The Venture Codex

Led · Equity · Dec 2020

ADC Therapeutics develops and commercializes antibody–drug conjugates (ADCs) targeting difficult-to-treat hematologic malignancies, with its lead product ZYNLONTA already approved in the United States and Europe for adults with relapsed or refractory large B-cell lymphoma after at least two prior systemic therapies. The company is advancing additional studies including the LOTIS-5 and LOTIS-7 trials to expand ZYNLONTA’s label, aiming for full enrollment of 100 patients in LOTIS-7 by H1 2026 and additional data in H2 2025. Management is preparing for a potential relaunch of ZYNLONTA in 2027 and intends to invest in commercial expansion to support that goal. Preliminary Q3 revenues from ZYNLONTA were approximately $15.8 million. Prior to the new financing, cash and cash equivalents totaled $234.7 million as of 30 September 2025, and are expected to rise to about $292.3 million after the transaction. The company’s free cash flow was negative $128 million over the last twelve months, underscoring the importance of fresh capital. Shares have risen roughly 262 % in the past six months, trading near a 52-week high of $4.74.