Redmile Group reports 9.99% stake in ADC Therapeutics

ADC Therapeutics (Common Shares) Schedule 13G/A discloses that Redmile Group, LLC and affiliate Jeremy C. Green beneficially own 12,692,841 shares, equal to 9.99% of the class under the filing's calculation.

Rhea-AI Filing Summary

ADC Therapeutics (Common Shares) Schedule 13G/A discloses that Redmile Group, LLC and affiliate Jeremy C. Green beneficially own 12,692,841 shares, equal to 9.99% of the class under the filing's calculation. The report attributes 10,276,407 shares (8.1%) to RedCo II Master Fund, L.P. Holdings include 11,110 shares issuable upon exercise of certain warrants subject to a Beneficial Ownership Limitation and a Beneficial Ownership Blocker that prevents exercises pushing ownership above 9.99%. The filing ties percentages to 127,044,356 shares outstanding as of March 2, 2026 (plus the 11,110 warrant-limited shares).

Key Figures

Redmile beneficial ownership: 12,692,841 shares Redmile ownership percent: 9.99% RedCo II beneficial ownership: 10,276,407 shares +4 more

7 metrics

Redmile beneficial ownership 12,692,841 shares As of April 6, 2026; reported beneficial ownership

Redmile ownership percent 9.99% Percentage based on 127,044,356 shares outstanding as of March 2, 2026 plus 11,110 warrant-limited shares

RedCo II beneficial ownership 10,276,407 shares As of April 6, 2026; reported for RedCo II Master Fund, L.P.

RedCo II ownership percent 8.1% Percentage based on same outstanding-share base

Shares outstanding used 127,044,356 shares Outstanding as of March 2, 2026 per ADC Therapeutics Form 10-K

Warrant-limited shares 11,110 shares Issuable upon exercise of certain warrants subject to Beneficial Ownership Limitation

Potential warrant issuable (Redmile) 27,743,685 shares Maximum shares issuable upon exercise of warrants subject to Blocker (subject to limitation)

Key Terms

Beneficial Ownership Limitation, Beneficial Ownership Blocker, Warrants, Beneficially owned

4 terms

Beneficial Ownership Limitation regulatory

"to the extent that after giving effect to such issuance after exercise, the holder ... would beneficially own in excess of 9.99%"

A beneficial ownership limitation is a rule that caps the percentage of a company’s shares an investor can be treated as owning or controlling for voting, regulatory or tax purposes. It matters to investors because it can restrict how many shares a person or group can buy or vote, affect takeover chances, and influence share liquidity and value — like a speed limit that prevents any single driver from taking over the whole road.

Beneficial Ownership Blocker regulatory

"the Beneficial Ownership Blocker that prevents exercises pushing ownership above 9.99%"

A beneficial ownership blocker is a legal or structural device that prevents a shareholder from being treated as the ultimate owner of enough shares to trigger control, reporting, or voting thresholds. Think of it like a speed bump that stops an investor from reaching a stake size that would force corporate disclosure or change control rights. Investors care because it affects who controls the company, how shares vote, regulatory filings, takeover risk and therefore potential value or liquidity of their holdings.

Warrants financial

"pre-funded warrants to purchase Common Stock (the "Warrants")"

Warrants are special documents that give you the right to buy a company's stock at a set price before a certain date. They are often used as a way for companies to attract investors or raise money, and their value can increase if the company's stock price goes up.

Beneficially owned regulatory

"may be deemed beneficially owned by Redmile Group, LLC as investment manager"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What stake does Redmile Group hold in ADC Therapeutics (ADCT)?

Redmile Group reports beneficial ownership of 12,692,841 shares, representing 9.99% of the class. The amount includes 12,681,731 shares held by Redmile-managed funds plus 11,110 warrant‑issuable shares counted under the ownership limiter.

How many shares does RedCo II Master Fund report owning in ADCT?

RedCo II Master Fund, L.P. reports beneficial ownership of 10,276,407 shares, equal to 8.1% of the class. This total includes 10,265,297 shares held directly and 11,110 warrant‑issuable shares subject to the limiter.

What is the Beneficial Ownership Limitation described in the filing?

The filing states a 9.99% Beneficial Ownership Limitation that prevents warrant exercises that would cause ownership above that threshold. The limiter may be changed by a holder upon 61 days' notice to the issuer.

How many shares outstanding does the filing use to calculate percentages for ADCT?

Percentages are based on 127,044,356 shares outstanding as of March 2, 2026, as reported in ADC Therapeutics' Form 10‑K, plus 11,110 shares issuable under the warrant ownership limitation.

Could Redmile or RedCo II acquire more shares via warrants?

Subject to the Beneficial Ownership Blocker, the filing notes potential issuable amounts: Redmile/Green could be deemed to beneficially own up to 27,743,685 shares issuable on warrants and RedCo II up to 22,445,224 shares, but exercises are blocked if they exceed the 9.99% cap.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/06/2026 - 09:47 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 7)

ADC Therapeutics SA

(Name of Issuer)

Common Shares, par value CHF 0.08 per share

(Title of Class of Securities)

H0036K147

(CUSIP Number)

04/06/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): H0036K147

1

Names of Reporting Persons

Redmile Group, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 12,692,841.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 12,692,841.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

12,692,841.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.9 %

12

Type of Reporting Person (See Instructions)

IA, OO

Comment for Type of Reporting Person: As of April 6, 2026, Redmile Group, LLC's beneficial ownership of the Issuer's common shares ("Common Stock") is comprised of 12,681,731 shares of Common Stock owned by certain private investment vehicles managed by Redmile Group, LLC (collectively, the "Redmile Funds"), including RedCo II Master Fund, L.P. ("RedCo II"), and 11,110 shares of Common Stock that could be issued upon exercise of certain warrants held by the Redmile Funds up to the Beneficial Ownership Limitation. Such shares of Common Stock may be deemed beneficially owned by Redmile Group, LLC as investment manager of the Redmile Funds. Subject to the Beneficial Ownership Blocker (as defined below), Redmile Group, LLC may be deemed to beneficially own 27,743,685 shares of Common Stock issuable upon exercise of certain pre-funded warrants to purchase Common Stock (the "Warrants"). Pursuant to the terms of the Warrants, the Issuer may not effect any exercise of the Warrant, and a holder of a Warrant does not have the right to exercise the Warrant held by such holder, to the extent that after giving effect to such issuance after exercise, the holder (together with the holder's affiliates, and any other persons acting as a group together with the holder or any of the holder's affiliates), would beneficially own in excess of 9.99% (the "Beneficial Ownership Limitation") of the number of shares of Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issued upon exercise of the Warrant (the "Beneficial Ownership Blocker"). The Beneficial Ownership Limitation may be changed at a holder's election upon 61 days' notice to the Issuer. The 12,692,841 shares of Common Stock reported as beneficially owned by Redmile Group, LLC in this Schedule 13G represent 9.99% of the outstanding shares of Common Stock (calculated in accordance with the footnote below), which includes 12,681,731 shares of Common Stock owned by the Redmile Funds and 11,110 shares of Common Stock that could be issued upon exercise of certain of the Warrants under the Beneficial Ownership Blocker. The reported securities may also be deemed beneficially owned by Jeremy C. Green as the principal of Redmile Group, LLC. Redmile Group, LLC and Mr. Green each disclaim beneficial ownership of these shares, except to the extent of its or his pecuniary interest in such shares, if any. Percentage based on (i) 127,044,356 shares of Common Stock outstanding as of March 2, 2026, as reported by the Issuer in its Form 10-K for the annual period ended December 31, 2025 filed with the Securities and Exchange Commission (the "SEC") on March 10, 2026 (the "Form 10-K") plus (ii) 11,110 shares of Common Stock issuable upon exercise of the Warrants under the Beneficial Ownership Limitation.

SCHEDULE 13G

CUSIP Number(s): H0036K147

1

Names of Reporting Persons

Jeremy C. Green

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED KINGDOM

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 12,692,841.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 12,692,841.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

12,692,841.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.9 %

12

Type of Reporting Person (See Instructions)

HC, IN

Comment for Type of Reporting Person: As of April 6, 2026, Jeremy C. Green's beneficial ownership of the Common Stock is comprised of 12,681,731 shares of Common Stock owned by the Redmile Funds, including RedCo II, which shares of Common Stock may be deemed beneficially owned by Redmile Group, LLC as investment manager of the Redmile Funds and 11,110 shares of Common Stock that could be issued upon exercise of certain warrants held by the Redmile Funds up to the Beneficial Ownership Limitation. Jeremy C. Green serves as the principal of Redmile Group, LLC and may be deemed to be the beneficial owner of shares held by the Redmile Funds. Subject to the Beneficial Ownership Blocker, Mr. Green may be deemed to beneficially own 27,743,685 shares of Common Stock issuable upon exercise of the Warrants. Pursuant to the terms of the Warrants, the Issuer may not effect any exercise of the Warrant, and a holder of a Warrant does not have the right to exercise the Warrant held by such holder, to the extent that the Beneficial Ownership Blocker applies. The 12,692,841 shares of Common Stock reported as beneficially owned by Mr. Green in this Schedule 13G represent 9.99% of the outstanding shares of Common Stock (calculated in accordance with the footnote below), which includes 12,681,731 shares of Common Stock owned by the Redmile Funds and 11,110 shares of Common Stock that could be issued upon exercise of certain of the Warrants under the Beneficial Ownership Blocker. Redmile Group, LLC and Mr. Green each disclaim beneficial ownership of these shares, except to the extent of its or his pecuniary interest in such shares, if any. Percentage based on (i) 127,044,356 shares of Common Stock outstanding as of March 2, 2026, as reported by the Issuer in the Form 10-K plus (ii) 11,110 shares of Common Stock issuable upon exercise of the Warrants under the Beneficial Ownership Limitation.

SCHEDULE 13G

CUSIP Number(s): H0036K147

1

Names of Reporting Persons

RedCo II Master Fund, L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 10,276,407.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 10,276,407.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

10,276,407.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.1 %

12

Type of Reporting Person (See Instructions)

PN, FI

Comment for Type of Reporting Person: As of April 6, 2026, RedCo II's beneficial ownership is comprised of 10,265,297 shares of Common Stock owned directly by RedCo II, which shares of Common Stock may be deemed beneficially owned by Redmile Group, LLC as investment manager of the Redmile Funds, and 11,110 shares of Common Stock that could be issued upon exercise of certain warrants held by RedCo II up to the Beneficial Ownership Limitation. The shares held by RedCo II are included in the beneficial ownership of Redmile Group, LLC and Mr. Green disclosed above. Subject to the Beneficial Ownership Blocker, RedCo II may be deemed to beneficially own 22,445,224 shares of Common Stock issuable upon exercise of the Warrants directly held by RedCo II. Pursuant to the terms of the Warrants, the Issuer may not effect any exercise of any Warrant, and a holder of a Warrant does not have the right to exercise any portion of the Warrant held by such holder, if the Beneficial Ownership Blocker applies. The shares of Common Stock reported as beneficially owned by RedCo II in this Schedule 13G represent the 10,265,297 shares of Common Stock held directly by RedCo II and the 11,110 shares of Common Stock that could be issued to RedCo II upon exercise of certain of the Warrants directly held by RedCo II under the Beneficial Ownership Blocker. Percentage based on (i) 127,044,356 shares of Common Stock outstanding as of March 2, 2026, as reported by the Issuer in the Form 10-K plus (ii) 11,110 shares of Common Stock issuable upon exercise of the Warrants under the Beneficial Ownership Limitation.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: ADC Therapeutics SA
(b)	Address of issuer's principal executive offices: Biopole, Route de la Corniche 3B, Epalinges, V8 1066
Item 2.
(a)	Name of person filing: Redmile Group, LLC Jeremy C. Green RedCo II Master Fund, L.P.
(b)	Address or principal business office or, if none, residence: Redmile Group, LLC 900 Larkspur Landing Circle, Suite 270 Larkspur, California 94939 Jeremy C. Green c/o Redmile Group, LLC (NY Office) 45 W. 27th Street, Floor 11 New York, NY 10001 RedCo II Master Fund, L.P. c/o Redmile Group, LLC 900 Larkspur Landing Circle, Suite 270 Larkspur, California 94939
(c)	Citizenship: Redmile Group, LLC: Delaware Jeremy C. Green: United Kingdom RedCo II Master Fund, L.P.: Cayman Islands
(d)	Title of class of securities: Common Shares, par value CHF 0.08 per share
(e)	CUSIP No.:
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: Redmile Group, LLC - 12,692,841 (1) Jeremy C. Green - 12,692,841 (1) RedCo II Master Fund, L.P. - 10,276,407 (2)
(b)	Percent of class: Redmile Group, LLC - 9.9% (3) Jeremy C. Green - 9.9% (3) RedCo II Master Fund, L.P. - 8.1% (3)
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Redmile Group, LLC - 0 Jeremy C. Green - 0 RedCo II Master Fund, L.P. - 0
	(ii) Shared power to vote or to direct the vote: Redmile Group, LLC - 12,692,841 (1) Jeremy C. Green - 12,692,841 (1) RedCo II Master Fund, L.P. - 10,276,407 (2)
	(iii) Sole power to dispose or to direct the disposition of: Redmile Group, LLC - 0 Jeremy C. Green - 0 RedCo II Master Fund, L.P. - 0
	(iv) Shared power to dispose or to direct the disposition of: Redmile Group, LLC - 12,692,841 (1) Jeremy C. Green - 12,692,841 (1) RedCo II Master Fund, L.P. - 10,276,407 (2) (1) As of April 6, 2026, Redmile Group, LLC's and Mr. Green's beneficial ownership of Common Stock is comprised of 12,681,731 shares of Common Stock owned by the Redmile Funds, including RedCo II, and 11,110 shares of Common Stock that could be issued upon exercise of certain warrants held by the Redmile Funds up to the Beneficial Ownership Limitation. The shares of the Issuer's Common Stock reported herein are held by certain Redmile Funds, including RedCo II, for which Redmile Group, LLC is the investment manager/adviser and, in such capacity, exercises voting and investment power over all of the shares of Common Stock held by the Redmile Funds and may be deemed to be the beneficial owner of these shares. Jeremy C. Green serves as the principal of Redmile Group, LLC and also may be deemed to be the beneficial owner of these shares. Redmile Group, LLC and Mr. Green each disclaim beneficial ownership of these shares, except to the extent of its or his pecuniary interest in such shares, if any. Subject to the Beneficial Ownership Blocker, Redmile and Mr. Green may be deemed to beneficially own 27,743,685 shares of Common Stock issuable upon exercise of the Warrants. Pursuant to the terms of the Warrants, the Issuer may not effect any exercise of the Warrant, and a holder of a Warrant does not have the right to exercise the Warrant held by such holder, to the extent that the Beneficial Ownership Blocker applies. The 12,692,841 shares of Common Stock reported as beneficially owned by Redmile and Mr. Green in this Schedule 13G represent 9.99% of the outstanding shares of Common Stock (calculated in accordance with the footnote below), which includes 12,681,731 shares of Common Stock and 11,110 shares of Common Stock that could be issued upon exercise of certain of the Warrants under the Beneficial Ownership Blocker. (2) As of April 6, 2026, RedCo II's beneficial ownership is comprised of 10,265,297 shares of Common Stock owned directly by RedCo II and 11,110 shares of Common Stock that could be issued upon exercise of certain warrants held by RedCo II up to the Beneficial Ownership Limitation. The shares held by RedCo II are included in the beneficial ownership of Redmile Group, LLC and Mr. Green disclosed above. Subject to the Beneficial Ownership Blocker, RedCo II may be deemed to beneficially own 22,445,224 shares of Common Stock issuable upon exercise of the Warrants directly held by RedCo II. Pursuant to the terms of the Warrants, the Issuer may not effect any exercise of any Warrant, and a holder of a Warrant does not have the right to exercise any portion of the Warrant held by such holder, if the Beneficial Ownership Blocker applies. The shares of Common Stock reported as beneficially owned by RedCo II in this Schedule 13G represent the 10,265,297 shares of Common Stock held directly by RedCo II and the 11,110 shares of Common Stock that could be issued to RedCo II upon exercise of certain of the Warrants directly held by RedCo II under the Beneficial Ownership Blocker. Such shares of Common Stock may be deemed beneficially owned by Redmile Group, LLC as investment manager of the Redmile Funds and Mr. Green as principal of Redmile Group, LLC. (3) Percentage based on (i) 127,044,356 shares of Common Stock outstanding as of March 2, 20265, as reported by the Issuer in the Form 10-K plus (ii) 11,110 shares of Common Stock issuable upon exercise of the Warrants under the Beneficial Ownership Limitation.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See the response to Item 4.
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Redmile Group, LLC

Signature:	/s/ Jeremy C. Green
Name/Title:	Managing Member
Date:	04/06/2026

Jeremy C. Green

Signature:	/s/ Jeremy C. Green
Name/Title:	Jeremy C. Green
Date:	04/06/2026

RedCo II Master Fund, L.P.

Signature:	/s/ Jeremy C. Green
Name/Title:	Managing Member of RedCo II (GP), LLC, General Partner of RedCo II Master Fund, L.P.
Date:	04/06/2026