ADC Therapeutics (ADCT) TD Cowen 46th Annual Health Care Conference summary

Strategic overview and market positioning

• Focus on expanding ZYNLONTA from third-line plus DLBCL into earlier lines and indolent lymphomas, supported by multiple ongoing studies.

• Emphasis on both complex (CAR-T, bispecifics) and broadly accessible therapy segments, aiming to lead in both through combination regimens.

• Current market share in third-line plus is about 10% of broadly accessible therapies, with significant growth potential in second-line settings.

• Cash runway extends at least into 2028, supporting ongoing and future clinical development.

• Year highlighted as critical due to multiple pivotal data readouts expected.

Clinical data and efficacy highlights

• ZYNLONTA demonstrates rapid, deep, and durable efficacy, with a 25% CR rate as monotherapy in third-line plus DLBCL and durable responses beyond two years.

• LOTIS-5 safety run-in showed a 50% CR rate and 80% ORR; pivotal phase III compares ZYNLONTA+rituximab vs. R-GemOx, with top-line results expected in Q2 and full results by year-end.

• LOTIS-7 (ZYNLONTA+glofitamab) reported a 78% CR rate and 90% ORR in early data, with favorable safety and reduced CRS rates compared to glofitamab alone.

• In marginal zone lymphoma, ZYNLONTA monotherapy achieved a 69% CR rate in early IIT data, outperforming other available therapies.

• In high-risk follicular lymphoma, ZYNLONTA+rituximab showed an 84% CR rate with manageable safety in initial results.

Competitive landscape and growth drivers

• Bispecifics and CAR-T dominate complex therapy share in third-line plus DLBCL, but ZYNLONTA is the only single-agent ADC approved in any line.

• Combination regimens (LOTIS-5, LOTIS-7) aim to match or exceed efficacy of leading competitors, targeting both complex and broadly accessible segments.

• Expansion into second-line could add 12,000 patients, with every 5% share in second line translating to ~$100 million in opportunity.

• Indolent lymphoma indications could add $100-$200 million, with total peak opportunity estimated at $600 million-$1 billion.

• Key milestones include LOTIS-5 readout (Q2), LOTIS-7 full enrollment (H1), and potential regulatory submissions and compendia inclusion in 2025.