\nADC Therapeutics SA (NYSE: ADCT), a commercial-stage biotechnology company improving the lives of those affected by cancer with its next-generation, targeted antibody drug conjugates (ADCs) for patients with hematologic malignancies and solid tumors, today reported financial results for the second quarter ended June 30, 2021 and provided business updates.\n<\/p>\n
\n\u201cWe were thrilled to receive accelerated FDA approval for the first indication for ZYNLONTA\u2122<\/sup> and are encouraged by the momentum and positive feedback in the initial weeks following approval. We remain highly focused on the successful execution of the launch and positive about the longer-term potential of the product,\u201d said Chris Martin, Chief Executive Officer of ADC Therapeutics. \u201cDuring the second quarter, we were also pleased to present positive data on ZYNLONTA and our exciting pipeline of advancing programs at key medical meetings. Looking to the rest of the year, we have several notable milestones on the horizon and look forward to keeping you updated on our progress.\u201d\n<\/p>\n Recent Highlights and Developments<\/span><\/b><\/p>\n ZYNLONTA (loncastuximab tesirine-lpyl)<\/b><\/p>\n Camidanlumab Tesirine (Cami)<\/b><\/p>\n ADCT-901<\/b><\/p>\n Corporate Update<\/span><\/b><\/p>\n Upcoming Expected Milestones<\/span><\/b><\/p>\n ZYNLONTA<\/b><\/p>\n Earlier-Stage Pipeline<\/b><\/p>\n Second Quarter 2021 Financial Results<\/span><\/b><\/p>\n Cash and Cash Equivalents<\/b><\/p>\n \nCash and cash equivalents were $371.9 million as of June 30, 2021, compared to $439.2 million as of December 31, 2020. During the second quarter of 2021, the Company drew down $50 million under its Convertible Credit Facility with Deerfield, which was contingent upon ZYNLONTA approval.\n<\/p>\n Research and Development (R&D) Expenses<\/b><\/p>\n \nR&D expenses were $39.5 million for the quarter ended June 30, 2021, compared to $26.0 million for the same quarter in 2020. R&D expenses increased due to investments in programs supporting the ZYNLONTA commercial launch and evaluating the potential of ZYNLONTA in earlier lines of treatment and additional histologies, and due to advancing the portfolio. As a result of these initiatives, employee headcount and share-based compensation expense increased.\n<\/p>\n Selling and Marketing (S&M) Expenses<\/b><\/p>\n \nDuring the second quarter of 2021, S&M expenses were $15.2 million, compared to $4.0 million for the same quarter in 2020. The increase in S&M expenses was related to the launch of ZYNLONTA. Prior to December 31, 2020, S&M expenses were reported within General and Administrative (\u201cG&A\u201d) expenses within the condensed consolidated interim statement of operations. The period ended June 30, 2020 has been recast to conformto the current year presentation.\n<\/p>\n G&A Expenses<\/b><\/p>\n \nG&A expenses were $19.4 million for the quarter ended June 30, 2021, compared to $15.0 million for the same quarter in 2020. G&A expenses increased due to higher headcount to support the commercial launch, increased share-based compensation expense and higher costs of being a public company.\n<\/p>\n Net Loss and Adjusted Net Loss<\/b><\/p>\n \nNet loss was $72.6 million, or a net loss of $0.95 per basic and diluted share, for the quarter ended June 30, 2021, compared to $126.6 million, or a net loss of $2.01 per basic and diluted share, for the same quarter in 2020. Net loss included share-based compensation expense of $18.3 million for the quarter ended June 30, 2021, compared to $12.7 million for the same quarter in 2020. In addition, net loss for the quarter ended June 30, 2021 includes a $2.1 million non-cash gain related to the changes in fair value of derivatives associated with the convertible loans under the Convertible Credit Facility with Deerfield, compared to a $79.3M charge for the same quarter in 2020. The decrease in fair value for the quarter ended June 30, 2021 was driven by the decrease in the Company\u2019s share price from March 31, 2021. The increase in fair value for the quarter ended June 30, 2020 was driven by the increase in the Company\u2019s share price from the April 2020 inception of the derivative.\n<\/p>\n \nAdjusted net loss was $53.7 million, or an adjusted net loss of $0.70 per basic and diluted share, for the quarter ended June 30, 2021, compared to $32.1 million, or an adjusted net loss of $0.51 per basic and diluted share, for the same quarter in 2020. The increase in adjusted net loss was primarily driven by the expansion of the organization, investment in the expanding clinical portfolio and the preparation for the launch of ZYNLONTA.\n<\/p>\n Conference Call Details<\/b><\/p>\n \nADC Therapeutics management will host a conference call and live audio webcast to discuss second quarter 2021 financial results and provide a company update today at 8:30 a.m. Eastern Time. To access the live call, please dial 833-303-1198 (domestic) or +1 914-987-7415 (international) and provide confirmation number 6962756. A live webcast of the presentation will be available under \u201cEvents and Presentations\u201d 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.\n<\/p>\n About ZYNLONTA (loncastuximab tesirine-lpyl)<\/b><\/p>\n \nZYNLONTAis 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.\n<\/p>\n \nThe U.S. Food and Drug Administration (FDA) has 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 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.\n<\/p>\n \nZYNLONTA is also being evaluated as a therapeutic option in combination studies in other B-cell malignancies and earlier lines of therapy.\n<\/p>\n About ADC Therapeutics<\/b><\/p>\n \nADC Therapeutics (NYSE: ADCT) is a commercial-stage biotechnology company improving the lives of those affected by cancer with its next-generation, targeted antibody drug conjugates (ADCs). The Company is advancing its proprietary PBD-based ADC technology to transform the treatment paradigm for patients with hematologic malignancies and solid tumors.\n<\/p>\n \nADC Therapeutics\u2019 CD19-directed ADC ZYNLONTA (loncastuximab tesirine-lpyl) is approved by the FDA 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. Cami (camidanlumab tesirine) is being evaluated in a late-stage clinical trial for relapsed or refractory Hodgkin lymphoma and in a Phase 1b clinical trial for various advanced solid tumors. In addition to ZYNLONTA and Cami, ADC Therapeutics has multiple PBD-based ADCs in ongoing clinical and preclinical development.\n<\/p>\n \nADC Therapeutics is based in Lausanne (Biop\u00f4le), Switzerland and has operations in London, the San Francisco Bay Area and New Jersey. For more information, please visit https:\/\/adctherapeutics.com\/<\/a> and follow the Company on Twitter<\/a> and LinkedIn<\/a>.\n<\/p>\n \nZYNLONTA\u2122 is a trademark of ADC Therapeutics SA.\n<\/p>\n Use of Non-IFRS Financial Measures<\/b><\/p>\n \nIn addition to financial information prepared in accordance with IFRS, this document also contains certain non-IFRS financial measures based on management\u2019s view of performance including:\n<\/p>\n \nManagement uses such measures internally when monitoring and evaluating our operational performance, generating future operating plans and making strategic decisions regarding the allocation of capital. We believe that these adjusted financial measures provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and facilitate operating performance comparability across both past and future reporting periods. These non-IFRS measures have limitations as financial measures and should be considered in addition to, and not in isolation or as a substitute for, the information prepared in accordance with IFRS. When preparing these supplemental non-IFRS measures, management typically excludes certain IFRS items that management does not believe are indicative of our ongoing operating performance. Furthermore, management does not consider these IFRS items to be normal, recurring cash operating expenses; however, these items may not meet the IFRS definition of unusual or non-recurring items. Since non-IFRS financial measures do not have standardized definitions and meanings, they may differ from the non-IFRS financial measures used by other companies, which reduces their usefulness as comparative financial measures. Because of these limitations, you should consider these adjusted financial measures alongside other IFRS financial measures.\n<\/p>\n \nThe following items are excluded from adjusted net loss and adjusted net loss per share:\n<\/p>\n Shared-Based Compensation Expense:<\/i> We exclude share-based compensation expense from our adjusted financial measures because share-based compensation expense, which is non-cash, fluctuates from period to period based on factors that are not within our control, such as our stock price on the dates share-based grants are issued. Share-based compensation expense has been, and will continue to be for the foreseeable future, a recurring expense in our business and an important part of our compensation strategy.\n<\/p>\n Certain Other Items:<\/i> We exclude certain other significant items that may occur occasionally and are not normal, recurring operating expenses, cash or non-cash, from our adjusted financial measures. Such items are evaluated by management on an individual basis based on both quantitative and qualitative aspects of their nature and generally represent items that, either as a result of their nature or significance, management would not anticipate occurring as part of our normal business on a regular basis. While not all-inclusive, examples of certain other significant items excluded from our adjusted financial measures would be: changes in the fair value of derivatives, the gain recognized in connection with the receipt of the USD 50.0 million disbursement, establishment of the embedded derivative and residual loan, elimination of the derivative immediately prior to FDA approval of ZYNLONTA, the effective interest expense associated with the Facility Agreement with Deerfield, transaction costs associated with debt or equity issuances that are expensed pursuant to IFRS, as well as the non-cash gain related to the contribution of our intellectual property for our equity interest in Overland ADCT BioPharma.\n<\/p>\n \nSee the attached Reconciliation of IFRS Measures to Non-IFRS Measures for explanations of the amounts excluded and included to arrive at the non-IFRS financial measures for the three-month periods ended June 30, 2021 and 2020.\n<\/p>\n Forward-Looking Statements<\/b><\/p>\n \nThis press release contains statements that constitute forward-looking statements. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations and financial position, business and commercialization strategy, products and product candidates, research pipeline, ongoing and planned preclinical studies and clinical trials, regulatory submissions and approvals, planned commercialization activities, research and development costs, timing and likelihood of success, as well as plans and objectives of management for future operations, are forward-looking statements. Forward-looking statements are based on our management\u2019s beliefs and assumptions and on information currently available to our management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including those described in our filings with the U.S. Securities and Exchange Commission. No assurance can be given that such future results will be achieved. Such forward-looking statements contained in this document speak only as of the date of this press release. We expressly disclaim any obligation or undertaking to update these forward-looking statements contained in this press release 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.\n<\/p>\n ADC Therapeutics SA<\/b><\/p>\n<\/td>\n<\/tr>\n Condensed Consolidated Interim Statement of Operations (Unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n (in KUSD except for share and per share data)<\/b><\/p>\n<\/td>\n<\/tr>\n Three Months Ended Six Months Ended 2021<\/b><\/p>\n<\/td>\n 2020 (1)<\/sup><\/b><\/p>\n<\/td>\n 2021<\/b><\/p>\n<\/td>\n 2020 (1)<\/sup><\/b><\/p>\n<\/td>\n<\/tr>\n \n3,760\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,760\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n(121\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(121\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n(39,533\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(25,950\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(78,705\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(61,325\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n(15,221\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(4,004\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(29,132\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(6,632\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n(19,367\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(14,995\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(36,949\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(20,877\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n(74,242\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(44,949\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(144,907\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(88,834\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n(70,482\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(44,949\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(141,147\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(88,834\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n199\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n130\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n393\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n278\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n2,053\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(79,261\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n23,222\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(79,261\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n(148\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(1,571\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(148\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(1,571\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n(1,169\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(1,696\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n15\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n195\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n30\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n569\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n(2,555\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(897\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(4,555\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(939\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n(242\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(100\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n152\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(71\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n(1,847\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(81,504\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n17,398\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(80,995\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n(72,329\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(126,453\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(123,749\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(169,829\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n(240\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(104\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(347\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(204\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n (72,569<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n (126,557<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n (124,096<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n (170,033<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n<\/tr>\n \n(72,569\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(126,557\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(124,096\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(170,033\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n(0.95\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(2.01\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(1.62\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(2.97\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Condensed Consolidated Interim Balance Sheet (Unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n (in KUSD)<\/b><\/p>\n<\/td>\n<\/tr>\n June 30, December 31, \n371,884\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n439,195\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n2,079\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n7,718\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n12,751\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n11,255\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n 394,432<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 450,450<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n3,261\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,629\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n8,077\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,129\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n12,010\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n10,179\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n46,212\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n47,908\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n394\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n397\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n 69,954<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 63,242<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n 464,386<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 513,692<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n14,631\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n5,279\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n29,450\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n30,375\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n988\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,002\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n237\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n149\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n6,193\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,631\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n 51,499<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 40,436<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n84,648\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n34,775\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n49,619\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n73,208\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n23,539\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n23,539\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n7,612\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,465\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n3,551\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,543\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n221\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n 168,969<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 137,751<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n 220,468<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 178,187<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n6,445\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n6,314\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n981,290\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n981,056\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n(134\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(4\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n74,971\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n42,753\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n301\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n245\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n(818,955\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(694,859\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n 243,918<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 335,505<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n 464,386<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 513,692<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n ADC Therapeutics SA<\/b><\/p>\n<\/td>\n<\/tr>\n Reconciliation of IFRS Measures to Non-IFRS Measures (Unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n (in KUSD except for share and per share data)<\/b><\/p>\n<\/td>\n<\/tr>\n Three Months Ended June 30,<\/b><\/p>\n<\/td>\n Six Months Ended June 30,<\/b><\/p>\n<\/td>\n<\/tr>\n 2021<\/b><\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n 2021<\/b><\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n<\/tr>\n (72,569<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n (126,557<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n (124,096<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n (170,033<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n<\/tr>\n \n18,267\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n12,734\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n32,218\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n16,524\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n(2,053\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n79,261\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(23,222\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n79,261\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n148\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,571\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n148\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,571\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n2,450\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n868\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n4,432\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n868\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n (53,757<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n (32,123<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n (110,520<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n (71,809<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n<\/tr>\n \n(0.95\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(2.01\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(1.62\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(2.97\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n0.25\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1.50\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.18\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1.72\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n(0.70\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(0.51\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(1.44\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(1.25\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n76,728,714\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n62,863,866\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n76,725,210\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n57,225,939\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n
\n
June 30,<\/b><\/p>\n<\/td>\n\n \n
\n
June 30,<\/b><\/p>\n<\/td>\n<\/tr>\n\n \n \n \n \n \n \n \n \n \n \n Product revenues, net<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Operating expense<\/td>\n \n \n \n \n \n \n \n <\/tr>\n \n Cost of product sales<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Research and development expenses<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Selling and marketing expenses<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n General and administrative expenses<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Total operating expense<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Loss from operations<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Other income (expense)<\/td>\n \n \n \n \n \n \n \n <\/tr>\n \n Other income<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Convertible loans, derivatives, change in fair value income (expense)<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Convertible loans, derivatives, transaction costs<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Share of results with joint venture<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Financial income<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Financial expense<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Exchange differences (loss) income<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Total other (expense) income<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Loss before taxes<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Income tax expense<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Net loss<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Net loss attributable to:<\/b><\/td>\n \n \n \n \n \n \n \n <\/tr>\n \n Owners of the parent<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Net loss per share, basic and diluted<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n (1)<\/sup> Prior period has been recast to conform S&M expenses to the current period presentation.<\/td>\n<\/tr>\n<\/table>\n \n
\n ADC Therapeutics SA<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n
\n
2021<\/b><\/p>\n<\/td>\n\n \n
\n
2020<\/b><\/p>\n<\/td>\n<\/tr>\n\n ASSETS<\/b><\/td>\n \n \n \n <\/tr>\n \n Current assets<\/b><\/td>\n \n \n \n <\/tr>\n \n Cash and cash equivalents<\/td>\n \n \n \n \n \n \n \n Accounts receivable, net<\/td>\n \n \n \n \n \n \n \n Inventory<\/td>\n \n \n \n \n \n \n \n Other current assets<\/td>\n \n \n \n \n \n \n \n Total current assets<\/b><\/td>\n \n \n \n \n \n \n \n Non-current assets<\/b><\/td>\n \n \n \n <\/tr>\n \n Property, plant and equipment<\/td>\n \n \n \n \n \n \n \n Right-of-use assets<\/td>\n \n \n \n \n \n \n \n Intangible assets<\/td>\n \n \n \n \n \n \n \n Interest in joint venture<\/td>\n \n \n \n \n \n \n \n Other long-term assets<\/td>\n \n \n \n \n \n \n \n Total non-current assets<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Total assets<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n LIABILITIES AND EQUITY<\/b><\/td>\n \n \n \n <\/tr>\n \n Current liabilities<\/b><\/td>\n \n \n \n <\/tr>\n \n Accounts payable<\/td>\n \n \n \n \n \n \n \n Other current liabilities<\/td>\n \n \n \n \n \n \n \n Lease liabilities, short-term<\/td>\n \n \n \n \n \n \n \n Current income tax payable<\/td>\n \n \n \n \n \n \n \n Convertible loans, short-term<\/td>\n \n \n \n \n \n \n \n Total current liabilities<\/b><\/td>\n \n \n \n \n \n \n \n Non-current liabilities<\/b><\/td>\n \n \n \n <\/tr>\n \n Convertible loans, long-term<\/td>\n \n \n \n \n \n \n \n Convertible loans, derivatives<\/td>\n \n \n \n \n \n \n \n Deferred gain of joint venture<\/td>\n \n \n \n \n \n \n \n Lease liabilities, long-term<\/td>\n \n \n \n \n \n \n \n Defined benefit pension liabilities<\/td>\n \n \n \n \n \n \n \n Other non-current liabilities<\/td>\n \n \n \n \n \n \n \n Total non-current liabilities<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Total liabilities<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Equity attributable to owners of the parent<\/b><\/td>\n \n \n \n <\/tr>\n \n Share capital<\/td>\n \n \n \n \n \n \n \n Share premium<\/td>\n \n \n \n \n \n \n \n Treasury shares<\/td>\n \n \n \n \n \n \n \n Other reserves<\/td>\n \n \n \n \n \n \n \n Cumulative translation adjustment<\/td>\n \n \n \n \n \n \n \n Accumulated losses<\/td>\n \n \n \n \n \n \n \n Total equity attributable to owners of the parent<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Total liabilities and equity<\/b><\/td>\n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n in KUSD (except for share and per share data)<\/b><\/td>\n \n \n \n \n \n \n \n \n \n Net loss<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Adjustments:<\/b><\/td>\n \n \n \n \n \n \n \n <\/tr>\n \n Share-based compensation expense (i)<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Convertible loans, derivatives, change in fair value (ii)<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Convertible loans, first and second tranche, derivatives, transaction costs (iii)<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Effective interest expense (iv)<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Adjusted net loss<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Net loss per share, basic and diluted<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Adjustment to net loss per share, basic and diluted<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Adjusted net loss per share, basic and diluted<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Weighted average shares outstanding, basic and diluted<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n
![\"Logo\"](\"https:\/\/mms.businesswire.com\/media\/20210803005236\/en\/895636\/3\/ADCT_4C_TM.jpg\")
<\/td>\n<\/tr>\n