Corporate and Clinical Update June 2025 Forward-Looking Statements This presentation and any accompanying oral presentation have been prepared by ADC Therapeutics SA ("ADC Therapeutics", "we" or "us") for informational purposes only and not for any other purpose. Nothing contained in this presentation is, or should be construed as, a recommendation, promise or representation by the presenter or ADC Therapeutics or any officer, director, employee, agent or advisor of ADC Therapeutics. This presentation does ...

Summary of ADC Therapeutics Conference Call - June 12, 2025 Company Overview - **Company**: ADC Therapeutics (ADCT) - **Focus**: Development of therapies for hematological malignancies, particularly diffuse large B-cell lymphoma (DLBCL) Key Industry Insights - **LOTUS-seven Trial**: A Phase 1b study focusing on relapsed or refractory B-cell non-Hodgkin lymphoma, with updated results presented at the European Hematology Association Congress (EHA) [3][7] - **ZULANTA Franchise**: The company is expanding its ZULANTA therapy into earlier lines of treatment for DLBCL and indolent lymphomas, aiming to increase patient reach and commercial opportunity [6][10] Core Points and Arguments - **Efficacy of ZENLANTA**: - ZENLANTA shows rapid, deep, and durable efficacy with a 50% complete response rate in the LOTUS-five trial, which is double that of monotherapy data in line plus DLBCL [9] - The LOTUS-seven trial reported an overall response rate of approximately 93% and a complete response rate of about 87% [16][25] - The combination of ZENLANTA and glufetamab is expected to provide additive or synergistic efficacy due to their complementary mechanisms of action targeting different B-cell surface antigens [11][44] - **Safety Profile**: - The combination therapy has a manageable safety profile, with neutropenia being the most common treatment-emergent adverse event at 24%, consistent with individual drug profiles [21][14] - Lower rates of cytokine release syndrome (CRS) were observed with the 150 microgram per kg dose compared to the 120 microgram per kg dose, indicating a favorable safety profile [84][85] - **Market Potential**: - The company estimates peak sales for ZENLANTA in the range of $600 million to $1 billion across various indications, including DLBCL and indolent lymphomas [30] - The potential to double the addressable patient population and extend the duration of therapy is expected to significantly enhance market share [10][29] Additional Important Insights - **Regulatory Strategy**: - ADC Therapeutics plans to engage with regulatory authorities later in the year, with the aim of submitting for approval based on the expanded cohort data [31][60] - The company is also considering a potential compendia strategy to support the therapy's adoption in clinical practice [32] - **Patient Demographics**: - The median age of patients in the LOTUS-seven trial was 71, with a significant proportion having received prior CAR T therapy [19][20] - The study included patients with complex disease characteristics, such as double or triple hit lymphomas, indicating a challenging patient population [20] - **Future Data Catalysts**: - Multiple data catalysts are expected in 2025 and 2026, with potential approval or compendia listing anticipated in the first half of 2027 [31] - **Community Adoption**: - The combination therapy is expected to be adopted in community centers due to its manageable safety profile and the increasing comfort of physicians with bispecific therapies [41] This summary encapsulates the key points discussed during the ADC Therapeutics conference call, highlighting the company's strategic direction, clinical trial updates, market potential, and regulatory plans.

Summary of ADC Therapeutics Conference Call Company Overview - ADC Therapeutics is an antibody drug conjugate company with capabilities from research to commercialization, focusing on two main pillars: ZIMMANTA and an early-stage solid tumor pipeline targeting PSMA and Claudine six [3][4] Market Performance and Strategy - ZIMMANTA is approved as a monotherapy in the third line plus setting for DLBCL, capturing approximately 10% market share, which translates to 25% of the broadly accessible therapies segment [7][8] - The market for DLBCL therapies is segmented into complex therapies (60% market share) and broadly accessible therapies (40% market share) [6][7] - ADC Therapeutics aims to expand ZIMMANTA's use into earlier lines of therapy, with ongoing studies showing promising results [14][19] Clinical Data and Studies - The LOTUS five study, combining ZIMMANTA with rituximab, has shown a 50% complete response (CR) rate in early safety run-in data, with expectations for top-line results by early next year [14][24] - The LOTUS seven study, combining ZIMMANTA with glafitamab, reported an overall response rate of over 95% and a CR rate of 91% in the first 22 evaluable patients [15][19] - The company plans to engage with the FDA regarding the LOTUS studies and potential phase three designs in the second half of the year [20][27] Financial Projections - The potential market opportunity for ZIMMANTA in the second line setting is estimated at $200 million to $300 million, with a total opportunity (including LOTUS five and current indications) projected to reach $500 million to $800 million [25][27] - The company reported a cash position of $196 million, providing a runway until the second half of 2026, with a quarterly cash burn of $30 million to $35 million [39][41] Expansion Opportunities - ADC Therapeutics is exploring additional indications in indolent lymphomas, with promising data from ASH showing a 77% CR rate in high-risk follicular lymphoma patients [29][30] - The marginal zone lymphoma (MZL) opportunity is estimated at $500 million in peak sales, with a 70% CR rate observed in early studies [31][32] Future Outlook - The company anticipates significant data releases and derisking events in the coming months, setting the stage for a growth trajectory starting in early 2027 [27][49] - ADC Therapeutics is open to partnerships for advancing solid tumor assets, emphasizing the need for collaboration to unlock value [43][44]

Revenue Performance - Product revenues, net, were $17.4 million for the three months ended March 31, 2025, compared to $17.8 million for the same period in 2024, a decrease of $0.4 million, or 2.5%[98] - License revenues and royalties increased to $5.6 million for the three months ended March 31, 2025, from $0.2 million in the same period in 2024, an increase of $5.4 million[100] - Total revenue, net, for the three months ended March 31, 2025, was $23.0 million, up from $18.1 million in 2024, representing a 27.6% increase[96] Expenses - Research and development expenses rose to $28.9 million for the three months ended March 31, 2025, compared to $25.7 million in 2024, an increase of $3.2 million, or 12.4%[106] - Selling and marketing expenses decreased to $10.6 million for the three months ended March 31, 2025, from $11.4 million in 2024, a reduction of $0.8 million, or 7.3%[112] - Cost of product sales decreased to $2.1 million for the three months ended March 31, 2025, from $2.5 million in 2024, a decrease of $0.4 million, or 17.9%[103] - Research and development expenses for preclinical product candidates increased significantly to $7.8 million for the three months ended March 31, 2025, from $3.7 million in 2024, an increase of $4.1 million, or 110.3%[109] - Share-based compensation expense increased to $1.0 million for the three months ended March 31, 2025, compared to a reversal of $0.6 million in 2024, an increase of $1.5 million[111] - General and administrative expenses were $10.0 million for the three months ended March 31, 2025, compared to $12.0 million for the same period in 2024, reflecting a decrease of 17.3%[118] Net Loss and Operational Performance - The net loss for the three months ended March 31, 2025, was $38.6 million, compared to a net loss of $46.6 million for the same period in 2024, a decrease of $8.0 million, or 17.2%[96] - Loss from operations improved to $28.5 million for the three months ended March 31, 2025, from $33.6 million in 2024, a reduction of $5.1 million, or 15.3%[96] Cash Flow and Financial Position - Net cash used in operating activities increased to $56.3 million for the three months ended March 31, 2025, compared to $44.1 million in the same period of 2024, an increase of $12.2 million[132] - Cash and cash equivalents as of March 31, 2025, were $194.7 million, sufficient to fund operations for at least the next twelve months[127] - The total change in cash and cash equivalents for the three months ended March 31, 2025, was a decrease of $56.3 million compared to a decrease of $44.3 million in the same period of 2024[131] Interest Income and Expense - Interest income was $2.1 million for the three months ended March 31, 2025, down from $2.9 million in the same period of 2024, a decrease of 30.3%[120] - Interest expense decreased to $12.2 million for the three months ended March 31, 2025, from $12.5 million in the same period of 2024, a decline of 2.1%[121] Strategic Initiatives - The company plans to continue funding operations through existing cash, revenues from ZYNLONTA sales, and potential collaborations[128] - The company is exploring strategic collaborations and business combinations to support its early-stage research pipeline and commercialization efforts[128] - The company recorded an income tax expense of $0.2 million for both the three months ended March 31, 2025, and March 31, 2024[125]

Core Insights - ADC Therapeutics SA reported a quarterly loss of $0.36 per share, which is better than the Zacks Consensus Estimate of a loss of $0.38, and an improvement from a loss of $0.56 per share a year ago [1] - The company achieved revenues of $23.03 million for the quarter ended March 2025, exceeding the Zacks Consensus Estimate by 26.94% and up from $18.05 million year-over-year [2] - The stock has underperformed, losing approximately 33.7% since the beginning of the year, while the S&P 500 has gained 0.1% [3] Financial Performance - Over the last four quarters, ADC Therapeutics has surpassed consensus EPS estimates three times [2] - The current consensus EPS estimate for the upcoming quarter is -$0.39 on revenues of $18.73 million, and for the current fiscal year, it is -$1.65 on revenues of $75.43 million [7] Industry Context - The Medical - Biomedical and Genetics industry, to which ADC Therapeutics belongs, is currently in the top 30% of over 250 Zacks industries, indicating a favorable outlook [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact investor sentiment [5] Future Outlook - The company's earnings outlook will be crucial for determining the sustainability of its stock price movement, particularly following management's commentary on the earnings call [3][4] - The current Zacks Rank for ADC Therapeutics is 3 (Hold), suggesting that the shares are expected to perform in line with the market in the near future [6]

Financial Data and Key Metrics Changes - Total revenues for Q1 2025 were $23 million, including net product revenues of $17.4 million, which is consistent with Q1 2024 and an increase from $16.4 million in Q4 2024 [5][16] - Net loss for Q1 2025 was $38.6 million, an improvement from a net loss of $46.6 million in Q1 2024, primarily due to higher license revenues and lower expenses [17] - Cash and cash equivalents as of March 31, 2025, were $194.7 million, down from $250.9 million at December 31, 2024, mainly due to net loss from operations and timing of cash receipts [17] Business Line Data and Key Metrics Changes - Milestone and royalty payments contributed an additional $5.6 million to total revenue for the quarter [6] - The LOTUS-seven study showed a 95.5% overall response rate and a 90.9% complete response rate in 22 efficacy evaluable patients [14] Market Data and Key Metrics Changes - The company is focusing on maintaining its position as a treatment option for third-line plus DLBCL patients, with ongoing trials showing promising data [5][9] - The competitive landscape is highlighted by the potential of ZYNLATA plus glufitamab to be a best-in-class combination in a highly competitive market [6][10] Company Strategy and Development Direction - The company aims to expand the use of ZYNLATA into earlier lines of therapy in DLBCL and indolent lymphomas, believing in the potential for significant patient reach and commercial opportunity [9][10] - Regulatory discussions are planned based on data from 100 patients, aligning with recent examples of bispecific combination therapies [10][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the cash runway extending into the second half of 2026, positioning the company to deliver on upcoming catalysts [20] - The management is encouraged by the promising data from ongoing trials and believes in multiple pathways to achieve peak revenue goals [22] Other Important Information - The LOTUS-five trial is on track to reach the pre-specified number of progression-free survival events by the end of 2025, with top-line data expected thereafter [7][19] - The company is engaged in discussions for potential research collaborations to advance its preclinical assets [8][19] Q&A Session Summary Question: Follow-up time for patients and CR conversion times - Management indicated that follow-up assessments are ongoing, with encouraging complete response rates serving as strong biomarkers for durability [24][27] Question: Competitive strategy and regulatory engagement - Management plans to engage with regulatory authorities after gathering data from approximately 100 patients, assessing the best path forward [29][47] Question: Expected patient numbers at upcoming conferences - Management confirmed that 40 patients have been enrolled, with additional patients expected to be presented at the EHA conference [33][34] Question: LOTUS-five trial data expectations - Management reiterated that the timing for top-line data from the LOTUS-five trial could be late 2025 or early 2026, depending on the number of PFS events [42][43] Question: Discontinuation of the ADCT-602 program - Management clarified that the discontinuation of the ADCT-602 program has minimal financial impact, allowing focus on other research programs [49][50]

Financial Data and Key Metrics Changes - Total revenues for Q1 2025 were $23 million, including net product revenues of $17.4 million, consistent with Q1 2024 and an increase from $16.4 million in Q4 2024 [5][17] - Net loss for Q1 2025 was $38.6 million, an improvement from a net loss of $46.6 million in Q1 2024, attributed to higher license revenues and lower expenses [18] - Cash and cash equivalents as of March 31, 2025, were $194.7 million, down from $250.9 million at December 31, 2024, primarily due to net loss from operations [18] Business Line Data and Key Metrics Changes - The company reported $5.6 million in milestone and royalty payments included in total revenue for the quarter [6] - The LOTUS-seven study showed an overall response rate of 95.5% and a complete response rate of 90.9% in 22 efficacy evaluable patients [14] Market Data and Key Metrics Changes - The company is focusing on maintaining its position as a treatment option for third-line plus DLBCL patients, with promising data from the LOTUS-seven study [5][10] - The competitive landscape is highlighted by the potential of ZYNLATA plus glufitamab to be a best-in-class combination in a highly competitive market [6][11] Company Strategy and Development Direction - The company aims to expand the use of ZYNLATA into earlier lines of therapy in DLBCL and indolent lymphomas, believing in the potential for significant revenue growth [10][22] - The strategy includes pursuing regulatory discussions and compendia strategies based on the data from ongoing trials [8][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the upcoming catalysts and the company's cash runway expected to fund operations into the second half of 2026 [10][21] - The management is optimistic about the promising data from ongoing trials and the potential to change treatment paradigms for patients with aggressive lymphoma [15][22] Other Important Information - The LOTUS-five trial is on track to reach the pre-specified number of progression-free survival events by the end of 2025, with top-line data expected thereafter [8][20] - The company is engaged in discussions for potential research collaborations to advance its programs [9][20] Q&A Session Summary Question: Follow-up time for patients and CR conversion times - Management indicated that follow-up assessments are ongoing, with high complete response rates being a strong biomarker for durability [27][28] Question: Competitive strategy and regulatory engagement - The company plans to engage with regulatory authorities once sufficient data from approximately 100 patients is available [30] Question: Expected patient numbers at upcoming conferences - Management confirmed that more patients than the 22 already discussed will be presented at the EHA and ICML conferences, but exact numbers cannot be disclosed [34] Question: Timing for LOTUS-five data readout - The company expects to reach the pre-specified number of PFS events this year, with data readout potentially at the end of this year or early next year [42] Question: Discontinuation of the ADCT-602 program - The discontinuation of the ADCT-602 program has minimal capital implications, allowing focus on advancing other research programs [50][51]

Financial Performance - ZYNLONTA generated net product revenues of $17.4 million for Q1 2025, compared to $17.8 million in Q1 2024[5] - Total revenue for Q1 2025 was $23.033 million, a 27.5% increase from $18.053 million in Q1 2024[22] - Product revenues decreased slightly to $17.404 million from $17.848 million, a decline of 2.5% year-over-year[22] - License revenue and royalties increased to $5.6 million in Q1 2025 from $0.2 million in Q1 2024, including a $5.0 million milestone payment from Health Canada[5] Expenses - Research and Development (R&D) expenses rose to $28.9 million in Q1 2025, up from $25.7 million in Q1 2024, primarily due to increased spending on next-generation ADCs[5] - Selling and Marketing (S&M) expenses decreased to $10.6 million in Q1 2025 from $11.4 million in Q1 2024, attributed to lower marketing costs[5] - General & Administrative (G&A) expenses fell to $10.0 million in Q1 2025 from $12.0 million in Q1 2024, mainly due to reduced professional fees[5] - Total operating expenses for Q1 2025 were $51.497 million, a marginal decrease of 0.3% from $51.666 million in Q1 2024[25] - Share-based compensation expense rose significantly to $2.421 million from $158, a 1,432% increase[25] Net Loss - Net loss for Q1 2025 was $38.6 million, or $0.36 per share, an improvement from a net loss of $46.6 million, or $0.56 per share, in Q1 2024[5] - Adjusted net loss for Q1 2025 was $24.0 million, or $0.22 per share, compared to an adjusted net loss of $31.1 million, or $0.38 per share, in Q1 2024[5] - Net loss for Q1 2025 was $38.602 million, compared to a net loss of $46.606 million in Q1 2024, reflecting an improvement of 17.3%[22] - Adjusted net loss for Q1 2025 was $23.963 million, down from $31.147 million in Q1 2024, indicating a 23.0% reduction[25] Cash Position - Cash and cash equivalents as of March 31, 2025, were $194.7 million, down from $250.9 million as of December 31, 2024, with a cash runway expected to extend into the second half of 2026[6] - Cash and cash equivalents as of March 31, 2025, were $194.701 million, down from $250.867 million at the end of 2024[24] Clinical Trials - LOTIS-7 trial reached 40 patient enrollments, with updates expected in the second half of 2025[3] - ZYNLONTA plus glofitamab demonstrated an overall response rate (ORR) of 95.5% and a complete response (CR) rate of 90.9% in the LOTIS-7 trial[3] Shareholder Information - The weighted average shares outstanding increased to 107,202,374 in Q1 2025 from 82,552,322 in Q1 2024[25] - Total liabilities increased slightly to $510.762 million from $524.622 million, with total shareholders' equity showing a deficit of $238.223 million[24]

1Q 2025 Earnings Call May 14, 2025 Agenda Financial Update Pepe Carmona Chief Financial Officer 01 Introduction Ameet Mallik Chief Executive Officer 02 Chief Medical Officer Clinical Highlights Mohamed Zaki 03 04 Q&A 2 Forward-Looking Statements This presentation and any accompanying oral presentation have been prepared by ADC Therapeutics SA ("ADC Therapeutics", "we" or "us") for informational purposes only and not for any other purpose. Nothing contained in this presentation is, or should be construed as, ...

Company Overview - ADC Therapeutics SA (ADCT) is anticipated to report a year-over-year increase in earnings due to higher revenues for the quarter ended March 2025, with a consensus outlook indicating a quarterly loss of $0.38 per share, reflecting a +32.1% change from the previous year [1][3] - Expected revenues for ADC Therapeutics are projected at $18.15 million, which is a slight increase of 0.6% compared to the same quarter last year [3] Earnings Estimates and Revisions - The consensus EPS estimate has been revised 8.33% higher in the last 30 days, indicating a reassessment by analysts of their initial estimates [4] - The Most Accurate Estimate for ADC Therapeutics aligns with the Zacks Consensus Estimate, resulting in an Earnings ESP of 0%, suggesting no recent differing analyst views [10][11] Earnings Surprise Prediction - The Zacks Earnings ESP model indicates that a positive or negative reading can predict the likelihood of actual earnings deviating from consensus estimates, with a positive ESP being a strong predictor of an earnings beat, especially when combined with a Zacks Rank of 1, 2, or 3 [6][8] - ADC Therapeutics currently holds a Zacks Rank of 3, making it challenging to predict a definitive earnings beat [11] Historical Performance - In the last reported quarter, ADC Therapeutics was expected to post a loss of $0.35 per share but actually reported a loss of $0.29, resulting in a surprise of +17.14% [12] - Over the past four quarters, the company has surpassed consensus EPS estimates two times [13] Industry Context - In the Zacks Medical - Biomedical and Genetics industry, Cardiff Oncology (CRDF) is expected to report a loss of $0.19 per share for the same quarter, indicating a year-over-year change of +13.6% [17] - Cardiff Oncology's revenue is projected to be $0.17 million, down 19.1% from the previous year, but it has an Earnings ESP of 24.32% and a Zacks Rank of 2, suggesting a higher likelihood of beating the consensus EPS estimate [18]