Core Insights - ADC Therapeutics SA is a global leader in antibody drug conjugates (ADCs) and will participate in the Cantor Global Healthcare Conference 2025 on September 3, 2025 [1] - The company is focused on transforming treatment for patients with its portfolio, including ZYNLONTA and a next-generation PSMA-targeting ADC [3][4] Company Overview - ADC Therapeutics is headquartered in Lausanne, Switzerland, with operations in London and New Jersey [5] - The company specializes in ADC development, encompassing clinical, manufacturing, and commercialization capabilities [5] Product Development - ZYNLONTA, an ADC directed at CD19, has received accelerated approval from the FDA and conditional approval from the European Commission for treating relapsed or refractory diffuse large B-cell lymphoma after two or more lines of systemic therapy [4] - The company is also developing a next-generation PSMA-targeting ADC that utilizes a differentiated exatecan-based payload with a novel hydrophilic linker [4]

Summary of Kelun Biotech Earnings Review Company Overview - **Company**: Kelun Biotech (6990.HK) - **Industry**: Biotech, specifically focused on developing and commercializing differentiated antibody drug conjugates (ADCs) for global patients [8][9] Key Financial Highlights - **1H Revenue**: Rmb950 million, with Rmb302 million from sac-TMT and Rmb628 million from licensing income, both broadly in-line with expectations [1] - **Net Loss**: Rmb-145 million, narrower than the expected Rmb-184 million, attributed to managed SG&A spending of Rmb253 million, which increased by 6% half-on-half [1] - **Cash Position**: Rmb4.5 billion in cash equivalents, up from Rmb3.1 billion by year-end 2024, sufficient to support near-term operations [1] Product Performance and Outlook - **sac-TMT**: Achieved high double-digit month-over-month growth, with NSCLC patients becoming the majority post-March approval. Management is confident in accelerated growth in the second half of the year [2][6] - **Mature Products**: Limited revenue in 1H, but expected growth post-NRDL coverage beyond 2025 [2] - **Next Potential Asset**: SKB571 (EGFR/cMET BsADC) is being positioned as the next anchor asset, with ongoing Phase 2 trials [6] Research and Development Insights - **R&D Expenses**: Decreased to Rmb612 million in 1H25, down 6% year-on-year, as more late-stage assets enter NDA or later stages [1] - **Pipeline Development**: Focus on addressing unmet medical needs with a variety of drug candidates in early-stage development [6] Valuation and Price Target - **Target Price Adjustment**: 12-month target price adjusted to HK$454.04 from HK$406.74, based on risk-adjusted DCF methodology [7] - **Earnings Per Share (EPS) Estimates**: Adjusted for 2025E-27E to reflect updated financials and lowered sales estimates for certain products [7] Risks and Challenges - **Key Risks**: Include R&D risks in developing new indications, competition in the ADC field, limited commercial manufacturing and sales track record, talent competition, and alliance risks [8][10] Conclusion - **Investment Rating**: The company is rated as a Buy, with expectations for meaningful growth driven by its product pipeline and strategic collaborations [9][11]

Company Overview - Akari Therapeutics is a biotechnology company focused on developing novel Antibody Drug Conjugates (ADCs) with immuno-oncology payloads for cancer treatment [3] - The company has developed its first novel payload, PH1, which is a spliceosome modulator designed to disrupt RNA splicing within cells [3] - Akari's lead candidate, AKTX-101, targets the Trop2 receptor on cancer cells and delivers the PH1 payload directly into tumors [3] Product Development - PH1 is differentiated from current ADC payloads that typically use Topoisomerase1 inhibitors or tubulin inhibitors, showing potential to induce cancer cell death while activating immune cells [3] - In preclinical studies, AKTX-101 has demonstrated significant activity and prolonged survival compared to traditional ADCs [3] - AKTX-101 has the potential to work synergistically with checkpoint inhibitors, showing prolonged survival both as a single agent and in combination with these inhibitors [3] Upcoming Events - Akari Therapeutics will present at the Webull Financial Corporate Connect Webinar Series: Biotech/MedTech on August 19, 2025, at 2:00 PM ET [1]

Core Insights - ADC Therapeutics reported a strong overall response rate (ORR) of 93.3% and a complete response (CR) rate of 86.7% for ZYNLONTA® in combination with glofitamab in the LOTIS-7 trial [1][3] - The company has completed a $100 million private placement to extend its cash runway into 2028, with net proceeds of $93.1 million allocated for ZYNLONTA's clinical development and commercialization [3][7] - ADC Therapeutics is focusing on expanding ZYNLONTA into earlier lines of therapy for diffuse large B-cell lymphoma (DLBCL) and indolent lymphomas, with key clinical milestones expected through 2026 [2][3] Operational Updates - The LOTIS-7 Phase 1b trial is expanding to include 100 patients with relapsed/refractory DLBCL, with additional data expected in the second half of 2025 [1][3] - The LOTIS-5 Phase 3 trial is on track to reach the prespecified progression-free survival (PFS) events by the end of 2025, with topline data anticipated thereafter [1][3] - The company is also advancing IND-enabling activities for a PSMA-targeting ADC, with completion expected by the end of 2025 [4] Financial Performance - For Q2 2025, net product revenues were $18.1 million, up from $17.0 million in Q2 2024, while total revenues for the first half of 2025 reached $41.9 million compared to $35.5 million in the same period last year [7][20] - Research and development expenses increased to $30.1 million for Q2 2025, compared to $24.3 million in Q2 2024, driven by clinical trial activities [7][20] - The net loss for Q2 2025 was $56.6 million, or $0.50 per share, compared to a net loss of $36.5 million, or $0.38 per share, in Q2 2024 [7][20] Strategic Focus - The company announced a strategic restructuring plan, discontinuing early development efforts for preclinical programs in solid tumors and focusing resources on ZYNLONTA [4] - A workforce reduction of approximately 30% is planned as part of the restructuring, expected to be completed by September 30, 2025 [4] - ADC Therapeutics aims to pursue a supplemental Biologics License Application (sBLA) for ZYNLONTA in 2026, with potential confirmatory approval in DLBCL [2][3]

Financial Data and Key Metrics Changes - Total revenue increased to $48.7 million in Q2 2025 from $19.2 million in Q2 2024, primarily due to a $20 million milestone from B1 and recognition of $80.3 million in deferred revenue [15][16] - Operating expenses decreased by 20% to $49.4 million in Q2 2025 from $62.1 million in Q2 2024, mainly due to a prior year impairment charge [17] - Net income was $2.3 million for Q2 2025, compared to a net loss of $37.7 million in Q2 2024 [17][18] - Cash resources increased to $333.4 million as of June 30, 2025, from $124.2 million at the end of 2024 [18] Business Line Data and Key Metrics Changes - The company has three product candidates in active Phase I trials in 2025, with two additional candidates expected to enter the clinic in 2026 [7][8] - Zanadatumab showed a median progression-free survival of 15.2 months and overall survival of 36.5 months in a study involving HER2 positive tumors [9][10] - The company recognized a $7.5 million option exercise payment related to a licensing agreement with BMS [14] Market Data and Key Metrics Changes - Conditional regulatory approvals for zanadatumab in China and Europe are expected to increase international patient access and potential future royalties [10][13] - The company anticipates an increase in royalty revenues from zanadatumab's international approvals for biliary tract cancer [13] Company Strategy and Development Direction - The company aims to leverage its proprietary technology platforms and strategic partnerships to enhance asset value and deliver long-term returns for shareholders [44][46] - The focus is on advancing a wholly owned pipeline of differentiated antibody drug conjugates and multi-specific antibodies across various therapeutic areas [46][48] - The company is committed to maintaining a science-first approach while exploring partnerships to share risk and resources [48][49] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of capital discipline and clarity in strategy to drive long-term value [44][51] - The company is focused on maximizing cash flow streams from royalties and other healthcare assets while maintaining flexibility in operations [51][52] - Anticipated growth in royalty and milestone income is not expected to trigger an automatic increase in operational expenditures [51] Other Important Information - The company presented data on its novel IL-4, IL-33 bispecific antibody for COPD at a recent conference, highlighting its potential in treating respiratory diseases [36][38] - The IND clearance for ZW251, targeting hepatocellular carcinoma, is seen as a significant advancement in the company's pipeline [28][29] Q&A Session Summary Question: Will PDL1 status be broken out for the triplet for arm C in the top line? - The inclusion of data in a top line press release will be determined by Jazz and B1, the sponsors of the studies [56][57] Question: How much of the ZANI $525 million regulatory milestone is weighted towards GEA versus other indications? - There is $500 million left in development milestones with Jazz, but no specific guidance on allocation has been provided [57] Question: How does ZW191 compare to other topoisomerase-based ADCs? - The company aims to create a differentiated asset with a novel mechanism and tolerability profile, which could allow for combinations with other treatments [60][63] Question: What is the approach for evaluating ZW251 in liver cancer patients? - The company will systematically study the tolerability and efficacy of ZW251 in appropriate patient subsets, considering liver impairment [68][69] Question: When can data from the Phase I trial of ZW191 be expected? - Initial data is anticipated to be shared at peer-reviewed meetings in 2025 or 2026, depending on abstract acceptance [74] Question: What is known about the expression of alpha in non-small cell lung cancer? - Analysis shows a subset of non-small cell lung cancer patients with BOLT receptor expression, encouraging further evaluation in this indication [78]

Core Insights - Sutro Biopharma is advancing its pipeline of novel antibody-drug conjugates (ADCs), with plans to initiate a first-in-human trial for STRO-004 in the second half of 2025, targeting solid tumors [1][6] - The company has generated significant preclinical data supporting the potential of its ADC candidates, particularly in the dual-payload ADCs, which are seen as transformative for cancer treatment [2][6] - Sutro has entered a research collaboration with the FDA to enhance regulatory standards for ADCs, indicating a commitment to improving drug development processes [1][14] Financial Highlights - As of June 30, 2025, Sutro reported cash, cash equivalents, and marketable securities totaling $205.1 million, down from $249.0 million as of March 31, 2025, providing a cash runway into early 2027 [1][9] - Revenue for the second quarter of 2025 was $63.7 million, a significant increase from $25.7 million in the same quarter of 2024, primarily driven by the Astellas collaboration [10] - Total operating expenses for the quarter were $67.1 million, a decrease from $74.4 million in the prior year, with R&D expenses at $38.4 million and G&A expenses at $10.3 million [11][18] Pipeline Developments - STRO-004 is on track for a clinical trial initiation in the second half of 2025, with a favorable preclinical safety profile observed [6][7] - STRO-006, targeting integrin beta-6, is expected to enter clinical development in 2026 for multiple solid tumors [6] - The dual-payload ADC program is progressing, with an IND filing anticipated in 2027, and a collaboration with Astellas has led to a $7.5 million milestone payment [6][10] Corporate Updates - Greg Chow has been appointed as Chief Financial Officer, indicating a strengthening of the management team [1][14] - The company is focused on implementing operational efficiencies to extend its cash runway while prioritizing pipeline execution to enhance shareholder value [2]

Company Overview - ADC Therapeutics SA is a commercial-stage global leader in the field of antibody drug conjugates (ADCs) [3] - The company is headquartered in Lausanne, Switzerland, with operations in London and New Jersey [5] Upcoming Events - ADC Therapeutics will host a conference call and live webcast on August 12, 2025, at 8:30 a.m. EDT to report financial results for Q2 2025 and provide operational updates [1] Product Development - The company's CD19-directed ADC ZYNLONTA (loncastuximab tesirine-lpyl) has received accelerated approval from the FDA and conditional approval from the European Commission for treating relapsed or refractory diffuse large B-cell lymphoma after two or more lines of systemic therapy [4] - ZYNLONTA is also being developed in combination with other agents and in earlier lines of therapy [4] - ADC Therapeutics is advancing IND-enabling activities for a next-generation PSMA-targeting ADC utilizing a differentiated exatecan-based payload with a novel hydrophilic linker [4]

Core Insights - Akari Therapeutics is focused on developing novel immuno-oncology payload antibody drug conjugates (ADCs) for cancer treatment [2][4] - The company’s lead candidate, AKTX-101, utilizes a novel spliceosome modulator payload, PH1, which has shown significant preclinical activity [4] Company Overview - Akari Therapeutics is an oncology biotechnology company that has developed PH1, a spliceosome modulator designed to disrupt RNA splicing within cancer cells [4] - PH1 is differentiated from traditional ADC payloads that typically use Topoisomerase1 inhibitors or tubulin inhibitors, and it has demonstrated the ability to induce cancer cell death while activating immune cells [4] - AKTX-101 targets the Trop2 receptor on cancer cells, delivering the PH1 payload directly into tumors, and has shown prolonged survival in preclinical studies compared to traditional ADCs [4] Research and Development - The company is conducting ongoing research to further understand the effects of PH1 and its potential to disrupt key drivers of cancer cell growth [3][4] - Akari is generating validating data on PH1 to advance its lead asset and explore other undisclosed targets [4]

Core Insights - Akari Therapeutics is advancing its research on PH1, a novel spliceosome modulator that induces cancer cell death and activates the immune system to combat cancer [1][4] - The company is focused on developing antibody drug conjugates (ADCs) utilizing the PH1 payload, with ongoing preclinical studies expected to yield new data by year-end [1][3] Company Overview - Akari Therapeutics specializes in oncology biotechnology, developing innovative ADCs with a unique mechanism of action through the PH1 payload, which disrupts RNA splicing [4] - The lead candidate, AKTX-101, targets the Trop2 receptor and has shown significant activity and prolonged survival in preclinical studies compared to traditional ADCs [4] Research and Development - Ongoing research aims to explore the effects of PH1 on key oncogenic drivers such as KRAS, BRAF, and FGFR3, with preliminary data anticipated soon [2][3] - The PH1 payload has demonstrated the ability to induce cytotoxicity in cancer cells and activate immune responses, potentially leading to improved therapeutic outcomes [2][6]

Company Overview - Akari Therapeutics is an oncology biotechnology company focused on developing novel immuno-oncology payload antibody drug conjugates (ADCs) for cancer treatment [1][3] - The company has developed its first novel payload, PH1, which is a spliceosome inhibitor designed to disrupt RNA splicing within cells [3] - PH1 is differentiated from current ADC payloads that utilize Topoisomerase1 inhibitors or tubulin inhibitors, showing potential to induce cancer cell death while activating immune cells [3] Lead Candidate - Akari's lead candidate, AKTX-101, targets the Trop2 receptor on cancer cells and delivers the PH1 payload directly into tumors [3] - In preclinical studies, AKTX-101 has demonstrated significant activity and prolonged survival compared to traditional ADCs [3] - The candidate has potential synergistic effects with checkpoint inhibitors, showing prolonged survival both as a single agent and in combination with these inhibitors [3] Recent Developments - Abizer Gaslightwala, the CEO of Akari, participated in the Virtual Investor "What's Your Story" Summer Spotlight On-Demand Conference, discussing his dedication to the company and its programs [1][2] - The on-demand video webcast of the conference is available on virtualinvestorco.com and the company's website [2]