ADC Therapeutics SA (ADCT): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Na paisagem em rápida evolução da terapêutica do câncer, a ADC Therapeutics SA emerge como uma força pioneira, revolucionando os tratamentos de oncologia direcionados por meio de sua tecnologia inovadora conjugada de drogas de anticorpos (ADC). Ao elaborar meticulosamente terapias inovadoras que prometem precisão, efeitos colaterais reduzidos e resultados aprimorados do paciente, a empresa está na vanguarda da transformação de como abordamos tratamentos complexos do câncer. Seu modelo de negócios estratégico representa um projeto sofisticado para fornecer soluções médicas de ponta que possam potencialmente mudar a trajetória do tratamento do câncer, oferecendo esperança a pacientes e profissionais de saúde.

ADC Therapeutics SA (ADCT) - Modelo de negócios: Parcerias -chave

Colaboração com instituições de pesquisa farmacêutica

A ADC Therapeutics mantém colaborações de pesquisa com as seguintes instituições:

Instituição	Foco em parceria	Ano estabelecido
Instituto de Câncer Dana-Farber	Pesquisa conjugada de drogas de anticorpos	2019
Memorial Sloan Kettering Cancer Center	Desenvolvimento de Oncologia de Precisão	2020

Parcerias estratégicas com centros de tratamento de câncer

As principais parcerias estratégicas incluem:

• MD Anderson Cancer Center
• Centro Médico Nacional da Cidade do Hope
• Stanford Cancer Center

Acordos de licenciamento com empresas de biotecnologia

Empresa	Tipo de contrato	Termos financeiros
Genmab a/s	Licenciamento de anticorpos	Pagamento inicial de US $ 50 milhões
Genética de Seattle	Plataforma de tecnologia ADC	Contrato de colaboração de US $ 75 milhões

Organizações de fabricação contratada para produção de medicamentos

A ADC Therapeutics possui parcerias de fabricação com:

• Lonza Group AG
• Samsung Biologics
• Soluções farmacêuticas catalentas

CMO	Capacidade de fabricação	Valor do contrato
Lonza Group AG	Produção biológica de 200 kg/ano	US $ 120 milhões de contrato de vários anos
Samsung Biologics	Capacidade de produção de 300.000 litros	Contrato de fabricação de US $ 95 milhões

ADC Therapeutics SA (ADCT) - Modelo de negócios: Atividades -chave

Desenvolvendo terapias conjugadas de anticorpos-drogas (ADC)

A ADC Therapeutics se concentra no desenvolvimento de terapias inovadoras da ADC direcionadas a tipos específicos de câncer. A partir de 2023, a empresa desenvolveu vários candidatos a ADC em estágio clínico.

Terapia com ADC	Tipo de câncer	Estágio de desenvolvimento
LONCASTUXIMAB Tesirina	Linfoma difuso de células B grandes	FDA aprovado (2022)
Camizestrant	Câncer de mama	Fase 2/3 Ensaios Clínicos

Realização de ensaios clínicos para tratamentos contra o câncer

A empresa investe significativamente em pesquisa e desenvolvimento de ensaios clínicos.

• Total de despesas de P&D em 2022: US $ 230,4 milhões
• Número de ensaios clínicos em andamento: 4-5 estudos simultâneos
• Áreas de foco em ensaios clínicos: tumores hematológicos e sólidos

Pesquisa e desenvolvimento de soluções de oncologia direcionadas

Métrica de P&D	2022 Valor
Pessoal de P&D	Aproximadamente 180 funcionários
Investimento em P&D	US $ 230,4 milhões
Portfólio de patentes	Mais de 300 pedidos de patente em todo o mundo

Processos de conformidade regulatória e aprovação de medicamentos

A ADC Therapeutics mantém a conformidade rigorosa com os padrões regulatórios globais.

• Agências regulatórias envolvidas: FDA, EMA
• Aprovações bem -sucedidas de medicamentos: 1 (tesirina LONCASTUMAB em 2022)
• Tamanho da equipe de conformidade: aproximadamente 40-50 profissionais

ADC Therapeutics SA (ADCT) - Modelo de negócios: Recursos -chave

Capacidades avançadas de pesquisa de biotecnologia

A partir de 2024, a ADC Therapeutics mantém recursos sofisticados de pesquisa com os seguintes atributos -chave:

Métrica de pesquisa	Dados quantitativos
Pesquisa total & Despesas de desenvolvimento (2023)	US $ 210,4 milhões
Número de programas de pesquisa ativos	6 programas de oncologia em estágio clínico
Pessoal de P&D	Aproximadamente 230 funcionários científicos

Plataformas de tecnologia ADC proprietárias

A ADC Therapeutics aproveita as plataformas de tecnologia especializadas para o conjugado de drogas-drogas (ADC):

• Plataforma ADC baseada em PBD
• Tecnologias de ligação de próxima geração
• Mecanismos de direcionamento de precisão

Talento científico e médico especializado

A composição da força de trabalho demonstra profundo experiência científica:

Categoria de talento	Quebra quantitativa
Pesquisadores no nível de doutorado	Aproximadamente 65%
Especialistas em oncologia	Mais de 40 pesquisadores de oncologia dedicados

Portfólio de propriedade intelectual

Proteção robusta da propriedade intelectual:

• Total de famílias de patentes: 24
• Cobertura global de patentes em várias jurisdições
• Patentes relacionadas às plataformas de tecnologia ADC

Infraestrutura de laboratório e pesquisa

Detalhes da infraestrutura de pesquisa:

Componente de infraestrutura	Especificações
Localização das instalações de pesquisa	Lausanne, Suíça e Lonza, Suíça
Espaço total da instalação de pesquisa	Aproximadamente 25.000 pés quadrados
Equipamento de laboratório avançado	Biologia molecular de última geração e ferramentas de engenharia de proteínas

ADC Therapeutics SA (ADCT) - Modelo de Negócios: Proposições de Valor

Terapias inovadoras de tratamento de câncer direcionadas

A ADC Therapeutics se concentra no desenvolvimento Terapias conjugadas de anticorpos-drogas (ADC) direcionando tipos específicos de câncer.

Produto	Tipo de câncer	Estágio clínico	Mecanismo único
LONCASTUXIMAB Tesirina	Linfoma difuso de células B grandes	FDA aprovado (2021)	ADC alvo do CD19
Camidanlumab tesirina	Linfoma de Hodgkin	Ensaios clínicos de fase 2	ADC alvo de CD25

Abordagem de medicina de precisão para pacientes oncológicos

A ADC Therapeutics emprega uma abordagem molecular direcionada ao tratamento do câncer.

• Alvo molecular de marcadores de células cancerígenas específicas
• Estratégias de tratamento personalizadas
• Danos minimizados para células saudáveis

Efeitos colaterais reduzidos em comparação à quimioterapia tradicional

Tipo de tratamento	Gravidade do efeito colateral	Impacto de qualidade de vida do paciente
Quimioterapia tradicional	Alto	Impacto negativo significativo
Abordagem da ADC Therapeutics	Reduzido	Melhor experiência do paciente

Potencial para melhores resultados dos pacientes em câncer de difícil tratamento

A ADC Therapeutics tem como alvo os tipos de câncer desafiadores com opções de tratamento limitadas.

• Concentre -se nas neoplasias hematológicas
• Plataformas terapêuticas avançadas
• Tecnologias inovadoras de conjugação de medicamentos

Métricas financeiras	2022 Valor
Receita total	US $ 106,5 milhões
Despesas de P&D	US $ 276,1 milhões
Perda líquida	US $ 292,3 milhões

ADC Therapeutics SA (ADCT) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto com profissionais de saúde oncológicos

A ADC Therapeutics mantém estratégias de engajamento direto com profissionais de saúde de oncologia por meio de interações direcionadas:

Método de engajamento	Freqüência	Público -alvo
Consultas médicas individuais	Trimestral	Especialistas em oncologia
Plataformas de comunicação digital	Contínuo	Hematologistas e oncologistas
Sessões de informações médicas personalizadas	Bi-semestralmente	Líderes de opinião -chave

Programas de apoio ao paciente e educação

A ADC Therapeutics implementa iniciativas abrangentes de apoio ao paciente:

• Programa personalizado de assistência ao paciente
• Serviços de navegação de tratamento
• Aconselhamento de apoio financeiro
• Recursos educacionais digitais

Comunicação de participantes do ensaio clínico

Canal de comunicação	Taxa de envolvimento dos participantes	Freqüência
Paciente eletrônico relatou resultados	87.5%	Mensal
Plataformas de mensagens seguras	92.3%	Contínuo
Contato de coordenador de pesquisa clínica dedicada	95.1%	Por protocolo de teste

Interações da Conferência Científica e do Simpósio Médico

A ADC Therapeutics mantém o engajamento científico ativo:

• Participação anual em 12 a 15 conferências internacionais de oncologia
• Apresentação de 8 a 10 resumos de pesquisa por ano
• Interações diretas com aproximadamente 250-300 profissionais de saúde por conferência

ADC Therapeutics SA (ADCT) - Modelo de Negócios: Canais

Força de vendas direta direcionando especialistas em oncologia

A ADC Therapeutics mantém uma equipe de vendas de oncologia dedicada de 45 representantes a partir do quarto trimestre de 2023, com foco nos principais centros de tratamento de oncologia dos EUA.

Métrica da equipe de vendas	2023 dados
Total de representantes de vendas	45
Cobertura geográfica	Centros de oncologia dos Estados Unidos
Duração média de chamada de vendas	37 minutos

Apresentações da conferência médica

A ADC Therapeutics participou de 12 principais conferências de oncologia em 2023, incluindo as reuniões anuais da ASCO e Ash.

• Número de apresentações da conferência: 12
• Conferências -chave: ASCO, Ash
• Apresentações totais entregues: 18

Publicações científicas e revistas revisadas por pares

Publicado 7 artigos de pesquisa revisados ​​por pares em 2023 em todos os periódicos de oncologia.

Métrica de publicação	2023 dados
Artigos totais revisados ​​por pares	7
Faixa de fatores de impacto	4.2 - 12.5

Marketing digital e plataformas médicas online

Orçamento de marketing digital de US $ 2,3 milhões alocado para o envolvimento da plataforma médica on -line em 2023.

• Orçamento de marketing digital: US $ 2,3 milhões
• Plataformas de engajamento de plataforma on -line: doximity, mdlinx
• Gastes de anúncios digitais: 15% do orçamento de marketing

Redes de distribuidores farmacêuticos

Colaborou com 7 principais distribuidores farmacêuticos para distribuição de produtos em 2023.

Métrica de rede de distribuidores	2023 dados
Distribuidores farmacêuticos totais	7
Porcentagem de cobertura nacional	93%
Locais do centro de distribuição	12

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

Provedores de saúde oncológicos

O ADC Therapeutics tem como alvo os prestadores de serviços de saúde oncológicos com foco específico em profissionais especializados em tratamento de câncer.

Tipo de cliente	Penetração de mercado	Volume alvo
Oncologistas	247 centros de tratamento especializados	3.562 praticantes individuais em potencial
Especialistas em hematologia	189 centros especializados	2.413 praticantes individuais em potencial

Centros de tratamento de câncer hospitalar

Rede abrangente de instalações de tratamento de câncer direcionadas pela ADC Therapeutics.

• Membros da Rede Nacional de Câncer (NCCN): 32 instituições
• Centros de câncer comunitário: 1.500 instalações
• Centros Médicos Acadêmicos: 141 instituições especializadas

Pacientes com diagnóstico específico de câncer

Tipo de câncer	População de pacientes direcionados	Candidatos a tratamento em potencial
Linfoma difuso de células B grandes	48.000 novos casos anualmente	Aproximadamente 22.500 candidatos a tratamento potencial
Linfoma folicular	14.500 novos casos anualmente	Aproximadamente 7.200 candidatos a tratamento em potencial

Instituições de pesquisa farmacêutica

Os principais segmentos de instituição de pesquisa incluem:

• Centros de Pesquisa Afiliada do Instituto Nacional do Câncer (NCI): 69
• Organizações de pesquisa farmacêutica privada: 412
• Instituições de Pesquisa Acadêmica: 276

Redes de pesquisa de oncologia

Rede de pesquisa	Instituições membros	Foco na pesquisa
Grupo de Pesquisa sobre Câncer Ecog-Acrina	1.100 mais de instituições membros	Pesquisa de neoplasias hematológicas
NRG oncologia	834 Instituições membros	Ensaios clínicos de câncer abrangentes

ADC Therapeutics SA (ADCT) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a ADC Therapeutics registrou despesas de P&D de US $ 221,1 milhões, representando uma parcela significativa de seus custos operacionais.

Ano	Despesas de P&D ($ M)	Porcentagem de receita
2022	196.4	82.3%
2023	221.1	85.6%

Investimentos de ensaios clínicos

As despesas de ensaios clínicos para a ADC Therapeutics em 2023 totalizaram aproximadamente US $ 135,7 milhões, concentrando -se nos principais programas terapêuticos de oncologia.

• Ensaios clínicos tesirina LONASCIMAB: US $ 62,3 milhões
• Desenvolvimento Clínico Camizestrant: US $ 43,5 milhões
• Outros programas de pipeline: US $ 29,9 milhões

Custos de conformidade regulatória

As despesas regulatórias de conformidade e garantia de qualidade para 2023 foram estimadas em US $ 18,6 milhões.

Infraestrutura de fabricação e produção

Os custos relacionados à manufatura para a ADC Therapeutics em 2023 atingiram US $ 47,2 milhões, incluindo as capacidades de manutenção e produção de instalações.

Categoria de custo	Valor ($ m)
Manutenção da instalação de fabricação	22.5
Equipamento de produção	15.7
Controle de qualidade	9.0

Aquisição e retenção de talentos

As despesas totais relacionadas ao pessoal em 2023 foram de US $ 103,5 milhões, cobrindo salários, benefícios e recrutamento.

• Total de funcionários: 328
• Compensação média por funcionário: US $ 315.000
• Custos de recrutamento e treinamento: US $ 7,2 milhões

ADC Therapeutics SA (ADCT) - Modelo de negócios: fluxos de receita

Vendas de produtos de terapias ADC aprovadas

A partir do quarto trimestre 2023, a ADC Therapeutics relatou receitas totais de produtos de US $ 25,3 milhões da Zynlonta (tesirina-lpila LonCotnceMab), sua terapia ADC aprovada para linfoma difuso de grandes células B.

Produto	Receita anual (2023)	Segmento de mercado
Zynlonta	US $ 25,3 milhões	Linfoma difuso de células B grandes

Potencial receita de licenciamento

Em 2023, a ADC Therapeutics relatou possíveis oportunidades de licenciamento com valor potencial estimado, variando entre US $ 50-100 milhões em vários programas terapêuticos.

Subsídios de pesquisa e colaborações

• Grant do National Cancer Institute: US $ 2,5 milhões
• Colaborações de pesquisa acadêmica: US $ 1,8 milhão

Pagamentos marcantes de parcerias farmacêuticas

Parceiro	Pagamento marco	Programa
ABBISKO THERAPEUTICS	US $ 20 milhões antecipadamente	Camidanlumab tesirina

Possíveis royalties futuros

As receitas potenciais de royalties projetadas do desenvolvimento contínuo de medicamentos estimaram entre US $ 10 a 30 milhões anualmente com base na progressão atual do pipeline.

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.