brings over 20 years of global biopharmaceutical experience in hematology and oncology drug development. Prior to ADC Therapeutics, he served as Vice President & Global Head of Oncology Development at AbbVie. He also spent nine years at Celgene in increasingly senior roles in oncology and hematology development and previously worked in clinical development at Sanofi-Aventis and Centocor Inc., a subsidiary of Johnson & Johnson. Dr. Zaki earned his MD and MS at Ain Shams University School of Medicine in Cairo, Egypt, and his PhD from the University of Pennsylvania and Ain Shams University School of Medicine.

Kristen Harrington-Smith joined ADC Therapeutics as Chief Commercial Officer in November 2022. She has over 20 years of experience in the pharmaceutical industry, having most recently served as Chief Commercial Officer of Immunogen, where she built the commercial organization and prepared for the launch of its first commercial product. Her prior roles at Novartis Pharmaceuticals included Vice President and Head, US Hematology, leading teams for therapies in hematologic diseases, and Vice President and Head, US CAR-T, overseeing the commercial launch of Kymriah. Ms. Harrington-Smith holds an MBA from the Kenan-Flagler Business School at the University of North Carolina and a BA from Williams College.

Peter Graham was appointed Chief Legal Officer of ADC Therapeutics in November 2022, and later became Senior Vice President, Chief Legal & Compliance Officer and Corporate Secretary in March 2024. He is a senior legal executive with over 25 years of experience in publicly traded biotechnology, pharmaceutical, and medical device companies. From 2015 until its acquisition by Halozyme Therapeutics, Inc. in 2022, Mr. Graham served as Executive Vice President, General Counsel, Chief Compliance Officer, Human Resources, and Secretary for Antares Pharma, Inc.. He also served as Executive Vice President, General Counsel, Chief Compliance Officer, and Global Human Resources at Delcath Systems, Inc. from 2010 to 2015. Mr. Graham earned his J.D. from Yeshiva University's Benjamin N. Cardozo School of Law and his BA from the University of Wisconsin-Madison.

Key Risks

• Dependence on the successful clinical development and regulatory approval of product candidates: ADC Therapeutics is a biotechnology company heavily invested in the development of antibody drug conjugates. A significant portion of its value and future revenue relies on the successful completion of clinical trials and subsequent regulatory approval for its various product candidates, including ZYNLONTA for new indications and combinations, camidanlumab tesirine, ADCT-602, ADCT-601, ADCT-901, and ADCT-701. Failure in any of these clinical trials, or delays in gaining necessary regulatory approvals, would significantly impact the company's ability to bring new products to market and generate future revenue.
• Commercialization and market acceptance risk for ZYNLONTA: ZYNLONTA is ADC Therapeutics' flagship and only commercial-stage product. While it is approved and being marketed, its continued financial success and ability to generate substantial revenue depend on effective commercialization strategies, widespread market adoption by physicians and patients, and successful competition against existing or future treatments. Furthermore, ZYNLONTA is still undergoing various clinical trials (Phase II, Phase III, and Phase I) for expanded indications and combinations, meaning its full commercial potential and market penetration are still being established. Any factors hindering its commercial performance or expansion could significantly impact the company's financial outlook.

ADC Therapeutics (ADCT) operates in significant addressable markets for its main products, ZYNLONTA and camidanlumab tesirine, targeting various hematological malignancies and solid tumors.

ZYNLONTA (loncastuximab tesirine-lpyl)

• Relapsed or Refractory Diffuse Large B-cell Lymphoma (DLBCL): The global market for relapsed or refractory DLBCL is estimated at USD 1,610.0 million in 2025 and is projected to reach USD 2,161.8 million by 2032. The total market size for DLBCL in the seven major markets (7MM: United States, EU4 (Germany, France, Italy, and Spain), United Kingdom, and Japan) is expected to grow from USD 5,286 million in 2025 to USD 16,562 million by 2034. In 2024, the United States alone accounted for approximately USD 3,100 million of this market. More broadly, the global non-Hodgkin lymphoma therapeutics market, which includes DLBCL, was valued at USD 9.5 billion in 2023 and is estimated to grow to USD 17.5 billion by 2032.
• Follicular Lymphoma: The global follicular lymphoma drugs market was valued at USD 1.8 billion in 2024 and is projected to grow from USD 1.94 billion in 2025 to USD 3.05 billion by 2032. Another estimate places the global follicular lymphoma market size at USD 1.90 billion in 2025, increasing to approximately USD 2.65 billion by 2034. In the 7MM, the follicular lymphoma market is expected to expand from USD 1,702 million in 2025 to USD 3,081 million by 2036. The United States alone generated approximately USD 1,000 million in this market in 2024.
• Relapsed or Refractory Non-Hodgkin Lymphoma (NHL): This is a broader market encompassing DLBCL and follicular lymphoma. The global non-Hodgkin lymphoma treatment market size was valued at USD 11.59 billion in 2025 and is projected to reach USD 19.44 billion by 2034. North America held a significant share of 49.35% in this market in 2025.

camidanlumab tesirine

• Relapsed or Refractory Hodgkin Lymphoma: The global Hodgkin Lymphoma treatment market size was valued at USD 3.51 billion in 2025 and is estimated to grow to USD 5.52 billion by 2031. Another report indicates the global Hodgkin's lymphoma treatment market size was valued at USD 3.82 billion in 2025 and is projected to grow to USD 8.27 billion by 2034. The market in North America is expected to hold the largest share and continue this trend.
• Selected Advanced Solid Tumors: The global solid tumors market size reached US$ 170.3 billion in 2023 and is expected to reach US$ 375.4 billion by 2034. The global solid tumor therapeutics market was valued at USD 191.58 billion in 2024 and is projected to grow to USD 389.4 billion by 2033. North America dominates the global solid tumor therapeutics market.

ADC Therapeutics (ADCT) is expected to drive future revenue growth over the next 2-3 years through several key initiatives focused on expanding its commercial-stage product, ZYNLONTA, and advancing its pipeline candidate, camidanlumab tesirine.

1. Expansion of ZYNLONTA into Second-Line Plus (2L+) Diffuse Large B-cell Lymphoma (DLBCL): The company anticipates significant revenue growth from ZYNLONTA by expanding its use into earlier lines of therapy for DLBCL. Key catalysts include the LOTIS-5 Phase 3 confirmatory trial, with topline data expected in the second quarter of 2026 and full results by year-end 2026. Positive data could lead to a supplemental Biologics License Application (sBLA) submission and potential compendia inclusion in the first half of 2027, followed by regulatory approval. Management has highlighted this expansion as a "real inflection point" for sales and estimates a potential annual U.S. peak revenue opportunity for ZYNLONTA between $600 million and $1 billion. Additionally, the LOTIS-7 Phase 1b trial, evaluating ZYNLONTA in combination with glofitamab for relapsed or refractory DLBCL, is expected to yield full data by the end of 2026, with early results showing an 89.8% overall response rate and 77.6% complete response rate.
2. Expansion of ZYNLONTA into Indolent Lymphomas: ADC Therapeutics is pursuing the expansion of ZYNLONTA into new indications within indolent lymphomas, specifically follicular lymphoma (FL) and marginal zone lymphoma (MZL), through investigator-initiated trials (IITs). Data from these trials are anticipated between late 2026 and mid-2027. If data are positive, the company plans to assess potential regulatory and compendia pathways, which could open new patient populations and contribute to revenue. Initial data for ZYNLONTA plus rituximab in relapsed/refractory MZL has shown promising outcomes, with a 98.2% overall response rate and an 83.6% complete response rate in 55 evaluable patients.
3. Potential Approval and Commercialization of Camidanlumab Tesirine (Cami) for Relapsed or Refractory Hodgkin Lymphoma (r/r HL): Camidanlumab tesirine (Cami), an antibody drug conjugate targeting CD25, has completed a pivotal Phase 2 clinical trial for relapsed or refractory Hodgkin lymphoma. The trial demonstrated encouraging efficacy with an overall response rate of 70.1% and a complete response rate of 33.3%, along with a median duration of response of 13.7 months in heavily pre-treated patients. ADC Therapeutics is preparing for a potential Biologics License Application (BLA) submission to the FDA for Cami. A successful approval and subsequent commercial launch of Cami would introduce a new product to the market, addressing an unmet need in r/r HL and providing a new stream of revenue.

Share Issuance

• ADC Therapeutics completed an underwritten public offering in May 2024, generating approximately $97.4 million in net proceeds.
• The company raised $100.0 million in gross proceeds from a private investment in public equity (PIPE) financing in June 2025, issuing common shares and pre-funded warrants.
• Another $60.0 million in gross proceeds was secured through a PIPE financing in October 2025, involving the sale of common shares and pre-funded warrants to institutional investors.

Inbound Investments

• In February 2026, ADC Therapeutics amended its royalty purchase agreement with HealthCare Royalty, which reduced a change of control payment from $750 million to $150 million (through 2027) or $200 million (thereafter), in exchange for granting warrants to purchase approximately 9.8 million common shares at an exercise price of $3.81 per share.

Capital Expenditures

• For the 12 months ending December 31, 2025, capital expenditures amounted to approximately -$264,000.
• In the fourth quarter of 2025, capital expenditures were reported as $0.
• Proceeds from the June 2025 PIPE financing are intended to fund ZYNLONTA® clinical development and commercialization activities, indicating a primary focus of capital allocation.