Continued progress across LOTIS-7 with updated data anticipated in 2025 and LOTIS-5 with topline data expected in 1H 2026

Updated data from Phase 2 IIT of ZYNLONTA$(R)$ plus rituximab in patients with r/r follicular lymphoma presented at the 22nd International Workshop on Non-Hodgkin Lymphoma

Recent financing supports expansion of ZYNLONTA in anticipation of 2L+ DLBCL launch with strengthened balance sheet relative to previously disclosed cash runway into 2028

LAUSANNE, Switzerland, Nov. 10, 2025 /PRNewswire/ -- ADC Therapeutics SA (NYSE: ADCT), a commercial-stage global leader and pioneer in the field of antibody drug conjugates (ADCs), today reported financial results for the third quarter ended September 30, 2025, and provided operational updates.

"The successful completion of our most recent PIPE financing strengthens our balance sheet and provides the resources to further invest in ZYNLONTA(R) as we anticipate advancing into earlier lines of therapy for DLBCL and into indolent lymphomas," said Ameet Mallik, Chief Executive Officer of ADC Therapeutics. "We look forward to multiple upcoming clinical catalysts expected across LOTIS-7, LOTIS-5, and the ongoing Phase 2 IITs, starting with LOTIS-7 before the end of this year and continuing with data readouts throughout 2026."

Third Quarter 2025 Operational Updates & Recent Highlights

   -- Completed private investment in public equity $(PIPE)$ financing. The 
      Company entered into a securities purchase agreement for the sale of its 
      equity securities to certain institutional investors in a $60 million 
      PIPE financing, of which the net proceeds of approximately $57.6 million 
      are anticipated to fund the commercial expansion of ZYNLONTA and 
      strengthen the Company's balance sheet. 
 
   -- Updated data from LOTIS-7 expected by the end of the year. Beyond the 
      initial results reported at European Hematology Association 2025 Congress 
      (EHA2025) and at the International Conference on Malignant Lymphoma 
      (ICML) in June from the LOTIS-7 Phase 1b trial evaluating ZYNLONTA in 
      combination with the bispecific antibody glofitamab (COLUMVI(R)) for the 
      treatment of relapsed or refractory diffuse large B-cell lymphoma (r/r 
      DLBCL), the Company expects to share additional data from the LOTIS-7 
      trial through a corporate update by the end of the year. Once sufficient 
      data with longer follow-up is available, the Company plans to engage with 
      the U.S. Food and Drug Administration (FDA). In addition, the Company 
      plans to pursue publication and compendia inclusion in the first half of 
      2027. 
 
   -- LOTIS-5 topline results anticipated in 1H 2026. The Company expects to 
      provide topline data in the first half of 2026 from the LOTIS-5 Phase 3 
      confirmatory trial of ZYNLONTA in combination with rituximab in patients 
      with 2L+ DLBCL once the pre-specified number of progression-free survival 
      $(PFS)$ events is reached and data are available. Assuming positive results, 
      a supplemental Biologics License Application (sBLA) submission to 
      regulatory authorities will follow, with potential confirmatory approval 
      in 2L+ DLBCL as well as publication and compendia inclusion in the first 
      half of 2027. 
 
   -- Updated data from the Phase 2 investigator-initiated trial (IIT) of 
      ZYNLONTA in r/r follicular lymphoma (FL) presented at the 22nd 
      International Workshop on Non-Hodgkin Lymphoma (iwNHL). Juan Pablo 
      Alderuccio, MD, Clinical Site Disease Group Leader, Lymphoma Section, at 
      Sylvester Comprehensive Cancer Center, part of the University of Miami 
      Miller School of Medicine, presented updated data at iwNHL in September 
      from the Phase 2 IIT evaluating ZYNLONTA in combination with rituximab in 
      r/r FL. Data from the 55 efficacy-evaluable patients to date in this 
      trial continue to demonstrate encouraging results with an overall 
      response rate $(ORR)$ of 98.2%, a complete response rate $(CR)$ of 83.6%. 
      After median follow-up of 28 months, median PFS was not reached, and the 
      12-month PFS was 93.9%. Safety was consistent with the known profile of 
      ZYNLONTA. The trial has been expanded to enroll 100 patients, and the 
      Company plans to assess regulatory and updated compendia pathways as soon 
      as sufficient data are available. 
 
   -- IND-enabling activities advancing for PSMA-targeting ADC. IND-enabling 
      activities are ongoing for the Company's exatecan-based, 
      prostate-specific membrane antigen (PSMA)-targeting ADC with completion 
      of these activities expected by the end of 2025. 

Third Quarter and Year-to-Date 2025 Financial Results

   -- Product Revenues: Net product revenues were $15.8 million for the three 
      months ended September 30, 2025, and $51.2 million for the nine months of 
      2025 as compared to $18.0 million and $52.9 million for the same periods 
      in 2024. The period-over-period changes were primarily driven by lower 
      sales volume, partially offset by higher sales price and favorability in 
      gross-to-net sales adjustments. 
 
   -- Research and Development (R&D) Expense: R&D expense was $26.8 million for 
      the three months ended September 30, 2025, as compared to $32.5 million 
      for the same period in 2024. The decrease in R&D costs for the 
      three-month period was driven by a reduction in spending on discontinued 
      programs and timing and enrollment of our ZYNLONTA clinical trials, 
      partially offset by an increase in IND-enabling activities for our 
      PSMA-targeting ADC. R&D expense was $85.8 million for the nine months 
      ended September 30, 2025, as compared to $82.5 million for the same 
      period in 2024. The increase in R&D costs for the nine-month period was 
      driven by an increase in IND-enabling activities for our PSMA-targeting 
      ADC and timing and enrollment of our ZYNLONTA clinical trials, partially 
      offset by a reduction in spending on discontinued programs. 
 
   -- Selling and Marketing (S&M) Expense: S&M expenses were relatively 
      consistent at $10.7 million for the three months ended September 30, 
      2024, and 2025, respectively. S&M expense was $31.4 million for the nine 
      months ended September 30, 2025, as compared to $32.8 million for the 
      same period in 2024. The period-over-period decrease was primarily due to 
      a reduction in marketing and advertising expenses. 
 
   -- General & Administrative (G&A) Expense: G&A expense was $8.3 million and 
      $27.1 million for the three and nine months ended September 30, 2025, 
      respectively, compared to $10.0 million and $32.3 million for the same 
      periods in 2024. The reductions in G&A expense were primarily due to 
      lower external professional fees. 
 
   -- Restructuring, impairment and other related costs: In connection with the 
      strategic reprioritization and restructuring plan announced in June 2025, 
      the Company incurred $0.4 million and $13.5 million in restructuring, 
      impairment and other related costs for the three and nine months ended 
      September 30, 2025, which consisted of $6.2 million in employee severance 
      and related benefit costs, $6.4 million in non-cash impairment of assets 
      and $0.8 million in retirement costs in connection with the close down of 
      the UK facility. 
 
   -- Net Loss: Net loss for the three months ended September 30, 2025, was 
      $41.0 million, or a net loss of $0.30 per basic and diluted share, as 
      compared to a net loss of $44.0 million, or a net loss of $0.42 per basic 
      and diluted share, for the same period in 2024. The lower net loss for 
      the three-month period was primarily due to lower R&D and G&A expenses. 
      Net loss for the nine months ended September 30, 2025, was $136.2 million, 
      or a net loss of $1.14 per basic and diluted share, as compared to a net 
      loss of $127.1 million, or a net loss of $1.35 per basic and diluted 
      share, for the same period in 2024. The higher net loss for the 
      nine-month period was primarily due to the increase in R&D expense, the 
      restructuring, impairment and related costs incurred in connection with 
      the strategic reprioritization and restructuring plan and lower interest 
      income. 
 
   -- Adjusted Net Loss: Adjusted net loss, which is a non-GAAP financial 
      measure, was $25.5 million, or an adjusted net loss of $0.19 per basic 
      and diluted share for the three months ended September 30, 2025, as 
      compared to adjusted net loss of $29.4 million, or $0.28 per basic and 
      diluted share, for the same period in 2024. Adjusted net loss for the 
      nine months ended September 30, 2025, was $78.2 million, or an adjusted 
      net loss of $0.66 per basic and diluted share, as compared to an adjusted 
      net loss of $84.9 million, or $0.90 per basic and diluted share, for the 
      same period in 2024. The decrease in adjusted net loss for the 
      three-month and nine-month periods was due to lower operating expenses 
      and a higher number of weighted average shares outstanding. 
 
   -- Cash and cash equivalents: As of September 30, 2025, cash and cash 
      equivalents were $234.7 million, compared to $250.9 million as of 
      December 31, 2024. In October, the Company entered into securities 
      purchase agreements for the sale of its equity securities to certain 
      institutional investors in a $60.0 million PIPE financing. Giving effect 
      to the estimated net proceeds from the PIPE financing of approximately 
      $57.6 million (after deducting placement agent fees and estimated 
      offering expenses), the Company would have had approximately $292.3 
      million of cash and cash equivalents as of that date. 

Conference Call Details

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November 10, 2025 07:30 ET (12:30 GMT)