ADC Therapeutics Investor update

Thank you, operator. Today, we issued a press release announcing details on our presence at the upcoming American Society of Hematology meeting. This release and the slides we will use in today's presentation are available on the Investor section of the ADC Therapeutics website. I am joined on today's call by our Chief Executive Officer, Ameet Mallik, who will discuss key business updates and recent highlights, followed by our Chief Medical Officer, Mohamed Zaki, who will provide an overview of key ZYNLONTA abstracts accepted for presentation at the 68th ASH Annual Meeting taking place December 12th to 15th. Lastly, our Chief Financial Officer, Pepe Carmona, who will share details on our strategic financial restructuring and provide preliminary financials for Q3 2026. We will then open the call to questions.

Before we begin, I would like to remind listeners that some of the statements made during this conference call will contain forward-looking statements within the meaning of the Safe Harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain known and unknown risks and uncertainties, and actual results, performance, and achievements could differ materially. They are identified and described in the accompanying slide presentation and in the company's filings with the SEC, including Form 10-K, 10-Q, and eight-K. ADC Therapeutics is providing this information as of today's date and does not undertake any obligation to update any forward-looking statements contained in this conference call as a result of new information, future events, or circumstances, except as required by law. The company cautions investors not to place undue reliance on these forward-looking statements.

Today's conference call includes preliminary revenue and cash and cash equivalents figures, which reflects the company's estimated financial results. The company's actual financial results have not yet been finalized by management and are subject to change. Accordingly, investors should not place undue reliance on these preliminary financial results. I will now turn the call over to our CEO, Ameet Mallik.

Ameet? Thank you, Nicole. Today, we will share an update on our upcoming ASH presence, as well as key business updates and recent highlights.

Before we get into these details, I want to frame our key value drivers, which are supported by our strong balance sheet. Building on our approved indication for ZYNLONTA in third-line plus DLBCL, we have potential best-in-class data, which we will share with you today, for both the LOTIS-7 combination in second-line plus DLBCL, as well as monotherapy in second-line plus marginal zone lymphoma. The recently announced financial restructuring and PIPE give us the balance sheet and runway to pursue those opportunities while increasing strategic optionality. Beginning now with ASH, we are pleased to have multiple ZYNLONTA data abstracts accepted for presentation in December. This includes five oral presentations across DLBCL and indolent lymphomas, as well as multiple posters.

Importantly, updated phase I-B LOTIS-7 data will be featured in an oral presentation. As detailed in the abstract posted today, the combination of ZYNLONTA plus glofitamab demonstrated deep and durable responses. Across the 97 efficacy-evaluable for relapse or refractory DLBCL patients, we observed an 88.7% overall response rate and a 75.3% complete response rate. Marginal zone lymphoma data will also be shared via an oral presentation with impressive response rates, as seen by the 93% overall response rate and 74.4% complete response rate with ZYNLONTA in the multi-site phase II IIT. Additional oral presentations will feature full phase III LOTIS-5 results, as well as investigator-initiated studies in mantle cell lymphoma and Waldenström disease. Mohamed will share additional details on the data included in the abstract for each of these.

Moving now to our corporate updates, in early October, we announced a comprehensive strategic financial restructuring designed to strengthen our balance sheet, reduce leverage, and increase strategic optionality to maximize shareholder value while extending the expected cash runway into 2029. This included securing new equity financing, restructuring the HealthCare Royalty agreement, and reducing the outstanding loan principal. From a business perspective, we are pleased to share that ZYNLONTA's commercial performance in the third quarter of 2026 continued to be strong, with net product revenues expected to be approximately $21 million for this period. As such, we remain confident in the role ZYNLONTA continues to play as a differentiated single-agent treatment option for third-line plus DLBCL patients. I'd now like to turn the call over to Mohamed Zaki, our Chief Medical Officer, to share more about the ZYNLONTA ASH abstracts accepted for oral presentations.

Mohamed? Thank you, Ameet. As noted, ZYNLONTA data at ASH will be included in five oral presentations, as well as multiple poster presentations over the course of the meeting.

These data add to the growing body of evidence in the support of the potential for ZYNLONTA in DLBCL and indolent lymphomas. Most important among these oral presentations is LOTIS-7. In this phase I-B trial, updated results with ZYNLONTA plus glofitamab continue to demonstrate the most compelling combination data generated to date in second-line DLBCL, including in difficult-to-treat patient populations. Per the abstract, as of the June 15, 2026 data cut-off, among 97 efficacy-evaluable patients, the overall response rate was 88.7%, and the complete response rate was 75.3%, with 28 patients converting from stable disease or partial response to complete response over time. In patients with primary refractory disease, overall response rate was 78.4%, and the complete response rate was 64.7%.

Among patients previously treated with CAR-T therapy, overall response rate was 74.1%, and the complete response rate was 63%. This is especially meaningful in these difficult-to-treat patients where there remains high unmet need. At a median follow-up of 10.35 months, median duration of response, duration of complete response, and progression-free survival had not been reached. The 12-month duration of complete response was 79%. Also of note, in an exploratory MRD analysis of 12 patients who achieved a complete response, six had undetectable MRD as early as cycle two, day one, and 11 patients had undetectable MRD at the end of treatment. The emerging data continues to demonstrate the best-in-class potential for ZYNLONTA when combined with glofitamab in treating relapsed/refractory DLBCL. From a safety perspective, this study continues to show a manageable safety profile. Of note, consistent with other glofitamab trials, the protocol for LOTIS-7 recommends anti-infective prophylaxis treatment.

The combination was generally well tolerated, and the type of treatment-emergent adverse events observed were generally consistent with the known safety profiles of each drug separately. It is important to consider the profile and management of cytokine release syndrome and ICANS when using bispecific therapies. By dosing ZYNLONTA prior to glofitamab, we believe that this dosing schedule can debulk the tumor and lower CRS rates and grades. Per the abstract data, cytokine release syndrome occurred in 32% of treated patients, all of which were grade 1 or 2, except one grade 3. This continues to be lower compared to the glofitamab monotherapy label. No grade 3 or higher ICANS events were observed. Three grade 5 treatment-emergent adverse events were reported, with one due to sepsis and two due to capillary leak syndrome.

As noted in the abstract, the study authors conclude that these efficacy and safety findings support further investigation of ZYNLONTA plus glofitamab in a phase III study, which we are actively pursuing. We have submitted a briefing book to the FDA for an upcoming meeting and will share details on the planned study design once we have aligned with the FDA. Next, looking at the investigator-initiated multicenter phase II study with fixed-duration ZYNLONTA in patients with relapsed or refractory marginal zone lymphoma, ZYNLONTA continues to demonstrate deep response rates and encouraging durability. As of the July 1, 2026 data cut-off, among the 43 efficacy-evaluable patients, overall response rate was 93% and complete response rate was 74.4%. At a median follow-up of 23.2 months, the estimated two-year PFS rate was 90.8%, and the duration of response at 24 months was 90.9%.

Based on this, the study authors concluded that single-agent ZYNLONTA demonstrated clinically meaningful activity with robust and durable complete responses in relapsed or refractory MZL and characterized the responses as comparable with those reported for recently approved CAR-T therapy. From a safety perspective, the data continues to suggest a manageable safety profile that is generally consistent with the known profile of ZYNLONTA. All 46 treated patients experienced expected adverse events, most commonly grade 1 or 2. Grade 3 and grade 4 adverse events were observed in 23 and five patients, respectively. Turning now to LOTIS-5, our confirmatory study for ZYNLONTA in combination with rituximab versus R-GemOx in patients with second-line plus DLBCL, which recently read out. Full results from this randomized phase III study of 420 patients demonstrated a statistically significant improvement in the primary endpoint of PFS with ZYNLONTA plus rituximab compared with R-GemOx.