ADC Therapeutics at Cantor Global: Strategic Trials and Financial Stability

On Wednesday, 03 September 2025, ADC Therapeutics (NYSE:ADCT) presented at the Cantor Global Healthcare Conference 2025. The company provided a strategic overview of its promising trials and robust financial standing. Key discussions included the expansion of their lead asset, ZYNLATA, and the company’s financial runway into 2028, alongside challenges in regulatory pathways and market competition.

Key Takeaways

• ADC Therapeutics is focusing on expanding ZYNLATA’s use in DLBCL, aiming to establish it as a standard of care.
• The LOTUS-5 and LOTUS-7 trials are central to their strategy, with significant data expected within the next year.
• The company maintains a strong financial position with $265 million in cash, ensuring operations until 2028.
• ADC Therapeutics is actively engaging with the FDA and NCCN for regulatory and guideline approvals.
• The company anticipates multiple revenue catalysts by 2027, driven by potential approvals and guideline inclusions.

Financial Results

• Cash Position: ADC Therapeutics ended Q2 with $265 million in cash.
• Cash Runway: The company’s cash reserves are expected to support operations through 2028.
• Revenue Catalysts: Expected by 2027, including full approval for LOTUS-5 and guideline inclusions for LOTUS-7 and marginal zone lymphoma.
• Peak Sales Opportunity for ZYNLATA: Estimated between $600 million to $1 billion.
• Lotus V Opportunity: Estimated at $200 million to $300 million peak opportunity.

Operational Updates

• LOTUS-5 Trial: A phase three study evaluating ZYNLATA plus rituximab in second-line plus DLBCL. Data readout and FDA submission are anticipated within six to twelve months. The study is fully enrolled.
• LOTUS-7 Trial: This phase II study investigates ZYNLATA plus Roche’s glafitamab, enrolling 100 patients, with completion expected in the first half of next year. Early data shows a promising 93% overall response rate.
• Indolent Lymphoma Studies: Phase 2b IITs in relapsed/refractory follicular lymphoma and marginal zone lymphoma, led by the University of Miami, are yielding significant data. The follicular lymphoma study shows a 97% overall response rate.

Future Outlook

• ZYNLATA as a Potential Standard of Care: ADC Therapeutics aims to position ZYNLATA as a new standard for patients ineligible for CAR-T therapy.
• Revenue Growth: Multiple revenue catalysts are expected by 2027 from potential approvals and guideline inclusions.
• Regulatory and Guideline Engagement: The company is working on submissions to the NCCN guidelines and engaging with the FDA for future approvals.

Q&A Highlights

• CAR-T Market Share: Currently stabilized at around 20% due to accessibility and logistical challenges.
• DLBCL Market Opportunity: The market for the 80% of DLBCL patients not receiving CAR-T is valued at over a billion dollars.
• LOTUS-5 PFS Benchmark: The study aims for a PFS of approximately 6 months, compared to 4 months for the gem ox arm.
• LOTUS-7 Efficacy: The trial shows an 87% complete response rate, higher than the 65-70% seen with CAR-T therapies.

Readers are encouraged to refer to the full transcript for a detailed understanding of ADC Therapeutics’ strategic plans and financial outlook.

Full transcript - Cantor Global Healthcare Conference 2025:

Eric Schmidt, Analyst: Okay, we’re going to kick things off. Good morning everyone. Welcome again to the cancer conference. My name is Eric Schmidt, I’m one of the analysts here, and we’re delighted to welcome as our next presenting company ADC Therapeutics. We have the company’s CEO, Amit Malik, us.

We have company’s chief medical officer, Mohammad. We’ve got Pepe in the audience, Nicole in the audience. So we’ve got the whole team, and we’re gonna give the a to z rundown on what’s going on at ADC. But let’s first start with, just a high level overview. Amit, maybe you can, give us the the two minute update on, what’s important that we need to take part of or need to be knowledgeable about ADC.

Amit Malik, CEO, ADC Therapeutics: Great. Well, thank you so much, Eric, for having us here. We appreciate it. So ADC Therapeutics is a commercial stage antibody drug conjugate company. We’re focused really on two main assets.

Our lead asset, which is already an approved product, XENLATA. It’s an anti CD nineteen ADC, where it’s approved in a small indication right now, third line plus DLBCL as a monotherapy, but we have multiple trials to expand the use, both in DLBCL as well as in indolent lymphomas. In addition to XENLETA, we have a PSMA targeting ADC that’s, working towards, getting IND, ready by the end of this year.

Eric Schmidt, Analyst: And really, Amit, since you took over the reins a little over two years ago, the company’s refocused itself and almost gone all in on on ZYNLATA in terms of the the resources and attention that this molecule has received. Why is that the right strategy?

Amit Malik, CEO, ADC Therapeutics: Well, think, you know, both the opportunity and the competitive landscape have changed quite a bit during this time. So first in terms of the opportunity, we see that the molecule itself has a very differentiated profile. You know it works from an efficacy standpoint very fast acting. When you get into a response those CRs tend to be very durable. The safety profile is very good, not only as monotherapy but very combinable.

And in the data sets that we’ve generated, both with our LOTUS V, LOTUS VII trials as well as in indolent lymphomas, have consistently shown best in class clinical profile. So we’ve seen great data. We’ve also seen at the same time step back from some of our competitors where the market opportunity we think has actually opened up more and we’re playing in a number of places that we think we can translate all this good clinical data into an opportunity for the product of 600,000,000 to a billion dollars of peak sales. So we think it’s a substantial opportunity in product.

Eric Schmidt, Analyst: And then what are your top priorities for the next six, twelve months? What do you need to execute on in order to be a success in that period of time?

Amit Malik, CEO, ADC Therapeutics: Yeah. We think we can really de risk the company from a clinical standpoint over the next six to twelve months. So our LOTUS five study is our confirmatory phase three study. That’s looking at the combinations of Enlanta plus rituximab in the second line plus DLBCL setting. Over the next six to twelve months, we will read out that study and prepare the submission to the FDA, the SBLA for that study.

For LOTUS seven, which is the combination that we’re looking at right now with ZINLANTA plus the bispecific glafitamab, Roche’s approved product, we’re currently enrolling 100 patients in that study. Over the next six to twelve months we’ll have that 100 patients completely enrolled and reading out that data as well. And then finally in the indolent lymphoma studies where we’ve already shown really significant data both in marginal zone lymphoma and follicular lymphoma, you can look forward to more updates there.

Eric Schmidt, Analyst: And last big picture question before we get into the LOTUS five and LOTUS seven trials in more detail. What do you think investors are missing about the ADC story today?

Amit Malik, CEO, ADC Therapeutics: You know, I think there’s a common feeling of, you know, that the space is very competitive. DLBCL is very competitive. But what you see is in DLBCL, when standards of care start to develop, it actually doesn’t get that competitive. So in front line where there’s been a clear standard of care in our CHOP or not Poli, our CHIP, virtually every single patient gets it. Second line I think there was always a feeling that CAR T would emerge as the standard of care and kind of take over, but because of a lot of the accessibility issues and logistical requirements related to CAR T, it’s really been limited to only about 20% of the market, which means that 80% of that relapsed refractory market is pretty open for what could be a new standard of care.

And I think given the data that we’re generating, specifically with LOTUS seven, we think we have a chance to become that standard of care, which is a big market opportunity.

Eric Schmidt, Analyst: So why is it that only about twenty percent of patients in the second line are getting CAR T, and how do you think that might evolve over time?

Amit Malik, CEO, ADC Therapeutics: Yeah, I think it’s gonna stay relatively stable. I mean CAR Ts are launched over seven years ago, and we’ve seen the market share over the last two to three years really stabilize at about twenty percent. I think it’s a few different things. One is there’s only about 150 centers in The US that can actually administer a CAR T. But also there’s a lot of logistical requirements for the patient.

For example, the patient and a caregiver need to be at or near the center for about a month. We’re talking about an elderly patient population. Two thirds of these patients are over the age of 65. Many of them don’t want to do it or don’t have the means to do it. And so we’ve seen that play out now where the market share has been pretty stable over the last two to three years at twenty percent.

Eric Schmidt, Analyst: So if you can’t get CAR T and you’re one of the other 80 of patients, what are the options? Is there an emerging standard of care of any sort?

Amit Malik, CEO, ADC Therapeutics: Not really, unfortunately. Right now, there’s kind of two segments, I think, that have emerged in the relapsedrefractory setting in DLBCL. One of the more complex therapies which are like CAR Ts, transplant, and I think bispecifics fall into that category too, where you need specific capabilities within the facility, within the treating facility to be able to administer those sort of therapies. And then you have broadly accessible therapies. These are like chemotherapies, a lot of the more targeted therapies that any community physician can administer.

We think that right now the standard of care obviously in the complex therapies has become CAR T, but that’s a small segment. Only about twenty five percent of patients are getting a CAR T or transplant in the second life setting. But the broadly accessible therapy, there really is no standard of care and there’s still a lot of chemotherapy use. So with our LOTUS VII and LOTUS V trials, we think we’re well positioned actually to win in both segments.

Eric Schmidt, Analyst: And how do you size the dollar market for this 80 ish percent of the market that’s not CAR T, where you can play?

Amit Malik, CEO, ADC Therapeutics: Yeah. I mean, we think just even if we capture, you know, a chunk of that market, not the whole market. I mean, the whole market opportunity is obviously well over a billion dollar opportunity in that second line setting here say the 80%. But we think just with LOTUS five, when you double the number of patients from where we are today, moving in a second line, and we also extend the duration of therapy, we’re seeing we’re moving on average from three cycles to about five cycles, and then of course even if you were just to maintain the same 10% marker share that we have in the third line setting, that’s over a $200,000,000 opportunity. So we see overall a 200 to $300,000,000 peak opportunity just for LOTUS V.

Then we add on LOTUS VII and you can start not only competing then you can start competing against the complex therapies and start expanding, especially given the safety profile we’re seeing. We think the total opportunity DLBCL can be 5 to $800,000,000 versus in Lanta.

Eric Schmidt, Analyst: All right, let’s start with LOTUS five. This is your phase three studies in Lanta plus rituximab. Data toward year end ish, I think is what we’re saying. Maybe Mohammad, do you want to give us just a quick rundown overview of the study design itself?

Mohammad, Chief Medical Officer, ADC Therapeutics: So, yeah, as we actually shared before the study have completed enrollment a while back, and we’re currently tracking the events. You know, this is not really in our hands. Events come whenever they come. We kind of targeted the end of this year to see events. But of course, plus or minus usually.

I’m sorry. It could be plus or minus amount or two. It depends on really where the events are and, of course, the work to that we do behind the scenes to make sure those events are accurate and reviewed and all of that. We are blinded. So we don’t know much about that.

Yeah.

Eric Schmidt, Analyst: So define good data. I think the primary endpoint is PFS?

Mohammad, Chief Medical Officer, ADC Therapeutics: That’s correct. Is that the question, sorry?

Eric Schmidt, Analyst: Yes. And how would you define or give us a benchmark for what you’d hope to see in terms of a PFS benefit?

Mohammad, Chief Medical Officer, ADC Therapeutics: Well, it’s really we like to see somewhere around the between, let’s say, eight to 12. That’s the typical of course, you go for something more than that. But that’s the range that people like to see. Of course, in this disease setting, to be honest with you, PFS is much of less importance than the CR rate. That’s really the driver of all the physicians saying, yeah, the tail could be long, all of this, but we want to see the CR rate.

That’s really quite important for second line plus setting, third line now, and everybody’s looking for those complete responders.

Eric Schmidt, Analyst: And what would be good?

Amit Malik, CEO, ADC Therapeutics: Sorry. Just to say that the way the study is powered though, in terms of the hazard ratio, what we need to show if it’s a if our gem ox, we’re assuming, shows about a four month PFS, we’d have to show roughly a six month PFS to have a positive study. So that’s really kind of the benchmark for a positive study.

Eric Schmidt, Analyst: Okay. And then in terms of the secondary endpoint CR, what would be a good CR benchmark that you would hope to show?

Mohammad, Chief Medical Officer, ADC Therapeutics: Well, it could range. We have seen already in the safety running portion of LUTOS five, which is rituximab plus zolanta or zolanta plus rituximab, fifty percent CR with a duration of responses about eight plus month and a PFS of eight point three months. All that has been reported in the safety run-in 20 patients. So that’s where we’re hoping to get there. But anything actually in the range of about forty percent to fifty percent will be a very good solid CR rate that we expect to have a significant change use, and people will expect that a lot.

Amit Malik, CEO, ADC Therapeutics: Yeah. Mean, if you look at the broadly accessible therapies today, chemotherapy is typically around a twenty five percent CR rate. And if you look at some of the more targeted therapies, monoclonal antibodies and ADC based therapies, they get up to about forty percent. So I think if you get to forty percent or higher, we think it’s a very significant result.

Eric Schmidt, Analyst: So what are, in general, the reasons to be optimistic for success, the reasons to think that ZENLANTA plus rituximab can beat R GemOx? Many, many reasons, actually.

Mohammad, Chief Medical Officer, ADC Therapeutics: As a single agent of ZELANTA in the third line plus, the median duration of complete response have not been reached after two years. That’s a very important durability factor. The 50% CR rate observed in the safety run-in was actually a very important parameter for the agency, not even for us, to agree to a Phase III. Everybody knows that rituximab by itself post R CHOP is not going to work. So if you see a 50%, where is that coming from?

So that’s also a very good indicator that if you move early, you’re almost doubling your 25%. That’s the approval of X-rayta approval of ZELANTA in third line. You move to second line, so it makes sense that you’re moving around. And mostly ZYNLATA plus rituximab, maybe we’ll do some work there, but it’s driven mainly by BENZONTA. So those are all good parameters.

Also, the durability that we’ve seen with this population, the rate of CR, it’s really encouraging to us now. Of course, the size of the trial is very important. The power is 90%. The one to one The agency at that time, and there’ll be definitely something to be disclosed beyond just the PFS because the FDA will definitely look for it because other studies, their primary endpoint is OS. So we have to do that.

Typically, in second line plus, it’s not very far. You’ll see PFS close to OS. So many times, that’s why the FDA will push and say, okay, give me more rather than just take because usually, you take PFS as a surrogate biomarker for OS actually. So if that’s far from it, then they will take PFS. But if you’re close, they say, okay, I need to have some more events on OS to be able to more have confidence on your data.

That’s I hope that’s what you’re asking here.

Eric Schmidt, Analyst: How quickly can you file approval assuming that LOTUS V is a success?

Mohammad, Chief Medical Officer, ADC Therapeutics: Typical time frame, I think, three and four months max to be able to get everything ready because we’re actually cleaning and working in terms of execution of this trial life. So we don’t have backlogs and everything is ready. The minute we get the top line data and get all the filing data, we’re working almost we’re working on a plan for success. So you plan everything. So you reduce the amount from readout to submission to the minimum, which is typically around three to four months.

Eric Schmidt, Analyst: All right. Let’s transition to LOTUS-seven, which is a Phase II study. You’ve had some very, very encouraging data this year and last. This is a trial combining ZENLANTA plus glafitamab, the Roche bispecific. Just briefly recap what we’ve already seen from this study.

Amit Malik, CEO, ADC Therapeutics: Yeah, so there are two parts of the study. We had a dose escalation where we looked at different doses of ZENLANTA plus glafitamab. No DLTs, basically cleared all the doses, and then we did a dose expansion with the two higher levels of ZENLANTA with a fully approved dose of glafitamab. Again, based on that, what we saw in the first 30 patients, this was presented at EHA and ICML, consistent results actually at both dose levels, and in aggregate we saw overall a ninety three percent overall response rate and an eighty seven percent complete response rate in those first 30 patients. Also a very favorable safety profile.

So we didn’t see any new safety signals that are already known with either the agents. The one major toxicity that was sort of overlapping in terms of the profiles was neutropenia. Typically you see about thirty percent grade three neutropenia or higher in either of those molecules, and we saw twenty four percent grade three in the combination, so we didn’t really see additive neutropenia. And then when it came to CRS, particularly at the dose that we’re moving forward with, we’re moving forward with the one hundred and fifty microgram per kilogram doses in Lanto with the fully approved doses of Glofit. So these are the fully approved doses of both products.

And the CRS levels that we saw were 24%, which is substantially lower than what you see with Glofit on its own, and only grade one. So overall we see quite a favorable efficacy and safety profile.

Eric Schmidt, Analyst: So put that eighty seven percent CR rate into context for us, Ami.

Amit Malik, CEO, ADC Therapeutics: Alright, so if you look at CAR T, which is sort of the best efficacy that’s been shown, typically CR rates are in the sixty five to seventy percent range. If you look at all bispecific combination studies in that second line plus setting, everything from phase one to phase three studies, those CR rates have been in the range of forty seven to sixty two percent. So you can see how eighty seven percent compares, extremely favorable to any of those. And then of course beyond CR rate, durability matters as well. And so typically about twelve months out, although forty seven to sixty two percent of the patients getting to CR, about sixty three to seventy five percent of those maintain a year later.

So what we’ve shown is a much higher depth of response at eighty seven percent. What we’re gonna be showing in future updates is also a lot more around the durability. And I think if we can also beat on that metric, I think that’s gonna be a favorable combination that we can have good depth and good durability. And that’s gonna be the key I think for us with low to seven.

Eric Schmidt, Analyst: So what is the next update in terms of scope and in terms of additional information?

Amit Malik, CEO, ADC Therapeutics: So we’ve seen good pickup in the enrollment of the study. We’re now enrolling 100 patients at the chosen dose levels. That study’s moving well. We said that we’re gonna have it completed by the first half of next year. So when we give an update later this year, we have an announcement on what forum, but when we do, there’ll obviously be many more patients than we showed last time, also with longer durability.

Eric Schmidt, Analyst: Are you looking at MRD negativity in terms of depth, so depth of response?

Amit Malik, CEO, ADC Therapeutics: We’re collecting the samples. We haven’t said what we’re gonna when we’re gonna be able to update that data, but it’s something, you know, we’re collecting as well.

Eric Schmidt, Analyst: So we had just under 30 patients I think at the last sorry, just over 30.

Amit Malik, CEO, ADC Therapeutics: 30.

Eric Schmidt, Analyst: Exactly. So we’ll have close to 40 or 50 by the year end update or ballpark where are we gonna be?

Amit Malik, CEO, ADC Therapeutics: We haven’t disclosed, but as you knew in May we already said we had already enrolled 40 patients, more than 40 and we’re enrolling beyond that, so you can imagine, and enrollment’s accelerated, I would say, since we did the update in June. So I think it’ll be a pretty good sized update.

Eric Schmidt, Analyst: And would that be at a medical meeting, or you’ve had a history of generally reporting data at medical meetings?

Amit Malik, CEO, ADC Therapeutics: Yeah, think we’ll have to see. Mean, we haven’t disclosed in what form we’re gonna do. Obviously, there’s pros and cons, obviously. Having it presented at EHA and ICML just in June was very good, and I’ll say it really broadened the data out to the medical community. It created a lot of excitement for the combination.

We’ve seen the enrollment has picked up. The downside of course in medical meetings is that you have to just put the data much sooner and we can’t disclose the latest data then to the market. So I think we’re debating that and we’ll, you know, you’ll see it in one of those forums this year.

Eric Schmidt, Analyst: Okay. So the goal is to enroll that 100 plus patients at the expanded dose cohort, higher dose of GloFit sorry, higher doses of ZYNLATA. And to do what with that data package once that’s more mature?

Amit Malik, CEO, ADC Therapeutics: So we think 100 patients, if you look at all the precedents, there’s been three different bispecific combinations that were added, preferred and NCCN guidelines earlier this year, all based on roughly 100 patient data. So with that data we plan to do two things. One is once the data’s published, submit to NCCN guidelines, and we think 100 patients should be adequate. And then secondarily, use that 100 patient data to also engage with the FDA, because we think that’s a robust data set to also drive engagement with the FDA on potential path forward with phase three studies or other potential path forwards.

Eric Schmidt, Analyst: So Roche is obviously the sponsor for Glofit. They have interest, I assume, in the study. Can you talk about their participation? And you alluded to setbacks in the second line DLBCL field earlier. They’ve obviously had one.

What’s their involvement in the study?

Amit Malik, CEO, ADC Therapeutics: Yeah, they’ve been a great partner. Mean, it started, I would say, initially with clinical drug supply, but they’ve they obviously know their molecule better than anyone, and they’ve had they have really an excellent team there that’s had a lot of regulatory engagement as well. So I would say everything from the design of the study to how we think about our regulatory approach, how we think about our NCCN guideline approach, I mean they’ve had a lot of experience and the partnership that we have and the insights they share with us throughout have been extremely helpful.

Eric Schmidt, Analyst: What about more financial support from Roche or more of a financial relationship?

Amit Malik, CEO, ADC Therapeutics: Yeah. I can’t comment further on any potential other things that could happen, but I would just say that we’re really pleased with the collaboration that we have with them, the partnership that we have, and the data that we’re generating together with this combination.

Eric Schmidt, Analyst: Okay, should we go on to indolent lymphomas? Conclude there, we have about five minutes left in the session. Maybe just give us a quick update on kind of what you have been doing both with regard to high grade follicular and marginal zone lymphoma.

Amit Malik, CEO, ADC Therapeutics: Yes, we have two different phase 2b IITs in relapsedrefractory follicular lymphoma as well as one in relapsedrefractory MZL, marginal zone lymphoma. Both of them are being led by the University of Miami, but these are multi trial sites. For follicular, right now the study is enrolling up to 100 patients. The latest data which was just presented recently showed a ninety seven percent overall response rate, seventy seven percent complete response rate. So really outstanding data when you think of this population.

This is also in high risk FL patients, so many of these patients were POD24, about half the patients, so it’s really a pretty tough to treat patient population, and we’re seeing outstanding data. With marginal zone lymphoma, this data was just presented at ICML, and again in the first patient cohort that was shared there, this is gonna be a 50 patient study, of which it’s well over half enrolled right now, But the data overall showed seventy percent complete response rate. Just by way of context in MZL, the best data shown if you look at agents that are approved or in guidelines is about twenty nine percent CR rate. So what we’re seeing is substantially better results in this initial data.

Mohammad, Chief Medical Officer, ADC Therapeutics: With single agents?

Amit Malik, CEO, ADC Therapeutics: Yeah, with single agent and margilanone. That’s a good point. So follicular lymphoma is the combination of Xenlanta plus Rituxan, not marginal zone lymphoma, it’s just Xenlanta monotherapy.

Eric Schmidt, Analyst: And in the high grade follicular data set that you mentioned, patients with POD, progressive disease within twenty four weeks, is that, You mentioned a ninety seven percent ORR. Put that into context for us.

Amit Malik, CEO, ADC Therapeutics: Yeah, so POD 24, so within twenty four months. Twelve months, excuse me. Yeah, yeah, of progression. But yeah, terms of the overall response rate, in that setting, this is again a substantially better. Now durability matters a lot when you talk about indolent lymphomas because patients tend to live a lot longer.

The overall response rate so far that we’ve seen incomplete response rate is substantially better than anything else. Durability is gonna keep mattering, so as we get more patients and more durability, I think that data set’s gonna be really, we think, meaningful.

Eric Schmidt, Analyst: I mean these are two pretty remarkable data sets. Are you seeing early uptake? Is there any avenue to reimbursement? What do you need to make happen here?

Amit Malik, CEO, ADC Therapeutics: Yeah, I think, no, to get into guidelines, I think we need the 5,100 patients enrolled and published before I think we would be able to get into NCCN guidelines on the preferred regimen. Follicular Oddi, which is a small data set, was actually added into NCCN non preferred, but I think to get real uptake you need to be preferred in NCCN guidelines. So I expect that to happen after the final results of these studies are published.

Eric Schmidt, Analyst: And what kind of timeline are we on for either of the two indications?

Amit Malik, CEO, ADC Therapeutics: So for Marginal Zone, where we’re more than half enrolled right now, we’re saying that we could be at that point in the 2027. Follicular, we haven’t really guided exactly when the timing’s gonna be because it’s a larger study with 100 patients.

Eric Schmidt, Analyst: Not 2027?

Amit Malik, CEO, ADC Therapeutics: Could be, could be by 2027. We should be giving specific guidance around marginal zone. I think the pathway also in marginal zone is much clearer. If you look at what’s been added to NCCN guidelines, the most recent one was a BTK inhibitor with thirty six patients. So we think the sample size that we’re talking about, and that was with I think a three percent CR rate.

The highest CR rate ever in MZL that was submitted into guidelines was with the twenty nine percent. So we think the pathway there is very clear. Fellicular, because there’s so many phase three studies that are out there, I think it’s a little bit more uncertain than marginal zone lymphoma. That’s why we haven’t guided.

Eric Schmidt, Analyst: We’ve only got one last minute here. Maybe Amit, you can just sort of summarize what we’ve discussed in terms of the upcoming catalysts And also remind me remind us of the cash position and cash runway of the company.

Amit Malik, CEO, ADC Therapeutics: Yes. So we have multiple catalysts really within our cash runway. So we ended Q2 with $265,000,000 of cash. That gives us a cash runway into 2028. Now by the 2027 we expect to have multiple different revenue catalysts.

So we expect to have full approval for LOTUS five. We expect to be in the guidelines potentially for LOTUS seven, as well as potentially in the guidelines for marginal zone lymphoma. So all those could be potential revenue opportunities starting in that 2027 within our cash runway. Now between now and then, of course, there’s a lot of catalysts in terms of data readouts, filing letters five with the FDA, hopefully getting approval. So all these catalysts will happen basically between now and the 2027.

Eric Schmidt, Analyst: Terrific. We’re out of time. Thank you, Amit, Mohammed, and the team at ADCT, and thanks all of you for your attendance.

Amit Malik, CEO, ADC Therapeutics: Thank you very much, Eric.

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