ADC Therapeutics (ADCT) 6-K 9 May 23 2023 Q1 Condensed Consolidated Interim Statement of Operations Financial data

Cover

Cover	3 Months Ended
	Mar. 31, 2023
Cover [Abstract]
Document Type	6-K
Document Period End Date	Mar. 31, 2023
Entity File Number	001-39071
Entity Registrant Name	ADC Therapeutics SA
Entity Address, Address Line One	Biopôle
Entity Address, Address Line Two	Route de la Corniche 3B
Entity Address, Postal Zip Code	1066
Entity Address, City or Town	Epalinges
Entity Address, Country	CH
Entity Central Index Key	0001771910
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1

Condensed Consolidated Interim

Condensed Consolidated Interim Statement of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Condensed Income Statements, Captions [Line Items]
Total revenue	$ 18,992	$ 46,498
Cost of product sales	(590)	(529)
Research and development expenses	(39,480)	(48,952)
Selling and marketing expenses	(15,351)	(18,370)
General and administrative expenses	(15,143)	(19,011)
Total operating expense	(70,564)	(86,862)
Loss from operations	(51,572)	(40,364)
Other income (expense)
Financial income	2,304	18,308
Financial expense	(10,417)	(9,217)
Non-operating (expense) income	(3)	13,442
Total other (expense) income	(8,116)	22,533
Loss before taxes	(59,688)	(17,831)
Income tax benefit	262	1,170
Net loss	$ (59,426)	(16,661)
Net loss attributable to:
Owners of the parent		$ (16,661)
Net loss per share
Net loss per share, basic (in USD per share)	$ (0.74)	$ (0.22)
Net loss per share, diluted (in dollars per share)	$ (0.74)	$ (0.22)
Product revenues, net
Condensed Income Statements, Captions [Line Items]
Total revenue	$ 18,953	$ 16,498
License revenues and royalties
Condensed Income Statements, Captions [Line Items]
Total revenue	$ 0	$ 30,000

Condensed Consolidated Interi_2

Condensed Consolidated Interim Statement of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Profit or loss [abstract]
Net loss	$ (59,426)	$ (16,661)
Items that may be reclassified to profit and loss
Currency translation differences	141	(158)
Share of other comprehensive loss in joint venture	(256)	0
Total items that may be reclassified to profit and loss	(115)	(158)
Other comprehensive loss for the period	(115)	(158)
Total comprehensive loss for the period	(59,541)	(16,819)
Total comprehensive loss attributable to:
Owners of the parent	$ (59,541)	$ (16,819)

Condensed Consolidated Interi_3

Condensed Consolidated Interim Balance Sheet - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 310,547	$ 326,441
Accounts receivable, net	24,037	72,971
Inventory	18,250	18,564
Other current assets	27,173	28,039
Total current assets	380,007	446,015
Non-current assets
Property, plant and equipment	4,484	3,261
Right-of-use assets	11,224	6,720
Intangible assets	13,586	14,360
Interest in joint venture	29,533	31,152
Deferred tax asset	27,605	26,757
Other long-term assets	1,233	903
Total non-current assets	87,665	83,153
Total assets	467,672	529,168
Current liabilities
Accounts payable	8,694	12,351
Other current liabilities	57,412	73,035
Lease liabilities, short-term	1,447	1,097
Senior secured term loans, short-term	13,533	12,474
Total current liabilities	81,086	98,957
Non-current liabilities
Warrant obligations	516	1,788
Deferred royalty obligation, long-term	216,551	212,353
Deferred gain of joint venture	23,539	23,539
Lease liabilities, long-term	10,955	6,564
Other long-term liabilities	329	0
Total non-current liabilities	348,901	341,484
Total liabilities	429,987	440,441
Equity attributable to owners of the parent
Share capital	7,312	7,312
Share premium	1,007,843	1,007,452
Treasury shares	(645)	(679)
Other reserves	163,501	155,683
Cumulative translation adjustments	(215)	(356)
Accumulated losses	(1,140,111)	(1,080,685)
Total equity attributable to owners of the parent	37,685	88,727
Total liabilities and equity	467,672	529,168
Senior Secured Term Loans
Non-current liabilities
Convertible loans, long-term	$ 97,011	$ 97,240

Condensed Consolidated Interi_4

Condensed Consolidated Interim Statement of Changes in Equity - USD ($) $ in Thousands	Total	Share Capital	Share Premium	Other Reserves	Treasury Shares	Cumulative Translation Adjustments	Accumulated Losses
Equity, beginning balance at Dec. 31, 2021	$ 166,088	$ 6,445	$ 981,827	$ 102,646	$ (128)	$ 183	$ (924,885)
Loss for the period	(16,661)						(16,661)
Translation adjustment	(158)					(158)
Share of other comprehensive loss in joint venture	0
Other comprehensive loss for the period	(158)					(158)
Total comprehensive loss for the period	(16,819)					(158)	(16,661)
Vestings of RSUs	0		(9)		9
Share-based compensation expense	13,398			13,398
Increase (decrease) through transactions with owners, equity	13,398	0	(9)	13,398	9
Equity, ending balance at Mar. 31, 2022	162,667	6,445	981,818	116,044	(119)	25	(941,546)
Equity, beginning balance at Dec. 31, 2022	88,727	7,312	1,007,452	155,683	(679)	(356)	(1,080,685)
Loss for the period	(59,426)						(59,426)
Translation adjustment	141					141
Share of other comprehensive loss in joint venture	(256)			(256)
Other comprehensive loss for the period	(115)			(256)		141
Total comprehensive loss for the period	(59,541)			(256)		141	(59,426)
Issuance of shares, Deerfield exchange agreement, net of transaction costs			19,600
Vestings of RSUs	0		(23)		23
Issuance of shares, 2022 Employee Stock Purchase Plan	425		414		11
Share-based compensation expense	8,074			8,074
Increase (decrease) through transactions with owners, equity	8,499	0	391	8,074	34
Equity, ending balance at Mar. 31, 2023	$ 37,685	$ 7,312	$ 1,007,843	$ 163,501	$ (645)	$ (215)	$ (1,140,111)

Condensed Consolidated Interi_5

Condensed Consolidated Interim Statement of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash used in operating activities
Loss for the period	$ (59,426)	$ (16,661)
Adjustments for non-monetary items:
Share-based compensation expense	8,074	13,398
Impairments of assets	146	0
Depreciation of property, plant and equipment	249	261
Amortization of intangible assets	52	26
Impairment of intangible assets	743	0
Depreciation of right-of-use assets	393	307
Gain from reversal of inventory impairment charges	0	(361)
Share of results in joint venture	1,363	2,502
Deferred tax asset	(848)	(3,856)
Change in defined benefit pension liability	0	72
Convertible loans, derivatives, change in fair value	0	(15,855)
Warrant obligations, change in fair value	(1,272)	0
Employee stock purchase plan deductions	244	0
Financial income	(2,304)	(18,307)
Financial expense	10,291	9,165
Exchange differences	18	(63)
Operating loss before working capital changes	(42,277)	(29,372)
Decrease in accounts receivable, net	48,901	3,466
Decrease (increase) in other current assets	(175)	(355)
Decrease (increase) in other current assets	55	(1,065)
(Decrease) increase in accounts payable	(3,663)	4,383
Increase in income taxes	587	2,686
Decrease in other liabilities and other payables	(12,090)	(10,666)
Cash used in operating activities	(8,662)	(30,923)
Interest paid	(3,841)	(1,838)
Interest received	2,795	18
Interest expense on lease obligations	126	52
Payments made under royalty financing transaction	(4,885)	(1,191)
Tax paid	(304)	0
Net cash used in operating activities	(14,771)	(33,882)
Cash used in investing activities
Payment for purchase of property, plant and equipment	(996)	(229)
Payment for purchase of intangible assets	(20)	(889)
Payment for deposits	0	(330)
Net cash used in investing activities	(1,016)	(1,448)
Cash provided by (used in) financing activities
Principal portion of lease obligation payments	(196)	(258)
Net cash provided by (used in) financing activities	(196)	(258)
Net decrease in cash and cash equivalents	(15,983)	(35,588)
Exchange losses on cash and cash equivalents	89	(82)
Cash and cash equivalents at beginning of the period	326,441	466,544
Cash and cash equivalents at end of the period	310,547	430,874
Supplemental Non-Cash Investing Information
Capital expenditures and intangible asset acquisitions recorded in Accounts payable	$ 411	$ 0

Corporate information

Corporate information	3 Months Ended
	Mar. 31, 2023
Corporate Information And Statement Of IFRS Compliance [Abstract]
Corporate information	Corporate information ADC Therapeutics SA (the “Company” or “ADCT”) was incorporated on June 6, 2011 under the laws of Switzerland. The registered office of the Company is located at Route de la Corniche 3B, 1066 Epalinges, Switzerland. The Company controls three wholly-owned subsidiaries: ADC Therapeutics America, Inc. (“ADCT America”), which was incorporated in Delaware, USA on December 10, 2014, ADC Therapeutics (UK) Ltd (“ADCT UK”), which was incorporated in England on December 12, 2014 and ADC Therapeutics (NL) B.V. which was incorporated in the Netherlands on February 25, 2022. The Company and its three subsidiaries form the ADCT Group (the “Group”). The Group is focused on the development and commercialization of antibody drug conjugates (“ADCs”), including research, development, human clinical trials, regulatory approval and commercialization. On April 23, 2021, the U.S. Food and Drug Administration (“FDA”) approved ZYNLONTA for the treatment of relapsed or refractory diffuse large B-cell lymphoma (“DLBCL”) and the Company commenced recognizing revenue upon the sale of ZYNLONTA during the second quarter of 2021. ADCs are drug constructs which combine monoclonal antibodies specific to particular types of cells with cytotoxic molecules or warheads which seek to kill cancer cells to which the ADC attaches. ADCs have extensive potential therapeutic applications in cancer. These unaudited condensed consolidated interim financial statements were authorized for issue by the Board of Directors on May 9, 2023. Going concern basis ADCT is a commercial-stage company developing innovative therapeutics. The Group is exposed to all risks inherent in establishing and developing its business, including the substantial uncertainty that current projects will succeed. The Group’s success may also depend on its ability to: • establish and maintain a strong patent position and protection; • develop, gain regulatory approval and commercialize drug products; • enter into collaborations with partners in the pharmaceutical industry; • acquire and retain key personnel; and • acquire additional funding to support its operations. Since its incorporation, the Group has primarily funded its growth through capital increases and additional funds provided by research collaborations, license agreements, the issuance of the Company’s common shares, the issuance of convertible loans, the issuance of term loans and proceeds from a royalty purchase agreement. The Group does not have recourse to bank loans. As a result, the Group is not exposed to liquidity risk through requests for early repayment of loans, other than, pursuant to the senior secured term loan facility, it must maintain a balance of at least USD 60.0 million in cash and cash equivalents plus any accounts payable that are greater than ninety days old at the end of each quarter. As of March 31, 2023, the Group’s cash and cash equivalents amounted to USD 310.5 million (December 31, 2022: USD 326.4 million). Management believes that the Group has sufficient resources to meet its financial obligations for at least the next 12 months from the date of issuance of these unaudited condensed consolidated interim financial statements and, as a result, is presenting these unaudited condensed consolidated interim financial statements of the Group on a going concern basis.

Basis of preparation

Basis of preparation	3 Months Ended
	Mar. 31, 2023
Corporate Information And Statement Of IFRS Compliance [Abstract]
Basis of preparation	Basis of preparation Statement of Compliance These unaudited condensed consolidated interim financial statements as of and for the three months ended March 31, 2023 have been prepared in accordance with International Accounting Standard 34 Interim Financial Reporting (“IAS 34”) and should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31, 2022. Functional and reporting currency These unaudited condensed consolidated interim financial statements are presented in United States Dollars (“USD” or “$”), which is the Company’s functional currency and the Group’s reporting currency. A subsidiary of the Company, ADCT UK, has a functional currency of the British Pound (“GBP”). The following exchange rates have been used for the translation of the financial statements of ADCT UK: Three Months Ended March 31, 2023 2022 USD / GBP Closing rate, GBP 1 1.23681 1.31336 Weighted average exchange rate, GBP 1 1.23708 1.34361 Basis of Consolidation The unaudited condensed consolidated interim financial statements incorporate the financial statements of the Company and entities controlled by the Company which are the same as those contained in the audited consolidated financial statements as of and for the year ended December 31, 2022. Use of estimates and judgements The preparation of the unaudited condensed consolidated interim financial statements in conformity with IAS 34 requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. Estimates are based on management’s knowledge of current events and actions that the Company may undertake in the future. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. In preparing these unaudited condensed consolidated interim financial statements, the significant judgements made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty included those that applied to the consolidated financial statements for the year ended December 31, 2022. There have been no material changes to the use of estimates and judgements other than those described in note 3, "Significant accounting policies."

Significant accounting policies

Significant accounting policies	3 Months Ended
	Mar. 31, 2023
Accounting Policies, Changes in Accounting Estimates And Errors [Abstract]
Significant accounting policies	Significant accounting policies The accounting policies applied by the Company in these unaudited condensed consolidated interim financial statements are the same as those applied by the Company in its audited consolidated financial statements as of and for the year ended December 31, 2022 and have been applied consistently to all periods presented in these unaudited condensed consolidated interim financial statements, except for the following: Revenue Recognition Product Revenue The Company generates revenue from sales of ZYNLONTA in the U.S. for the treatment of relapsed or refractory DLBCL, which was approved by the FDA on April 23, 2021 and launched shortly thereafter. Revenue is recognized when control is transferred to the customer at the net selling price, which includes reductions for gross-to-net (“GTN”) sales adjustments such as government rebates, chargebacks, distributor service fees, other rebates and administrative fees, sales returns and allowances and sales discounts. On November 15, 2021, the Infrastructure Investment and Jobs Act was enacted, which added a requirement for manufacturers of certain single-source drugs (including biologics and biosimilars) separately paid for under Medicare Part B for at least 18 months and marketed in single-dose containers or packages (known as refundable single-dose container or single-use package drugs) to provide annual refunds if those portions of the dispensed drug that are unused and discarded exceed an applicable percentage defined by statute or regulation. The Centers for Medicare & Medicaid Services (the “CMS”) finalized regulations to implement this section on November 18, 2022, and the provision went into effect on January 1, 2023. The Company has accounted for this annual refund (“discarded drug rebate”) as a GTN sales adjustment beginning in the first quarter of 2023. The discarded drug rebate will involve significant estimates and judgment after considering factors including legal interpretations of applicable laws and regulations, historical experience with discarded volumes and processing time lags. The Company will use information from external sources to identify the Company’s discarded volumes and estimate the discarded drug rebate. The Company’s estimates are subject to inherent limitations of estimates that rely on third-party information and reflect other limitations including lags between the date as of which third-party information is generated and the date on which the Company receives third-party information. Estimates for the discarded drug rebate will be assessed each period and adjusted as required to revise information or actual experience. New and amended IFRS standards There are no new IFRS standards, amendments to standards or interpretations that are mandatory for the financial year beginning on January 1, 2023, that are relevant to the Group. New standards, amendments to standards and interpretations that are not yet effective, which have been deemed by the Group as currently not relevant, are not listed here.

Financial risk management

Financial risk management	3 Months Ended
	Mar. 31, 2023
Financial Instruments [Abstract]
Financial risk management	Financial risk management 4.1 Financial risk factors The Group’s activities are exposed to a variety of financial risks: market risk (including changes in the Company’s share price, exposure to fluctuation in currency exchange rates and exposure to interest rate movements), credit risk and liquidity risk. The unaudited condensed consolidated interim financial statements do not include all financial risk management information and disclosures required in the annual financial statements, and should be read in conjunction with the Group’s consolidated financial statements as of December 31, 2022. In relation to the royalty purchase agreement with entities managed by Healthcare Royalty Management, LLC ("HCR"), the Company is obligated to pay interest in the form of royalties in connection with certain net sales and licensing revenue. As the effective interest rate ("EIR") on the deferred royalty obligation does not depend on market performance, the exposure to interest rate and market risk is deemed low. See note 17, “Deferred royalty obligation” for further information. In regards to the senior secured term loans, the interest rate is variable and dependent upon market factors. The Company will update the EIR at the end of each reporting period for changes in the rate. See note 13, "Senior secured term loan facility and warrants" for further information. A hypothetical 100 basis point increase (decrease) in the interest rate as of March 31, 2023 would have increased (decreased) the effective interest expense associated with the Company's senior secured term loan facility by KUSD 676 and (KUSD 676), respectively. There have been no other material changes in financial risk management since December 31, 2022. 4.2 Fair value estimation As of March 31, 2023, the carrying amount is a reasonable approximation of fair value for the following financial assets and liabilities: • Cash and cash equivalents • Trade accounts receivable; and • Trade accounts payable In the three months ended March 31, 2023, there were no significant changes in the business or economic circumstances that affected the fair value of the Group’s financial assets and financial liabilities. Fair values must be estimated at the end of each reporting period with regard to the senior secured term loan warrant obligation and the Deerfield warrants. The approach to valuation follows the grant date fair value principle, and the key input factors are described for the senior secured term loan facility warrant obligation in note 13, "Senior secured term loan facility and warrants" and for the Deerfield warrants in note 15, "Deerfield warrants." Commonly accepted pricing models (Black-Scholes) have been used to calculate the fair values. The valuation of the senior secured term loan facility warrant obligation and Deerfield warrants are classified as pertaining to Level 2 of the valuation hierarchy. The convertible loan derivatives previously were classified as pertaining to Level 3 of the valuation hierarchy and were extinguished on August 15, 2022. See note 14, "Convertible loans" for further information. The Company no longer has any inputs pertaining to level 3 of the valuation hierarchy set out below. The different levels of the valuation hierarchy have been defined as follows: (a) Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities; (b) Level 2: inputs other than quoted prices that are observable for the asset or liability, either directly (for example, as prices) or indirectly (for example, derived from prices); (c) Level 3: inputs for the asset or liability that are not based on observable market data. There were no transfers between the respective levels during the period.

Product revenues, net

Product revenues, net	3 Months Ended
	Mar. 31, 2023
Revenue From Contracts With Customers [Abstract]
Product revenue, net	Revenue recognition The table below provides a disaggregation of revenues by type of service and customer location for the three months ended March 31, 2023 and March 31, 2022. Three months ended March 31, (in KUSD) 2023 2022 Types of goods and services Product revenue, net 18,953 16,498 License revenues — 30,000 Royalties 39 — Total revenue 18,992 46,498 Customer Location U.S. 18,953 16,498 EMEA (1) 39 — Japan — 30,000 Total revenue 18,992 46,498 (1) Europe, the Middle East and Africa Product revenue, net Product revenues, net from sales of ZYNLONTA were KUSD 18,953 and KUSD 16,498 for the three months ended March 31, 2023 and 2022, respectively. The Company records its best estimate of GTN sales adjustments to which customers are likely to be entitled. The table below provides a rollforward of the Company’s accruals related to the GTN sales adjustments for the three months ended March 31, 2023 and March 31, 2022. Three months ended March 31, (in KUSD) 2023 2022 Beginning balance 3,746 2,590 GTN sales adjustments for current period sales 5,616 3,491 GTN sales adjustments for prior period sales (648) (192) Credits, payments and reclassifications to Accounts payable (4,352) (1,763) Ending balance as of March 31, 4,362 4,126 The table below provides the classification of the accruals related to the GTN sales adjustment included in the Company’s unaudited condensed consolidated interim balance sheet as of March 31, 2023 and December 31, 2022. (in KUSD) As of March 31, 2023 As of December 31, 2022 Accounts receivable, net 1,688 2,151 Other current liabilities 2,674 1,595 4,362 3,746 License revenues and royalties On January 18, 2022, the Company entered into an exclusive license agreement with MTPC for the development and commercialization of ZYNLONTA for all hematologic and solid tumor indications in Japan. Under the terms of the agreement, the Company received an upfront payment of USD 30 million and may receive up to an additional USD 205 million in milestones if certain development and commercial events are achieved. The Company will also be entitled to receive royalties ranging in percentage from the high teens to the low twenties based on net sales of ZYNLONTA in Japan. MTPC will conduct clinical studies of ZYNLONTA in Japan and will have the right to participate in any global clinical studies by bearing a portion of the study costs. In addition, the Company will supply ZYNLONTA to MTPC for its drug development and commercialization under a supply agreement. On July 8, 2022, the Company entered into exclusive license agreement with Sobi for the development and commercialization of ZYNLONTA for all hematologic and solid tumor indications outside of the U.S., greater China, Singapore and Japan. Under the terms of the agreement, the Company received an upfront payment of USD 55 million and is eligible to receive up to USD 382.5 million in regulatory and net sales-based milestones, of which USD 50 million in license revenue was recognized in December 2022 upon approval of a Marketing Authorisation Application by the European Commission for ZYNLONTA in third-line DLBCL and received in the first quarter of 2023. The Company will also receive royalties ranging in percentage from the mid-teens to the mid-twenties based on net sales of the product in Sobi’s licensed territories, subject to certain adjustments. The Company recognized a de minimus amount of revenue attributable to royalties in the Sobi licensed territories during the three months ended March 31, 2023.

Segment information

Segment information	3 Months Ended
	Mar. 31, 2023
Operating Segments [Abstract]
Segment information	Segment informationThe Company is managed and operated as one business. A single management team that reports to the chief executive officer comprehensively manages the entire business. Accordingly, the Company views its business and manages its operations as one operating segment.

Operating expense

Operating expense	3 Months Ended
	Mar. 31, 2023
Analysis of income and expense [abstract]
Operating expense	Operating expense The following table provides the unaudited condensed consolidated interim statement of operations classification of the Company's total operating expense: (in KUSD) Three months ended March 31, 2023 2022 Cost of product sales 590 529 R&D External costs (1) 21,654 29,168 Employee expenses (2) 17,826 19,784 R&D expense 39,480 48,952 S&M External costs (3) 7,360 8,911 Employee expenses (2) 7,991 9,459 S&M expense 15,351 18,370 G&A External costs (1) 4,538 7,639 Employee expenses (2) 10,605 11,372 G&A expense 15,143 19,011 Total operating expense 70,564 86,862 (1) Includes depreciation expense (2) Includes share-based compensation expense (3) Includes depreciation expense for Property, plant and equipment for the three months ended March 31, 2023 and 2022. R&D external costs decreased as a result of carefully weighing Cami against the rest of the Company's portfolio in terms of resource allocation, and deciding not to proceed on our own and to seek a partner to continue developing this program within this high unmet need patient segment. The Company also had lower clinical trial costs for closed studies LOTIS 3, LOTIS 6 and LOTIS 8, as well as lower manufacturing expenses related to IND-enabling work for ADCT 212. The decrease in external costs was partially offset by an increase in clinical trial costs for LOTIS 5, LOTIS 10 and LOTIS 9, as well as an increase in chemistry, manufacturing and controls expenses, as those studies progressed. Employee expense decreased for the three months ended March 31, 2023 primarily due to lower share-based compensation expense. The decrease in S&M expenses in the three months ended March 31, 2023 was primarily due to lower spend on marketing, analytics and expenses in the European Union relating to the commercial launch of ZYNLONTA of USD 1.7 million, as well as lower share-based compensation expense of USD 1.3 million due to fluctuations in our share price.

Cash and cash equivalents

Cash and cash equivalents	3 Months Ended
	Mar. 31, 2023
Cash and cash equivalents [abstract]
Cash and cash equivalents	Cash and cash equivalents

Inventories

Inventories	3 Months Ended
	Mar. 31, 2023
Inventory [Abstract]
Disclosure of inventories [text block]	Inventory Inventory as of March 31, 2023 and December 31, 2022 consisted of the following: (in KUSD) As of March 31, 2023 As of December 31, 2022 Work in process 17,961 18,165 Finished goods 289 399 Total inventory 18,250 18,564

Intangible assets

Intangible assets	3 Months Ended
	Mar. 31, 2023
Intangible Assets [Abstract]
Intangible assets	Intangible assets During the three months ended March 31, 2023, the Company did not capitalize any license fees as intangible assets. During the three months ended March 31, 2022, the Company capitalized: • KUSD 195 paid upon the successful completion of in-vivo efficacy studies related to a license with a third party to use their specific binding proteins in the development, manufacturing and commercialization of products. The amount was capitalized as an indefinite-lived intangible asset. During the three months ended March 31, 2023, the Company decided to terminate a program. Consequently, impairment charges of KUSD 743 (corresponding to the entire carrying amount of the capitalized licenses) was recognized and charged to R&D expenses in the unaudited condensed consolidated interim statement of operations. No impairment losses were recognized during the three months ended March 31, 2022. The Company performs an assessment at the end of each period to determine whether there is any indication that an intangible asset may be impaired. The Company identified one indicator of impairment during the three months ended March 31, 2023. The Company evaluated further and concluded there were no impairments, other than the terminated program. The table below provides a rollforward of the Company’s intangible assets as of March 31, 2023 and 2022. (in KUSD) Indefinite lived Definite lived Cost Licenses Internal development costs Internal development costs Licenses Software Total January 1, 2023 13,680 — 954 1,052 278 15,964 Additions — — — — 20 20 Exchange differences — — — — 3 3 March 31, 2023 13,680 — 954 1,052 301 15,987 Accumulated Amortization January 1, 2023 (1,295) — — (125) (184) (1,604) Amortization charge — — (19) (19) (14) (52) Impairment charge (743) — — — — (743) Exchange differences — — — (2) (2) March 31, 2023 (2,038) — (19) (144) (200) (2,401) Net book amount as of March 31, 2023 11,642 — 935 908 101 13,586 Cost January 1, 2022 12,985 631 — 1,052 176 14,844 Additions 195 82 — — 19 296 Exchange differences — — — — (1) (1) March 31, 2022 13,180 713 — 1,052 194 15,139 Accumulated Amortization January 1, 2022 (1,069) — — (50) (143) (1,262) Amortization charge — — — (19) (7) (26) March 31, 2022 (1,069) — — (69) (150) (1,288) Net book amount as of March 31, 2022 12,111 713 — 983 44 13,851

Non-operating income

Non-operating income	3 Months Ended
	Mar. 31, 2023
Analysis of income and expense [abstract]
Non-operating income	Non-operating (expense) income Three months ended March 31, (in KUSD) Note 2023 2022 Convertible loans, derivatives, change in fair value income 14 — 15,855 Deerfield warrant obligation, change in fair value income 15 616 — Senior secured term loan facility, warrants, change in fair value income 13 656 — Share of results with joint venture 11 (1,363) (2,502) Exchange differences (loss) gain (52) 81 R&D tax credit 140 8 Non-operating (expense) income (3) 13,442 Convertible loans, derivatives, change in fair value income Changes in derivative fair values are explained in note 14, “Convertible loans.” Pursuant to the Facility Agreement with Deerfield, the Company drew down the Deerfield First Tranche of the convertible loans amounting to USD 65.0 million on May 19, 2020. Additionally, in connection with the FDA approval of ZYNLONTA, the Company drew down the Deerfield Second Tranche of convertible loans amounting to USD 50.0 million on May 17, 2021. On August 15, 2022, pursuant to the exchange agreement with Deerfield, Deerfield exchanged USD 115.0 million aggregate principal amount of the Company's senior secured convertible notes for warrants to purchase an aggregate of 4,412,840 common shares, an aggregate of 2,390,297 common shares and cash equal to USD 117.3 million. Deerfield warrant obligation, change in fair value income Pursuant to an exchange agreement with Deerfield entered into on August 15, 2022, the Company issued warrants to purchase an aggregate of 4,412,840 common shares. The Deerfield warrant obligation has been recorded at its initial fair value and is remeasured to fair value at the end of each reporting period. Changes in fair value of the Deerfield warrant obligation are explained in note 15, "Deerfield warrants." Senior secured term loan facility, warrants, change in fair value income The Company has accounted for the First Tranche of the senior secured term loan and warrants as one hybrid financial instrument, with the USD 120 million proceeds separated into two components: a warrant obligation and a loan. The warrant obligation has been recorded at its initial fair value and is remeasured to fair value at the end of each reporting period. Changes in fair value of the warrant obligation are explained in note 13, "Senior secured term loan facility and warrants." Share of results with joint venture In connection with the formation of Overland ADCT BioPharma in December 2020, the Company recorded its proportionate share of Overland ADCT BioPharma’s comprehensive loss. See note 11, “Interest in joint venture.” Exchange differences (loss) gain Also included in non-operating (expense) income are favorable or unfavorable Exchange differences. The Company is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to British pounds, Euros and Swiss francs. Exchange differences represent gain or (loss) based on favorable or unfavorable changes in foreign currencies. R&D tax credit The Company recognizes as income (expense) amounts received and receivable by its subsidiary, ADCT UK, under the United Kingdom’s R&D Expenditure Credit scheme (“UK R&D Credit Scheme”). The grants represent 13% and 12% of eligible expenditures for the three months ended March 31, 2023 and March 31, 2022, respectively. The claims are payable through the tax system, as a refund of corporation tax or of other taxes, including income tax and social security payments deducted at source from qualifying (research) employees’ payroll and VAT. The relevant amounts have been therefore presented net in the balance sheet. As the credit is independent of ADCT UK’s taxable profit, is clearly designed to incentivize companies to invest in R&D activities and is itself taxable income, the Group has recognized the income as government grants within non-operating (expense) income and not as a credit to income tax expense.

Interest in joint venture

Interest in joint venture	3 Months Ended
	Mar. 31, 2023
Interests In Other Entities [Abstract]
Interest in joint venture	The Company is invested in a joint venture company, Overland ADCT BioPharma, with Overland Pharmaceuticals (“Overland”), to develop and commercialize one of the Company’s ADC products, ZYNLONTA, and three of the Company’s ADC product candidates, ADCT-601, ADCT-602 and ADCT-901, in greater China and Singapore. The table below provides a rollforward of the Company’s interest in Overland ADCT BioPharma as of March 31, 2023 and 2022, respectively. (in KUSD) Interest in joint venture January 1, 2023 31,152 Share of comprehensive loss in joint venture (1,619) March 31, 2023 29,533 January 1, 2022 41,236 Share of comprehensive loss in joint venture (2,502) March 31, 2022 38,734 As of March 31, 2023, the deferred gain of USD 23.5 million arising from the Company’s contribution for its equity investment in the joint venture remained unchanged from December 31, 2022. The Company’s carrying value of its investment in a joint venture increases or decreases in relation to the Company’s proportionate share of comprehensive income or loss of the joint venture. When the Company’s share of losses of a joint venture exceeds the Company’s interest in that joint venture less the carrying value of the deferred gain described above, the Company ceases to recognize its share of further losses. Additional losses are recognized only to the extent that the Company has incurred legal or constructive obligations or made payments on behalf of the joint venture. The tables below provide summarized financial information for Overland ADCT BioPharma that is material to the Company. The following information reflects the amounts presented in the financial statements of Overland ADCT BioPharma and not the Company’s share of those amounts. (in KUSD) As of Summarized Balance Sheet March 31, 2023 December 31, 2022 Cash and cash equivalents 14,977 19,261 Prepaid and other current assets 79 2 Intangible assets 48,039 49,249 Total liabilities (2,408) (3,062) Net assets 60,687 65,450 Summarized Statement of Comprehensive Loss Three months ended March 31, 2023 2022 Operating expenses 3,653 4,791 Other expense (income) 274 (42) Net loss 3,927 4,749

Leases

Leases	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Leases	Leases The table below provides a rollforward of the Company's right-of-use assets as of March 31, 2023 and 2022, respectively. (in KUSD) Right-of-Use Assets Properties (Offices) Vehicles Total Cost January 1, 2023 9,311 134 9,445 Additions 4,818 — 4,818 Exchange difference 104 — 104 March 31, 2023 14,233 134 14,367 Accumulated depreciation January 1, 2023 (2,642) (83) (2,725) Depreciation charge (385) (8) (393) Exchange difference (25) — (25) March 31, 2023 (3,052) (91) (3,143) Net book amount as of March 31, 2023 11,181 43 11,224 Cost January 1, 2022 9,005 134 9,139 Exchange difference (145) — (145) March 31, 2022 8,860 134 8,994 Accumulated depreciation January 1, 2022 (1,925) (50) (1,975) Depreciation charge (299) (8) (307) Exchange difference 14 — 14 March 31, 2022 (2,210) (58) (2,268) Net book amount as of March 31, 2022 6,650 76 6,726 On January 30, 2023, the Company expanded the square footage of its existing lease related to its U.K. office. The lease commenced on January 30, 2023 and expires on January 27, 2031, and includes an option to terminate early on January 26, 2026. The Company is reasonably certain it will not terminate the lease early and therefore will account for the lease using an eight-year lease term. Total rent payments including service charges through January 27, 2031 are USD 7.6 million. Depreciation of right-of-use assets have been charged to the following categories in the unaudited condensed consolidated interim statement of operations. Depreciation expense for S&M expenses was not material for any of the periods presented. Three months ended March 31, (in KUSD) 2023 2022 R&D expenses 331 245 G&A expenses 62 62 393 307 The table below provides a rollforward of the Company's lease liabilities as of March 31, 2023 and 2022, respectively. (in KUSD) Lease liabilities Properties (Offices) Vehicles Total January 1, 2023 7,607 54 7,661 Additions 4,818 — 4,818 Cash outflow (including interest) (313) (9) (322) Interest 126 — 126 Exchange difference 109 10 119 March 31, 2023 12,347 55 12,402 January 1, 2022 7,898 125 8,023 Cash outflow (including interest) (301) (9) (310) Interest 51 1 52 Exchange difference (134) (36) (170) March 31, 2022 7,514 81 7,595 March 31, 2023 Lease liabilities (short-term) 1,411 36 1,447 Lease liabilities (long-term) 10,936 19 10,955 Total lease liabilities 12,347 55 12,402 March 31, 2022 Lease liabilities (short-term) 946 35 981 Lease liabilities (long-term) 6,568 46 6,614 Total lease liabilities 7,514 81 7,595

Senior secured term loan facili

Senior secured term loan facility and warrants	3 Months Ended
	Mar. 31, 2023
Financial Instruments [Abstract]
Convertible loans	Senior secured term loan facility and warrants Oak Tree and Owl Rock Warrant Obligations During the three months ended March 31, 2023, the Company recognized income of KUSD 656 as a result of changes in the fair value of the warrant obligations. The fair value of the warrant obligations as of March 31, 2023 and December 31, 2022 was KUSD 339 and KUSD 995, respectively. The decrease in fair value of the warrant obligation from December 31, 2022 to March 31, 2023 was primarily due to the decrease in the fair value of the underlying shares during that period, which was recorded directly to Non-operating (expense) income in the unaudited condensed consolidated interim statement of operations. See note 8, "Non-operating (expense) income" for further information. The Company used an independent valuation firm to assist in calculating the fair value of the warrant obligations, using the Black-Scholes option-pricing model. Key inputs for the valuation of the warrant obligations as of March 31, 2023 were as follows: As of As of March 31, 2023 December 31, 2022 Exercise price in USD 8.30 8.30 Share price in USD 1.95 3.84 Risk-free interest rate 3.7 % 4.0 % Expected volatility 80 % 80 % Expected term (months) 52.5 months 55.5 months Dividend yield — — Black-Scholes value in USD 0.64 1.89 Senior Secured Term Loan For the three months ended March 31, 2023, the Company recorded interest expense on the senior secured term loan in the amount of KUSD 4,540 which was recorded in Financial expense in the unaudited condensed consolidated interim statement of operations. The EIR at March 31, 2023 was 16.44%. The carrying value of the senior secured term loan was USD 110.5 million as of March 31, 2023, of which USD 13.5 million and USD 97.0 million represented the short-term and long-term portion of the liability, respectively. Pursuant to this Loan Agreement, the Company is subject to a covenant that requires it to maintain a balance at the end of each quarter of at least USD 60.0 million in cash and cash equivalents that are included on the unaudited condensed consolidated interim balance sheet plus an amount equal to any accounts payable that remain unpaid more than ninety days after the date of the original invoice. As of March 31, 2023, the Company was in compliance with this covenant. On April 24, 2020, the Company entered into a USD 115.0 million Facility Agreement with Deerfield, pursuant to which Deerfield extended a tranche of USD 65.0 million of convertible loans on May 19, 2020 upon completion of the Company’s initial public offering (the “Deerfield First Tranche”) and a tranche of USD 50.0 million of convertible loans on May 17, 2021 after the receipt of regulatory approval for ZYNLONTA (the “Deerfield Second Tranche”). On August 15, 2022, pursuant to an exchange agreement with Deerfield, Deerfield exchanged USD 115.0 million aggregate principal amount of the Company's senior secured convertible notes for warrants to purchase an aggregate of 4,412,840 common shares, an aggregate of 2,390,297 common shares and cash equal to USD 117.3 million. As a result of the exchange agreement on August 15, 2022, the Company recognized a loss on extinguishment of USD 42.1 million, which primarily consists of the difference between the aggregate principal amount and carrying value of the convertible loans, exit fee, as well as the unpaid interest payments through the maturity date. Embedded conversion option derivatives Prior to the exchange, the Company accounted for the Facility agreement as a loan and embedded conversion option features. The embedded conversion option derivative was marked-to-market while the loan was measured at its amortized cost on a quarterly basis. The following table summarizes the changes in fair value income of the embedded conversion option derivatives during the three months ended March 31, 2022: Three months ended March 31, (in KUSD) 2022 Deerfield First Tranche 9,518 Deerfield Second Tranche - after FDA approval 6,337 Total 15,855 The decrease in fair value of the embedded derivatives was primarily due to a decrease in the fair value of the underlying shares during the three months ended March 31, 2022. These amounts were charged directly to the unaudited condensed consolidated interim statements of operations. See note 8, “Non-operating (expense) income” for further information. The Company used an independent valuation firm to assist in calculating the fair value of the Deerfield First Tranche and Deerfield Second Tranche of the embedded conversion option derivatives, which is based on the mean of values derived from application of the Hull and Goldman Sachs convertible bond pricing models. Key inputs for the valuations as of March 31, 2022 was as follows: Deerfield First Tranche As of March 31, 2022 Exercise price at 130% of the IPO price of 19.00, in USD 24.70 Forced conversion price, in USD 67.93 Share price in USD 14.69 Risk-free interest rate 2.4 % Expected volatility 76 % Expected term (months) 37.0 months Dividend yield — Recovery rate 5 % Implied bond yield 10.3 % Deerfield Second Tranche As of March 31, 2022 Exercise price in USD 28.07 Forced conversion price, in USD 77.19 Share price in USD 14.69 Risk-free interest rate 2.4 % Expected volatility 76 % Expected term (months) 37.0 months Dividend yield — Recovery rate 5 % Implied bond yield 10.3 % Residual convertible loan The following table summarizes the interest expense recorded on the convertible loan for the three months ended March 31, 2022: Three months ended March 31, (in KUSD) 2022 Deerfield First Tranche 2,219 Deerfield Second Tranche 803 Total 3,022

Convertible loans

Convertible loans	3 Months Ended
	Mar. 31, 2023
Financial Instruments [Abstract]
Convertible loans	Senior secured term loan facility and warrants Oak Tree and Owl Rock Warrant Obligations During the three months ended March 31, 2023, the Company recognized income of KUSD 656 as a result of changes in the fair value of the warrant obligations. The fair value of the warrant obligations as of March 31, 2023 and December 31, 2022 was KUSD 339 and KUSD 995, respectively. The decrease in fair value of the warrant obligation from December 31, 2022 to March 31, 2023 was primarily due to the decrease in the fair value of the underlying shares during that period, which was recorded directly to Non-operating (expense) income in the unaudited condensed consolidated interim statement of operations. See note 8, "Non-operating (expense) income" for further information. The Company used an independent valuation firm to assist in calculating the fair value of the warrant obligations, using the Black-Scholes option-pricing model. Key inputs for the valuation of the warrant obligations as of March 31, 2023 were as follows: As of As of March 31, 2023 December 31, 2022 Exercise price in USD 8.30 8.30 Share price in USD 1.95 3.84 Risk-free interest rate 3.7 % 4.0 % Expected volatility 80 % 80 % Expected term (months) 52.5 months 55.5 months Dividend yield — — Black-Scholes value in USD 0.64 1.89 Senior Secured Term Loan For the three months ended March 31, 2023, the Company recorded interest expense on the senior secured term loan in the amount of KUSD 4,540 which was recorded in Financial expense in the unaudited condensed consolidated interim statement of operations. The EIR at March 31, 2023 was 16.44%. The carrying value of the senior secured term loan was USD 110.5 million as of March 31, 2023, of which USD 13.5 million and USD 97.0 million represented the short-term and long-term portion of the liability, respectively. Pursuant to this Loan Agreement, the Company is subject to a covenant that requires it to maintain a balance at the end of each quarter of at least USD 60.0 million in cash and cash equivalents that are included on the unaudited condensed consolidated interim balance sheet plus an amount equal to any accounts payable that remain unpaid more than ninety days after the date of the original invoice. As of March 31, 2023, the Company was in compliance with this covenant. On April 24, 2020, the Company entered into a USD 115.0 million Facility Agreement with Deerfield, pursuant to which Deerfield extended a tranche of USD 65.0 million of convertible loans on May 19, 2020 upon completion of the Company’s initial public offering (the “Deerfield First Tranche”) and a tranche of USD 50.0 million of convertible loans on May 17, 2021 after the receipt of regulatory approval for ZYNLONTA (the “Deerfield Second Tranche”). On August 15, 2022, pursuant to an exchange agreement with Deerfield, Deerfield exchanged USD 115.0 million aggregate principal amount of the Company's senior secured convertible notes for warrants to purchase an aggregate of 4,412,840 common shares, an aggregate of 2,390,297 common shares and cash equal to USD 117.3 million. As a result of the exchange agreement on August 15, 2022, the Company recognized a loss on extinguishment of USD 42.1 million, which primarily consists of the difference between the aggregate principal amount and carrying value of the convertible loans, exit fee, as well as the unpaid interest payments through the maturity date. Embedded conversion option derivatives Prior to the exchange, the Company accounted for the Facility agreement as a loan and embedded conversion option features. The embedded conversion option derivative was marked-to-market while the loan was measured at its amortized cost on a quarterly basis. The following table summarizes the changes in fair value income of the embedded conversion option derivatives during the three months ended March 31, 2022: Three months ended March 31, (in KUSD) 2022 Deerfield First Tranche 9,518 Deerfield Second Tranche - after FDA approval 6,337 Total 15,855 The decrease in fair value of the embedded derivatives was primarily due to a decrease in the fair value of the underlying shares during the three months ended March 31, 2022. These amounts were charged directly to the unaudited condensed consolidated interim statements of operations. See note 8, “Non-operating (expense) income” for further information. The Company used an independent valuation firm to assist in calculating the fair value of the Deerfield First Tranche and Deerfield Second Tranche of the embedded conversion option derivatives, which is based on the mean of values derived from application of the Hull and Goldman Sachs convertible bond pricing models. Key inputs for the valuations as of March 31, 2022 was as follows: Deerfield First Tranche As of March 31, 2022 Exercise price at 130% of the IPO price of 19.00, in USD 24.70 Forced conversion price, in USD 67.93 Share price in USD 14.69 Risk-free interest rate 2.4 % Expected volatility 76 % Expected term (months) 37.0 months Dividend yield — Recovery rate 5 % Implied bond yield 10.3 % Deerfield Second Tranche As of March 31, 2022 Exercise price in USD 28.07 Forced conversion price, in USD 77.19 Share price in USD 14.69 Risk-free interest rate 2.4 % Expected volatility 76 % Expected term (months) 37.0 months Dividend yield — Recovery rate 5 % Implied bond yield 10.3 % Residual convertible loan The following table summarizes the interest expense recorded on the convertible loan for the three months ended March 31, 2022: Three months ended March 31, (in KUSD) 2022 Deerfield First Tranche 2,219 Deerfield Second Tranche 803 Total 3,022

Deerfield Warrants

Deerfield Warrants	3 Months Ended
	Mar. 31, 2023
Subclassifications of assets, liabilities and equities [abstract]
Deerfield Warrants	Deerfield warrants Pursuant to the exchange agreement with Deerfield entered into on August 15, 2022, the Company issued warrants to purchase an aggregate of 4,412,840 common shares. The warrants consist of warrants to purchase an aggregate of 2,631,578 common shares at an exercise price of USD 24.70 per share and warrants to purchase an aggregate of 1,781,262 common shares at an exercise price of USD 28.07 per share. Each warrant is exercisable, on a cash or a cashless basis, at the option of the holder, at any time on or prior to May 19, 2025. The warrants contain customary anti-dilution adjustments and entitle holders to receive any dividends or other distributions paid on the underlying common shares prior to their expiration on an as-exercised basis. Each holder also may require the Company to repurchase the warrants for their Black Scholes-based fair value in connection with certain transformative transactions or change of control of the Company that occur prior to their expiration. The terms of the warrants are reflective of the terms of the embedded conversion option features of the Deerfield Facility Agreement prior to the Exchange Agreement. As a result, the fair value of the warrants was determined to approximate the fair value of the existing embedded conversion option features immediately prior to the consummation of the Exchange Agreement. As such, the warrant obligation was recorded at an initial fair value of KUSD 12,297 on August 15, 2022. Subsequent to issuance, the warrant obligation will be remeasured to fair value at the end of each reporting period. During the three months ended March 31, 2023, the Company recognized income of KUSD 616 as a result of changes in the fair value of the warrant obligation. The fair value of the warrant obligation as of March 31, 2023 and December 31, 2022 was KUSD 177 and KUSD 793, respectively. The decrease in fair value of the warrant obligation from December 31, 2022 to March 31, 2023 was primarily due to the decrease in the fair value of the underlying shares during that period. These amounts were recorded to Non-operating (expense) income in the unaudited condensed consolidated interim statement of operations. See note 8, "Non-operating (expense) income" for further information. The Company used an independent valuation firm to assist in calculating the fair value of the Deerfield warrant obligation, using the Black-Scholes option-pricing model. Key inputs for the valuation of the warrant obligation as of March 31, 2023 were as follows: As of As of March 31, 2023 December 31, 2022 Exercise price in USD 24.70 and 28.07 24.70 and 28.07 Share price in USD 1.95 3.84 Risk-free interest rate 4.0 % 4.3 % Expected volatility 80 % 70 % Expected term (months) 25.7 months 28.7 months Dividend yield — — Black-Scholes value in USD 0.04 and 0.03 0.20 and 0.16

Equity

Equity	3 Months Ended
	Mar. 31, 2023
Share Capital, Reserves And Other Equity Interest [Abstract]
Equity	EquityOn August 15, 2022, the Company entered into a share purchase agreement with the Purchasers, pursuant to which, on September 6, 2022, the Company issued and sold to the purchasers an aggregate of 733,568 common shares at USD 8.52 per share. The shares were issued from the Company’s treasury shares at par value, which arose from the Share Subscription Agreement. See note 2, “Basis of Preparation." The transaction was recorded as a USD 6.1 million net increase to share premium for the issuance of the common shares, net of transaction costs accrued and paid, and an increase in cash and cash equivalents.The Company also recorded a USD 19.6 million non-cash net increase to share premium for the issuance of the 2,390,297 common shares to Deerfield in connection with the exchange of the senior secured convertible notes. The shares were issued from the Company’s treasury shares at par value, which arose from the Share Subscription Agreement. See note 15, “Convertible loans” and note 2, “Basis of Preparation” for further information on this transaction and Share Subscription Agreement, respectively.

Share-based compensation

Share-based compensation	3 Months Ended
	Mar. 31, 2023
Share-based Payment Arrangements [Abstract]
Share-based compensation	Share-based compensation Equity Incentive Plan 2019 In November 2019, the Company adopted the Equity Incentive Plan 2019. Under the Equity Incentive Plan 2019, the Company may at its discretion grant to plan participants, such as directors, certain employees and service providers, awards in the form of restricted shares and restricted share units (“RSUs”), share options, share appreciation rights, performance awards and other share-based awards. The Company has reserved 17,741,355 common shares for future issuance under the Equity Incentive Plan 2019 (including share-based equity awards granted to date less awards forfeited). As of March 31, 2023, the Company had 857,016 common shares available for the future issuance of share-based equity awards. On March 22, 2023, the Company issued its annual equity award, which was approved by the Compensation Committee of the Board of Directors and consisted of 2,026,341 share options and 538,175 RSUs. As of March 31, 2023, the Company has only granted share options, RSUs and performance awards under the Equity Incentive Plan 2019. As of March 31, 2023, the cumulative amount recorded as an increase to Other Reserves within equity in the unaudited condensed consolidated interim balance sheet of the Equity Incentive Plan 2019 was KUSD 153,079. The amount of expense for all awards recognized for services received during the three months ended March 31, 2023 and 2022 were KUSD 7,977 and KUSD 13,910, respectively. An amount of KUSD 512 was withheld for tax charges during the three months ended March 31, 2022. Share Options Pursuant to the Equity Incentive Plan 2019, the Company may grant share options to its directors, certain employees and service providers working for the benefit of the Company at the time. The exercise price per share option is set by the Company at the fair market value of the underlying common shares on the date of grant, as determined by the Company, which is generally the closing share price of the Company’s common shares traded on the NYSE. The awards generally vest 25% on the first anniversary of the date of grant, and thereafter evenly on a monthly basis over the subsequent three years. The contractual term of each share option award granted is ten years. Under the grant, the options may be settled only in common shares of the Company. Therefore, the grants of share options under the Equity Incentive Plan 2019 have been accounted for as equity-settled under IFRS 2. As such, the Company records a charge for the vested portion of award grants and for partially earned but non-vested portions of award grants. This results in a front-loaded charge to the Company’s unaudited condensed consolidated interim statement of operations and a corresponding increase to Other Reserves within equity on the unaudited condensed consolidated interim balance sheet. The expense recognized for services received during the three months ended March 31, 2023 and 2022 was KUSD 4,781 and KUSD 10,515, respectively. The following table summarizes the share option awards outstanding as of March 31, 2023: Average strike price per share in USD Number of awards Weighted average remaining life December 31, 2022 18.30 10,755,494 8.46 Granted 2.50 2,830,741 9.97 Forfeited 19.59 (467,579) N/A March 31, 2023 14.19 13,118,656 8.58 Awards outstanding as of March 31, 2023 and December 31, 2022, expire through 2033 and 2032, respectively. The options granted during 2023 include the Company’s annual equity award discussed above. The grant-date fair value of the options relating to the annual equity awards was USD 1.41 per share. As of March 31, 2023, 4,438,080 awards are vested and exercisable out of the total outstanding awards of 13,118,656 common shares. The weighted average strike price and weighted average remaining life for vested and exercisable awards is USD 24.74 and 7.25 years, respectively. The fair values of the options granted were determined on the date of the grant using the Black-Scholes option-pricing model. The Company used an independent valuation firm to assist in calculating the fair value of the award grants per participant. The fair values of the options granted during the three months ended March 31, 2023 and 2022 were determined on the date of the grant using the following assumptions: Three Months Ended Three Months Ended March 31, 2023 March 31, 2022 Share price, in USD 1.99 - 5.45 14.00 - 19.69 Strike price, in USD 1.99 - 5.45 14.00 - 19.69 Expected volatility, in % 75% to 80% 70% Award life, in years 6.08 6.08 Expected dividends — — Risk-free interest rate, in % 3.39% - 4.13% 1.46% - 1.73% The expected volatility was based on the Company’s historical volatility and selected volatility determined by median values observed among other comparable public companies. The award life is based on the time interval between the date of grant and the date during the ten-year life after which, when making the grant, the Company expected on average that participants would exercise their options. RSUs Pursuant to the Equity Incentive Plan 2019, the Company may grant RSUs to its directors, certain employees and service providers working for the benefit of the Company at the time. The awards generally vest annually over a period of three years commencing on the first anniversary of the date of grant. The RSUs may be settled only in common shares of the Company. Therefore, the grants of RSUs under the Equity Incentive Plan 2019 have been accounted for as equity-settled under IFRS 2. As such, the Company records a charge for the vested portion of award grants and for partially earned but non-vested portions of award grants. This results in a front-loaded charge to the Company’s unaudited condensed consolidated interim statement of operations and a corresponding increase to Other Reserves within equity on the unaudited condensed consolidated interim balance sheet. The expense recognized for services received during the three months ended March 31, 2023 and 2022 was KUSD 3,196 and KUSD 3,395, respectively. Number of awards Weighted average grant date fair value December 31, 2022 1,585,877 13.26 Granted 839,680 2.11 Vested (254,891) 19.52 Forfeited (60,444) 12.22 March 31, 2023 2,110,222 8.10 The RSUs granted during 2023 include the annual equity award discussed above which had a grant date fair value of USD 1.99. Share-based Compensation Reserves The movement in the Share-based Compensation Reserves (included in Other reserves within equity) is as follows: Three months ended (in KUSD) March 31, 2023 March 31, 2022 Equity Incentive Plan 2019 - Share Options 4,781 10,515 Equity Incentive Plan 2019 - RSUs 3,196 3,395 ESPP Expense 97 — Tax and social charge deductions - Incentive Plan 2019 — (512) Total 8,074 13,398

Related parties

Related parties	3 Months Ended
	Mar. 31, 2023
Related Party [Abstract]
Related parties	Related parties Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. The Company has identified the following related parties and related transactions. A.T. Holdings II Sàrl (“AT Holdings II”) is a shareholder in the Company. AT Holdings II is in turn ultimately wholly owned by Auven Therapeutics Holdings, L.P. (“ATH”), a limited partnership registered in the British Virgin Islands. ATH’s General Partner is Auven Therapeutics General L.P., which itself is a limited partnership whose General Partner is Auven Therapeutics GP Ltd. The manager of ATH is Auven Therapeutics Management L.L.L.P. (“ATM”). As a result, ATH is considered a related party. Based on the Company’s contribution and equity interest in Overland ADCT BioPharma, certain of the Company’s employees serve on its board of directors. As a result, Overland ADCT BioPharma is considered a related party. Services provided by the Company to related parties The Company provides certain administrative services to three subsidiaries of ATH and provides Overland ADCT BioPharma clinical supply for use in trials and supply for early access programs, the amounts of which have been deemed immaterial. As contemplated by the license agreement with Overland ADCT BioPharma, Overland ADCT BioPharma has elected to participate in certain of the Company’s global clinical trials, in exchange for which it reimburses the Company for a portion of the cost of those trials. Overland ADCT BioPharma also reimburses the Company for certain expenses in connection with technology transfer and assistance of clinical personnel. During the three months ended March 31, 2023, the Company incurred KUSD 1,066 of clinical trial and service costs to be reimbursed by Overland ADCT BioPharma, which is recorded as a reduction of R&D expenses in the Company’s unaudited condensed consolidated interim statement of operations (three months ended March 31, 2022: KUSD 320). Related party balances The Company had a related party receivable balance with Overland ADCT BioPharma of KUSD 1,066 and KUSD 805 as of March 31, 2023 and December 31, 2022, respectively. There was KUSD 20 in trade accounts payable with related parties as of December 31, 2022. There were no trade accounts payable with related parties as of March 31, 2023. Key management compensation The compensation of key management is shown below: Three months ended March 31, (in KUSD) 2023 2022 Salaries and other short-term employee costs 3,631 2,144 Pension costs 195 133 Share-based compensation expense 3,644 5,574 Other compensation 38 10 Total 7,508 7,861

Loss per share

Loss per share	3 Months Ended
	Mar. 31, 2023
Earnings per share [abstract]
Loss per share	Loss per share Three Months Ended March 31, (in KUSD, except per share amounts) 2023 2022 Loss attributable to owners (59,426) (16,661) Weighted average number of shares outstanding 80,805,770 76,821,726 Basic and diluted loss per share (0.74) (0.22) For the three months ended March 31, 2023 , basic and diluted loss per share are calculated on the weighted average number of shares issued and outstanding and exclude shares to be issued under the Equity Incentive Plan 2019, 2022 ESPP and the Company’s warrant agreements, as the effect of including those shares would be anti-dilutive. For the three months ended March 31, 2022, basic and diluted loss per share are calculated on the weighted average number of shares issued and outstanding and exclude shares to be issued under the 2019 Equity Incentive Plan and the conversion of the principal amount of the convertible loans into the Company’s common shares as the effect of including those shares would be anti-dilutive. See note 16, “Share-based compensation expense,” note 13, “Senior secured term loan facility and warrants,” note 15, “Deerfield warrants” and note 14, “Convertible loans” for further information. Potentially dilutive securities that were not included in the diluted per share calculations because the effect of including them would be anti-dilutive were as follows: Three Months Ended March 31, 2023 2022 Equity Incentive Plan 2019 - Share Options 13,118,656 7,179,859 Equity Incentive Plan 2019 - RSUs 2,110,222 793,791 Conversion of the principal amount of convertible loans into the Company’s common shares — 4,412,840 Outstanding warrants 4,940,135 — 20,169,013 12,386,490

Events after the reporting date

Events after the reporting date	3 Months Ended
	Mar. 31, 2023
Events After Reporting Period [Abstract]
Events after the reporting date	Events after the reporting date The Company has evaluated its subsequent events through May 9, 2023, the date the financial statements were available to be issued, and has concluded that there are no subsequent events requiring disclosure in the unaudited condensed consolidated interim financial statements, other than the item described below. On March 6, 2023, the Company commenced a tender offer with employees to exchange some or all of their eligible stock options based on a pre-determined exchange ratio for new options as detailed in our Schedule TO filed March 6, 2023 with the Securities and Exchange Commission (the “Exchange Offer”), to, among other things, further align employee incentives with the current market conditions. The Exchange Offer expired on April 3, 2023 and new options were granted on April 4, 2023. Employees holding stock options to purchase 2.2 million common shares, with exercise prices ranging from USD 8.12 per share to USD 48.77 per share, participated in the Exchange Offer, and 0.9 million new options were granted based on the exchange ratios set forth in the Exchange Offer. The new options have an exercise price of USD 2.06 per share, which is equal to the closing price of the Company’s common shares as reported on the NYSE on April 4, 2023. The new options include additional vesting conditions. Under IFRS 2, the incremental compensation expense of a modified award is measured as the excess of the fair value of each award of new options granted to participants in this Exchange Offer, measured as of the date the new options are granted, over the fair value of the eligible options replaced in exchange for the new options, measured immediately prior to the replacement. The Company utilized a binomial valuation model and determined there was no incremental share-based compensation expense associated with the new options granted under this Exchange Offer. The Company will continue to recognize share-based compensation expense equal to the grant date fair value of the exchanged options.

Deferred royalty obligation

Deferred royalty obligation	3 Months Ended
	Mar. 31, 2023
Deferred Royalty Obligation [Abstract]
Deferred royalty obligation	Deferred royalty obligation On August 25, 2021, the Company entered into a royalty purchase agreement with HCR for up to USD 325.0 million of which the Company received gross proceeds of USD 225.0 million during 2021 and is eligible to receive an additional USD 75.0 million upon the first commercial sale of ZYNLONTA in the United Kingdom or any European Union country. The table below provides a rollforward of the Company’s debt obligation relating to the royalty purchase agreement. (in KUSD) January 1, 2022 225,477 Less: royalty payments 10,998 Plus: interest expense 23,200 Less: cumulative catch-up adjustment, Financial income 15,402 December 31, 2022 222,277 Less: royalty payments 4,885 Plus: interest expense 5,746 Less: cumulative catch-up adjustment, Financial income 129 March 31, 2023 223,009 The Company recorded a liability relating to the initial gross proceeds received less transaction costs. The Company will record additional liabilities upon the receipt of eligible amounts when such contingent events occur. To determine the accretion of the liability related to the deferred royalty obligation, the Company is required to estimate the total amount of future royalty payments and estimated timing of such payment to HCR based on the Company's revenue projections. Based on the Company's initial revenue projections, the Company used an independent valuation firm to assist in determining the total amount of future royalty payments and estimated timing of such payment to HCR using an option pricing Monte Carlo simulation model. The amount ultimately received by the Company will be accreted to the total amount of the royalty payments necessary to extinguish the Company’s obligation under the agreement, which will be recorded as interest expense over the life of the royalty purchase agreement. The estimate of this total interest expense resulted in an EIR of 10%. As royalty payments are made to HCR, the balance of the debt obligation will be effectively repaid over the life of the royalty purchase agreement. Based on the Company's periodic review, the exact amount and timing of repayment is likely to be different each reporting period as compared to those estimated based on the Company's initial revenue projections. A significant increase or decrease in actual net sales of ZYNLONTA compared to the Company’s revenue projections, and regulatory approval and commercialization of Cami, as well as ZYNLONTA in other indications as well as licensing revenue could change the royalty rate and royalty cap due to HCR, which could materially impact the debt obligation as well as interest expense associated with the royalty purchase agreement. Also, the Company’s total obligation to HCR can vary depending on the achievement of the sales milestones as well as the timing of a change in control event. The Company will periodically assess the expected payments to HCR based on its underlying revenue projections and to the extent the amount or timing of such payments is materially different than its initial estimates it will record a cumulative catch-up adjustment. Under the cumulative catch-up method, the EIR is not revised when actual or estimated net sales differ from those estimated as of the inception of the debt obligation. Instead, the carrying amount of the debt obligation is adjusted to an amount equal to the present value of the estimated remaining future payments, discounted by using the original EIR, 10%, as of the date on which the estimate changes.
Schedule of borrowings	The following table summarizes the interest expense recorded on the convertible loan for the three months ended March 31, 2022: Three months ended March 31, (in KUSD) 2022 Deerfield First Tranche 2,219 Deerfield Second Tranche 803 Total 3,022 The table below provides a rollforward of the Company’s debt obligation relating to the royalty purchase agreement. (in KUSD) January 1, 2022 225,477 Less: royalty payments 10,998 Plus: interest expense 23,200 Less: cumulative catch-up adjustment, Financial income 15,402 December 31, 2022 222,277 Less: royalty payments 4,885 Plus: interest expense 5,746 Less: cumulative catch-up adjustment, Financial income 129 March 31, 2023 223,009

Significant accounting polici_2

Significant accounting policies (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies, Changes in Accounting Estimates And Errors [Abstract]
Statement of Compliance	Statement of Compliance These unaudited condensed consolidated interim financial statements as of and for the three months ended March 31, 2023 have been prepared in accordance with International Accounting Standard 34 Interim Financial Reporting (“IAS 34”) and should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31, 2022.
Functional and reporting currency	Functional and reporting currency These unaudited condensed consolidated interim financial statements are presented in United States Dollars (“USD” or “$”), which is the Company’s functional currency and the Group’s reporting currency.
Use of estimates and judgements	Use of estimates and judgements The preparation of the unaudited condensed consolidated interim financial statements in conformity with IAS 34 requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. Estimates are based on management’s knowledge of current events and actions that the Company may undertake in the future. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. In preparing these unaudited condensed consolidated interim financial statements, the significant judgements made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty included those that applied to the consolidated financial statements for the year ended December 31, 2022. There have been no material changes to the use of estimates and judgements other than those described in note 3, "Significant accounting policies."
Revenue Recognition	Revenue Recognition Product Revenue The Company generates revenue from sales of ZYNLONTA in the U.S. for the treatment of relapsed or refractory DLBCL, which was approved by the FDA on April 23, 2021 and launched shortly thereafter. Revenue is recognized when control is transferred to the customer at the net selling price, which includes reductions for gross-to-net (“GTN”) sales adjustments such as government rebates, chargebacks, distributor service fees, other rebates and administrative fees, sales returns and allowances and sales discounts. On November 15, 2021, the Infrastructure Investment and Jobs Act was enacted, which added a requirement for manufacturers of certain single-source drugs (including biologics and biosimilars) separately paid for under Medicare Part B for at least 18 months and marketed in single-dose containers or packages (known as refundable single-dose container or single-use package drugs) to provide annual refunds if those portions of the dispensed drug that are unused and discarded exceed an applicable percentage defined by statute or regulation. The Centers for Medicare & Medicaid Services (the “CMS”) finalized regulations to implement this section on November 18, 2022, and the provision went into effect on January 1, 2023. The Company has accounted for this annual refund (“discarded drug rebate”) as a GTN sales adjustment beginning in the first quarter of 2023. The discarded drug rebate will involve significant estimates and judgment after considering factors including legal interpretations of applicable laws and regulations, historical experience with discarded volumes and processing time lags. The Company will use information from external sources to identify the Company’s discarded volumes and estimate the discarded drug rebate. The Company’s estimates are subject to inherent limitations of estimates that rely on third-party information and reflect other limitations including lags between the date as of which third-party information is generated and the date on which the Company receives third-party information. Estimates for the discarded drug rebate will be assessed each period and adjusted as required to revise information or actual experience.
New and amended IFRS standards	New and amended IFRS standards There are no new IFRS standards, amendments to standards or interpretations that are mandatory for the financial year beginning on January 1, 2023, that are relevant to the Group. New standards, amendments to standards and interpretations that are not yet effective, which have been deemed by the Group as currently not relevant, are not listed here.

Basis of preparation (Tables)

Basis of preparation (Tables)	3 Months Ended
	Mar. 31, 2023
Corporate Information And Statement Of IFRS Compliance [Abstract]
Schedule of Foreign currency exchange rate	A subsidiary of the Company, ADCT UK, has a functional currency of the British Pound (“GBP”). The following exchange rates have been used for the translation of the financial statements of ADCT UK: Three Months Ended March 31, 2023 2022 USD / GBP Closing rate, GBP 1 1.23681 1.31336 Weighted average exchange rate, GBP 1 1.23708 1.34361

Product revenues, net (Tables)

Product revenues, net (Tables)	3 Months Ended
	Mar. 31, 2023
Revenue From Contracts With Customers [Abstract]
Disclosure Of Detailed Information About Sales Adjustments Explanatory	The table below provides a disaggregation of revenues by type of service and customer location for the three months ended March 31, 2023 and March 31, 2022. Three months ended March 31, (in KUSD) 2023 2022 Types of goods and services Product revenue, net 18,953 16,498 License revenues — 30,000 Royalties 39 — Total revenue 18,992 46,498 Customer Location U.S. 18,953 16,498 EMEA (1) 39 — Japan — 30,000 Total revenue 18,992 46,498 (1) Europe, the Middle East and Africa The table below provides a rollforward of the Company’s accruals related to the GTN sales adjustments for the three months ended March 31, 2023 and March 31, 2022. Three months ended March 31, (in KUSD) 2023 2022 Beginning balance 3,746 2,590 GTN sales adjustments for current period sales 5,616 3,491 GTN sales adjustments for prior period sales (648) (192) Credits, payments and reclassifications to Accounts payable (4,352) (1,763) Ending balance as of March 31, 4,362 4,126
Disclosure Of Detailed Information About Sales Adjustment Included In the Balance Sheets	The table below provides the classification of the accruals related to the GTN sales adjustment included in the Company’s unaudited condensed consolidated interim balance sheet as of March 31, 2023 and December 31, 2022. (in KUSD) As of March 31, 2023 As of December 31, 2022 Accounts receivable, net 1,688 2,151 Other current liabilities 2,674 1,595 4,362 3,746

Operating expense (Tables)

Operating expense (Tables)	3 Months Ended
	Mar. 31, 2023
Analysis of income and expense [abstract]
Disclosure Of Detailed Information About Expenses By Nature Explanatory	The following table provides the unaudited condensed consolidated interim statement of operations classification of the Company's total operating expense: (in KUSD) Three months ended March 31, 2023 2022 Cost of product sales 590 529 R&D External costs (1) 21,654 29,168 Employee expenses (2) 17,826 19,784 R&D expense 39,480 48,952 S&M External costs (3) 7,360 8,911 Employee expenses (2) 7,991 9,459 S&M expense 15,351 18,370 G&A External costs (1) 4,538 7,639 Employee expenses (2) 10,605 11,372 G&A expense 15,143 19,011 Total operating expense 70,564 86,862 (1) Includes depreciation expense (2) Includes share-based compensation expense

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2023
Inventory [Abstract]
Disclosure Of Inventory Information Explanatory	Inventory as of March 31, 2023 and December 31, 2022 consisted of the following: (in KUSD) As of March 31, 2023 As of December 31, 2022 Work in process 17,961 18,165 Finished goods 289 399 Total inventory 18,250 18,564

Intangible assets (Tables)

Intangible assets (Tables)	3 Months Ended
	Mar. 31, 2023
Intangible Assets [Abstract]
Disclosure of reconciliation of changes in intangible assets and goodwill [text block]	below provides a rollforward of the Company’s intangible assets as of March 31, 2023 and 2022. (in KUSD) Indefinite lived Definite lived Cost Licenses Internal development costs Internal development costs Licenses Software Total January 1, 2023 13,680 — 954 1,052 278 15,964 Additions — — — — 20 20 Exchange differences — — — — 3 3 March 31, 2023 13,680 — 954 1,052 301 15,987 Accumulated Amortization January 1, 2023 (1,295) — — (125) (184) (1,604) Amortization charge — — (19) (19) (14) (52) Impairment charge (743) — — — — (743) Exchange differences — — — (2) (2) March 31, 2023 (2,038) — (19) (144) (200) (2,401) Net book amount as of March 31, 2023 11,642 — 935 908 101 13,586 Cost January 1, 2022 12,985 631 — 1,052 176 14,844 Additions 195 82 — — 19 296 Exchange differences — — — — (1) (1) March 31, 2022 13,180 713 — 1,052 194 15,139 Accumulated Amortization January 1, 2022 (1,069) — — (50) (143) (1,262) Amortization charge — — — (19) (7) (26) March 31, 2022 (1,069) — — (69) (150) (1,288) Net book amount as of March 31, 2022 12,111 713 — 983 44 13,851

Non-operating income (Tables)

Non-operating income (Tables)	3 Months Ended
	Mar. 31, 2023
Analysis of income and expense [abstract]
Schedule of Other income (expense)	Three months ended March 31, (in KUSD) Note 2023 2022 Convertible loans, derivatives, change in fair value income 14 — 15,855 Deerfield warrant obligation, change in fair value income 15 616 — Senior secured term loan facility, warrants, change in fair value income 13 656 — Share of results with joint venture 11 (1,363) (2,502) Exchange differences (loss) gain (52) 81 R&D tax credit 140 8 Non-operating (expense) income (3) 13,442

Interest in joint venture (Tabl

Interest in joint venture (Tables)	3 Months Ended
	Mar. 31, 2023
Interests In Other Entities [Abstract]
Schedule of movement in interest in joint venture	The table below provides a rollforward of the Company’s interest in Overland ADCT BioPharma as of March 31, 2023 and 2022, respectively. (in KUSD) Interest in joint venture January 1, 2023 31,152 Share of comprehensive loss in joint venture (1,619) March 31, 2023 29,533 January 1, 2022 41,236 Share of comprehensive loss in joint venture (2,502) March 31, 2022 38,734
Summary of financial information in join venture	The tables below provide summarized financial information for Overland ADCT BioPharma that is material to the Company. The following information reflects the amounts presented in the financial statements of Overland ADCT BioPharma and not the Company’s share of those amounts. (in KUSD) As of Summarized Balance Sheet March 31, 2023 December 31, 2022 Cash and cash equivalents 14,977 19,261 Prepaid and other current assets 79 2 Intangible assets 48,039 49,249 Total liabilities (2,408) (3,062) Net assets 60,687 65,450 Summarized Statement of Comprehensive Loss Three months ended March 31, 2023 2022 Operating expenses 3,653 4,791 Other expense (income) 274 (42) Net loss 3,927 4,749

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Schedule of quantitative information about right-of-use assets	(in KUSD) Right-of-Use Assets Properties (Offices) Vehicles Total Cost January 1, 2023 9,311 134 9,445 Additions 4,818 — 4,818 Exchange difference 104 — 104 March 31, 2023 14,233 134 14,367 Accumulated depreciation January 1, 2023 (2,642) (83) (2,725) Depreciation charge (385) (8) (393) Exchange difference (25) — (25) March 31, 2023 (3,052) (91) (3,143) Net book amount as of March 31, 2023 11,181 43 11,224 Cost January 1, 2022 9,005 134 9,139 Exchange difference (145) — (145) March 31, 2022 8,860 134 8,994 Accumulated depreciation January 1, 2022 (1,925) (50) (1,975) Depreciation charge (299) (8) (307) Exchange difference 14 — 14 March 31, 2022 (2,210) (58) (2,268) Net book amount as of March 31, 2022 6,650 76 6,726 On January 30, 2023, the Company expanded the square footage of its existing lease related to its U.K. office. The lease commenced on January 30, 2023 and expires on January 27, 2031, and includes an option to terminate early on January 26, 2026. The Company is reasonably certain it will not terminate the lease early and therefore will account for the lease using an eight-year lease term. Total rent payments including service charges through January 27, 2031 are USD 7.6 million.
Schedule of quantitative information about lease liabilities	(in KUSD) Lease liabilities Properties (Offices) Vehicles Total January 1, 2023 7,607 54 7,661 Additions 4,818 — 4,818 Cash outflow (including interest) (313) (9) (322) Interest 126 — 126 Exchange difference 109 10 119 March 31, 2023 12,347 55 12,402 January 1, 2022 7,898 125 8,023 Cash outflow (including interest) (301) (9) (310) Interest 51 1 52 Exchange difference (134) (36) (170) March 31, 2022 7,514 81 7,595 March 31, 2023 Lease liabilities (short-term) 1,411 36 1,447 Lease liabilities (long-term) 10,936 19 10,955 Total lease liabilities 12,347 55 12,402 March 31, 2022 Lease liabilities (short-term) 946 35 981 Lease liabilities (long-term) 6,568 46 6,614 Total lease liabilities 7,514 81 7,595

Senior secured term loan faci_2

Senior secured term loan facility and warrants (Tables)	3 Months Ended
	Mar. 31, 2023
Financial Instruments [Abstract]
Schedule of key inputs used for valuation	The Company used an independent valuation firm to assist in calculating the fair value of the warrant obligations, using the Black-Scholes option-pricing model. Key inputs for the valuation of the warrant obligations as of March 31, 2023 were as follows: As of As of March 31, 2023 December 31, 2022 Exercise price in USD 8.30 8.30 Share price in USD 1.95 3.84 Risk-free interest rate 3.7 % 4.0 % Expected volatility 80 % 80 % Expected term (months) 52.5 months 55.5 months Dividend yield — — Black-Scholes value in USD 0.64 1.89 Deerfield First Tranche As of March 31, 2022 Exercise price at 130% of the IPO price of 19.00, in USD 24.70 Forced conversion price, in USD 67.93 Share price in USD 14.69 Risk-free interest rate 2.4 % Expected volatility 76 % Expected term (months) 37.0 months Dividend yield — Recovery rate 5 % Implied bond yield 10.3 % Deerfield Second Tranche As of March 31, 2022 Exercise price in USD 28.07 Forced conversion price, in USD 77.19 Share price in USD 14.69 Risk-free interest rate 2.4 % Expected volatility 76 % Expected term (months) 37.0 months Dividend yield — Recovery rate 5 % Implied bond yield 10.3 %

Convertible loans (Tables)

Convertible loans (Tables)	3 Months Ended
	Mar. 31, 2023
Financial Instruments [Abstract]
Schedule of Derivative Option and Convertible Loan	The following table summarizes the changes in fair value income of the embedded conversion option derivatives during the three months ended March 31, 2022: Three months ended March 31, (in KUSD) 2022 Deerfield First Tranche 9,518 Deerfield Second Tranche - after FDA approval 6,337 Total 15,855
Schedule of key inputs used for valuation	The Company used an independent valuation firm to assist in calculating the fair value of the warrant obligations, using the Black-Scholes option-pricing model. Key inputs for the valuation of the warrant obligations as of March 31, 2023 were as follows: As of As of March 31, 2023 December 31, 2022 Exercise price in USD 8.30 8.30 Share price in USD 1.95 3.84 Risk-free interest rate 3.7 % 4.0 % Expected volatility 80 % 80 % Expected term (months) 52.5 months 55.5 months Dividend yield — — Black-Scholes value in USD 0.64 1.89 Deerfield First Tranche As of March 31, 2022 Exercise price at 130% of the IPO price of 19.00, in USD 24.70 Forced conversion price, in USD 67.93 Share price in USD 14.69 Risk-free interest rate 2.4 % Expected volatility 76 % Expected term (months) 37.0 months Dividend yield — Recovery rate 5 % Implied bond yield 10.3 % Deerfield Second Tranche As of March 31, 2022 Exercise price in USD 28.07 Forced conversion price, in USD 77.19 Share price in USD 14.69 Risk-free interest rate 2.4 % Expected volatility 76 % Expected term (months) 37.0 months Dividend yield — Recovery rate 5 % Implied bond yield 10.3 %
Schedule of borrowings	The following table summarizes the interest expense recorded on the convertible loan for the three months ended March 31, 2022: Three months ended March 31, (in KUSD) 2022 Deerfield First Tranche 2,219 Deerfield Second Tranche 803 Total 3,022 The table below provides a rollforward of the Company’s debt obligation relating to the royalty purchase agreement. (in KUSD) January 1, 2022 225,477 Less: royalty payments 10,998 Plus: interest expense 23,200 Less: cumulative catch-up adjustment, Financial income 15,402 December 31, 2022 222,277 Less: royalty payments 4,885 Plus: interest expense 5,746 Less: cumulative catch-up adjustment, Financial income 129 March 31, 2023 223,009

Deerfield Warrants (Tables)

Deerfield Warrants (Tables)	3 Months Ended
	Mar. 31, 2023
Subclassifications of assets, liabilities and equities [abstract]
Schedule of valuation inputs	Key inputs for the valuation of the warrant obligation as of March 31, 2023 were as follows: As of As of March 31, 2023 December 31, 2022 Exercise price in USD 24.70 and 28.07 24.70 and 28.07 Share price in USD 1.95 3.84 Risk-free interest rate 4.0 % 4.3 % Expected volatility 80 % 70 % Expected term (months) 25.7 months 28.7 months Dividend yield — — Black-Scholes value in USD 0.04 and 0.03 0.20 and 0.16

Share-based compensation (Table

Share-based compensation (Tables)	3 Months Ended
	Mar. 31, 2023
Share-based Payment Arrangements [Abstract]
Schedule of Shares Outstanding	The following table summarizes the share option awards outstanding as of March 31, 2023: Average strike price per share in USD Number of awards Weighted average remaining life December 31, 2022 18.30 10,755,494 8.46 Granted 2.50 2,830,741 9.97 Forfeited 19.59 (467,579) N/A March 31, 2023 14.19 13,118,656 8.58
Schedule of Fair Value Assumption For Options Granted	The fair values of the options granted during the three months ended March 31, 2023 and 2022 were determined on the date of the grant using the following assumptions: Three Months Ended Three Months Ended March 31, 2023 March 31, 2022 Share price, in USD 1.99 - 5.45 14.00 - 19.69 Strike price, in USD 1.99 - 5.45 14.00 - 19.69 Expected volatility, in % 75% to 80% 70% Award life, in years 6.08 6.08 Expected dividends — — Risk-free interest rate, in % 3.39% - 4.13% 1.46% - 1.73%
Schedule of Other Equity Instruments Outstanding	Number of awards Weighted average grant date fair value December 31, 2022 1,585,877 13.26 Granted 839,680 2.11 Vested (254,891) 19.52 Forfeited (60,444) 12.22 March 31, 2023 2,110,222 8.10
Schedule of Share-based Compensation Reserve	The movement in the Share-based Compensation Reserves (included in Other reserves within equity) is as follows: Three months ended (in KUSD) March 31, 2023 March 31, 2022 Equity Incentive Plan 2019 - Share Options 4,781 10,515 Equity Incentive Plan 2019 - RSUs 3,196 3,395 ESPP Expense 97 — Tax and social charge deductions - Incentive Plan 2019 — (512) Total 8,074 13,398

Related parties (Tables)

Related parties (Tables)	3 Months Ended
	Mar. 31, 2023
Related Party [Abstract]
Key Management Compensation	The compensation of key management is shown below: Three months ended March 31, (in KUSD) 2023 2022 Salaries and other short-term employee costs 3,631 2,144 Pension costs 195 133 Share-based compensation expense 3,644 5,574 Other compensation 38 10 Total 7,508 7,861

Loss per share (Tables)

Loss per share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings per share [abstract]
Schedule of loss per share and potentially dilutive securities	Three Months Ended March 31, (in KUSD, except per share amounts) 2023 2022 Loss attributable to owners (59,426) (16,661) Weighted average number of shares outstanding 80,805,770 76,821,726 Basic and diluted loss per share (0.74) (0.22) For the three months ended March 31, 2023 , basic and diluted loss per share are calculated on the weighted average number of shares issued and outstanding and exclude shares to be issued under the Equity Incentive Plan 2019, 2022 ESPP and the Company’s warrant agreements, as the effect of including those shares would be anti-dilutive. For the three months ended March 31, 2022, basic and diluted loss per share are calculated on the weighted average number of shares issued and outstanding and exclude shares to be issued under the 2019 Equity Incentive Plan and the conversion of the principal amount of the convertible loans into the Company’s common shares as the effect of including those shares would be anti-dilutive. See note 16, “Share-based compensation expense,” note 13, “Senior secured term loan facility and warrants,” note 15, “Deerfield warrants” and note 14, “Convertible loans” for further information. Potentially dilutive securities that were not included in the diluted per share calculations because the effect of including them would be anti-dilutive were as follows: Three Months Ended March 31, 2023 2022 Equity Incentive Plan 2019 - Share Options 13,118,656 7,179,859 Equity Incentive Plan 2019 - RSUs 2,110,222 793,791 Conversion of the principal amount of convertible loans into the Company’s common shares — 4,412,840 Outstanding warrants 4,940,135 — 20,169,013 12,386,490

Corporate information (Details)

Corporate information (Details) $ / shares in Units, $ in Thousands		3 Months Ended
	Aug. 15, 2022 USD ($) $ / shares shares	Mar. 31, 2023 USD ($) subsidiary	Dec. 31, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Apr. 24, 2020 USD ($)
Disclosure of detailed information about borrowings [line items]
Number of subsidiaries | subsidiary		3
Cash and cash equivalents, minimum quarterly balance		$ 60,000
Cash and cash equivalents		310,547	$ 326,441	$ 430,874	$ 466,544
Exchange Of Convertible Notes For Warrants	$ 115,000
Convertible Notes, Value Converted	$ 117,300
Purchasers
Disclosure of detailed information about borrowings [line items]
Number of shares issued | shares	733,568
Sale Of Stock, Price Per Share | $ / shares	$ 8.52
Proceeds from equity issuance, net of transaction costs	$ 6,100
Warrants, Tranche One
Disclosure of detailed information about borrowings [line items]
Convertible Notes, Shares Converted | shares	4,412,840
Warrants, Tranche Two
Disclosure of detailed information about borrowings [line items]
Convertible Notes, Shares Converted | shares	2,390,297
Warrants, Tranche One, Price One
Disclosure of detailed information about borrowings [line items]
Convertible Notes, Shares Converted | shares	2,631,578
Warrants, Shares Converted, Exercise Price | $ / shares	$ 24.70
Warrants, Tranche One, Price Two
Disclosure of detailed information about borrowings [line items]
Convertible Notes, Shares Converted | shares	1,781,262
Warrants, Shares Converted, Exercise Price | $ / shares	$ 28.07
Facility Agreement with Deerfield Partners, L.P.
Disclosure of detailed information about borrowings [line items]
Borrowings, maximum borrowing capacity						$ 115,000
Borrowings		$ 120,000

Basis of preparation - Schedule

Basis of preparation - Schedule of Foreign currency exchange rate (Details) - $ / £	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Corporate Information And Statement Of IFRS Compliance [Abstract]
Closing foreign exchange rate	1.23681	1.31336
Average foreign exchange rate	1.23708	1.34361

Significant accounting polici_3

Significant accounting policies (Details)	Aug. 15, 2022 shares
Warrants, Tranche One
Disclosure of classes of share capital [line items]
Convertible Notes, Shares Converted	4,412,840
Warrants, Tranche One, Price One
Disclosure of classes of share capital [line items]
Convertible Notes, Shares Converted	2,631,578
Warrants, Tranche One, Price Two
Disclosure of classes of share capital [line items]
Convertible Notes, Shares Converted	1,781,262

Financial risk management (Deta

Financial risk management (Details) - Interest rate risk - Senior Secured Term Loan Facility $ in Thousands	Mar. 31, 2023 USD ($)
Disclosure of detailed information about financial instruments [line items]
Sensitivity analysis for types of interest rate risk, reasonably possible change in risk variable, increase on derivative values	$ 676
Sensitivity analysis for types of interest rate risk, reasonably possible change in risk variable, decrease on derivative values	$ 676

Product revenues, net - Schedul

Product revenues, net - Schedule Of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	$ 18,992	$ 46,498
UNITED STATES
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	18,953	16,498
EMEA
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	39	0
JAPAN
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	0	30,000
Product revenues, net
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	18,953	16,498
License revenues and royalties
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	0	30,000
Royalty Revenue
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	$ 39	$ 0

Product revenues, net (Details)

Product revenues, net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Revenue From Contracts With Customers [Abstract]
Sales adjustment, beginning balance	$ 4,362	$ 4,126	$ 3,746	$ 2,590
GTN Sales Adjustment, Provision	5,616	3,491
GTN Sales Adjustment, Provision, Prior Period Sales	(648)	(192)
GTN Sales Adjustment, Credits And Payments	(4,352)	(1,763)
Sales adjustment, ending balance	4,362	$ 4,126
Accounts receivable, net	1,688		2,151
Other current liabilities	$ 2,674		$ 1,595

Product revenues, net - Narrati

Product revenues, net - Narrative (Details) - USD ($) $ in Millions		1 Months Ended
	Jan. 18, 2022	Jul. 31, 2022	Jan. 31, 2022
Disclosure of disaggregation of revenue from contracts with customers [line items]
License Agreement, Milestone Payments	$ 205
Proceeds From License Agreement	$ 30
License Agreement
Disclosure of disaggregation of revenue from contracts with customers [line items]
License Agreement, Milestone Payments		$ 382.5
Proceeds From License Agreement		$ 55
Application Approval
Disclosure of disaggregation of revenue from contracts with customers [line items]
License Agreement, Milestone Payments			$ 50

Segment information (Details)

Segment information (Details)	3 Months Ended
	Mar. 31, 2023 segment
Operating Segments [Abstract]
Number of business segments	1

Operating expense - Schedule of

Operating expense - Schedule of Expenses by Nature (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disclosure Of Detailed Information About Expenses By Nature [Line Items]
Cost of product sales	$ 590	$ 529
Research and development expense	39,480	48,952
Sales and marketing expense	15,351	18,370
General and administrative expense	15,143	19,011
Operating expense	70,564	86,862
External costs
Disclosure Of Detailed Information About Expenses By Nature [Line Items]
Research and development expense	21,654	29,168
Sales and marketing expense	7,360	8,911
General and administrative expense	4,538	7,639
Employee expense
Disclosure Of Detailed Information About Expenses By Nature [Line Items]
Research and development expense	17,826	19,784
Sales and marketing expense	7,991	9,459
General and administrative expense	$ 10,605	$ 11,372

Operating expense - Narrative (

Operating expense - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Disclosure Of Detailed Information About Expenses By Nature [Line Items]
Increase (Decrease) In Sales and Marketing Expense	$ 1.7
Increase (Decrease) In Share-Based Compensation	$ 1.3

Cash and cash equivalents (Deta

Cash and cash equivalents (Details) $ in Millions	Mar. 31, 2023 USD ($)
Cash and cash equivalents [abstract]
Cash and cash equivalents, minimum quarterly balance	$ 60

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Inventory [Abstract]
Current work in progress	$ 17,961	$ 18,165
Current finished goods	289	399
Inventories	$ 18,250	$ 18,564

Inventories - Narrative (Detail

Inventories - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disclosure Of Detailed Information About Expenses By Nature [Line Items]
Gain from reversal of inventory impairment charges	$ 0	$ (361)

Intangible assets - Rollforward

Intangible assets - Rollforward of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disclosure of detailed information about intangible assets [line items]
Beginning balance	$ 14,360
Ending balance	13,586	$ 13,851
Impairment of intangible assets	743	0
Cost
Disclosure of detailed information about intangible assets [line items]
Beginning balance	15,964	14,844
Additions	20	296
Exchange differences	3	(1)
Ending balance	15,987	15,139
Accumulated amortization
Disclosure of detailed information about intangible assets [line items]
Beginning balance	(1,604)	(1,262)
Exchange differences	2
Amortisation, intangible assets other than goodwill	(52)	(26)
Ending balance	(2,401)	(1,288)
Impairment of intangible assets	(743)
Licenses
Disclosure of detailed information about intangible assets [line items]
Ending balance	11,642	12,111
Licenses | Cost
Disclosure of detailed information about intangible assets [line items]
Beginning balance	13,680	12,985
Additions	0	195
Exchange differences	0	0
Ending balance	13,680	13,180
Licenses | Accumulated amortization
Disclosure of detailed information about intangible assets [line items]
Beginning balance	(1,295)	(1,069)
Exchange differences	0
Amortisation, intangible assets other than goodwill	0	0
Ending balance	(2,038)	(1,069)
Impairment of intangible assets	(743)
Internal development costs
Disclosure of detailed information about intangible assets [line items]
Ending balance	0	713
Internal development costs | Cost
Disclosure of detailed information about intangible assets [line items]
Beginning balance	0	631
Additions	0	82
Exchange differences	0	0
Ending balance	0	713
Internal development costs | Accumulated amortization
Disclosure of detailed information about intangible assets [line items]
Beginning balance	0	0
Exchange differences	0
Amortisation, intangible assets other than goodwill	0	0
Ending balance	0	0
Impairment of intangible assets	0
Licenses
Disclosure of detailed information about intangible assets [line items]
Ending balance	908	983
Licenses | Cost
Disclosure of detailed information about intangible assets [line items]
Beginning balance	1,052	1,052
Additions	0	0
Exchange differences	0	0
Ending balance	1,052	1,052
Licenses | Accumulated amortization
Disclosure of detailed information about intangible assets [line items]
Beginning balance	(125)	(50)
Exchange differences	0
Amortisation, intangible assets other than goodwill	(19)	(19)
Ending balance	(144)	(69)
Impairment of intangible assets	0
Software
Disclosure of detailed information about intangible assets [line items]
Ending balance	101	44
Software | Cost
Disclosure of detailed information about intangible assets [line items]
Beginning balance	278	176
Additions	20	19
Exchange differences	3	(1)
Ending balance	301	194
Software | Accumulated amortization
Disclosure of detailed information about intangible assets [line items]
Beginning balance	(184)	(143)
Exchange differences	2
Amortisation, intangible assets other than goodwill	(14)	(7)
Ending balance	(200)	(150)
Impairment of intangible assets	0
Internal development costs
Disclosure of detailed information about intangible assets [line items]
Ending balance	935	0
Internal development costs | Cost
Disclosure of detailed information about intangible assets [line items]
Beginning balance	954	0
Additions	0	0
Exchange differences	0	0
Ending balance	954	0
Internal development costs | Accumulated amortization
Disclosure of detailed information about intangible assets [line items]
Beginning balance	0	0
Amortisation, intangible assets other than goodwill	(19)	0
Ending balance	(19)	$ 0
Impairment of intangible assets	$ 0

Intangible assets - Narrative (

Intangible assets - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($)
License To Acquire An Antibody, ZYNLONTA | Milestone Payment
Disclosure of detailed information about intangible assets [line items]
Additions	$ 195

Non-operating income - Schedule

Non-operating income - Schedule of Other Income (Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disclosure of attribution of expenses by nature to their function [line items]
Convertible loans, derivatives, change in fair value income	$ 0	$ 15,855
Share of results with joint venture	(1,363)	(2,502)
Exchange differences (loss) gain	(52)	81
R&D tax credit	140	8
Non-operating (expense) income	(3)	13,442
Facility Agreement with Deerfield Partners, L.P.
Disclosure of attribution of expenses by nature to their function [line items]
Deerfield warrant obligation, change in fair value income	616	0
Senior Secured Term Loan Facility
Disclosure of attribution of expenses by nature to their function [line items]
Deerfield warrant obligation, change in fair value income	$ 656	$ 0

Non-operating income - Narrativ

Non-operating income - Narrative (Details) - USD ($) $ in Millions	Aug. 15, 2022	Mar. 31, 2023	May 19, 2020	Apr. 24, 2020
Warrants, Tranche One
Disclosure of detailed information about borrowings [line items]
Convertible Notes, Shares Converted	4,412,840
Facility Agreement With Deerfield Partners, L.P., Tranche One
Disclosure of detailed information about borrowings [line items]
Borrowings			$ 65	$ 65
Facility Agreement With Deerfield Partners, L.P., Tranche Two
Disclosure of detailed information about borrowings [line items]
Borrowings				50
Borrowings, maximum borrowing capacity				50
Facility Agreement with Deerfield Partners, L.P.
Disclosure of detailed information about borrowings [line items]
Borrowings		$ 120
Borrowings, maximum borrowing capacity				$ 115

Interest in joint venture - Nar

Interest in joint venture - Narrative (Details) $ in Millions		3 Months Ended
	Dec. 14, 2020 product	Mar. 31, 2023 USD ($)
Disclosure of joint ventures [line items]
Deferred Gain On Investment In Joint Venture | $		$ 23.5
Overland ADCT BioPharma
Disclosure of joint ventures [line items]
Number of product candidates developed and commercialized in joint venture	3
Number of products developed and commercialized in joint venture	1

Interest in joint venture - Sch

Interest in joint venture - Schedule of movement in interest in joint venture (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disclosure of joint ventures [line items]
Beginning balance	$ 31,152
Ending balance	29,533
Overland ADCT BioPharma
Disclosure of joint ventures [line items]
Beginning balance	31,152	$ 41,236
Share of comprehensive loss in joint venture	(1,619)	(2,502)
Ending balance	$ 29,533	$ 38,734

Interest in joint venture - Sum

Interest in joint venture - Summary of financial information in joint venture (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Disclosure of joint ventures [line items]
Cash and cash equivalents	$ 310,547	$ 430,874	$ 326,441	$ 466,544
Intangible assets	13,586	13,851	14,360
Total liabilities	(429,987)		(440,441)
Operating expense	70,564	86,862
Net loss	(59,426)	(16,661)
Overland ADCT BioPharma
Disclosure of joint ventures [line items]
Cash and cash equivalents	14,977		19,261
Prepaid and other current assets	79		2
Intangible assets	48,039		49,249
Total liabilities	(2,408)		(3,062)
Net assets	60,687		$ 65,450
Operating expense	3,653	4,791
Other expense (income)	274	(42)
Net loss	$ 3,927	$ 4,749

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Lease liabilities	$ 7,600	$ 12,402	$ 7,661	$ 7,595	$ 8,023

Leases - Right-of-Use Assets an

Leases - Right-of-Use Assets and Accumulated Depreciation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use asset, beginning balance	$ 6,720
Depreciation charge	(393)	$ (307)
Right-of-use asset, ending balance	11,224	6,726
Cost
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use asset, beginning balance	9,445	9,139
Additions	4,818
Exchange difference	104	(145)
Right-of-use asset, ending balance	14,367	8,994
Accumulated amortization
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use asset, beginning balance	(2,725)	(1,975)
Exchange difference	(25)	14
Depreciation charge	(393)	(307)
Right-of-use asset, ending balance	(3,143)	(2,268)
Properties (Offices)
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use asset, ending balance	11,181	6,650
Properties (Offices) | Cost
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use asset, beginning balance	9,311	9,005
Additions	4,818
Exchange difference	104	(145)
Right-of-use asset, ending balance	14,233	8,860
Properties (Offices) | Accumulated amortization
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use asset, beginning balance	(2,642)	(1,925)
Exchange difference	(25)	14
Depreciation charge	(385)	(299)
Right-of-use asset, ending balance	(3,052)	(2,210)
Vehicles
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use asset, ending balance	43	76
Vehicles | Cost
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use asset, beginning balance	134	134
Additions	0
Exchange difference	0	0
Right-of-use asset, ending balance	134	134
Vehicles | Accumulated amortization
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use asset, beginning balance	(83)	(50)
Exchange difference	0	0
Depreciation charge	(8)	(8)
Right-of-use asset, ending balance	$ (91)	$ (58)

Leases - Right-of-Use Asset Dep

Leases - Right-of-Use Asset Depreciation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disclosure of quantitative information about right-of-use assets [line items]
Depreciation, right-of-use assets	$ 393	$ 307
R&D expense
Disclosure of quantitative information about right-of-use assets [line items]
Depreciation, right-of-use assets	331	245
G&A expense
Disclosure of quantitative information about right-of-use assets [line items]
Depreciation, right-of-use assets	$ 62	$ 62

Leases - Schedule of Lease Liab

Leases - Schedule of Lease Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Disclosure Of Quantitative Information About Lease Liabilities [Line Items]
Beginning balance	$ 7,661	$ 8,023
Additions	4,818
Cash outflow (including interest)	(322)	(310)
Interest	126	52
Exchange difference	119	(170)
Ending balance	12,402	7,595
Lease liabilities, short-term	1,447	981	$ 1,097
Lease liabilities, long-term	10,955	6,614	$ 6,564
Properties (Offices)
Disclosure Of Quantitative Information About Lease Liabilities [Line Items]
Beginning balance	7,607	7,898
Additions	4,818
Cash outflow (including interest)	(313)	(301)
Interest	126	51
Exchange difference	109	(134)
Ending balance	12,347	7,514
Lease liabilities, short-term	1,411	946
Lease liabilities, long-term	10,936	6,568
Vehicles
Disclosure Of Quantitative Information About Lease Liabilities [Line Items]
Beginning balance	54	125
Additions	0
Cash outflow (including interest)	(9)	(9)
Interest	0	1
Exchange difference	10	(36)
Ending balance	55	81
Lease liabilities, short-term	36	35
Lease liabilities, long-term	$ 19	$ 46

Senior secured term loan faci_3

Senior secured term loan facility and warrants - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Senior Secured Term Loan Facility
Disclosure of detailed information about borrowings [line items]
Deerfield warrant obligation, change in fair value income	$ 656	$ 0
Oak Tree And Owl Rock Warrant Obligations
Disclosure of detailed information about borrowings [line items]
Warrant Obligation, Fair Value	$ 339		$ 995

Senior secured term loan faci_4

Senior secured term loan facility and warrants - Valuation of Derivative (Details) - Oak Tree And Owl Rock Warrant Obligations - shares	Mar. 31, 2023	Dec. 31, 2022
Written put options (in USD per share)
Disclosure of detailed information about borrowings [line items]
Key inputs for valuations	8.30	8.30
Share Price (in USD per share)
Disclosure of detailed information about borrowings [line items]
Key inputs for valuations	1.95	3.84
Risk Free, Interest Rate
Disclosure of detailed information about borrowings [line items]
Key inputs for valuations	0.037	0.040
Expected Volatility
Disclosure of detailed information about borrowings [line items]
Key inputs for valuations	0.80	0.80
Expected Term
Disclosure of detailed information about borrowings [line items]
Key inputs for valuations	52.5	55.5
Dividend yield
Disclosure of detailed information about borrowings [line items]
Key inputs for valuations	0	0
Black-Scholes Value
Disclosure of detailed information about borrowings [line items]
Key inputs for valuations	0.64	1.89

Convertible loans - Narrative (

Convertible loans - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended
	Aug. 15, 2022	Mar. 31, 2023	Dec. 31, 2022	May 19, 2020	Apr. 24, 2020
Disclosure of detailed information about borrowings [line items]
Exchange Of Convertible Notes For Warrants	$ 115,000
Convertible Notes, Value Converted	$ 117,300
Loss on extinguishment		$ (42,100)
Warrants, Tranche One
Disclosure of detailed information about borrowings [line items]
Convertible Notes, Shares Converted	4,412,840
Warrants, Tranche Two
Disclosure of detailed information about borrowings [line items]
Convertible Notes, Shares Converted	2,390,297
Facility Agreement with Deerfield Partners, L.P.
Disclosure of detailed information about borrowings [line items]
Borrowings		120,000
Borrowings, maximum borrowing capacity					$ 115,000
Warrant Obligation, Fair Value	$ 12,297	177	$ 793
Facility Agreement With Deerfield Partners, L.P., Tranche One
Disclosure of detailed information about borrowings [line items]
Borrowings				$ 65,000	65,000
Facility Agreement With Deerfield Partners, L.P., Tranche Two
Disclosure of detailed information about borrowings [line items]
Borrowings					50,000
Borrowings, maximum borrowing capacity					$ 50,000
Senior Secured Term Loans
Disclosure of detailed information about borrowings [line items]
Borrowings		110,500
Interest expense on borrowings		$ 4,540
Borrowings, interest rate		1,644%

Convertible loans - Valuation o

Convertible loans - Valuation of Derivative (Details)		3 Months Ended
	May 19, 2020 $ / shares	Mar. 31, 2023 shares $ / shares period	Dec. 31, 2022 shares
Initial Public Offering
Disclosure of detailed information about borrowings [line items]
Offering price per share (in USD per share) | $ / shares	$ 19
Facility Agreement With Deerfield Partners, L.P., Tranche One
Disclosure of detailed information about borrowings [line items]
Conversion percentage		130%
Written put options (in USD per share) | Oak Tree And Owl Rock Warrant Obligations
Disclosure of detailed information about borrowings [line items]
Key inputs for valuations | shares		8.30	8.30
Written put options (in USD per share) | Derivatives | Facility Agreement With Deerfield Partners, L.P., Tranche One
Disclosure of detailed information about borrowings [line items]
Key inputs for valuations | $ / shares		24.70
Written put options (in USD per share) | Derivatives | Facility Agreement With Deerfield Partners, L.P., Tranche Two
Disclosure of detailed information about borrowings [line items]
Key inputs for valuations | $ / shares		28.07
Forced Conversion Price (in USD per share) | Derivatives | Facility Agreement With Deerfield Partners, L.P., Tranche One
Disclosure of detailed information about borrowings [line items]
Key inputs for valuations | $ / shares		67.93
Forced Conversion Price (in USD per share) | Derivatives | Facility Agreement With Deerfield Partners, L.P., Tranche Two
Disclosure of detailed information about borrowings [line items]
Key inputs for valuations | $ / shares		77.19
Share Price (in USD per share) | Oak Tree And Owl Rock Warrant Obligations
Disclosure of detailed information about borrowings [line items]
Key inputs for valuations | shares		1.95	3.84
Share Price (in USD per share) | Derivatives | Facility Agreement With Deerfield Partners, L.P., Tranche One
Disclosure of detailed information about borrowings [line items]
Key inputs for valuations | $ / shares		14.69
Share Price (in USD per share) | Derivatives | Facility Agreement With Deerfield Partners, L.P., Tranche Two
Disclosure of detailed information about borrowings [line items]
Key inputs for valuations | $ / shares		14.69
Risk Free, Interest Rate | Oak Tree And Owl Rock Warrant Obligations
Disclosure of detailed information about borrowings [line items]
Key inputs for valuations | shares		0.037	0.040
Risk Free, Interest Rate | Derivatives | Facility Agreement With Deerfield Partners, L.P., Tranche One
Disclosure of detailed information about borrowings [line items]
Key inputs for valuations		0.024
Risk Free, Interest Rate | Derivatives | Facility Agreement With Deerfield Partners, L.P., Tranche Two
Disclosure of detailed information about borrowings [line items]
Key inputs for valuations		0.024
Expected Volatility | Oak Tree And Owl Rock Warrant Obligations
Disclosure of detailed information about borrowings [line items]
Key inputs for valuations | shares		0.80	0.80
Expected Volatility | Derivatives | Facility Agreement With Deerfield Partners, L.P., Tranche One
Disclosure of detailed information about borrowings [line items]
Key inputs for valuations		0.76
Expected Volatility | Derivatives | Facility Agreement With Deerfield Partners, L.P., Tranche Two
Disclosure of detailed information about borrowings [line items]
Key inputs for valuations		0.76
Expected Term | Oak Tree And Owl Rock Warrant Obligations
Disclosure of detailed information about borrowings [line items]
Key inputs for valuations | shares		52.5	55.5
Expected Term | Derivatives | Facility Agreement With Deerfield Partners, L.P., Tranche One
Disclosure of detailed information about borrowings [line items]
Key inputs for valuations | period		37
Expected Term | Derivatives | Facility Agreement With Deerfield Partners, L.P., Tranche Two
Disclosure of detailed information about borrowings [line items]
Key inputs for valuations | period		37
Dividend yield | Oak Tree And Owl Rock Warrant Obligations
Disclosure of detailed information about borrowings [line items]
Key inputs for valuations | shares		0	0
Dividend yield | Derivatives | Facility Agreement With Deerfield Partners, L.P., Tranche One
Disclosure of detailed information about borrowings [line items]
Key inputs for valuations		0
Dividend yield | Derivatives | Facility Agreement With Deerfield Partners, L.P., Tranche Two
Disclosure of detailed information about borrowings [line items]
Key inputs for valuations		0
Recovery Rate [Member] | Derivatives | Facility Agreement With Deerfield Partners, L.P., Tranche One
Disclosure of detailed information about borrowings [line items]
Key inputs for valuations		0.05
Recovery Rate [Member] | Derivatives | Facility Agreement With Deerfield Partners, L.P., Tranche Two
Disclosure of detailed information about borrowings [line items]
Key inputs for valuations		0.05
Implied Bond Yield [Member] | Derivatives | Facility Agreement With Deerfield Partners, L.P., Tranche One
Disclosure of detailed information about borrowings [line items]
Key inputs for valuations		0.103
Implied Bond Yield [Member] | Derivatives | Facility Agreement With Deerfield Partners, L.P., Tranche Two
Disclosure of detailed information about borrowings [line items]
Key inputs for valuations		0.103
Black-Scholes Value | Oak Tree And Owl Rock Warrant Obligations
Disclosure of detailed information about borrowings [line items]
Key inputs for valuations | shares		0.64	1.89

Convertible loans - Interest Ex

Convertible loans - Interest Expense (Details) - Residual Loan $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($)
Disclosure of detailed information about borrowings [line items]
Interest expense on borrowings	$ 3,022
Facility Agreement With Deerfield Partners, L.P., Tranche One
Disclosure of detailed information about borrowings [line items]
Interest expense on borrowings	2,219
Facility Agreement With Deerfield Partners, L.P., Tranche Two
Disclosure of detailed information about borrowings [line items]
Interest expense on borrowings	$ 803

Convertible loans - Change in F

Convertible loans - Change in Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disclosure of detailed information about borrowings [line items]
Convertible loans, derivatives, change in fair value income	$ 0	$ 15,855
Facility Agreement With Deerfield Partners, L.P., Tranche One
Disclosure of detailed information about borrowings [line items]
Convertible loans, derivatives, change in fair value income		9,518
Facility Agreement With Deerfield Partners, L.P., Tranche Two After FDA Approval
Disclosure of detailed information about borrowings [line items]
Convertible loans, derivatives, change in fair value income		$ 6,337

Deerfield Warrants - Narrative

Deerfield Warrants - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Aug. 15, 2022	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Facility Agreement with Deerfield Partners, L.P.
Disclosure of detailed information about borrowings [line items]
Deerfield warrant obligation, change in fair value income		$ 616	$ 0
Warrant Obligation, Fair Value	$ 12,297	$ 177		$ 793
Warrants, Tranche One
Disclosure of detailed information about borrowings [line items]
Convertible Notes, Shares Converted	4,412,840
Warrants, Tranche One, Price One
Disclosure of detailed information about borrowings [line items]
Convertible Notes, Shares Converted	2,631,578
Warrants, Shares Converted, Exercise Price	$ 24.70
Warrants, Tranche One, Price Two
Disclosure of detailed information about borrowings [line items]
Convertible Notes, Shares Converted	1,781,262
Warrants, Shares Converted, Exercise Price	$ 28.07

Deerfield Warrants - Schedule o

Deerfield Warrants - Schedule of Valuation Inputs (Details) - Deerfield Warrants	Mar. 31, 2023 period $ / shares shares	Dec. 31, 2022 shares $ / shares period
Exercise Price | Minimum
Disclosure of detailed information about borrowings [line items]
Key inputs for valuations	24.70	24.70
Exercise Price | Maximum
Disclosure of detailed information about borrowings [line items]
Key inputs for valuations	28.07	28.07
Black-Scholes Value | Minimum
Disclosure of detailed information about borrowings [line items]
Key inputs for valuations | shares	0.04	0.20
Black-Scholes Value | Maximum
Disclosure of detailed information about borrowings [line items]
Key inputs for valuations | shares	0.03	0.16
Derivatives | Forced Conversion Price (in USD per share)
Disclosure of detailed information about borrowings [line items]
Key inputs for valuations	1.95	3.84
Derivatives | Share Price (in USD per share)
Disclosure of detailed information about borrowings [line items]
Key inputs for valuations	0.040	0.043
Derivatives | Risk Free, Interest Rate
Disclosure of detailed information about borrowings [line items]
Key inputs for valuations	0.80	0.70
Derivatives | Expected Volatility
Disclosure of detailed information about borrowings [line items]
Key inputs for valuations	25.7	28.7
Derivatives | Expected Term
Disclosure of detailed information about borrowings [line items]
Key inputs for valuations | period	0	0

Equity (Details)

Equity (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
	Aug. 15, 2022	Mar. 31, 2023
Disclosure of reserves within equity [line items]
Loss on extinguishment		$ (42.1)
Warrants, Tranche Two
Disclosure of reserves within equity [line items]
Convertible Notes, Shares Converted	2,390,297
Purchasers
Disclosure of reserves within equity [line items]
Number of shares issued	733,568
Sale Of Stock, Price Per Share	$ 8.52
Proceeds from equity issuance, net of transaction costs	$ 6.1
Share Premium
Disclosure of reserves within equity [line items]
Issuance of shares, Deerfield exchange agreement, net of transaction costs		$ 19.6

Share-based compensation - Narr

Share-based compensation - Narrative (Details) $ / shares in Units, $ in Thousands		3 Months Ended
	Mar. 22, 2021 shares	Mar. 31, 2023 USD ($) shares $ / shares	Mar. 31, 2022 USD ($) shares	Dec. 31, 2022 shares	Nov. 30, 2019 shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expense recognized | $		$ 8,074	$ 13,398
Share-based compensation expense | $		$ 8,074	13,398
Number of share options outstanding in share-based payment arrangement (in shares)		13,118,656		10,755,494
Share Options
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period		3 years
Share-based compensation expense | $		$ 4,781	$ 10,515
Contractual term		10 years
Number of instruments granted in share-based payment arrangement	2,026,341	7,977,000	13,910,000
Weighted-average grant-date fair value (in dollars per share) | $ / shares		$ 1.41
Awards vested and exercisable (in shares)		4,438,080
Weighted average strike price, vested and exercisable (in dollars per share) | $ / shares		$ 24.74
Weighted average remaining life, vested and exercisable		7 years 3 months
Share Options | Tranche One
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting percentage		25%
Share Options | Tranche Two
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting percentage		25%
Share Options | Tranche Three
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting percentage		25%
Share Options | Tranche Four
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting percentage		25%
Restricted Share Units (RSU)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period		3 years
Contractual term		10 years
Shares vested (in shares)		254,891
Number of instruments granted in share-based payment arrangement	538,175	3,196,000	3,395,000
Weighted average grant date fair value, granted (in USD per share) | $ / shares		$ 2.11
2019 Equity Incentive Plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of shares reserved for issue under options and contracts for sale of shares		857,016			17,741,355
Share-based compensation expense | $		$ 153,079
Annual Equity Award | Restricted Share Units (RSU)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average grant date fair value, granted (in USD per share) | $ / shares		$ 1.99

Share-based compensation - Sche

Share-based compensation - Schedule of Number of Awards Outstanding and Weighted Average Strike Price (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2023 shares $ / shares	Dec. 31, 2022 shares $ / shares
Share-based Payment Arrangements [Abstract]
Average strike price in USD per share, At beginning of the year (in USD per share) | $ / shares	$ 18.30
Fair value grant date (in USD per share) | $ / shares	2.50
Average strike price in USD per share, Forfeited (in USD per share) | $ / shares	19.59
Average strike price in USD per share, At end of the year (in USD per share) | $ / shares	$ 14.19	$ 18.30
Number of awards, At beginning of the year (in shares) | shares	10,755,494
Number of awards, Granted (in shares) | shares	2,830,741
Number of awards, Forfeited (in shares) | shares	(467,579)
Number of awards, At end of the year (in shares) | shares	13,118,656	10,755,494
Weighted average remaining contractual life of outstanding share options	8 years 6 months 29 days	8 years 5 months 15 days
Weighted average remaining contractual life of granted share options	9 years 11 months 19 days

Share-based compensation expens

Share-based compensation expense - Schedule of Fair Value Assumptions For Options Granted (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) shares $ / shares	Mar. 31, 2022 USD ($) shares $ / shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expected dividends | $	$ 0	$ 0
Minimum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average share price (in USD per share)	$ 1.99	$ 14
Strike price (in USD per share)	$ 1.99	$ 14
Expected volatility, in %	75%	70%
Award life, in years | shares	6.08	6.08
Risk-free interest rate, in %	339%	1.46%
Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average share price (in USD per share)	$ 5.45	$ 19.69
Strike price (in USD per share)	$ 5.45	$ 19.69
Expected volatility, in %	80%
Risk-free interest rate, in %	4.13%	1.73%

Share-based compensation - Sc_2

Share-based compensation - Schedule of Other Equity Instruments Outstanding (Details) - Restricted Share Units (RSU)	3 Months Ended
	Mar. 31, 2023 shares $ / shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of awards, beginning of period (in shares) | shares	1,585,877
Number of awards, granted (in shares) | shares	839,680
Number of awards, vested (in shares) | shares	(254,891)
Number of awards, forfeited (in shares) | shares	(60,444)
Number of awards, end of period (in shares) | shares	2,110,222
Weighted average grant date fair value, beginning balance (in USD per share) | $ / shares	$ 13.26
Weighted average grant date fair value, granted (in USD per share) | $ / shares	2.11
Weighted average grant date fair value, vested (in dollars per share) | $ / shares	19.52
Weighted average grant date fair value, forfeited (in dollars per share) | $ / shares	12.22
Weighted average grant date fair value, ending balance (in USD per share) | $ / shares	$ 8.10

Share-based compensation - Sc_3

Share-based compensation - Schedule of Share-based Compensation Reserve (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expense recognized	$ 8,074	$ 13,398
2019 Equity Incentive Plan | Share Options
Disclosure of terms and conditions of share-based payment arrangement [line items]
Increase in reserve of share-based payments	4,781	10,515
2019 Equity Incentive Plan | Restricted Stock Units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Increase in reserve of share-based payments	3,196	3,395
Tax and social charge deductions - Incentive Plan 2019
Disclosure of terms and conditions of share-based payment arrangement [line items]
Tax expense from share-based payment transactions with employees	0	(512)
ESPP Expense
Disclosure of terms and conditions of share-based payment arrangement [line items]
Increase in reserve of share-based payments	$ 97	$ 0

Related parties - Narrative (De

Related parties - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) subsidiary	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Auven Therapeutics Holdings, L.P.
Disclosure of transactions between related parties [line items]
Number of subsidiaries provide services to | subsidiary	3
Overland ADCT BioPharma
Disclosure of transactions between related parties [line items]
Services provided to, related party transactions	$ 1,066	$ 320
Amounts receivable, related party transactions	$ 1,066		$ 805

Related parties - Schedule of K

Related parties - Schedule of Key Management Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Related Party [Abstract]
Salaries and other short-term employee costs	$ 3,631	$ 2,144
Pension costs	195	133
Share-based compensation expense	3,644	5,574
Other compensation	38	10
Key management compensation	$ 7,508	$ 7,861

Loss per share (Details)

Loss per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings per share [abstract]
Net loss	$ (59,426)	$ (16,661)
Weighted average number of ordinary shares outstanding	80,805,770	76,821,726
Net loss per share, basic (in USD per share)	$ (0.74)	$ (0.22)
Net loss per share, diluted (in dollars per share)	$ (0.74)	$ (0.22)

Loss per share -Schedule of Pot

Loss per share -Schedule of Potentially Dilutive Securities (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings per share [line items]
Potentially dilutive securities	20,169,013	12,386,490
Equity Incentive Plan 2019 - Share Options
Earnings per share [line items]
Potentially dilutive securities	13,118,656	7,179,859
Equity Incentive Plan 2019 - RSUs
Earnings per share [line items]
Potentially dilutive securities	2,110,222	793,791
Conversion of the principal amount of convertible loans into the Company’s common shares
Earnings per share [line items]
Potentially dilutive securities	0	4,412,840
Outstanding Warrants
Earnings per share [line items]
Potentially dilutive securities	4,940,135	0

Events after the reporting da_2

Events after the reporting date (Details)		3 Months Ended
	Apr. 04, 2023 shares $ / shares	Mar. 31, 2023 shares	Dec. 31, 2022 shares
Disclosure of non-adjusting events after reporting period [line items]
Number of share options outstanding in share-based payment arrangement (in shares)		13,118,656	10,755,494
Number of awards, Granted (in shares)		2,830,741
Share-Based Compensation
Disclosure of non-adjusting events after reporting period [line items]
Number of share options outstanding in share-based payment arrangement (in shares)	2,200,000
Number of awards, Granted (in shares)	900,000
Strike price (in USD per share) | $ / shares	$ 2.06
Share-Based Compensation | Maximum
Disclosure of non-adjusting events after reporting period [line items]
Exercise price of outstanding share options | $ / shares	48.77
Share-Based Compensation | Minimum
Disclosure of non-adjusting events after reporting period [line items]
Exercise price of outstanding share options | $ / shares	$ 8.12

Deferred royalty obligation (De

Deferred royalty obligation (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Aug. 25, 2021
Deferred Royalty Obligation [Abstract]
Royalty Purchase Agreement				$ 325,000,000
Proceeds From Royalty Purchase Agreement, Gross			$ 225,000,000
Royalty Purchase Additional Proceeds Eligibility		$ 75,000,000
Royalty Purchase Agreement, Effective Interest Rate	10%
Deferred Royalty Obligation	$ 223,009,000	222,277,000	$ 225,477,000
Royalty Obligation, Interest	5,746,000	23,200,000
Royalty Obligation, Payments	4,885,000	10,998,000
Royalty Obligation, Financial Expense Cumulative Catch-Up Adjustment	$ 129,000	$ 15,402,000