Slides
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2Q 2025 Earnings CallAugust 12, 2025
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2 Agenda 0203 Clinical HighlightsMohamed ZakiChief MedicalOfficer Financial UpdatePepe CarmonaChief Financial Officer 01 IntroductionAmeet MallikChief Executive Officer 04Q&A
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3 Forward-Looking StatementsThis 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 SecuritiesLitigation 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 aresubject 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 success of the Company’s strategicrestructuring plan; changes in estimated costs associated with the restructuring plan including the workforce reduction and planned closure of the UK facility; the expected cash runway 2028 which assumes use of minimum liquidity amount required to be maintained under its loan agreement covenants; whether future LOTIS-7 clinical trial results will be consistent with or different from the LOTIS-7 data presented at EHA and ICML and future compendia and regulatory strategy and opportunity; the timing of the PFS events for LOTIS-5 and the results of the trial and full FDA approval; the Company’s ability to grow ZYNLONTA® revenue in the United States; the abilityofour 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 regulatory approval for ZYNLONTA® in foreign jurisdictions; the timing and results of the Company’s or its partners’ research and development projects or clinical trials including LOTIS 5 and 7, as well as early pre-clinical research for our exatecan-based ADC targeting PSMA; the timing 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 peak 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; and the Company’s ability to obtain financial and other resources for its research, development, clinical, and commercial activities; and the uncertainties of international trade policies, including tariffs, sanctions and trade barriers and 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 relianceon the forward-looking statements contained in this document.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 beany sales of securities in any state jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
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4 Key Business Updates§2Q 2025 net product revenues of $18.1 million as compared to $17.0 million in same quarter 2024§Total 1H net product revenue was $35.5 million compared to $34.9 million during the 1H of 2024Commercial Performance Pipeline Progress §LOTIS-7 data presented at EHA2025 and ICML•ZYNLONTA in combination with glofitamabgenerally well tolerated with a manageable safety profile and no DLTs across all dose levels•Combinationdemonstrated clinically meaningful benefit with ORR of 93.3% and a CR rate of 86.7% across 30 efficacy evaluable patients•Enrollment expanding to 100 patients at 150 µg/kg dose; update expected in 2H 2025§LOTIS-5 on track to reach prespecified PFS events by end 2025§Updated MZL IIT data presented at ICML demonstrate ORR of 85% and CR rate of 69% §On track to complete IND-enabling activities for PSMA-targeting ADC by end of year Corporate Update§Secured $100 Million Private Placement extending expected cash runway1into 2028§Implemented strategic prioritization and 30% reduction in force with one-time charges of $13.1 million•Inclusive of $6.7 million in employee severance and related benefit costs and $6.4 million in non-cash impairment of assets in connection with the close down of the U.K. facility§Cash balance of $264.6M as of June 30, 2025 1Cash runway assumes receipt of $93.1M in net proceeds from the private placement, anticipated regulatory milestone payments under the Company’s collaboration agreements and use of the amount it is required to maintain under its loan agreement•EHA2025 = European Hematology Association 2025 Congress, ICML = 18th International Conference on Malignant Lymphoma
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5 Advancing ZYNLONTA Development Into 2L+ B-Cell Lymphomas Current Approval Current Development Areas DLBCLFLMZL1L 2L+ 3L+ ZYNLONTA+R ZYNLONTA ZYNLONTA+RZYNLONTA ZYNLONTA Potential Benefit In Indolent LymphomasLOTIS-5LOTIS-7 Potential To Move Into 2L+ DLBCL ~50%~80%ZYNLONTA + rituximab1(N=20)LOTIS-5Overall Response RateComplete Response Rate ZYNLONTA + rituximab3(N=39) High-risk r/r FLOverall Response RateComplete Response Rate ~77%~97% ZYNLONTA + glofitamab2(N=30) LOTIS-7 ~87%~93% ZYNLONTA4(N=27)r/r MZL ~69%~85%1 Safety run-in study as detailed in SOHO 2023 poster presentation2 As detailed in EHA 2025 poster presentation scheduled for June 14, 20253 As detailed in ASH 2024 oral presentation; Alderuccio, PJ. Loncastuximab tesirine with rituximab in patients with relapsed or refractory follicular lymphoma: a single centre, single arm Phase 2 trial. The Lancet Haematology. January 2025; Volume 12 (Issue 1): E23-E34.4 As detailed at ICML in June 2025
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6 2L+ Indolent lymphomas$100M-200M ZYNLONTA U.S. Peak Revenue Potential of $600M-1B$600M-1B Peak Revenue in DLBCL & Indolent Lymphomas ZYNLONTA 2L+ ZYNLONTA plus bispecific$500M-800M LOTIS-7 2L+ ZYNLONTA plus rituximab$200M-300M* LOTIS-5 3L+ Monotherapy CURRENT INDICATION Note: ZYNLONTA Monotherapy is FDA approved under accelerated approval; other potential indications in development*Based on quantitative market research study of 150 physiciansNote: The Company does not promote ZYNLONTA for unapproved uses Peak revenue projection assumes both compendia listing and regulatory approval
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7 Broadly accessible therapies~75%2L 3L+Complex therapies~60% ~12k patients ~6k patients Two Distinct Segments in r/r DLBCL Treatment Options Complex therapies~25% 2L+ treatment choice based on efficacy, safety and accessibility in context of individual patient needØComplex therapies with unique patient management and infrastructure requirementsØBroadly accessible outpatient therapiesBroadly accessible therapies~40% ~20% CAR T~5% SCT 35% Bispecific-mono~20% CAR T ~5% SCT Current r/r DLBCL U.S. Market ~10% ZYNLONTA ADCs, mAbs, Chemo / other ADCs, mAbs, Chemo / other Based on internal market research conducted July to August 2024 (n=160 US Hem/Oncs), and glofitamab ODAC briefing book
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8 LOTIS-7 (ZYNLONTA + glofitamab)Opportunity LOTIS-5 (ZYNLONTA + rituximab) Opportunity Illustrative depiction of potential market share based on internal market research Conducted July to August 2024 (n=160 US Hem/Oncs) ZYNLONTA Combinations Potentially Raising the Bar on Efficacy in r/r DLBCL →We believe LOTIS-7 has the potential to be the leading bispecific combination regimen for patients with access to complex therapies→Leading CR rate that rivals CAR T-cell therapy with a manageable toxicity profile and improved accessibility→LOTIS-7 provides a unique combination for r/r DLBCL without repeat exposure to polatuzumab and chemo →We believe LOTIS-5 has the potential to be the leading regimen for patients who will not receive complex therapies→HighCR rate among broadly accessible therapies (ADCs, mAbs, chemo/other) in r/r DLBCL→Manageable safety with reversible toxicities Complex Therapies 50% CRBroadly Accessible Therapies 87% CR
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9 LOTIS-5: Phase 3 Confirmatory Trial of ZYNLONTA in Combination with Rituximab in 2L+ DLBCL Initial data demonstrate that this combination has the potential to provide competitive 2L+ efficacy with a favorable safety profile allowing broad accessibility Status and Next Steps→Full enrollment completed in 2024→262 pre-specified PFS events expected to be reached by the end of 2025→Afterthe prespecified number of PFS events is reached and data are available, the Company expects to provide topline data→sBLAsubmission and potential approval to follow LOTIS-5 Overview→Patient Population: 420 randomized 1:1 2L+ DLBCL patients, ASCT ineligible →Primary endpoint: PFS; Secondary endpoints include OS; ORR; CRR; DoR; frequency and severity of adverse events→Initial data:20 patient safety run-in, resulting in 80% ORR and 50% CR (mDORnot reached for CR), with no new safety signals1 Treatment Period Follow-Up Period End of Treatment Randomized 1:1N = 420 Loncastuximab tesirine0.15 mg/kg + rituximab 375 mg/m2Q3W for 2 cyclesLoncastuximab tesirine0.075 mg/kg + rituximab 375 mg/m2Q3W for up to 6 additional cycles Lonca (0.15 mg/kg) + rituximab (375 mg/m2) Q3W for 2 cyclesLonca (0.075 mg/kg) + rituximab (375 mg/m2) Q3W for up to 6 additional cycles R-GemOx: rituximab 375 mg/m2+gemcitabine 1000 mg/m2+oxaliplatin 100 mg/m2 Q2W for up to 8 cycles For both parts of the study,irrespective of disease status,patients will be followed for up to 4 years after EOT until withdrawal of consent,loss to follow-up, or death—whichever occurs first NonrandomizedSafety Run-inN = 20 1 –Initial data from SOHO 2023 poster presentation; updated data from EHA 2025 poster presentation
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10 LOTIS-7 Combination Rationale and Biological HypothesisPotent, single agent drugs with distinct and complementary MOAsZYNLONTA ANTI-CD19 ADC GLOFITAMABANTI-CD20/CD3 T-Cell engaging bispecific antibody EFFICACY§Expected to have additive or synergistic efficacySAFETY§No overlapping non-hematologic toxicities expected to yield manageable safety profile §Potentially lower CRS rates/grades given ZYNLONTA use prior to glofitamab may debulk the tumors and reduce peripheral B cells
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11 END OF TREATMENT Study Population→Relapsed or Refractory B-NHL patients, ECOG PS 0 –2, and have received: –Part 1:>2 systemic treatment regimens–Part 2:>1 systemic treatment regimens→Prior autologous SCT or CAR-T (>100 days) is allowed→Measurable disease per 2014 Lugano Classification→Excludes patients with clinically significant 3rd space fluid accumulation ZYNLONTA IV (120 or 150 µg/kg3) + glofitamab IV Q3WEnrollment began Apr 2024 Escalating doses of ZYNLONTA IV + mosunSC Q3W2Enrollment began July 2023 Escalating doses of ZYNLONTA IV + glofitamab IV Q3W1Enrollment began July 2023 SCREENING PERIOD(≤28 DAYS) TREATMENT PERIOD(CYCLES OF 21 DAYS) r/r DLBCL, FL, MZL for both arms r/r LBCL Part 13+3 Dose escalation (ZYNLONTA 90, 120, and 150 μg/kg) Part 2Dose expansion Endpoints →Primary: Safety and tolerability; MTD and/or RD→Secondary:–Efficacy: ORR, DOR, CRR, PFS, RFS, OS–Pharmacokinetics and ImmunogenicityTrial Status→Dose escalation complete with no DLTs, no high-grade CRS or ICANS and early signs of anti-tumor activity→Dose expansion of 40 patients completed inZYNLONTA (120 or 150 µg/kg) + glofitamab→150 µg/kg dose selected; expanding to 100 patients ZYNLONTA + Glofitamab Treatment Sequence Cycle 1 Cycle 2 to Cycle 8 Cycle 9 to Cycle 12Day 1Day 2Day 8Day 15Day 1: both agents on same dayDay 1 Hospitalization required1 to 1.5 hrsin-between Glofit Glofit Lonca Glofit Glofit Lonca Gpt Obinutuzumab pretreatment 1000mg on C1D1;ZYNLONTAadministered on C1D2; administration of 1st and 2nd step-up dose(s) of IVglofitamab (2.5mg on C1D8 & 10mg on C1D15);ZYNLONTAplus glofitamab 30mg on C2D1 and beyond (reduce ZYNLONTA to 75 ug/kg at C3 if starting dose is 120 ug/kg or higher)ZYNLONTA plus subcutaneousmosunetuzumab1st step-up dose of 5 mg on C1D1, followed by mosunetuzumab 2nd step-up & target dose of 45 mg for C1D8 & C1D15; ZYNLONTA plus 45mg of subcutaneous mosunetuzumab on C2D1 and beyond (reduce ZYNLONTA to 75 μg/kg at C3 if starting dose is 120 ug/kg or higher)ZYNLONTA dose reduced to 75 μg/kg at C3 LOTIS-7: Phase 1b Trial of ZYNLONTA in Combination with Glofitamab
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12 CORPORATELOTIS-7 Phase 1b Trial: Baseline Patient Characteristics r/r Large B-Cell Lymphoma Treated Population (N=41) as ofdata cutoff of April 14, 2025All patients enrolled in US & Europe with majority in US120 µg/kgN=20150 µg/kgN=21N=41IPI Score 0/1/2 9 (45%)10 (47.6%)19 (46.3%)3/4/5 11 (55%)11 (52.4%)22 (53.7%)LDH Level High11 (55%)10 (47.6%)21 (51.2%)Ann Arbor stageI/II 3 (15%)3 (14.3%)6 (14.6%)III/IV 17 (85%)18 (85.7%)35 (85.3%)Bulky Disease (≥10 cm)2 (10%)2 (9.5%)4 (9.8%)Median prior lines of therapy (range)2 (1,4)2 (1,5)2 (1,5)Number of prior lines of therapy1 10 (50%)10 (47.6%)20 (48.8%)≥2 10 (50%)11 (52.4%)21 (51.2%)Prior Stem Cell Transplant3 (15%)1 (4.8%)4 (9.8%)Prior CAR-T Therapy4 (20%)4 (19%)8 (19.5%)Refractory to primary therapy8 (40%)13 (61.9%)21 (51.2%)Refractory to last prior therapy7 (35%)13 (61.9%)20 (48.8%) 120 µg/kgN=20150 µg/kg N=21N=41Median age [years (range)]70 (50, 82)74 (26, 85)71 (26, 85)Male 11 (55%)12 (57.1%)23 (56.1%)ECOG Performance Status0 9 (45%)14 (66.7%)23 (56.1%)1 10 (50%)7 (33.3%)17 (41.5%)2 1 (5%)01 (2.4%)Large B-Cell Lymphoma Histologyde novo DLBCL 13 (65%)17 (81%)30 (73.2%)trFL 2 (10%)2 (9.5%)4 (9.8%)HGBCL4 (20%)2 (9.5%)6 (14.6%)FL Grade 3b1 (5%)01 (2.4%)DLBCL SubtypeGCB10 (50%)11 (52.4%)21 (51.2%)non-GCB5 (25%)8 (38.1%)13 (31.7%)Double/Triple hit3 (15%)5 (23.8%)8 (19.5%)LBCL = large B-cell lymphoma, DLBCL= diffuse large B-cell lymphoma, HGBCL= high grade B-cell lymphoma,NOS = not otherwise specified, trFL= transformed follicular lymphoma, GCB, germinal center B-cellData cutoff: 14Apr2025 Note: Data extracted from live clinical database. Data is subject to change.
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13 CORPORATELOTIS-7 Phase 1b Trial: Safety Summaryr/r Large B-Cell Lymphoma Treated Population (N=41) as ofdata cutoff of April 14, 2025 aAsper Investigator reported adverse events TEAE = treatment emergent adverse event; AESI = adverse event of special interestData cutoff: 14 Apr 2025. Data extracted from live clinical database. Data is subject to change. 120 µg/kgn=20150 µg/kgn=21All n = 41Grade 3/4 TEAEs (> 5% of patients)a 11 (55%)12 (57.1%)23 (56.1%)Neutropenia 4 (20%)6 (28.6%)10 (24.4%)Anemia 1 (5%)3 (14.3%)4 (9.8%)AST increased 2 (10%)1 (4.8%)3 (7.3%)GGT increase 1 (5%)2 (9.5%)3 (7.3%)Thrombocytopenia2 (10%)1 (4.8%)3 (7.3%)Grade 3/4 AESI (all patients)aFebrile neutropenia01 (4.8%)1 (2.4%)Thrombocytopenia2 (10%)1 (4.8%)3 (7.3%)GGT increase 1 (5%)2 (9.5%)3 (7.3%)Generalized oedema1 (5%)1 (4.8%)2 (4.9%)Rash 1 (5%)01 (2.4%)Photosensitivity reaction01 (4.8%)1 (2.4%)Sepsis 1 (5%)01 (2.4%)Upper respiratory infection1 (5%)01 (2.4%)Pneumonia 1 (5%)01 (2.4%)Serious TEAE 11 (55%)9 (42.9%)20 (48.8%)
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14 CORPORATELOTIS-7 Phase 1b Trial: Safety Summaryr/r Large B-Cell Lymphoma Treated Population (N=41) as ofdata cutoff of April 14, 2025 aAsper Investigator reported adverse events TEAE = treatment emergent adverse event; AESI = adverse event of special interestData cutoff: 14 Apr 2025. Data extracted from live clinical database. Data is subject to change. Patients with TEAEs leading to study drug discontinuationa 120 µg/kgn=20150 µg/kgn=21All n = 41TEAE leading to loncastuximab discontinuation only 1 (5%)2 (9.5%)3 (7.3%)Pericardial effusion1 (5%)01 (2.4%)Generalized oedemaand GGT increased01 (4.8%)1 (2.4%)Pleural effusion and erythema01 (4.8%)1 (2.4%) TEAE leading to glofitamab discontinuation only 03 (14.3%)3 (7.3%)ICANS 01 (4.8%)1 (2.4%)Polyneuropathy 01 (4.8%)1 (2.4%)Febrile Neutropenia 01 (4.8%)1 (2.4%)
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15 CORPORATELOTIS-7 Phase 1b Trial: CRS/ICANS Profile & Managementr/r Large B-Cell Lymphoma Treated Population (N=41) as ofdata cutoff of April 14, 2025 aNumber of patients who experienced at least 1 event per ASTCT Consensus Grading for Cytokine Release Syndrome and Neurologic Toxicity Associated with Immune Effector Cells; worst grade reported if applicableData Cutoff 14 Apr 2025. Note: Data extracted from live clinical database. Data is subject to change. 120 µg/kgn=20150 µg/kgn=21Alln = 41Cytokine Release Syndromea Any grade11 (55%)5 (23.8%)16 (39.0%)Grade 17 (35%)5 (23.8%)12 (29.3%)Grade 23 (15%)03 (7.3%)Grade 31 (5%)01 (2.4%)Grade 4/5000ICANSa Any grade2 (10%)1 (4.8%)3 (7.3%)Grade 11 (5%)01 (2.4%)Grade 21 (5%)1 (4.8%)2 (4.9%)Grade >3 000 •Grade 1 and 2 CRS cases managed with tocilizumab, corticosteroids, acetaminophen, and/or fluid bolus, without ICU admittance or pressor support•Grade 3 CRS case managed with tocilizumab, acetaminophen, dexamethasone, norepinephrine. ICU admittance •All patients with ICANS had complete resolution of symptoms •Two patients resumed treatment and ultimately achieved a CR•One patient elected to discontinue treatment•ICANS managed primarily with corticosteroids
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16 120 µg/kg150 µg/kgTotaln=15%n=15%n=30%ORR (CR + PR)1493.3%1493.3%2893.3%Complete Response (CR)1386.7%1386.7%2686.7%Partial Response (PR)16.7%16.7%26.7%Stable Disease16.7%00%13.3%Progressive Disease00%16.7%13.3%As of data cut off 14Apr2025. Note: Data extracted from live clinical database. Data is subject to change. LOTIS-7 Phase 1b Trial: Overall Response Rate (ORR)r/r Large B-Cell Lymphoma Efficacy Evaluable Population (N=30) as of April 14, 2025
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17 First scheduled assessment at 6 weeksStudy Duration (Days)→→→→ → →→ →→ → →→→→→ →→ → → → → →→→→ → →→ → →→ →→→→→→ → →→→→→→ →→→→ →→→→→→→ →→ → → → → → → → → → → → → → → → → → → → → → → → → → → → → → → → → → → → → → → → → → → → → → → → → → → → → → → → → → → → 0 20 40 60 80 100120140160180200220240260280300320340360380400420440 Study Duration (Days) 121-716 177-704 203-704 207-701 371-704 405-703 196-701 203-702 121-713 335-703 404-702 332-703 500-707 500-706 404-704 121-708 121-707 332-702 121-704 121-702* (150 ug/kg) 371-701* 203-706 121-714 203-703 405-704 203-705 415-703 197-701 198-701 203-701 121-712 107-705 177-703 121-710 121-709 383-704 121-706 335-702 404-703 164-704 (120 ug/kg) 184-705* Subject First response of SD First response of PR First response of CR Progressive disease Conversion to CR End of treatment Treatment ongoing→ Response assessment ongoing→ No response assessmentPDSDPRCRBest Overall Response: First scheduled assessment at 6 weeks → → 12345678910111213141516*17*18*19*20*21222324252627282830313233343536*37*38*39*40*41* Glofit + Lonca120 µg/kgGlofit + Lonca150 µg/kg As of data cut off 14 April 2025Data extracted from live clinical database. Data is subject to change. LOTIS-7 Phase 1b Trial: Efficacy Over Timer/r Large B-Cell Lymphoma Treated Population (N=41) as of April 14, 2025 Subject Number ØMost responses observed at initial assessmentØ12 patients converted from SD (1) or PR (11) to CR over time Ø25/26 CRs remain in CR as of the data cut-off •Median time to CR in 120 µg/kg = 80 days •Median time to CR in 150 µg/kg = 42 days *Not Yet Efficacy Evaluable Patients: 10 patients have not yet reached the 6-week assessment; 1 patient (37) withdrew prior to any assessment
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18 2Q 2025 Selected Financial Data *Includes net proceeds from private placement of $93.1M** Includes $6.7M for employee severance and related benefit costs and $6.4M in non-cash impairment of assets related to the UK facility close down *** See reconciliation of GAAP to non-GAAP adjustments for details Balance Sheet June 30, 2025Cash and cash equivalents ($M)264.6*Statement of Operations2Q 2025 ($M)2Q 2024 ($M)YoY %Product Revenues, Net18.117.06.2Total Revenue18.817.48.2Restructuring & Impairment**13.1-100.0Total Operating Expenses63.046.535.6Adjusted Total Operating Expenses (Non-GAAP)***47.844.58.0Net Loss 56.636.555.0Adjusted Net Loss (Non-GAAP)**28.724.418.0Net loss per share$0.50/share$0.38/shareAdjusted net loss per share (Non-GAAP)**$0.25/share$0.25/share
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19 1H2026 Delivering On Our Strategy ZYNLONTA LOTIS-7Share fuller/more mature data Reach prespecified number of PFS events by end of 2025*Potential sBLAsubmission to regulatory authoritiesZYNLONTA LOTIS-5 Engage regulatory agencies, evaluate compendia strategies INDOLENT LYMPHOMAS Upcoming Expected Milestones Generate additional data and assess regulatory and compendia strategies * Company expects to provide updated data once the pre-specified number of PFS events is reached and data are available 2H20252H20261H2027Publication and potential LOTIS-7 compendia Potential confirmatory approval in 2L+ DLBCL Publication and potential MZL compendiaPotential completion of IND-enabling activitiesAssess potential partner for PSMA Full enrollment 100 pts in recommended dose PSMA Publication and potential LOTIS-5 compendiaTopline Results
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Thank You
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21 1. LOTIS-7 (loncastuximab + glofitamab) –EHA 2025 poster presentation -87% CR as of data cutoff of April 14, 2025; 2. Yescarta(axi-cel) –USPI, ZUMA-7 study –65% CR; 3. Breyanzi(liso-cel) –USPI, TRANSFORM study –66% CR; 4. Columvi(glofitamab) + GEMOX –STARGLO study, Lancet 2024 –59% CR; 5. Mosunetuzumab+ Polatuzumab–Phase 1/2b ASH Presentation 2024 –58% CR; 6. Epkinly(Epcoritamab) + GEMOX –EPCORE NHL-2 study ASH Poster 2024 –61% CR; 7. Epkinly(epcoritamab) –USPI, EPCORE-NHL-1 study –38% CR; 8. Columvi(Glofitamab) –USPI, Study NP30179 –43% CR; 9. LOTIS-5 (loncastuximab + Rituximab) –SOHO 2023 safety run-in poster –50% CR; 10. Adcetris(Brentuximab) + R2 –USPI, ECHELON-3 study, JCO 2025 –45% CR; 11. Polatuzumab+ BR –USPI, Study GO29365 –40% CR; 12. Monjuvi (Tafasitamab+ Lenalidomide) –USPI, L-MIND study –37% CR; 13. LOTIS-2 (loncastuximab) –2 year follow up, LOTIS-2 study –25% CR; 14. R-GEMOX –control arm of STARGLO study, Lancet 2024 –25% CRNote: No head-to-head trials have been conducted among the results shown. Comparing the results from different trials may be unreliable due to different protocol designs, trial design, patient selection and populations, number of patients, trial endpoints,trial objectives and other parameters that may not be the same between trials. ZYNLONTA Has Potential to Disrupt r/r DLBCL Market and Unlock Significant Growth Opportunity in Both Segments Emerging data -not FDA approved 100 - 0 - CAR T-cell therapy2, 3~65%Bispecific combinationsGlofit + GEMOX4Mosun + Pola5Epco+ GEMOX6~60% LOTIS-7 (Lonca + Glofit)187% Bispecific-mono7, 8~40% Complete Response Rate (%)40 -60 - ZYNLONTA combinations have the potential to unlock significant growth through:→Doubling the addressable patient population (2L)→Capturing higher market share with leading efficacy→Increasing average duration of therapy (3 cycles with mono to 5-6 with combo) 50 - 0 - LOTIS-5 (Lonca + R)950%ADCs / mAbsBrentuximab + R210 Pola + BR11Tafa + Len12~40% LOTIS-2 (Lonca-mono)1325%R-GEMOX (R-based Chemo)1425% Complete Response Rate (%) 25 -40 - Complex therapies(CAR T-cell therapy, Bispecifics) Broadly accessible therapies(ADCs, mAbs, Chemo / other)
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22 ^ Data do not include all 2L MZL regimens such as B+O, R-CHOP, R-CVP, or B-R because inclusion based on either front-line data or studies in mixed histologies; 1. MAGNOLIA Trial (single arm, multicenter ph2; n = 68) –Best Response; 2. ACE-LY-003 study (part 2 of multicenter, ph1/2b; n = 43) –Best Response; 3. AUGMENT study (randomized ph3 of R2 vs. R; total n = 358, total MZL n = 63, R2 MZL n = 31, R mono MZL n = 32) –Best Response; 4. BRUIN study (ph1/2 of pirtobrutinibin CLL/SLL and NHL, total estimated n = 860, total MZL n = 36) -. 5. Clarivate DRG (2022); 6. Global Data (2017); 7. Cerner EnvizaCancerMPact(2023), distribution by line of therapy is based on the incident, drug-treated population.*This data reflects abstract data published at ICML on June 15, 2025 followed by a poster on June 18, 2025 based on the same data cutoff of February 10, 2025Note: No head-to-head trials have been conducted among the results shown. Comparing the results from different trials may be unreliable due to different protocol designs, trial design, patient selection and populations, number of patients, trial endpoints,trial objectives and other parameters that may not be the same between trials. ZYNLONTA Phase 2 IIT Data Showed69.2% CR Rate in r/r MZL 0 - 80 - ORR Zanubrutinib168% %60 - Len + Rituximab (R2)365%40 -20 - Acalabrutinib253%Pirtobrutinib450% 1L CRAcalabrutinib213%Pirtobrutinib43%0 - 80 -%60 -40 -20 - Len + Rituximab (R2)329%Zanubrutinib1 →Highlights of ICML 2025 abstract by Dr. IzidoreLossos on study of ZYNLONTA in patients with r/r MZL:–N = 27 patients enrolled (as of Feb 10, 2025) from Univ of Miami Sylvester Comprehensive Cancer Center & City of Hope, with 26 efficacy evaluable –ORR of 84.6% (22 of 26); CR of 69.2% (18 of 26)•POD24 patients (N = 13): 61.5% CR•CR maintained in 17 out of 18 CR patients, with longest duration of CR of 27 months from the start of treatment –Safety consistent with known profile of ZYNLONTA•Adverse events (AE) were most commonly grade 1 or 2. Grade 3 and 4 AEs were observed in 16 and 2 patients, respectively, including neutropenia, RSV lung infection, and hyponatremia (with 2 AEs in the same patient)•Three patients needed dose reduction and one patient discontinued treatment after cycle 4 due to cholestatic hepatitis that fully recovered ~15 K 2L+ MZL patients U.S. 5-year prevalence7 →Estimated 3–4k 2L+ MZL patients are drug-treated in the US annually5-7; despite patients achieving durable responses, high unmet medical need remains with <30% CR for 2LNCCN preferred treatments1-4 3L+Key: 2L1L Next Steps Current FDA Approved / 2L NCCN Preferred Regimens with r/r MZL Data FDA Approved / NCCN Preferred^N = 63 –68 NCCN Preferred^ OnlyN = 36 –46 r/r MZL Patient PopulationUniversity of Miami phase 2 IIT in r/r MZL* →The study was recently expanded to Emory Winship Cancer Institute and Vanderbilt-Ingrim Cancer Center to accelerate enrollment to 50 r/r MZL patients→ADCT plans to potentially pursue regulatory pathway and compendia in parallel as soon as sufficient data are available 26%
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23 ZYNLONTA + Rituximab Phase 2 IIT Data Show 77% CR Rate in r/r FL2L+ FL Patient PopulationUniversity of Miami phase 2 IIT in 2L+ FL ASH 2024 presentation & Lancet Haempublication highlights11~21k 2L+ FL patients U.S. 5-year Prevalence1 3L+Key: 2L1L →University of Miami expanding the trial by increasing target enrollment to 100 high-risk r/r FL patients and opening the study at additional US cancer research centers→ADCT plans to potentially pursue regulatory pathway and compendia in parallel as soon as sufficient data are available Next Steps →Estimated 6k 2L+ FL patients are drug-treated in the US annually1, of which ~20% relapse within the first 24 months of frontline therapy (POD24) and are characterized by an unfavorable prognosis2 77%85% 20%15% Total(n=39)POD24(n=20)CRPR 97%100%→N = 39 patients (all of which were evaluated for safety and for efficacy)→Best ORR of 97.4% (n=38); CR rate of 76.9% (n=30)→After median follow-up of 15.6 months, median PFS was not reached, and the 12-month PFS was 94.6%→Safety consistent with known profile of ZYNLONTA–The most common TEAEs were hyperglycemia (n=17; 43.6%), increased alkaline phosphatase (n=16; 41%) and neutropenia, fatigue and increased aspartate aminotransferase and alanine aminotransferase (n=15; 38.5%)–The most common grade ≥3 TEAE were lymphopenia (n=8; 20.5%) followed by neutropenia (n=5; 12.9%)–No Grade 5 TEAEs occurred 2L+ FL Treatment Landscape ^Data do not include all FL FDA approved or NCCN regimens (including R-mono, Obin-mono, Len-mono, B-R, R/Obin-CHOP, or R/Obin-CVP) 1. Cerner EnvizaCancerMPact(2023), distribution by line of therapy is based on the incident, drug-treated population; 2. Casuloet al., J Clin Oncol (2015), Casuloet al., Blood (2022); 3. AUGMENT study (randomized ph 3 of R2vs. R; total n = 358, total FL n = 295, R2FL n = 147, R mono FL n = 148) –Best Response; 4. GADOLIN study (randomized ph3 of B + O vs. B; total n = 396, total FL n= 321, B+O FL n = 155) –Best Response in Label; 5. GO29781 study (single-arm, ph1/2, n = 90); 6. EPCORE NHL-1 (single-arm, ph1/2, n = 128); 7. ELARA (single-arm, ph2, n = 98); 8. ZUMA-5 (single-arm, ph2, FL n = 123); 9. TRANSCEND-FL (single-arm, ph2, FL n = 114); 10. GALEN study (single arm, multicenter ph2; n = 89) –Response at end of induction; 11. Alderuccio, Lancet Haem(2024)Note: No head-to-head trials have been conducted among the results shown. Comparing the results from different trials may be unreliable due to different protocol designs, trial design, patient selection and populations, number of patients, trial endpoints,trial objectives and other parameters that may not be the same between trials. Best Response FDA Approved / NCCN^FL N = 90 -321 NCCN ^ OnlyFL N = 89CRBenda + Obin (2L+)416% Len + Obin (2L+)1038%Len + Rituximab (R2) (2L+)335% 80 -60 -40 -20 - 100 - Axi-cel (3L+)879%Liso-cel (3L+)994% Tisa-cel (3L+)769%Epcoritamab(3L+)663% % 0 - 80 - ORR %60 -40 -20 - Len + Rituximab (R2) (2L+)380% Benda + Obin (2L+)479%Len + Obin (2L+)1079% 100 - Axi-cel (3L+)894%Liso-cel (3L+)997% Tisa-cel (3L+)786%Epcoritamab(3L+)682%Mosunetuzumab(3L+)580% Mosunetuzumab(3L+)560% 0 -