ADC Therapeutics: FDA cites ZYNLONTA combo concerns
Preliminary third-quarter net product revenue was estimated at $21 million, and cash and cash equivalents were $189.2 million as of September 30, 2026.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
ADC Therapeutics SA announced that updated ZYNLONTA data will be presented in five oral sessions at the December 12 through December 15, 2026 ASH meeting. In LOTIS-7, 97 efficacy-evaluable patients had an 88.7% overall response rate and a 75.3% complete response rate. A Phase 2 marginal zone lymphoma study reported a 93% overall response rate and a 74.4% complete response rate among 43 efficacy-evaluable patients.
In Phase 3 LOTIS-5, ZYNLONTA plus rituximab met the primary progression-free survival endpoint versus R-GemOx (hazard ratio 0.73; two-sided p-value 0.0084), while grade 5 treatment-emergent adverse events were 13.2% versus 4.6%. ADC Therapeutics said the FDA cited concerns about benefit-risk or verification of clinical benefit for the combination. Preliminary net product revenue was estimated at $21 million for Q3 and $60 million for the first nine months of 2026, versus $16 million and $51 million in the same 2025 periods.
Cash and cash equivalents were preliminarily estimated at $189.2 million as of September 30, 2026; estimated pro forma cash was $196 million, and the company expects cash runway into 2029. ADC Therapeutics reported an $86.6 million private placement and a refinancing that reduced senior secured loan principal to $50 million, with a bullet payment in August 2029. The company said actual results had not been finalized and preliminary figures could differ materially.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointPreliminary Q3 net product revenue: $21 million, versus $16 million in 2025.
- Minor pointLOTIS-7 reported an 88.7% overall response rate among 97 efficacy-evaluable patients.
- Minor pointPhase 2 MZL study reported a 93% best overall response rate among 43 efficacy-evaluable patients.
Negative
- Moderate pointLOTIS-5 grade 5 events: 13.2% vs. 4.6%; FDA cited benefit-risk concerns.
Filing Explained
ADC Therapeutics says it will present two further investigator-led ZYNLONTA readouts at ASH: the mantle-cell study reports 12-month progression-free survival of 70% and complete response rising from 46.9% after R-BAC to 71.4% after consolidation, and the Waldenström study reports a 90% overall response rate among 20 patients.
8-K Event Classification
Key Figures
Key Terms
Overall Response Rate (ORR) medical
Complete Response (CR) medical
PFS medical
cytokine release syndrome (CRS) medical
MRD medical
Earnings Snapshot
FAQ
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Item 2.02. Results of Operations and Financial Condition.
Item 7.01. Regulation FD Disclosure.
On November 4, 2026, ADC Therapeutics SA (the “Company”) issued a press release and made available a presentation in connection with new and updated data from ZYNLONTA clinical trials which will be shared across multiple abstracts, including five oral presentations, at the 68th American Society of Hematology (ASH) Annual Meeting taking place December 12–15, 2026, in New Orleans, Louisiana, copies of which are attached as Exhibit 99.1 and Exhibit 99.2, respectively, to this Current Report on Form 8-K and incorporated by reference herein. The presentation includes preliminary revenue estimates for three and nine months ended September 30, 2026, and preliminary cash and cash equivalents as of September 30, 2026, including the preliminary estimate of cash used for one-time severance and retention payments during the quarter ended September 30, 2026.
In preparing the preliminary figures, management made a number of complex and subjective judgments and estimates about the appropriateness of certain reported amounts and disclosures. The Company’s actual financial results for the three and nine months ended September 30, 2026 have not yet been finalized by management. The preliminary financial information is not a comprehensive statement of all financial results for the three and nine months ended September 30, 2026. Subsequent information or events may lead to material differences between the foregoing preliminary financial results and those reported in the Company’s subsequent SEC filings. Accordingly, investors should not place undue reliance on these preliminary financial results.
The information contained in this Item 2.02 and Item 7.01 and the associated Exhibit 99.1 and Exhibit 99.2 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 8.01. Other Events.
On November 4, 2026, the Company announced updated data from an abstract at ASH for the LOTIS-7 Phase 1b trial of ZYNLONTA in combination with glofitamab in relapsed or refractory large B cell lymphoma. As of the June 15, 2026 data cutoff date, at the ZYNLONTA 150 µg/kg starting dose + glofitamab:
| • | Patients had received a median of one prior treatment (range: 1-5); 52.4% (n=54) of patients had primary refractory disease. |
| • | Among 97 efficacy-evaluable patients, the overall response rate (“ORR”) was 88.7% (n=86) and the complete response rate (“CRR”) was 75.3% (n=73). |
| o | 2.1% (n=2) of patients achieved stable disease. |
| o | 28 patients converted to complete responses over time, from stable disease (n=1) or partial response (n=27). |
| o | Of the patients who achieved a complete response, 84.9% (n=62) remained in complete response as of the data cutoff date. |
| • | In patients with primary refractory disease (n=54), ORR was 78.4% and CRR was 64.7%. Among patients previously treated with prior CAR-T therapy (n=28), ORR was 74.1% and CRR was 63.0%. |
| • | At a median follow-up of 10.35 months, median duration of response, duration of complete response and progression-free survival (“PFS”) had not been reached. The 6-month and 12-month duration of complete response rate were 81.9% and 79.0%, respectively. |
| • | In an exploratory measurable residual disease (“MRD”) analysis of 12 patients who achieved a complete response, 50% achieved undetectable MRD as early as Cycle 2, Day 1, and 11 had undetectable MRD at end of treatment. |
| • | The combination was generally well tolerated, with the types of treatment-emergent adverse events (“TEAEs”) observed generally consistent with the known safety profiles of ZYNLONTA and glofitamab as monotherapies. |
| o | The most common (≥30%) any grade TEAEs were neutropenia (45.6%), fatigue (36.9%), gamma-glutamyltransferase (GGT) increased (35.9%), thrombocytopenia (32.0%), maculopapular rash (32.0%), and cytokine release syndrome (CRS) (32.0%). |
| o | The most common (≥10%) grade ≥3 TEAEs were neutropenia (36.9%), GGT increased (20.4%), anemia (10.7%), and thrombocytopenia (10.7%). |
| o | Cytokine release syndrome (“CRS”) was observed in 32% of treated patients, predominantly Grade 1 (25.2%) or 2 (5.8%). One Grade 3 CRS event was reported. |
| o | Immune Effector Cell-Associated Neurotoxicity Syndrome (“ICANS”) was observed in 4.9% of treated patients, with no Grade 3 or higher ICANS events. |
| o | Three Grade 5 treatment-emergent adverse events were reported, one due to sepsis and two due to capillary leak syndrome. |
On November 4, 2026, the Company announced data from an abstract at ASH for a Phase 2 investigator-initiated trial of ZYNLONTA in relapsed or refractory marginal zone lymphoma. As of the July 1, 2026 data cutoff:
| • | Patients had received a median of two prior treatments; 37% of patients had primary refractory disease and 42% of patients had experienced disease progression within 24 months of initial therapy. |
| • | Among 43 efficacy-evaluable patients, ORR was 93% and CRR was 74.4%. |
| o | 11.6% (n=5) of patients achieved stable disease. |
| • | At a median follow-up of 23.2 months, all but one patient were alive with a two-year PFS rate of 90.8%. |
| • | The duration of response rate at 24 months was 90.9%. |
| • | Among 46 treated patients, adverse events (“AEs”) were predominantly Grade 1–2. Grade 3 AEs (36 events) were reported in 23 patients (50%), and Grade 4 AEs (5 events) in five patients (10.9%). The most common Grade 3 events included anemia (n=5), lung infections (n=5), elevated ALT (n=4), alkaline phosphatase (n=3) and AST (n=1). Grade 4 events included neutropenia (n=2), thrombocytopenia (n=2) and hyponatremia (n=1). Four patients required dose reductions. |
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit Number | Description |
| 99.1 | Press Release dated November 4, 2026 |
| 99.2 | Presentation dated November 4, 2026 |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| ADC Therapeutics SA | ||
| Date: November 4, 2026 | ||
| By: | /s/ Peter J. Graham | |
| Name: | Peter J. Graham | |
| Title: | Chief Legal Officer | |
Exhibit 99.1
ADC Therapeutics Announces Abstracts at the 68th ASH Annual Meeting Highlighting Breadth of ZYNLONTA® Clinical Program
ZYNLONTA data to be featured across 5 oral presentations and multiple posters
Phase 1b LOTIS-7 abstract data demonstrates an 88.7% ORR and 75.3% CR with ZYNLONTA plus glofitamab across the 97 efficacy-evaluable r/r DLBCL patients
Phase 2 marginal zone lymphoma IIT abstract shows robust and durable 93% ORR and 74.4% CRR with ZYNLONTA monotherapy
Company to host conference call today at 4:15 p.m. EST
LAUSANNE, Switzerland, November 4, 2026 -- ADC Therapeutics SA (NYSE: ADCT), a commercial-stage global leader and pioneer in the field of antibody drug conjugates (ADCs), today announced new and updated data from the ZYNLONTA® (loncastuximab tesirine-lpyl) clinical program will be shared across multiple abstracts, including five oral presentations, at the 68th American Society of Hematology (ASH) Annual Meeting taking place December 12–15, 2026, in New Orleans, Louisiana.
Across the presentations, the data provide additional insight into the depth and durability of response observed with ZYNLONTA across multiple B-cell lymphomas and treatment settings, including in difficult-to-treat patient populations. Oral presentations include expanded LOTIS-7 data evaluating ZYNLONTA in combination with glofitamab (COLUMVI®) in r/r DLBCL and updated data evaluating ZYNLONTA in r/r marginal zone lymphoma (MZL), as well as full results from the Phase 3 LOTIS-5 r/r DLBCL study and data from investigator-initiated trials in r/r mantle cell lymphoma (MCL) and r/r Waldenström macroglobulinemia (WM).
“We are pleased by the breadth of the ZYNLONTA clinical program and the growing body of evidence showcased through multiple presentations at ASH,” said Mohamed Zaki, MD, PhD, Chief Medical Officer of ADC Therapeutics. “We are particularly encouraged by the strength of the updated LOTIS-7 data and the marginal zone lymphoma IIT data, which are both highly differentiated and continue to show deep and durable efficacy with manageable safety.”
“We believe the emerging data from LOTIS-7 and MZL reinforce the best-in-class potential of ZYNLONTA in these settings and support our pursuit of an expanded role in treating these B-cell malignancies through potential compendia and regulatory pathways,” said Ameet Mallik, Chief Executive Officer of ADC Therapeutics. “ASH provides an important opportunity to engage with the hematology community on these findings and discuss plans to advance the clinical program, including planned Phase 3 studies. Through ZYNLONTA, we remain focused on delivering meaningful outcomes for patients in need while driving long-term value for our shareholders.”
Select Oral Presentations: Clinical Highlights
LOTIS-7 Phase 1b study: ZYNLONTA plus glofitamab in relapsed or refractory LBCL Updated results from LOTIS-7 continue to demonstrate encouraging efficacy and safety findings with ZYNLONTA plus glofitamab, including in difficult-to-treat patient populations.
As of the June 15, 2026 data cutoff, at the ZYNLONTA 150 µg/kg starting dose + glofitamab:
| · | Among 97 efficacy-evaluable patients, the overall response rate (ORR) was 88.7%, and the complete response rate (CRR) was 75.3%. |
| · | Patients had received a median of one prior treatment (range 1-5); 52.4% were primary refractory |
| · | In patients with primary refractory disease, ORR was 78.4% and CRR was 64.7%. Among patients previously treated with prior CAR-T therapy, ORR was 74.1% and CRR was 63.0%. |
| · | At a median follow-up of 10.35 months, median duration of response, duration of complete response and progression-free survival (PFS) had not been reached. The 12-month duration of complete response rate was 79.0%. |
| · | In an exploratory MRD analysis of 12 patients who achieved a complete response, 50% achieved undetectable MRD as early as Cycle 2, Day 1, and 11 had undetectable MRD at end of treatment. |
| · | Cytokine release syndrome (CRS) occurred in 32% of treated patients, predominantly Grade 1 (25.2%) or 2 (5.8%). One Grade 3 CRS event was reported, and no Grade 3 or higher ICANS events occurred. Three Grade 5 treatment-emergent adverse events were reported. |
Authors conclude that the efficacy and safety findings support further investigation of ZYNLONTA plus glofitamab in a Phase 3 study.
Phase 2 IIT: Fixed-duration ZYNLONTA in relapsed or refractory marginal zone lymphoma
An investigator-led, multicenter Phase 2 study demonstrated high response rates and encouraging durability with fixed-duration ZYNLONTA in patients with relapsed or refractory MZL.
As of the July 1, 2026 data cutoff:
| · | Among 43 efficacy-evaluable patients, ORR was 93% and CRR was 74.4%. |
| · | Patients had received a median of two prior treatments; 37% had primary refractory disease and 42% had experienced disease progression within 24 months of initial therapy. |
| · | At a median follow-up of 23.2 months, the two-year PFS rate was 90.8%. |
| · | The duration of response rate at 24 months was 90.9%. |
| · | Among 46 treated patients, adverse events (AEs) were predominantly Grade 1–2. Grade 3 AEs (36 events) were reported in 23 patients (50%), and Grade 4 AEs (5 events) in five patients (10.9%). The most common Grade 3 events included anemia (n=5), lung infections (n=5), elevated ALT (n=4), alkaline phosphatase (n=3) and AST (n=1). Grade 4 events included neutropenia (n=2), thrombocytopenia (n=2) and hyponatremia (n=1). Four patients required dose reductions. |
Authors conclude that ZYNLONTA demonstrated clinically meaningful activity with robust and durable complete responses in relapsed or refractory MZL, characterizing the responses as comparable with those reported for recently approved CAR-T therapy.
Phase 3 LOTIS-5 study: ZYNLONTA plus rituximab versus R-GemOx in relapsed or refractory DLBCL
Full results from the randomized Phase 3 LOTIS-5 study of 420 patients demonstrated a statistically significant improvement in the primary endpoint of PFS with ZYNLONTA plus rituximab compared with R-GemOx.
As of the data cutoff of February 16, 2026:
| · | Median PFS by independent review was 6.14 months with ZYNLONTA plus rituximab versus 4.73 months with R-GemOx (HR 0.73; 95% CI, 0.57–0.92; P=0.0083). |
| · | ORR was 58.1% versus 45.2%, and CRR was 39.5% versus 26.7%, respectively. |
| · | Median duration of complete response was 16.82 months versus 12.25 months. At 24 months, 48.5% versus 16.7% of patients who achieved a complete response remained in complete response. |
| · | No statistically significant difference in overall survival was observed between treatment arms. |
| · | Within the protocol-defined 105-day treatment-emergent adverse event reporting window, Grade 3 or higher events occurred in 74.0% versus 76.1% of patients, and Grade 5 events occurred in 13.2% versus 4.6%, respectively. Using a standard 30-day post-treatment window, Grade 5 events occurred in 1.5% versus 3.0%, respectively. |
Authors conclude these findings establish ZYNLONTA plus rituximab as a standard treatment option in the second-line or later setting.
Presentation Details
Oral presentation details are as follows:
| Abstract # | Title | Presentation Details | Presenter |
| #238 |
Loncastuximab Tesirine Consolidation After Short-Course R-BAC Induction in BTKi-Exposed R/R Mantle Cell Lymphoma: Primary Endpoint Analysis from the Phase II Column Trial from Fondazione Italiana Linfomi (FIL)
|
Saturday, December 12, 2026 2:45 PM - 3:00 PM CT Location: New Orleans Theatre A
|
Rita Tavarozzi, MD, University of Eastern Piedmont, Alessandria, Italy and SCDU of Hematology, IRCCS SS Antonio e Biagio e Cesare Arrigo, Alessandria, Italy |
| #619 |
Updated Results from LOTIS-7: A Phase 1b Study Evaluating the Safety and Efficacy of Loncastuximab Tesirine in Combination with Glofitamab in Patients with Relapsed or Refractory Large B-Cell Lymphoma
|
Sunday, December 13, 2026 12:00 - 12:15 p.m. CT Location: New Orleans Theatre B |
Juan P. Alderuccio, MD, Clinical Site Disease Group Leader, Lymphoma Section, at Sylvester Comprehensive Cancer Center, part of the University of Miami Miller School of Medicine, Miami, FL, USA |
| #783 | Phase II Trial of Loncastuximab Tesirine (WM-NET1 Trial) in Patients with Relapsed/Refractory and High-Risk Waldenström Macroglobulinemia |
Monday, December 14, 2026 11:00 - 11:15 AM CT Location: New Orleans Theatre B
|
Shayna Sarosiek, MD, Bing Center for Waldenström Macroglobulinemia, Division of Hematological Malignancies, Dana-Farber Cancer Institute, Boston, MA, USA |
| #784 |
Fixed-Duration Loncastuximab Tesirine Induces a High Rate of Complete and Durable Responses in Patients with Relapsed/Refractory Marginal Zone Lymphoma - Report of a Multicenter Phase II Study
|
Monday, December 14, 2026 11:15 - 11:30 a.m. CT Location: New Orleans Theatre B
|
Izidore S. Lossos, MD, Chief, Division of Hematology Lymphoma Section, Sylvester Comprehensive Cancer Center, part of the University of Miami Miller School of Medicine, Miami, FL, USA |
| #920 |
Results From the Phase 3 LOTIS-5 Study: Efficacy and Safety of Loncastuximab Tesirine plus Rituximab vs Immunochemotherapy (R-GemOx) in Patients with Relapsed or Refractory DLBCL
|
Monday, December 14, 2026 3:00 - 3:15 p.m. CT Location: New Orleans Theatre A
|
Mehdi Hamadani, MD, Division of Hematology and Oncology, Medical College of Wisconsin, Milwaukee, WI, USA |
Conference Call Information
To access today’s conference call, please register here. The participant toll-free dial-in number is 1-800-836-8184 for North America and Canada. It is recommended that you join 10 minutes before the event, though you may pre-register at any time. A live webcast of the call will be available under "Events and Presentations" in the Investors section of the ADC Therapeutics website at ir.adctherapeutics.com. The archived webcast will be available for 30 days following the call.
About ZYNLONTA®
ZYNLONTA® is a CD19-directed antibody drug conjugate (ADC). Once bound to a CD19-expressing cell, ZYNLONTA is internalized by the cell, where enzymes release a pyrrolobenzodiazepine (PBD) payload. The potent payload binds to DNA minor groove with little distortion, remaining less visible to DNA repair mechanisms. This ultimately results in cell cycle arrest and tumor cell death.
The U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA) have approved ZYNLONTA (loncastuximab tesirine-lpyl) for the treatment of adult patients with relapsed or refractory (r/r) large B-cell lymphoma after two or more lines of systemic therapy, including diffuse large B-cell lymphoma (DLBCL) not otherwise specified (NOS), DLBCL arising from low-grade lymphoma and also high-grade B-cell lymphoma. The trial included a broad spectrum of heavily pre-treated patients (median three prior lines of therapy) with difficult-to-treat disease, including patients who did not respond to first-line therapy, patients refractory to all prior lines of therapy, patients with double/triple hit genetics and patients who had stem cell transplant and CAR-T therapy prior to their treatment with ZYNLONTA. This indication is approved by the FDA under accelerated approval and in the European Union under conditional approval based on overall response rate and continued approval for this indication may be contingent upon verification and description of clinical benefit in a confirmatory trial. Please see full prescribing information including important safety information about ZYNLONTA at www.ZYNLONTA.com.
ZYNLONTA is also being evaluated as a therapeutic option in combination studies in other B-cell malignancies and earlier lines of therapy.
About ADC Therapeutics
ADC Therapeutics (NYSE: ADCT) is a commercial-stage global leader and pioneer in the field of antibody drug conjugates (ADCs), transforming treatment for patients through our focused portfolio with ZYNLONTA® (loncastuximab tesirine-lpyl).
ADC Therapeutics' CD19-directed ADC ZYNLONTA received accelerated approval by the FDA and conditional approval from the European Commission for the treatment of relapsed or refractory diffuse large B-cell lymphoma after two or more lines of systemic therapy. ZYNLONTA is also in development in combination with other agents and in earlier lines of therapy.
Headquartered in Lausanne (Biopôle), Switzerland, with operations in New Jersey, ADC Therapeutics is focused on driving innovation in ADC development with specialized capabilities from clinical to manufacturing and commercialization. Learn more at adctherapeutics.com and follow us on LinkedIn.
Forward-Looking Statements
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as "may", "will", "should", "would", "expect", "intend", "plan", "anticipate", "believe", "estimate", "predict", "potential", "seem", "seek", "future", "continue", or "appear" or the negative of these terms or similar expressions, although not all forward-looking statements contain these identifying words. Forward-looking statements are subject to certain risks and uncertainties that can cause actual results to differ materially from those described. Factors that may cause such differences include, but are not limited to: the adequacy of the LOTIS-5 clinical trial data to support full regulatory approval and our ability to maintain accelerated approval in the United States and foreign jurisdictions for our product; our ability to identify and execute on potential regulatory and compendia pathways; the timing, content and outcome of meetings with and feedback or other communications provided by regulatory authorities including U.S. FDA including our ability to adequately address the serious concerns related to the LOTIS-5 trial results raised by the FDA at the recent pre-sBLA submission meeting; the timing, submission and outcome of an sBLA related to LOTIS-5 and potential approval; the actual and perceived benefit-risk profile for ZYNLONTA as studied in the LOTIS-5 trial; the assessment of the data from LOTIS-5 study, including additional analyses of outcomes observed for safety, efficacy and within key geographic regions and across certain patient sub-populations; the path for full regulatory approval for ZYNLONTA in the United States and foreign jurisdictions and into earlier lines of therapy; the timing and publication of the full LOTIS-7 trial data and potential NCCN compendia inclusion; future regulatory strategy for a Phase 3 trial for the combination of ZYNLONTA plus glofitamab and the timing and results of such trial; the timing and publication of the investigator-initiated trials studying FL and MZL and the potential NCNN compendia inclusion and regulatory strategy and the future opportunity; the impact, if any, from the various abstracts and presentations at ASH; whether Tanabe’s marketing authorization application filed with Japan’s Ministry of Health for ZYNLONTA will be accepted, the timing and potential approval of the marketing authorization application for ZYNLONTA in Japan, the timing and payment of future regulatory and commercial milestones related to Japan, Nippon Shinyaku ability to successfully commercialize ZYNLONTA in Japan and the amount of future revenue in Japan and related payments to ADCT; our expected revenue growth in 2027 and the Company's ability to sustain or grow ZYNLONTA revenue in the future; our expected cash runway into 2029; changes in our regulatory and commercial strategy; the ability of our partners to commercialize ZYNLONTA in foreign markets, the timing and amount of future revenue and payments to us from such partnerships and their ability to obtain or maintain regulatory approval for ZYNLONTA® in foreign jurisdictions; the timing and results of the Company's future clinical trials and investigator initiated trials; the timing and outcome of regulatory submissions for the Company's products or product candidates; actions by the FDA or foreign regulatory authorities; projected revenue and expenses; the Company's indebtedness, including HealthCare Royalty Management and Blue Owl and Oaktree facilities, and the restrictions imposed on the Company's activities by such indebtedness, the ability to comply with the terms of the various agreements and repay such indebtedness and the significant cash required to service such indebtedness; our ability to effect the proposed amendments to the HCR agreement and the loan agreement; the Company's ability to obtain financial and other resources for its research, development, clinical, and commercial activities; uncertainties related to a potential change in domicile from Switzerland to Delaware, including the outcome of tax analyses associated with such redomiciliation, the receipt of requisite shareholder approval, and the ability to complete the redomiciliation on the anticipated terms and timeline, if at all; and the uncertainties of international trade policies, including tariffs, sanctions, trade barriers and most favored nation drug pricing and the potential impact they may have on our business, financial condition, and results of operations. Additional information concerning these and other factors that may cause actual results to differ materially from those anticipated in the forward-looking statements is contained in the "Risk Factors" section of the Company's Annual Report on Form 10-K and in the Company's other periodic and current reports and filings with the U.S. Securities and Exchange Commission. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance, achievements or prospects to be materially different from any future results, performance, achievements or prospects expressed in or implied by such forward-looking statements. The Company cautions investors not to place undue reliance on the forward-looking statements contained in this document.
CONTACTS:
Investors and Media
Nicole Riley
ADC Therapeutics
Nicole.Riley@adctherapeutics.com
+1 862-926-9040
Exhibit 99.2
Corporate Webcast ASH Abstract Update November 4, 2026
Agenda 02 03 ASH Abstract Highlights Mohamed Zaki Chief Medical Officer Financial Update Pepe Carmona Chief Financial Officer 01 Introduction Ameet Mallik Chief Executive Officer 04 Q&A
ADC Therapeutics | 3 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 not purport to be all - inclusive or to contain all of the information you may desire . Information provided in this presentation and any accompanying oral presentation speak only as of the date hereof . This presentation contains forward - looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward - looking statements by terminology such as "may", "will", "should", "would", "expect", "intend", "plan", "anticipate", "believe", "estimate", "predict", "potential", "seem", "seek", "future", "continue", or "appear" or the negative of these terms or similar expressions, although not all forward - looking statements contain these identifying words. Forward - looking statements are subject to certain risks and uncertainties that can cause actual results to differ materially from those described. Factors that may cause such differences include, but are not limited to: whether Tanabe's marketing authorization application filed with Japan's Ministry of Health for ZYNLONTA will be accepted, the timing and potential approval of the marketing authorization application for ZYNLONTA in Japan, the timing and payment of future regulatory and commercial milestones related to Japan, Nippon Shinyaku ability to successfully commercialize ZYNLONTA in Japan and the amount of future revenue in Japan and related payments to ADCT; the adequacy of the LOTIS - 5 clinical trial data to support full regulatory approval and our ability to maintain accelerated approval in the United States and foreign jurisdictions for our product; our ability to identify and execute on potential regulatory and compendia pathways; the timing, content and outcome of meetings with and feedback or other communications provided by regulatory authorities including U.S. FDA including our ability to adequately address the serious concerns related to the LOTIS - 5 trial results raised by the FDA at the recent pre - sBLA submission meeting; the timing, submission and outcome of an sBLA related to LOTIS - 5 and potential approval; the actual and perceived benefit - risk profile for ZYNLONTA as studied in the LOTIS - 5 trial; the assessment of the data from LOTIS - 5 study, including additional analyses of outcomes observed for safety, efficacy and within key geographic regions and across certain patient sub - populations; the path for full regulatory approval for ZYNLONTA in the United States and foreign jurisdictions and into earlier lines of therapy; whether future LOTIS - 7 results will be consistent with or different from the prior disclosure, the timing, results and publication of the full LOTIS - 7 trial data and potential compendia inclusion; future regulatory strategy for a Phase 3 trial for the combination of ZYNLONTA plus glofitamab; our expected revenue growth in 2027 and the Company's ability to sustain or grow ZYNLONTA® revenue in the future; our expected cash runway into 2029; changes in our regulatory and commercial strategy; the ability of our partners to commercialize ZYNLONTA® in foreign markets, the timing and amount of future revenue and payments to us from such partnerships and their ability to obtain or maintain regulatory approval for ZYNLONTA® in foreign jurisdictions; the timing and results of the Company's clinical trials; the timing, publication and results of investigator - initiated trials including those studying FL and MZL and the potential regulatory and/or compendia strategy and the future opportunity; the timing and outcome of regulatory submissions for the Company's products or product candidates; actions by the FDA or foreign regulatory authorities; projected revenue and expenses; the Company's indebtedness, including HealthCare Royalty Management and Blue Owl and Oaktree facilities, and the restrictions imposed on the Company's activities by such indebtedness, the ability to comply with the terms of the various agreements and repay such indebtedness and the significant cash required to service such indebtedness; the Company's ability to obtain financial and other resources for its research, development, clinical, and commercial activities; uncertainties related to a potential change in domicile from Switzerland to Delaware, including the outcome of tax analyses associated with such redomiciliation, the receipt of requisite shareholder approval, and the ability to complete the redomiciliation on the anticipated terms and timeline, if at all; and the uncertainties of international trade policies, including tariffs, sanctions, trade barriers and most favored nation drug pricing and the potential impact they may have on our business, financial condition, and results of operations. Additional information concerning these and other factors that may cause actual results to differ materially from those anticipated in the forward - looking statements is contained in the "Risk Factors" section of the Company's Annual Report on Form 10 - K and in the Company's other periodic and current reports and filings with the U.S. Securities and Exchange Commission. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance, achievements or prospects to be materially different from any future results, performance, achievements or prospects expressed in or implied by such forward - looking statements. The Company cautions investors not to place undue reliance on the forward - looking statements contained in this document. This presentation includes preliminary revenue and cash and cash equivalents figures, which reflect the Company’s estimated financial results. In preparing this information, management made a number of complex and subjective judgments and estimates about the appropriateness of certain reported amounts and disclosures. The Company’s actual financial results as of and for the three and nine months ended September 30, 2026 have not yet been finalized by management. The preliminary financial information is not a comprehensive statement of all financial results. Subsequent information or events may lead to material differences between the preliminary financial results and those reported in the Company’s subsequent SEC filings. Accordingly, investors should not place undue reliance on these preliminary financial results. Forward - looking statements are based on our management’s beliefs and assumptions and on information currently available to our management. No assurance can be given that such future results will be achieved. Such forward - looking statements contained in this presentation speak only as of the date of this presentation. The Company expressly disclaim any obligation or undertaking to update these forward - looking statements contained in this presentation to reflect any change in our expectations or any change in events, conditions, or circumstances on which such statements are based unless required to do so by applicable law. No representations or warranties (expressed or implied) are made about the accuracy of any such forward - looking statements. Certain information contained in this presentation relates to or is based on studies, publications, surveys, and other data derived from third - party sources and our own internal estimates and research. While we believe these third - party sources to be reliable as of the date of this presentation, we have not independently verified, and we make no representation as to the adequacy, fairness, accuracy or completeness of, any information obtained from third - party sources. In addition, all of the market data included in this presentation involve a number of assumptions and limitations, and there can be no guarantee as to the accuracy or reliability of such assumptions. Finally, although we believe our own internal research is reliable, such research has not been verified by any independent source. This presentation shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sales of securities in any state jurisdiction in which such offer, solicitation of sale would be unlawful prior to registration of qualification under the securities laws of any such state or jurisdiction.
Value Drivers Supported by a Strong Balance Sheet Approved product 2L+ DLBCL LOTIS - 7: ZYNLONTA plus glofitamab MZL IIT: ZYNLONTA monotherapy Strong balance sheet provides broader strategic optionality
Key Business Updates ASH Data Highlights Breadth of ZYNLONTA® Clinical Program with 5 oral presentations: ▪ Phase 1b LOTIS - 7 abstract data demonstrating potentially best - in - class efficacy with an 88.7% ORR and 75.3% CR across the 97 efficacy - evaluable patients ▪ Robust and durable 93% ORR and 74.4% CRR seen with ZYNLONTA in Phase 2b marginal zone lymphoma IIT abstract ▪ Additional oral presentations to feature full Phase 3 LOTIS - 5 results and investigator - initiated studies in mantle cell lymphoma and Waldenström macroglobulinemia ASH Abstracts ▪ $86.6 Million Private Placement announced, with participation from new and existing investors ▪ HealthCare Royalty financing agreement amended, removing change - of - control payment ▪ Senior secure loan refinanced, decreasing principal to $50M with bullet payment in August 2029 and no minimum liquidity ▪ Expected cash runway into 2029 with cash and cash equivalents of $189.2 million as of September 30, 2026 and proforma cash post - refinancing of $196 million Corporate Update ▪ Net product revenues from sales of ZYNLONTA expected to be $21 million for the third quarter ended September 30, 2026 Commercial Performance
• In patients with primary refractory disease (n=54): an ORR of 78.4% and CRR of 64.7% were observed • Among patients with prior CAR - T exposure (n=28): an ORR of 74.1% and CRR of 63.0% were observed • In an exploratory MRD analysis of 12 patients achieving CR: 50% achieved undetectable MRD (uMRD) as early as C2D1 with 11 of the 12 uMRD at EoT ADC Therapeutics | 6 28 patients converted from SD (1) or PR (27) to CR over time *Efficacy evaluable includes treated population who met all eligibility criteria and underwent >/= 1 disease assessment or experienced clinical progression prior to first scan + Includes 5 patients who received CAR - T or SCT while in CR NALT = new anti - lymphoma treatment Data cutoff: 15Jun2026 Note: Data extracted from live clinical database as reported by investigators. Data is subject to change. LOTIS - 7 Phase 1b Trial: Response r/r Large B - Cell Lymphoma efficacy evaluable population* at ZYNLONTA 150 µg/kg starting dose in Parts 1 and 2 as of data cutoff of June 15, 2026 Of the 73 patients + who achieved CR, 62 (84.9%) remained in CR DoCR rate at 6 and 12 months were 81.9% and 79.0% respectively Median follow - up 10.35 months with median DoR, DoCR and PFS not reached Deep and durable complete responses All Efficacy Evaluable Patients (n= 97) PR: 13.4% (n=13) ORR: 88.7% (n=86) CR: 75.3% (n=73) PD: 9.3% (n=9) SD: 2.1% (n=2) Other notable efficacy results
ADC Therapeutics | 7 LOTIS - 7: Continues to Demonstrate Manageable Safety Profile r/r Large B - Cell Lymphoma all ZYNLONTA Treated Population* (N=103) at ZYNLONTA 150 µg/kg starting dose in Parts 1 and 2, as of Data Cutoff of June 15, 2026 Combination generally well tolerated with a manageable safety profile Types of TEAEs observed generally consistent with the known safety profiles of each drug separately Low rates and grades of CRS and ICANS at the selected ZYNLONTA 150µg/kg* starting dose *Reduce ZYNLONTA to 75 ug/kg at C3 a Includes adverse events reported in ≥ 5% of patients (rounded); i.e., all events with an incidence ≥ 4.5%. b As per Investigator reported adverse events, based on AESI group term and MedDRA preferred term c AESIs (Adverse Events of Special Interest, specific to loncastuximab, not glofitamab) d ASTCT grading used for CRS and ICANS The most common (≥30%) any grade TEAEs were: neutropenia (45.6%), fatigue (36.9%), gamma - glutamyltransferase (GGT) increased (35.9%), thrombocytopenia (32.0%), maculopapular rash (32.0%), and cytokine release syndrome (CRS) (32.0%) The most common (≥10%) grade ≥3 TEAEs were: neutropenia (36.9%), GGT increased (20.4%), anemia (10.7%), and thrombocytopenia (10.7%) The rate of ICANS was: 4.9% (any grade) with no grade ≥3 ICANS events Most CRS events were: low grade (grade 1, 25.2%; grade 2, 5.8%), and one grade 3 CRS event was reported There were 3 grade 5 TEAEs , one due to sepsis and two due to capillary leak syndrome
ADC Therapeutics | 8 ZYNLONTA in 2L+MZL: Phase 2 IIT Updated Efficacy Overview Updated results as of data cutoff of July 1, 2026 Source: ASH Abstract submitted on Aug 4, 2026 by Dr. I. Lossos, University of Miami (as of July 1, 2026) Note: N=43 patients who were efficacy evaluable , N=47 patients enrolled (intent to treat) All Efficacy Evaluable Patients (n= 43) PR: 11.6% (n=5) Best ORR: 93% (n=40) CR: 74.4% (n=32) SD: 7.0% (n=3) As of July 1, 2026, the best ORR was 93% (n=40) with CR rate of 74.4% (n=32) With a median follow up of 23.2 months (95%CI: 12.5 - 28.7), all but 1 patient were alive with a 2 - year PFS of 90.8% (95%CI: 67.4 - 97.7) Duration of response (CR/PR) at 24 months was 90.9% (95%CI: 67.7 - 97.7)
ADC Therapeutics | 9 ZYNLONTA in 2L+ MZL: Phase 2 IIT Updated Safety Overview Updated data as of July 1, 2026 cutoff suggest manageable safety generally consistent with known profile of ZYNLONTA Adverse events were most commonly grade 1 or 2 Most common G1 - 2 events were abnormal LFTs (28), rash (19), nausea (16), fatigue (15), anemia (14), leg edema (12) and pleural effusion (5) Grade 3 AEs (n=36) were observed in 23 patients Most common G3 events included elevation of ALT (4), AST (1), alkaline phosphatase (3), anemia (5) and lung infections (5) Grade 4 (n=5) were observed in 5 patients G4 events included neutropenia (2), thrombocytopenia (2), and hyponatremia (1) Source: ASH Abstract submitted on Aug 4, 2026 by Dr. I. Lossos, University of Miami (as of July 1, 2026) Note: N=43 patients who were efficacy evaluable , N=47 patients enrolled (intent to treat)
ADC Therapeutics | 10 LOTIS - 5: Confirmatory Phase 3 Trial Met Primary Endpoint, However, Grade 5 Safety Imbalance Observed Between Arms R - GemOx,% ZYNLONTA + rituximab, % Event - free rate (95% CI) 38.9 (31.4, 46.3) 50.4 (43.0, 57.3) 6M 23.7 (17.2, 30.8) 29.6 (22.9, 36.5) 12M 14.7 (9.2, 21.5) 25.1 (18.7, 32.0) 18M 9.5 (4.8, 16.2) 23.2 (16.9, 30.1) 24M ZYNLONTA+R: R - GemOx: Censored: Patients at risk: ZYNLONTA+R ZYNLONTA+R : 6.14 (4.99, 8.11) R - GemOx : 4.73 (2.83, 5.55) Hazard Ratio (95% CI): 0.73 (0.57, 0.92) Two - sided p - value: 0.0084 Trial Results Met primary endpoint of PFS with statistical significance Median PFS, months (95% CI) Efficacy → Randomized, open - label, two - arm Phase 3 confirmatory trial evaluating ZYNLONTA + rituximab versus R - GemOx in 2L+ DLBCL → Study met primary PFS endpoint with statistical significance ( HR =0.73, two - sided p - value 0.008) and resulted in a higher CR rate with ZYNLONTA + rituximab vs. R - GemOx (~40% vs ~27%) Safety → Overall TEAE and Grade ≥3 TEAE rates were similar between arms → Grade 5 TEAEs were higher in the ZYNLONTA + rituximab arm (13.2% vs. 4.6%), driven primarily by infection - related events – Infection prophylaxis not required and used at the investigator’s discretion – Prophylaxis less frequently used in the ZYNLONTA + rituximab arm than in the R - GemOx arm (57.8% vs. 77.2%) – Consistent with this difference, Grade ≥3 infections (24.5% vs. 15.7%) and Grade 5 infections (7.4% vs. 2.5%) were more frequent in the ZYNLONTA + rituximab arm – Meaningful decrease in Grade 5 events observed in the ZYNLONTA + rituximab arm in patients receiving prophylaxis → Longer treatment / TEAE observation time with ZYNLONTA + rituximab also contributed to higher observed event rates Next Steps → FDA cited concerns regarding the benefit - risk or verification of clinical benefit for this combination → ADC Therapeutics expects to provide an update on its regulatory strategy and timing in the future
ADC Therapeutics | 11 Initial Data Show Promising ZYNLONTA Activity as Consolidation Following Traditional Chemotherapy in r/r Mantle Cell Lymphoma Oral presentation announced for Investigator - initiated Phase II trial at ASH 2026 COLUMN (N=49) Fondazione Italiana Linfomi (FIL) - Data cutoff July 1, 2026 Primary endpoint met : 12 - mo PFS 70% (90% CI 54 – 81); 24 - mo PFS 49% Lonca consolidation deepened responses : CR rate rose from 46.9% to 71.4% Manageable toxicity , mainly hematologic; Gr 3 – 4 cytopenias lower in consolidation than induction 1 – 2 cycles R - BAC, then (if patients achieved > SD) received 4 Lonca infusions q3w (150 µg/kg п 2, 75 µg/kg п 2) Regimen Median age 69; median 3 prior lines; 100% prior BTKi; 14.3% prior CAR - T; 49 enrolled, of which 42 proceeded to Lonca after R - BAC Patients 12 - mo PFS 70% (primary endpoint met); ORR 81.6% post R - BAC; CR 46.9% → 71.4% post Lonca Efficacy 12 - mo OS 74%; 24 - mo OS 61%; median f/u 22 mo Survival Neutropenia 55.8% / 32.4%; thrombocytopenia 48.9% / 13.5%; infections 9.3% / 8.1% Gr ≥3 AEs (induction / consolidation) 6/42 (14.3%) in consolidation ( 3 neutropenia, 1 thrombocytopenia, 1 skin, 1 hepatic) Lonca discontinuation due to AEs Overview of Mantle Cell Lymphoma ▪ ~4,000 2L+ drug treated patients per year in the US ▪ 1L MCL treatment is stratified by disease risk characteristics and traditional chemo regimens and BTKi combinations are recommended ▪ BTKi mono - therapies are standard of care in 2L+ MCL ▪ After BTKi failure , treatment options include traditional chemo combinations, CAR - T cell therapies, and bispecific antibodies ▪ R - BAC is primarily considered a salvage regimen with limited durability ▪ Unmet need remains for treatment options that offer durable responses to patients who progress after treatment with BTKis 2L+ MCL FDA Approved regimens % 84% Zanubrutinib 80 - 80 - 60 - 80% Acalabrutinib 60 - 40 - 40 - 0 - 0 - ORR CR Acalabrutinib USPI, ACE - LY - 004 (r/r MCL n= 124 ) ; Brexucabtagene autoleucel USPI, ZUMA - 2 Cohort 1 (r/r MCL treated n= 60 ) ; Lisocabtagene maraleucel USPI, TRANSCEND - MCL (r/r MCL treated n= 68 ) ; Pirtobrutinib USPI, BRUIN (n= 120 ) ; Sonrotoclax USPI, BGB - 11417 - 201 (r/r MCL n= 103 ) ; Zanubrutinib USPI, BGB - 3111 - 206 (n= 201 , r/r MCL n= 86 ) 85% Liso - cel 62% Brexu - cel 59% Zanubrutinib 52% Sonrotoclax 40% Acalabrutinib 16% Sonrotoclax 13% Pirtobrutinib 100 - 87% Brexu - cel 100 - 68% Liso - cel 50% Pirtobrutinib 20 - 20 -
ZYNLONTA is currently included in NCCN guidelines for 2L+ WM as category 2A, “useful in certain circumstances” ADC Therapeutics | 12 WM - NET1 (N=20) Dana - Farber, Mass General, Mayo Clinic, Fred Hutch – April 2026 High ORR in heavily pre - treated patients (ORR 90% and VGPR/CR 60%) (median 4 prior therapies; 67% TP53 alterations) Rapid time to response : median time to major response of 2 months Time - limited therapy with manageable safety ; reversible cytopenias most common; no TLS, IgM flare, or infusion reactions Lonca 150 µg/kg C1 – 2, 75 µg/kg C3 – 6 (28 - day cycles) + dexamethasone (day before, of and after Lonca) Regimen Median age 72; 68% CXCR4 mutated; 67% TP53 altered; median prior therapies: 4 Patients VGPR/CR 60% (12/20; primary endpoint met, ≥6 required); ORR 90%; CR 10%, VGPR 50%, PR 20% (MRR 80%) Efficacy 18 - mo PFS 57%; 18 - mo OS 77%; median f/u 19 mo Survival Neutropenia 70%; anemia 50%; thrombocytopenia 35%; infections 30% Gr ≥3 AEs 6/20 (30%) Due to: GGT elevation n=2, cytopenias n=2, rash n=1, patient decision n=1 Treatment discontinuation ▪ Waldenström macroglobulinemia (WM) is a rare, indolent, incurable lymphoma ▪ 1L WM treatment decision making is stratified by disease risk characteristics and standard - of - care includes BTKis (Zanubrutinib) and traditional chemotherapy combinations (Benda - Ritux) ▪ Patients often require multiple lines of therapy , with progressively shorter durations of disease control after each subsequent treatment ▪ Unmet need remains for time - limited treatment options that provide deep responses in high - risk patients Overview of Waldenström Macroglobulinemia % 73% Pirtobrutinib 2L+ WM regimens 0 - 80 - 60 - 40 - 20 - 100 - MRR 78% Zanubrutinib 76% Ibrutinib+/ - R 27% Pirtobrutinib 0 - 80 - 60 - 40 - 20 - 100 - 30% Ibrutinib+/ - R 28% Zanubrutinib 82% Acalabrutinib 81% Benda - R 39% Benda - R Overall Response Rate (ORR): Complete Response (CR) + Very Good Partial Response (VGPR) + Partial Response (PR) + Minor Response (MR). Major Response Rate (MRR): CR + VGPR + PR. Acalabrutinib Owen et al., Blood Adv (2026) (r/r n=92). Benda - R Paludo et al., Ann Hematol (2018 – retrospective) (n=160, r/r WM BR n=43). Ibrutinib USPI, INNOVATE (n=150, 55% r/r WM). Pirtobrutinib BRUIN, 5 - year follow - up (r/r WM n=80). Zanubrutinib USPI, ASPEN (n=201, 82% r/r WM). NCCN - only FDA - approved KEY Updated Data Continue to Show Promising ZYNLONTA Activity in High - risk and Heavily Pre - treated r/r Waldenström Macroglobulinemia Oral presentation announced for Investigator - initiated Phase II trial at ASH 2026 44% Acalabrutinib CR + VGPR Complete Response + Very Good Partial Response Major Response Rate
Type Title Presentation Time Date Oral #238 Loncastuximab tesirine consolidation after short - course R - BAC induction in BTKi - exposed R/R mantle cell lymphoma : Primary endpoint analysis from the phase II column trial from fondazione italiana linfomi (FIL) 2:45 PM - 3:00 PM Saturday, December 12 Oral #619 Updated Results from LOTIS - 7 : A Phase 1b Study Evaluating the Safety and Efficacy of Loncastuximab Tesirine in Combination With Glofitamab in Patients With Relapsed or Refractory Large B - Cell Lymphoma 12:00 PM - 12:15 PM Sunday, December 13 Oral #783 Phase II trial of loncastuximab tesirine (WM - NET1 trial) in patients with relapsed/refractory and high - risk Waldenström macroglobulinemia 11:00 AM - 11:15 AM Monday, December 14 Oral #784 Fixed - duration loncastuximab tesirine induces a high rate of complete and durable responses in patients with relapsed/refractory marginal zone lymphoma - report of a multicenter phase II study 11:15 AM - 11:30 AM Oral #920 Results from the Phase 3 LOTIS - 5 Study: Efficacy and Safety of Loncastuximab Tesirine Plus Rituximab vs Immunochemotherapy in Patients with Relapsed or Refractory DLBCL 3:00 PM - 3:15 PM ZYNLONTA Data Included in 5 Orals at ASH 2026 Provides insights into potential use across multiple B - cell lymphomas and rare diseases
14 Comprehensive Strategic Financial Restructuring Strengthened balance sheet, reduced leverage, and increased strategic optionality → $86.6M Private Placement announced extending expected cash runway into 2029 – Included new (Bain Capital Life Sciences), existing (Redmile, TCGX, Nantahala Capital) investors → HealthCare Royalty financing agreement amended , fully removing $150M change - of - control payment – Reduced the exercise price of ~9.8M warrants from $3.8130 to $0.10 per share → Senior secured loan refinanced , decreasing principal to $50M with bullet payment in August 2029 and no minimum liquidity – Revenue covenant reduced to flat $65M versus $70M in 2026 and up to $94M in 2029 – Reduced the exercise price of ~527K warrants from $8.30 to $1.00 per share → Tanabe Pharma filed for Japanese approval of ZYNLONTA and entered into exclusive sublicensing agreement with Nippon Shinyaku – Supports anticipated regulatory and commercial milestones for ADC Therapeutics
15 Selected Financial Data (Preliminary) For the quarter ended September 30, 2026 All figures reflect in USD M Expected Net Product Revenue – Q3 Expected Cash Balance 16 21 2025 2026 +5 51 60 2025 2026 +8 QTD YTD Increase in Product Revenues, net from sales of ZYNLONTA in the quarter and year - to - date periods were primarily attributable to an increase in sales volume (1) Cash used in Q3 includes one - time severance and retention payments of $13M (2) Pro forma cash giving effect to the estimated net cash proceeds from the PIPE of $76M ($86.6M PIPE transaction value less warrant par value of $4.6M & offering fees $5.7M), and the partial principal prepayment of $68.5M on the senior secured term loan as well as exit fees / interest $1.5M, which closed on October 22, 2026. 219 189 196 Q2 2026 Q3 2026 Adjusted Cash Balance - 30 (1) +7 (2)
ADC Therapeutics | 16 Expanding the ZYNLONTA Franchise Advancing Into Earlier - Line DLBCL and Indolent Lymphomas Indication Regimen (Target) Trial Phase of Development Status / Next Milestone 3L+ DLBCL ZYNLONTA Monotherapy LOTIS - 2 Mkt ▪ FDA accelerated approval in 2021 ▪ Commercially available 2L+ DLBCL ZYNLONTA + rituximab (CD20) LOTIS - 5 Ph3 ▪ P3 confirmatory trial; met primary endpoint ▪ Oral presentation at ASH 2026 ▪ Regulatory pathway under evaluation following FDA benefit - risk feedback 2L+ DLBCL ZYNLONTA + glofitamab (CD3xCD20) LOTIS - 7 Ph1b ▪ Oral presentation at ASH 2026 ▪ P3 design under evaluation ▪ Compendia submission planned Q1 2027 2L+ Follicular Lymphoma ZYNLONTA + rituximab (CD20) Phase 2 IIT ▪ Updated data anticipated in Q2 2027 Ph2 2L+ Marginal Zone Lymphoma ZYNLONTA Monotherapy Phase 2 IIT ▪ Oral presentation at ASH 2026 ▪ BTD submission planned H1 2027 ▪ Compendia submission planned H2 2027 Ph2 • Rituximab (Rituxan) is a CD20 - targeting monoclonal antibody marketed by Roche • Glofitamab (Columvi) is a CD20 x CD3 bispecific antibody marketed by Roche Sources: LOTIS - 2 study USPI, LOTIS - 5 topline results (response rate by IRC), LOTIS - 7 data as of November 2025 data cut - off; MZL data as of February 2025; FL data as of September 2025 Response Rates ORR: 48% CR: 25% ORR: 58% CR: 40% ORR: 90% CR: 78% ORR: 98% CR: 84% ORR: 85% CR: 69%
ADC Therapeutics | 17 Key Near - Term Anticipated Milestones FDA engagement regarding ZYNLONTA + glofitamab Phase 3 study design Q4 2026 LOTIS - 7 Ph1b & MZL IIT updated data ASH presentations 1H 2027 LOTIS - 7 compendia inclusion MZL IIT Breakthrough Designation submission 2H 2027 Ph3 initiation for 2L+ DLBCL ZYNLONTA + glofitamab MZL IIT compendia inclusion
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