ADC Therapeutics SA (ADCT): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el paisaje en rápida evolución de la terapéutica del cáncer, ADC Therapeutics SA emerge como una fuerza pionera, revolucionando los tratamientos de oncología dirigidos a través de su innovadora tecnología de conjugado de anticuerpos por anticuerpos (ADC). Al elaborar meticulosamente las terapias innovadoras que prometen precisión, reducción de los efectos secundarios y mejoraron los resultados del paciente, la compañía está a la vanguardia de la transformación de cómo abordamos los tratamientos complejos del cáncer. Su modelo de negocio estratégico representa un plan sofisticado para ofrecer soluciones médicas de vanguardia que podrían cambiar la trayectoria de la atención del cáncer, ofreciendo esperanza a pacientes y profesionales de la salud por igual.

ADC Therapeutics SA (ADCT) - Modelo de negocio: asociaciones clave

Colaboración con instituciones de investigación farmacéutica

ADC Therapeutics mantiene colaboraciones de investigación con las siguientes instituciones:

Institución	Enfoque de asociación	Año establecido
Instituto del Cáncer Dana-Farber	Investigación conjugada de anticuerpos y fármacos	2019
Memorial Sloan Kettering Cancer Center	Desarrollo oncológico de precisión	2020

Asociaciones estratégicas con centros de tratamiento del cáncer

Las asociaciones estratégicas clave incluyen:

• Centro de cáncer de MD Anderson
• Centro Médico Nacional de la Ciudad de Hope
• Centro de Cáncer de Stanford

Acuerdos de licencia con compañías de biotecnología

Compañía	Tipo de acuerdo	Términos financieros
Genmab A/S	Licencia de anticuerpos	Pago por adelantado de $ 50 millones
Genética de Seattle	Plataforma de tecnología ADC	Acuerdo de colaboración de $ 75 millones

Organizaciones de fabricación de contratos para la producción de drogas

ADC Therapeutics tiene asociaciones de fabricación con:

• Grupo Lonza AG
• Biológicos de Samsung
• Soluciones farmacéuticas catalent

CMO	Capacidad de fabricación	Valor de contrato
Grupo Lonza AG	Producción biológica de 200 kg/año	Acuerdo de varios años de $ 120 millones
Biológicos de Samsung	Capacidad de producción de 300,000 litros	Contrato de fabricación de $ 95 millones

ADC Therapeutics SA (ADCT) - Modelo de negocio: actividades clave

Desarrollo de terapias conjugadas de anticuerpo-drogas (ADC)

ADC Therapeutics se centra en desarrollar terapias ADC innovadoras dirigidas a tipos de cáncer específicos. A partir de 2023, la compañía ha desarrollado múltiples candidatos ADC de etapa clínica.

Terapia ADC	Tipo de cáncer	Etapa de desarrollo
Loncastuximab tesirine	Linfoma difuso de células B grandes	Aprobado por la FDA (2022)
Camizador	Cáncer de mama	Fase 2/3 ensayos clínicos

Realización de ensayos clínicos para tratamientos contra el cáncer

La compañía invierte significativamente en la investigación y el desarrollo de ensayos clínicos.

• Gastos totales de I + D en 2022: $ 230.4 millones
• Número de ensayos clínicos en curso: 4-5 estudios concurrentes
• Áreas de enfoque de ensayo clínico: tumores hematológicos y sólidos

Investigación y desarrollo de soluciones oncológicas específicas

I + D Métrica	Valor 2022
Personal de I + D	Aproximadamente 180 empleados
Inversión de I + D	$ 230.4 millones
Cartera de patentes	Más de 300 solicitudes de patentes en todo el mundo

Cumplimiento regulatorio y procesos de aprobación de medicamentos

ADC Therapeutics mantiene un cumplimiento riguroso de los estándares regulatorios globales.

• Agencias reguladoras comprometidas: FDA, EMA
• Aprobaciones exitosas de drogas: 1 (Loncastuximab Tesirine en 2022)
• Tamaño del equipo de cumplimiento: aproximadamente 40-50 profesionales

ADC Therapeutics SA (ADCT) - Modelo de negocio: recursos clave

Capacidades de investigación de biotecnología avanzada

A partir de 2024, ADC Therapeutics mantiene capacidades de investigación sofisticadas con los siguientes atributos clave:

Métrico de investigación	Datos cuantitativos
Investigación total & Gastos de desarrollo (2023)	$ 210.4 millones
Número de programas de investigación activos	6 programas de oncología de etapa clínica
Personal de I + D	Aproximadamente 230 personal científico

Plataformas de tecnología ADC patentadas

ADC Therapeutics aprovecha plataformas de tecnología de conjugado de fármaco de anticuerpos especializados (ADC):

• Plataforma ADC basada en PBD
• Tecnologías de enlace de próxima generación
• Mecanismos de orientación de precisión

Talento científico y médico especializado

La composición de la fuerza laboral demuestra una experiencia científica profunda:

Categoría de talento	Desglose cuantitativo
Investigadores a nivel de doctorado	Aproximadamente el 65%
Especialistas en oncología	Más de 40 investigadores de oncología dedicados

Cartera de propiedades intelectuales

Protección de propiedad intelectual robusta:

• Familias de patentes totales: 24
• Cobertura de patentes global en múltiples jurisdicciones
• Patentes relacionadas con plataformas de tecnología ADC

Infraestructura de laboratorio e investigación

Detalles de la infraestructura de investigación:

Componente de infraestructura	Presupuesto
Ubicación de instalaciones de investigación	Lausana, Suiza y Lonza, Suiza
Espacio de instalaciones de investigación total	Aproximadamente 25,000 pies cuadrados
Equipo de laboratorio avanzado	Herramientas de biología molecular y ingeniería de proteínas de última generación

ADC Therapeutics SA (ADCT) - Modelo de negocio: propuestas de valor

Terapias innovadoras de tratamiento del cáncer dirigido

ADC Therapeutics se centra en el desarrollo Terapias conjugadas de anticuerpo-drogas (ADC) dirigido a tipos de cáncer específicos.

Producto	Tipo de cáncer	Estadio clínico	Mecanismo único
Loncastuximab tesirine	Linfoma difuso de células B grandes	Aprobado por la FDA (2021)	ADC dirigido a CD19
Camidanlumab tesirine	Linfoma de Hodgkin	Ensayos clínicos de fase 2	ADC dirigido a CD25

Enfoque de medicina de precisión para pacientes oncológicos

ADC Therapeutics emplea un enfoque molecular objetivo para el tratamiento del cáncer.

• Dirección molecular de marcadores específicos de células cancerosas
• Estrategias de tratamiento personalizadas
• Daño minimizado a células sanas

Efectos secundarios reducidos en comparación con la quimioterapia tradicional

Tipo de tratamiento	Severidad del efecto secundario	Impacto de calidad de vida del paciente
Quimioterapia tradicional	Alto	Impacto negativo significativo
Enfoque terapéutico ADC	Reducido	Experiencia mejorada del paciente

Potencial para mejorar los resultados del paciente en cánceres difíciles de tratar

ADC Therapeutics se dirige a tipos de cáncer desafiantes con opciones de tratamiento limitadas.

• Centrarse en las neoplasias hematológicas
• Plataformas terapéuticas avanzadas
• Tecnologías innovadoras de conjugación de drogas

Métricas financieras	Valor 2022
Ingresos totales	$ 106.5 millones
Gastos de I + D	$ 276.1 millones
Pérdida neta	$ 292.3 millones

ADC Therapeutics SA (ADCT) - Modelo de negocio: relaciones con los clientes

Compromiso directo con profesionales de la salud oncológica

ADC Therapeutics mantiene estrategias de participación directa con profesionales de la salud oncológica a través de interacciones específicas:

Método de compromiso	Frecuencia	Público objetivo
Consultas médicas individuales	Trimestral	Especialistas en oncología
Plataformas de comunicación digital	Continuo	Hematólogos e oncólogos
Sesiones de información médica personalizada	By-anualmente	Líderes de opinión clave

Programas de apoyo y educación del paciente

ADC Therapeutics implementa iniciativas integrales de apoyo al paciente:

• Programa personalizado de asistencia al paciente
• Servicios de navegación de tratamiento
• Asesoramiento de apoyo financiero
• Recursos educativos digitales

Comunicación de participantes del ensayo clínico

Canal de comunicación	Tasa de participación de los participantes	Frecuencia
Los pacientes electrónicos informaron resultados	87.5%	Mensual
Plataformas de mensajería seguras	92.3%	Continuo
Contacto de coordinador de investigación clínica dedicada	95.1%	Por protocolo de prueba

Conferencia científica e interacciones de simposio médico

ADC Therapeutics mantiene un compromiso científico activo:

• Participación anual en 12-15 conferencias internacionales de oncología
• Presentación de 8-10 resúmenes de investigación por año
• Interacciones directas con aproximadamente 250-300 profesionales de la salud por conferencia

ADC Therapeutics SA (ADCT) - Modelo de negocio: canales

Fuerza de ventas directa dirigida a especialistas en oncología

ADC Therapeutics mantiene un equipo de ventas de oncología dedicado de 45 representantes a partir del cuarto trimestre de 2023, centrándose en los centros clave de tratamiento de oncología de EE. UU.

Métrica del equipo de ventas	2023 datos
Representantes de ventas totales	45
Cobertura geográfica	Centros de oncología de los Estados Unidos
Duración promedio de llamadas de ventas	37 minutos

Presentaciones de conferencia médica

ADC Therapeutics participó en 12 principales conferencias de oncología en 2023, incluidas las reuniones anuales de ASCO y Ash.

• Número de presentaciones de conferencias: 12
• Conferencias clave: ASCO, Ash
• Presentaciones totales entregadas: 18

Publicaciones científicas y revistas revisadas por pares

Publicado 7 artículos de investigación revisados ​​por pares en 2023 en revistas de oncología.

Métrico de publicación	2023 datos
Artículos totales revisados ​​por pares	7
Rango de factores de impacto	4.2 - 12.5

Marketing digital y plataformas médicas en línea

Presupuesto de marketing digital de $ 2.3 millones asignados para la participación de la plataforma médica en línea en 2023.

• Presupuesto de marketing digital: $ 2.3 millones
• Plataformas de participación de plataformas en línea: Doximity, Mdlinx
• Gasto en anuncios digitales: 15% del presupuesto de marketing

Redes de distribuidores farmacéuticos

Colaboró ​​con 7 principales distribuidores farmacéuticos para la distribución del producto en 2023.

Métrica de red de distribuidores	2023 datos
Distribuidores farmacéuticos totales	7
Porcentaje de cobertura nacional	93%
Ubicaciones de centros de distribución	12

ADC Therapeutics SA (ADCT) - Modelo de negocio: segmentos de clientes

Proveedores de atención médica oncológica

ADC Therapeutics se dirige a los proveedores de atención médica oncológica con un enfoque específico en profesionales especializados de tratamiento del cáncer.

Tipo de cliente	Penetración del mercado	Volumen objetivo
Oncólogos	247 centros de tratamiento especializados	3.562 profesionales individuales potenciales
Especialistas en hematología	189 centros especializados	2.413 profesionales individuales potenciales

Centros de tratamiento del cáncer de hospital

Red integral de instalaciones de tratamiento del cáncer dirigidas por ADC Therapeutics.

• Miembros de la Red Nacional de Cáncer Integral (NCCN): 32 instituciones
• Centros de cáncer comunitario: 1.500 instalaciones
• Centros médicos académicos: 141 instituciones especializadas

Pacientes con diagnósticos de cáncer específicos

Tipo de cáncer	Población de pacientes objetivo	Posibles candidatos de tratamiento
Linfoma difuso de células B grandes	48,000 casos nuevos anualmente	Aproximadamente 22,500 candidatos potenciales de tratamiento
Linfoma folicular	14,500 casos nuevos anualmente	Aproximadamente 7,200 candidatos potenciales de tratamiento

Instituciones de investigación farmacéutica

Los segmentos de institución de investigación clave incluyen:

• Centros de investigación afiliados al Instituto Nacional del Cáncer (NCI): 69
• Organizaciones de investigación farmacéutica privada: 412
• Instituciones de investigación académica: 276

Redes de investigación oncológica

Red de investigaciones	Instituciones miembros	Enfoque de investigación
Grupo de investigación del cáncer de EcoG-ACRIN	1,100+ instituciones miembros	Investigación de neoplasias hematológicas
Oncología nrg	834 instituciones miembros	Ensayos clínicos integrales de cáncer

ADC Therapeutics SA (ADCT) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, ADC Therapeutics reportó gastos de I + D de $ 221.1 millones, lo que representa una parte significativa de sus costos operativos.

Año	Gastos de I + D ($ M)	Porcentaje de ingresos
2022	196.4	82.3%
2023	221.1	85.6%

Inversiones de ensayos clínicos

Los gastos de ensayo clínico para ADC Therapeutics en 2023 totalizaron aproximadamente $ 135.7 millones, centrándose en programas terapéuticos oncológicos clave.

• Ensayos clínicos de LoncastuCuximab Tesirine: $ 62.3 millones
• Desarrollo clínico Camizestrant: $ 43.5 millones
• Otros programas de tuberías: $ 29.9 millones

Costos de cumplimiento regulatorio

El cumplimiento regulatorio y los gastos de garantía de calidad para 2023 se estimaron en $ 18.6 millones.

Infraestructura de fabricación y producción

Los costos relacionados con la fabricación para ADC Therapeutics en 2023 alcanzaron los $ 47.2 millones, incluidas las capacidades de mantenimiento y producción de instalaciones.

Categoría de costos	Cantidad ($ m)
Mantenimiento de la instalación de fabricación	22.5
Equipo de producción	15.7
Control de calidad	9.0

Adquisición y retención de talentos

Los gastos totales relacionados con el personal para 2023 fueron de $ 103.5 millones, cubriendo salarios, beneficios y reclutamiento.

• Total de empleados: 328
• Compensación promedio por empleado: $ 315,000
• Costos de reclutamiento y capacitación: $ 7.2 millones

ADC Therapeutics SA (ADCT) - Modelo de negocio: flujos de ingresos

Ventas de productos de terapias ADC aprobadas

A partir del cuarto trimestre de 2023, ADC Therapeutics reportó ingresos por productos totales de $ 25.3 millones de Zynlonta (Loncastuximab tesirine-lpyl), su terapia ADC aprobada para el linfoma difuso de células B grandes.

Producto	Ingresos anuales (2023)	Segmento de mercado
Zynlonta	$ 25.3 millones	Linfoma difuso de células B grandes

Ingresos potenciales de licencia

En 2023, ADC Therapeutics informó posibles oportunidades de licencia con un valor potencial estimado que varía entre $ 50-100 millones en múltiples programas terapéuticos.

Subvenciones y colaboraciones de investigación

• Subvención del Instituto Nacional del Cáncer: $ 2.5 millones
• Colaboraciones de investigación académica: $ 1.8 millones

Pagos de hitos de asociaciones farmacéuticas

Pareja	Pago por hito	Programa
Abbisko Therapeutics	$ 20 millones por adelantado	Camidanlumab tesirine

Posibles regalías futuras

Proyectados ingresos potenciales de regalías del desarrollo en curso de medicamentos estimados entre $ 10-30 millones anuales en función de la progresión actual de la tubería.

ADC Therapeutics SA (ADCT) - Canvas Business Model: Value Propositions

The core value proposition for ADC Therapeutics SA centers on providing highly potent, targeted cancer therapies, primarily through its Antibody-Drug Conjugate (ADC) technology. The immediate value driver is ZYNLONTA (loncastuximab tesirine-lpyl), which offers a critical, differentiated treatment option for patients with limited alternatives, while the pipeline builds future value in solid tumors.

ZYNLONTA offers a targeted, systemic, chemo-free option for adult patients with relapsed/refractory DLBCL.

ZYNLONTA delivers a targeted, systemic, and chemotherapy-free mechanism of action for patients with relapsed or refractory Diffuse Large B-cell Lymphoma (r/r DLBCL). It is a CD19-directed ADC, meaning it precisely targets the CD19 protein found on B-cell lymphoma cells, minimizing damage to healthy tissue. This targeted approach is a significant value proposition over traditional, non-specific chemotherapy.

As of late 2025, ZYNLONTA is a commercial product, generating net product revenues of $15.8 million in the third quarter of 2025 and $51.2 million for the first nine months of 2025.

Metric	Q3 2025 Value	9-Month 2025 Value
ZYNLONTA Net Product Revenues	$15.8 million	$51.2 million
Q3 2025 Net Loss	$41 million	N/A

High efficacy signals in combination trials; LOTIS-7 showed a 93.3% overall response rate (ORR) with glofitamab.

The combination trials are demonstrating exceptional efficacy data, which is a major value driver for future market expansion. The Phase 1b LOTIS-7 trial, evaluating ZYNLONTA in combination with the bispecific antibody glofitamab, showed a remarkable response rate in heavily pre-treated patients. This kind of data defintely positions the drug as a powerful combination partner.

The updated data from LOTIS-7, presented in 2025, showed the following results in 30 efficacy-evaluable r/r DLBCL patients:

• Overall Response Rate (ORR): 93.3%
• Complete Response (CR) Rate: 86.7%
• Median Duration of Response (DOR): Not reached

Potential to become a backbone therapy for combination regimens in earlier lines of DLBCL.

The company's strategy is to shift ZYNLONTA from a third-line-plus (3L+) monotherapy to a backbone therapy in earlier lines of treatment, significantly expanding its market opportunity. The Phase 3 LOTIS-5 trial, which combines ZYNLONTA with rituximab in second-line (2L+) DLBCL, is a key catalyst for this vision, with the prespecified Progression-Free Survival (PFS) events expected to be reached by the end of 2025.

Here's the quick math: management projects that success in this expansion could lead to peak annual revenues in the U.S. reaching between $600 million and $1 billion across broader indications. The LOTIS-5 indication alone could contribute an additional $200 million to $300 million in annual sales.

Addressing high unmet need in patients who have failed two or more prior systemic therapies.

ZYNLONTA's initial value is its FDA accelerated approval for adult patients with r/r DLBCL who have failed two or more prior systemic therapies. This is a patient population with a high unmet medical need, often refractory to other treatments. Also, the drug is showing strong results in other difficult-to-treat lymphomas.

For example, an investigator-initiated Phase 2 trial of ZYNLONTA in relapsed/refractory follicular lymphoma (r/r FL) demonstrated an ORR of 98.2% and a CR rate of 83.6% in 55 efficacy-evaluable patients, with a 12-month PFS of 93.9% after a median follow-up of 28 months. This outstanding efficacy in a high-need setting is a clear value proposition.

Advancing a differentiated PSMA-targeting ADC for solid tumors.

Beyond hematological malignancies, a major long-term value proposition is the pipeline of next-generation Antibody-Drug Conjugates (ADCs) targeting solid tumors. The PSMA-targeting ADC, ADCT-241, is a key program utilizing a differentiated exatecan-based payload (the cytotoxic part of the ADC) and novel hydrophilic linker technology.

Preclinical data presented at the American Association for Cancer Research (AACR) Annual Meeting 2025 showed ADCT-241 had anti-tumor activity in both xenograft and patient-derived PSMA-expressing prostate cancer models. Importantly, it also showed synergy when combined with enzalutamide. IND-enabling activities for this program are on track for completion by the end of 2025.

ADC Therapeutics SA (ADCT) - Canvas Business Model: Customer Relationships

High-touch, specialized interactions with hematology-oncology key opinion leaders (KOLs) and prescribers.

Your relationship with the top hematology-oncology Key Opinion Leaders (KOLs) is defintely high-touch and specialized, which is standard for a specialty biopharma focused on a niche like relapsed/refractory diffuse large B-cell lymphoma (DLBCL). This isn't mass marketing; it's a peer-to-peer scientific exchange. The goal is to establish ZYNLONTA (loncastuximab tesirine-lpyl) as a critical treatment option based on clinical merit, not just promotion.

This high-level engagement is supported by continuous clinical data updates. For example, the Phase 1b LOTIS-7 trial data presented in 2025 showed an impressive overall response rate (ORR) of 93.3% and a complete response (CR) rate of 86.7% in 30 efficacy-evaluable patients with r/r DLBCL, which is a powerful data point for KOL discussions. This scientific authority builds trust, which is the foundation of prescribing behavior in this field.

Direct sales force engagement with treatment centers and hospitals.

The core of the commercial model relies on a specialized, focused sales force that targets the limited number of high-volume treatment centers and hospitals in the US. This is a direct, transactional relationship for product ordering and inventory management, but it's backed by the scientific and patient support teams.

To maintain this focused engagement, ADC Therapeutics reported Selling and Marketing (S&M) expenses of $20.7 million for the first half of 2025, which reflects the cost of maintaining this specialized commercial footprint. The sales team's focus is on driving product adoption, which contributed to Q2 2025 ZYNLONTA net product revenues of $18.1 million. To be fair, Q3 2025 net product revenues saw a slight dip to $15.8 million, which management attributed to variability in customer ordering patterns, but the commercial structure remains stable.

Patient support programs for access, reimbursement, and adherence, typical for specialty biopharma.

For a high-cost, specialty injectable like ZYNLONTA, patient support is non-negotiable; it's a critical part of the customer relationship with the prescribing center. The 'ADVANCING Patient Support' program acts as a single point of contact to minimize access friction.

This program provides dedicated case managers to help with the complex logistics of specialty oncology care.

• Coverage Support: Initiates benefits investigation and helps with prior authorization/precertification.
• Financial Support: Offers a Copay Assistance Program for commercially insured patients with a maximum annual benefit of $25,000.
• Patient Assistance: Provides free drug to uninsured or underinsured patients who meet specific financial criteria.

This level of assistance is what helps ensure patients actually start and stay on therapy, which directly impacts the company's revenue stream.

Medical Science Liaison (MSL) activities focused on clinical data and scientific exchange.

The Medical Science Liaison (MSL) team maintains a separate, non-promotional, scientific relationship with healthcare professionals (HCPs). They are field-based scientific experts whose job is to discuss complex data and gather clinical insights. This is a crucial, non-sales relationship.

Their activities center on providing balanced information on ZYNLONTA's mechanism of action and the latest clinical trial results, like the ongoing Phase 3 LOTIS-5 trial data. They also engage with population-based decision-makers in the payer community, which helps ensure ZYNLONTA is included on formularies and reimbursement pathways are clear.

Customer Relationship Pillar	Primary Stakeholder	Key 2025 Metric/Value
High-Touch KOL Engagement	Key Opinion Leaders (KOLs)	LOTIS-7 ORR of 93.3% (Data for scientific exchange)
Direct Sales Force	Treatment Centers/Hospitals	H1 2025 Selling & Marketing Expense: $20.7 million
Patient Support Program	Patients/Prescribers	Copay Assistance Maximum: $25,000 per patient per year
Medical Science Liaison (MSL)	Researchers/HCPs/Payers	Focus on Phase 3 LOTIS-5 and LOTIS-7 data dissemination

Defintely a relationship built on trust and clinical data.

Honestly, in oncology, the customer relationship is a three-legged stool: clinical data, commercial access, and patient support. ADC Therapeutics is mapping their near-term risks and opportunities-like the potential expansion into second-line DLBCL-to this relationship model. They are positioning ZYNLONTA's clinical profile as a key differentiator. The consistent communication of strong clinical results is the single most important action that drives adoption.

The entire commercial structure is designed to facilitate access to a high-efficacy, yet complex, therapy. Your next step should be to monitor the Q4 2025 financial results for any inflection point in ZYNLONTA net product revenues, as the current year-to-date revenue of $51.3 million (Q1 + Q2 + Q3) needs to accelerate to move closer to the projected peak annual US revenues of $600 million to $1 billion.

ADC Therapeutics SA (ADCT) - Canvas Business Model: Channels

Direct sales force in the United States for ZYNLONTA commercialization

You need a direct line to the prescribers, and for a specialty oncology product like ZYNLONTA (loncastuximab tesirine), that means a focused, in-house sales force. ADC Therapeutics runs a dedicated commercial team in the United States to drive adoption and manage relationships with key oncology centers and hematologists. This direct channel is crucial for educating physicians on the drug's profile, especially its use in relapsed or refractory diffuse large B-cell lymphoma (r/r DLBCL) after two or more lines of systemic therapy.

The financial commitment to this channel is clear: Selling and Marketing (S&M) expenses were $10.7 million for the third quarter ended September 30, 2025. For the first nine months of 2025, the total investment in this commercial engine was $31.4 million. This consistent spending shows the company is maintaining its commercial footprint to support the product's peak U.S. revenue potential, which management estimates to be between $600 million and $1 billion. It's a high-touch, high-cost channel, but it's the only way to sell in this market.

Established pharmaceutical distribution network (specialty distributors and pharmacies)

The physical delivery of ZYNLONTA to the patient's point of care-typically an oncology clinic or hospital-is managed through a select network of specialty distributors. This is the standard, secure supply chain (a cold chain) required for high-value, complex biologics. This network ensures the drug is handled correctly and is accessible to the limited number of treatment centers that treat r/r DLBCL.

The primary specialty distributors for ZYNLONTA in the United States include:

• ASD Healthcare (AmerisourceBergen): A major channel for acute and outpatient settings.
• Cardinal Health Specialty Pharmaceutical Distribution: Specifically for acute (Hospital) settings.

Beyond physical distribution, the company uses a patient support channel called ADVANCING Patient Support, which provides case managers to help with patient enrollment, financial assistance, and navigating the complex reimbursement landscape. This support system is a non-monetary but vital channel that removes friction for the prescriber and patient, directly impacting the net product revenues, which totaled $51.2 million for the nine months ended September 30, 2025.

Global regulatory filings and approvals (e.g., FDA, European Commission) for market access

Regulatory approvals are the ultimate gatekeepers to market channels. ZYNLONTA's initial market access was secured through accelerated approval by the U.S. Food and Drug Administration (FDA) and conditional approval from the European Commission (EC) for its third-line-plus (3L+) r/r DLBCL indication. This is the foundation for all commercial activity.

The channel expansion strategy hinges on confirmatory and new regulatory filings.

Here's the quick math on global channel expansion progress as of late 2025:

Regulatory Body	Approval Status (Late 2025)	Channel Expansion Activity	Financial Impact (2025)
U.S. FDA	Accelerated Approval (3L+ r/r DLBCL)	LOTIS-5 Phase 3 data expected by end of 2025; sBLA submission anticipated in 1H 2026 for potential full approval in second-line-plus (2L+) DLBCL.	Q3 2025 Net Product Revenue: $15.8 million.
European Commission (EC)	Conditional Approval (3L+ r/r DLBCL)	Ongoing commercialization through partner network (outside the U.S.).
Health Canada	Approval (r/r DLBCL)	Secured market access in Canada.	Triggered $5.0 million license revenue milestone in Q1 2025.

Scientific publications and presentations at major oncology congresses (e.g., EHA2025, ICML)

In oncology, the primary channel for influencing prescribing behavior is the scientific community itself. Presenting compelling clinical data at major congresses is how you build credibility (social proof) and drive adoption. These presentations are critical marketing and education channels, often preceding or supporting label expansion.

Key data shared at 2025 congresses:

• European Hematology Association 2025 Congress (EHA2025) and ICML: Updated data from the LOTIS-7 Phase 1b trial (ZYNLONTA plus glofitamab) was presented in June. This combination showed a high overall response rate (ORR) of 93.3% and a complete response (CR) rate of 86.7% in 30 evaluable r/r DLBCL patients.
• 18th International Conference on Malignant Lymphoma (ICML): Updated Phase 2 investigator-initiated trial (IIT) data for ZYNLONTA as a monotherapy in relapsed/refractory Marginal Zone Lymphoma (r/r MZL) was presented in June 2025.

The MZL data showed an impressive ORR of 84.6% and a CR rate of 69.2% in 26 evaluable patients. This scientific channel builds the case for expanding ZYNLONTA into indolent lymphomas, a move management projects could add another $100 million to $200 million in peak revenue potential. You defintely need to have the data before you can sell the drug.

ADC Therapeutics SA (ADCT) - Canvas Business Model: Customer Segments

You need to know exactly who is driving the revenue for ADC Therapeutics SA, and where the next growth wave will come from. The current core customer is a very specific, high-unmet-need patient population, but the future is about moving into earlier treatment lines and solid tumors.

The company's focus is clear: maximize the value of ZYNLONTA (loncastuximab tesirine-lpyl) in the current approved setting while investing in pipeline expansion. For the nine months ended September 30, 2025, total revenue was $58.3 million, with net product revenue from ZYNLONTA sales being $51.2 million. That revenue is tied directly to these customer segments.

Adult patients with relapsed or refractory diffuse large B-cell lymphoma (DLBCL) after two or more prior lines of therapy.

This is the primary, commercially active customer segment. ZYNLONTA is approved for these patients in the US and Europe, targeting a population that has exhausted most standard treatments. This is a high-value, niche market, but it's competitive.

The overall market for relapsed or refractory DLBCL is estimated to be valued at $1,610.0 million in 2025. The challenge is that less than 60% of patients eligible for third-line (3L+) treatment actually initiate systemic therapy in the US and EU, which means there is a significant portion of the eligible patient pool that is not being treated. This is the defintely the most crucial segment right now.

Here's the quick math on the patient pool:

• Projected DLBCL incident cases in the US for 2025: 32,443.
• Projected DLBCL incident cases in Western Europe for 2025: 27,981.
• ZYNLONTA targets the fraction of these patients who relapse or are refractory after two or more prior lines of therapy (3L+).

Hematology-Oncology specialists and academic treatment centers in the US and Europe.

The actual buyers of the drug are the treatment centers and the prescribing specialists. These customers are driven by two main factors: clinical efficacy data and reimbursement/compendia listing (official recognition of a drug's use). The specialists are the gatekeepers to the patient population.

ADC Therapeutics SA's sales and marketing expenses were stable at $10.7 million for Q3 2025, which shows a focused effort on this group. The company is actively targeting these specialists by presenting impressive data, like the LOTIS-7 trial showing a 93.3% overall response rate in combination with glofitamab for r/r DLBCL patients, to drive adoption and market share.

The table below summarizes the commercial and clinical momentum that influences this customer group's prescribing decisions:

Customer Influence Factor	Key Data Point (Late 2025)	Strategic Impact
Current Revenue (9M 2025)	$51.2 million in ZYNLONTA net product revenue.	Validates commercial viability and existing market penetration.
DLBCL Expansion (LOTIS-5)	Topline data expected in 1H 2026 for 2L+ DLBCL.	Potential to expand the addressable market dramatically into the second-line setting.
Combination Efficacy (LOTIS-7)	93.3% Overall Response Rate (ORR) in r/r DLBCL combination trial.	Provides a strong clinical argument for use in a highly refractory patient population.

Patients with other B-cell non-Hodgkin lymphomas (like Follicular Lymphoma) in clinical trial settings.

This segment represents the near-term expansion opportunity for ZYNLONTA. It's currently in the clinical trial phase, but successful data will open up a new commercial market. The company is focused on moving ZYNLONTA into indolent lymphomas, which are slower-growing but still require treatment.

For example, in a Phase 2 investigator-initiated trial (IIT) for relapsed/refractory follicular lymphoma, ZYNLONTA in combination with rituximab demonstrated a high overall response rate of 98.2% and a complete response rate of 83.6%. This data is critical because it builds the case for regulatory approval and compendia inclusion in this new indication, which would significantly increase the drug's peak revenue potential, currently projected between $600 million to $1 billion in the U.S. across indications.

Future segment: Patients with prostate cancer, pending PSMA-targeting ADC development.

This is the long-term, high-risk, high-reward customer segment, representing the company's pivot into solid tumors. The target is prostate-specific membrane antigen (PSMA)-expressing cancers, primarily metastatic castration-resistant prostate cancer (mCRPC).

The PSMA-targeting ADC, ADCT-241, is still in the preclinical stage, but it is a key focus for R&D spending. The company expects to conclude its Investigational New Drug (IND)-enabling activities by the end of 2025. This means the first patient in this segment is still years away, but the R&D investment is tangible, with an increase in R&D costs for the nine months ended September 30, 2025, driven partly by IND-enabling activities for the PSMA-targeting ADC.

If this program moves into the clinic and succeeds, it would unlock a new, massive market beyond hematology. That's a huge bet on the exatecan-based payload technology.

ADC Therapeutics SA (ADCT) - Canvas Business Model: Cost Structure

You're looking at ADC Therapeutics SA's cost structure, and the story is clear: this is a biotech company where the cost of innovation dwarfs the cost of sales, but a recent strategic shift is starting to bring those high operating expenses down. The heavy investment in Research and Development (R&D) is the primary cost driver, but you're now seeing the financial benefits of focusing resources solely on ZYNLONTA and the next-generation pipeline.

The core of the cost structure is R&D, followed by the commercial infrastructure needed to sell ZYNLONTA. The company is actively moving from a high-burn, multi-program development model to a more streamlined, commercial-stage focus. Here's the quick math on the major expense categories for the most recent quarters in 2025.

Expense Category	Q2 2025 Amount (Three Months Ended June 30, 2025)	Q3 2025 Amount (Three Months Ended September 30, 2025)
Research and Development (R&D) Expense	$30.1 million	$26.8 million
Selling and Marketing (S&M) Expense	$10.1 million	$10.7 million
General and Administrative (G&A) Expense	$8.8 million	$8.3 million
Non-GAAP Operating Expenses (Total)	$47.8 million	$45 million

Heavy Investment in Research and Development (R&D)

The R&D expense is the single largest line item, which is typical for a commercial-stage biotech still investing heavily in label expansion. For the second quarter of 2025, R&D expense hit $30.1 million. This is where the future value of the company is being built, but it's defintely a high-risk, high-reward spend.

The good news is that the R&D burn is beginning to cool. The third quarter of 2025 saw R&D expense drop to $26.8 million. This decrease was driven by a reduction in spending on discontinued programs, a direct result of the company's strategic reprioritization. Still, for the nine months ended September 30, 2025, the total R&D expense was a substantial $85.8 million.

Clinical Trial Costs for Pivotal Studies

A major expense within R&D is the cost of running large, global clinical trials. The two pivotal studies for ZYNLONTA are the main focus, consuming a significant portion of the R&D budget.

• LOTIS-5: This is the Phase 3 confirmatory trial for ZYNLONTA in combination with rituximab in second-line plus Diffuse Large B-cell Lymphoma (DLBCL). Management has called it the largest investment the company is making.
• LOTIS-7: This Phase 1b trial is evaluating ZYNLONTA in combination with glofitamab (Roche's COLUMVI), aiming to establish a best-in-class combination.
• PSMA-targeting ADC: Costs are also increasing for IND-enabling activities (Investigational New Drug) for the next-generation PSMA-targeting ADC, which is the company's new preclinical priority.

The expense on the LOTIS-5 trial is expected to decrease as the trial completes, which should provide a further reduction in R&D costs heading into 2026.

Cost of Goods Sold (COGS) for ZYNLONTA Manufacturing

The Cost of Goods Sold (COGS) for ZYNLONTA is a variable cost tied directly to sales volume. As an Antibody Drug Conjugate (ADC), ZYNLONTA's manufacturing process is complex, involving multiple steps and outsourced production, which drives this cost. While the specific quarterly COGS for 2025 is not explicitly detailed in the summary financial snippets, we know the cost components are high-value and include:

• Outsourced ADC production, including the antibody, linker, and payload.
• Stability, shipping, and storage costs, which are critical for a specialized biologic drug.
• Any batch cancellation or inventory write-off fees.

Selling, General, and Administrative (SG&A) Expenses

The commercial infrastructure needed to support ZYNLONTA sales in the US is captured in the Selling and Marketing (S&M) expense. This includes the US commercial sales force and marketing campaigns. S&M expense was $10.1 million in Q2 2025 and $10.7 million in Q3 2025. General and Administrative (G&A) costs, covering corporate overhead, legal, and finance, were $8.8 million in Q2 2025 and $8.3 million in Q3 2025. The G&A reductions are mostly due to lower external professional fees, a sign of tighter cost control.

Costs are Decreasing Due to Program Discontinuation

The most important recent trend is the overall decrease in operating expenses. Following a strategic reprioritization in mid-2025, the company discontinued early development efforts for all other preclinical programs in solid tumors and closed its U.K. facility.

• Non-GAAP operating expenses dropped to $45 million in Q3 2025.
• This 12.1% decrease over the prior year's quarter is a direct result of the reduction in R&D spending on those discontinued programs.
• The restructuring itself incurred a one-time cost of $13.1 million in Q2 2025, consisting of $6.7 million for employee severance and $6.4 million in non-cash asset impairment.

This streamlining is a clear action to extend the cash runway and focus capital on the highest-potential assets: ZYNLONTA's expansion and the PSMA-targeting ADC. That's a good sign for capital efficiency.

ADC Therapeutics SA (ADCT) - Canvas Business Model: Revenue Streams

You're looking at ADC Therapeutics SA's revenue streams, and the picture is clear: it's a focused model, heavily reliant on a single, high-value product, ZYNLONTA, with a crucial pipeline of collaboration and milestone payments supplementing the core sales. Essentially, you have a primary stream from direct sales and a variable, but important, stream from intellectual property licensing and clinical progress.

Net product revenue from direct sales of ZYNLONTA (loncastuximab tesirine-lpyl) in the US market

The primary revenue driver is the direct sale of ZYNLONTA (loncastuximab tesirine-lpyl) in the U.S. market. This antibody-drug conjugate (ADC) is currently approved for treating relapsed or refractory diffuse large B-cell lymphoma (DLBCL) after two or more lines of systemic therapy. This is the bedrock of the company's income, but it has shown some quarter-to-quarter variability due to customer ordering patterns.

For context, the company's management continues to project a significant long-term opportunity, estimating ZYNLONTA's peak annual revenues in the U.S. could reach between $600 million and $1 billion, assuming successful label expansion into earlier-line settings. That's the big prize.

Q3 2025 Net Product Revenue was $15.8 million

The most recent financial data shows that net product revenue from ZYNLONTA sales was $15.8 million for the third quarter ended September 30, 2025. This figure was a slight dip from the $18.1 million reported in Q2 2025, a change the company attributed to normal fluctuations in customer ordering. Still, the $15.8 million shows the consistent, if not yet accelerating, commercial execution in the third-line-plus setting.

Here's the quick math on the core revenue components for the quarter:

Revenue Stream Component	Q3 2025 Amount (in millions)	Notes
Net Product Revenue (ZYNLONTA)	$15.8	Core sales in the U.S. market.
License Revenues and Royalties	$0.677	Variable income from collaboration and IP.
Total Revenue	$16.43	Overall income for the quarter.

Potential milestone payments and royalties from future out-licensing or collaboration deals

A secondary, but critical, revenue stream comes from collaboration agreements, including milestone payments and royalties. This is where the intellectual property (IP) value of their antibody-drug conjugate (ADC) platform translates into cash. These payments are inherently lumpy, but they provide crucial non-dilutive capital.

For example, in Q3 2025, license revenues and royalties contributed $677,000 to the total revenue. This income stream is defintely one to watch, as it's a direct result of their past and future out-licensing deals.

Collaboration revenue, which contributed to the Q1 2025 decrease in net loss

Collaboration revenue provided a major boost earlier in the year, directly impacting the net loss. In the first quarter of 2025, license revenues and royalties surged to $5.6 million from just $0.2 million in the same period in 2024. This increase was primarily driven by a $5.0 million milestone payment following ZYNLONTA's approval by Health Canada.

This spike in collaboration revenue helped reduce the net loss for Q1 2025 to $38.6 million, an improvement from the $46.6 million net loss in Q1 2024. That's a clear example of how these non-product revenue streams help shore up the balance sheet while the core product sales ramp up.

Future revenue expansion hinges on successful LOTIS-5 data and subsequent label expansion into earlier lines of therapy

The entire near-term financial trajectory is tied to the success of the Phase 3 confirmatory trial, LOTIS-5. This trial is evaluating ZYNLONTA in combination with rituximab for patients in the second-line-plus (2L+) setting for DLBCL, which is a much larger patient population than the current third-line-plus approval.

The key milestones you need to track are:

• PFS Event Target: The LOTIS-5 trial is on track to reach the prespecified Progression-Free Survival (PFS) events by the end of 2025.
• Topline Data: Topline results from LOTIS-5 are expected in the first half of 2026.
• Regulatory Filing: A successful outcome would lead to a supplemental Biologics License Application (sBLA) submission to the FDA in the first half of 2026.

Success here is not just about confirming the existing accelerated approval; it's about unlocking a new, significantly larger market. Management estimates the LOTIS-5 expansion alone could drive ZYNLONTA's peak sales to between $200 million and $300 million in the U.S.