ADC Therapeutics (ADCT) 6-K 9 May 22 2022 Q1 Condensed Consolidated Interim Statement of Operations Financial data

Cover

Cover	3 Months Ended
	Mar. 31, 2022
Cover [Abstract]
Document Type	6-K
Document Period End Date	Mar. 31, 2022
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	2022
Document Fiscal Period Focus	Q1

Condensed Consolidated Interim

Condensed Consolidated Interim Statement of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Condensed Income Statements, Captions [Line Items]
Total revenue	$ 46,498	$ 0
Cost of product sales	(529)	0
Research and development expenses	(48,952)	(39,172)
Selling and marketing expenses	(18,370)	(13,911)
General and administrative expenses	(19,011)	(17,582)
Total operating expense	(86,862)	(70,665)
Loss from operations	(40,364)	(70,665)
Other income (expense)
Financial income	18,308	15
Financial expense	(9,217)	(2,000)
Non-operating income	13,442	21,230
Total other income	22,533	19,245
Loss before taxes	(17,831)	(51,420)
Income tax benefit (expense)	1,170	(107)
Net loss	$ (16,661)	(51,527)
Net loss attributable to:
Owners of the parent		$ (51,527)
Net loss per share
Net loss per share, basic (in USD per share)	$ (0.22)	$ (0.67)
Net loss per share, diluted (in dollars per share)	$ (0.22)	$ (0.67)
Product revenues, net
Condensed Income Statements, Captions [Line Items]
Total revenue	$ 16,498	$ 0
License revenue
Condensed Income Statements, Captions [Line Items]
Total revenue	$ 30,000	$ 0

Condensed Consolidated Interi_2

Condensed Consolidated Interim Statement of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Profit or loss [abstract]
Net loss	$ (16,661)	$ (51,527)
Items that may be reclassified to profit and loss
Currency translation differences	(158)	36
Total items that may be reclassified to profit and loss	(158)	36
Other comprehensive (loss) income for the period	(158)	36
Total comprehensive loss for the period	(16,819)	(51,491)
Total comprehensive loss attributable to:
Owners of the parent	$ (16,819)	$ (51,491)

Condensed Consolidated Interi_3

Condensed Consolidated Interim Balance Sheet - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 430,874	$ 466,544
Trade and other current receivables	26,752	30,218
Current inventories	11,838	11,122
Other current assets	18,246	17,298
Total current assets	487,710	525,182
Non-current assets
Property, plant and equipment	3,938	4,066
Right-of-use assets	6,726	7,164
Intangible assets	13,851	13,582
Interest in joint venture	38,734	41,236
Deferred tax asset	29,905	26,049
Other long-term assets	1,022	693
Total non-current assets	94,176	92,790
Total assets	581,886	617,972
Current liabilities
Accounts payable	16,453	12,080
Other current liabilities	40,411	50,497
Lease liabilities, short-term	981	1,029
Current income tax payable	6,380	3,754
Convertible loans, short-term	6,549	6,575
Total current liabilities	70,774	73,935
Non-current liabilities
Convertible loans, long-term	88,415	87,153
Convertible loans, derivatives	22,092	37,947
Deferred royalty obligation, long-term	204,104	218,664
Deferred gain of joint venture	23,539	23,539
Lease liabilities, long-term	6,614	6,994
Defined benefit pension liabilities	3,681	3,652
Total non-current liabilities	348,445	377,949
Total liabilities	419,219	451,884
Equity attributable to owners of the parent
Share capital	6,445	6,445
Share premium	981,818	981,827
Treasury shares	(119)	(128)
Other reserves	116,044	102,646
Cumulative translation adjustments	25	183
Accumulated losses	(941,546)	(924,885)
Total equity attributable to owners of the parent	162,667	166,088
Total liabilities and equity	$ 581,886	$ 617,972

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, 2020	$ 335,505	$ 6,314	$ 981,056	$ 42,753	$ (4)	$ 245	$ (694,859)
Loss for the period	(51,527)						(51,527)
Translation adjustment	36					36
Other comprehensive (loss) income for the period	36					36
Total comprehensive loss for the period	(51,491)					36	(51,527)
Exercise of options and vestings of RSUs	3		3
Share-based compensation expense	13,951			13,951
Total transactions with owners	13,954		3	13,951
Equity, ending balance at Mar. 31, 2021	297,968	6,314	981,059	56,704	(4)	281	(746,386)
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)
Other comprehensive (loss) income for the period	(158)					(158)
Total comprehensive loss for the period	(16,819)					(158)	(16,661)
Exercise of options and vestings of RSUs	0		(9)		9
Share-based compensation expense	13,398			13,398
Total transactions with owners	13,398		(9)	13,398	9
Equity, ending balance at Mar. 31, 2022	$ 162,667	$ 6,445	$ 981,818	$ 116,044	$ (119)	$ 25	$ (941,546)

Condensed Consolidated Interi_5

Condensed Consolidated Interim Statement of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash used in operating activities
Loss for the period	$ (16,661)	$ (51,527)
Adjustments for non-monetary items:
Share-based compensation expense	13,398	13,951
Depreciation of property, plant and equipment	261	174
Amortization of intangible assets	26	25
Depreciation of right-of-use assets	307	379
Gain from reversal of inventory impairment charges	(361)	0
Share of results in joint venture	2,502	527
Deferred tax asset	(3,856)	0
Change in defined benefit pension liability	72	74
Convertible loans, derivatives, decrease in fair value	(15,855)	(21,169)
Financial income	(18,307)	(15)
Financial expense	9,165	1,982
Exchange differences	(63)	(366)
Operating loss before working capital changes	(29,372)	(55,965)
Decrease in accounts receivable, net	3,466	0
Increase (decrease) in other current assets	(355)	0
Increase (decrease) in other current assets	(1,065)	1,075
Increase in accounts payable	4,383	5,914
Increase in income taxes	2,686	107
Decrease in other liabilities and other payables	(10,666)	(5,332)
Cash used in operating activities	(30,923)	(54,201)
Interest paid	(1,838)	(1,039)
Interest received	18	16
Interest expense on lease obligations	52	18
Payments made under royalty financing transaction	(1,191)	0
Tax refund	0	57
Net cash used in operating activities	(33,882)	(55,149)
Cash used in investing activities
Payment for purchase of property, plant and equipment	(229)	(657)
Payment for purchase of intangible assets	(889)	0
Payment for deposits	(330)	0
Net cash used in investing activities	(1,448)	(657)
Cash from financing activities
Proceeds from the exercise of stock options	0	3
Principal portion of lease obligation payments	(258)	(300)
Net cash from financing activities	(258)	(297)
Net decrease in cash and cash equivalents	(35,588)	(56,103)
Exchange (losses) / gain on cash and cash equivalents	(82)	30
Cash and cash equivalents at beginning of the period	466,544	439,195
Cash and cash equivalents at end of the period	430,874	383,122
Supplemental Non-Cash Investing Information
Capital expenditures recorded in Accounts payable	$ 0	$ 265

Corporate information

Corporate information	3 Months Ended
	Mar. 31, 2022
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 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 any cancer cell 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, 2022. 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, and proceeds from a royalty purchase agreement (see notes 14, “Convertible loans” and 16, “Deferred royalty obligation”). During the first quarter of 2022, the Company entered into an exclusive license agreement with Mitsubishi Tanabe Pharma Corporation ("MTPC") for the development and commercialization of ZYNLONTA for all hematologic and solid tumor indications in Japan. 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 convertible loans, it must maintain a balance of at least USD 50 million in cash and cash equivalents at the end of each quarter. As of March 31, 2022, the Group’s cash and cash equivalents amounted to USD 430.9 million (December 31, 2021: USD 466.5 million). Management believes that the Group has sufficient financial resources to cover its operating costs 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. COVID – 19 The Group continues to monitor the COVID-19 pandemic and its impact to operations. The Group is commercializing ZYNLONTA using hybrid launch plans. Recently, variants of the novel coronavirus have negatively impacted the Company's ability to have face-to-face interactions with physicians, which it believes is a key pillar of its continued success in driving the adoption of ZYNLONTA through ongoing dialogs with the healthcare provider community on

Basis of preparation

Basis of preparation	3 Months Ended
	Mar. 31, 2022
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, 2022 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, 2021. 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, 2022 2021 USD / GBP Closing rate, GBP 1 1.31336 1.37665 Weighted average exchange rate, GBP 1 1.34361 1.38246 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, 2021. 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, 2021. Other income (expense) For periods prior to December 31, 2021, individual components of Non-operating income (expense) were reported separately within the statement of operations. Prior periods have been recast to conform to the current period presentation. See Note 8, “Non-operating income (expense)” for further information.

Significant accounting policies

Significant accounting policies	3 Months Ended
	Mar. 31, 2022
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, 2021 and have been applied consistently to all periods presented in these unaudited condensed consolidated interim financial statements, except for the following: Revenue Recognition License Arrangements 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. In previous years, the Company had generated revenue from the sale of its product candidates and service revenues from a license and collaboration arrangement. See note 5 “License Revenue” for further information on the MTPC arrangement. The Company recognizes revenues from license fees for intellectual property (IP) either at a point in time or over time. The Company must make an assessment as to whether such a license represents a right-to-use the IP (at a point in time) or a right to access the IP (over time). The Company recognizes revenue for a right-to-use license immediately if the licensee can begin to use and benefit from the IP upon commencement of the license term and the Company has no further obligations in the context of the IP. A license is considered a right to access the IP when the Company undertakes activities during the license term that may significantly affect the IP, which directly exposes the customer to any positive or negative effects arising from such activities. These activities do not result in the immediate transfer of a good or service to the customer. As such, revenues from the right to access the IP are recognized over time. The Company may enter into agreements with multiple performance obligations. Performance obligations are identified and separated when the other party can benefit from the license on its own or together with other resources that are readily available, and the license is separately identifiable from other goods or services in the contract. Transaction prices for out-license arrangements may include fixed up-front amounts as well as variable consideration such as contingent development and regulatory milestones, sales-based milestones and royalties. The most likely amount method is used to estimate contingent development and regulatory milestones because the ultimate outcomes are binary in nature. Variable consideration is included in the transaction price only to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue will not occur when the uncertainty associated with the variable consideration is subsequently resolved. To the extent arrangements include multiple performance obligations that are separable, the transaction price assigned to each distinct performance obligation is reflective of the relative stand-alone selling price when sold separately or estimated stand-alone selling price on the basis of comparable transactions with other customers when such goods or services are not sold separately. The residual approach is the method used to estimate a stand-alone selling price when the selling price for a good or service is highly variable or uncertain. In determining the transaction prices, sales milestones and royalties attributable to licenses are excluded from the variable consideration guidance and recognized at the later of when the subsequent sales transaction occurs, or the satisfaction or partial satisfaction of the performance obligation to which some or all of the royalty has been allocated. 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, 2022, that are relevant to the Group and that have had any impact in the interim period. 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, 2022
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, 2021. In relation to the royalty purchase agreement with 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 on the deferred royalty obligation does not depend on market performance, the exposure to interest rate and market risk is deemed low. See note 16, “Deferred royalty obligations” for further information. There have been no material changes in financial risk management since year-end. 4.2 Fair value estimation At March 31, 2022, the carrying amount is a reasonable approximation of fair value for the following financial assets and liabilities: • Cash and cash equivalents • Trade accounts receivable • Trade accounts payable In the three months ended March 31, 2022, 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 each grant date with regard to awards under the ADC Therapeutics SA 2019 Equity Incentive Plan (the “Equity Incentive Plan 2019”) and with regard to the convertible loan conversion option derivative related to the first tranche and second tranche of the convertible loans. The approach to valuation follows the grant date fair value principle, and the key input factors are described for the share-based compensation awards in note 15, “Share-based compensation” and for the convertible loan derivatives in note 14, “Convertible loans”. Commonly accepted pricing models (Hull and Goldman Sachs) have been used to calculate the fair value of the convertible loan derivatives. The valuation of the embedded derivative in the first tranche and second tranche are classified as 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. The embedded derivative conversion feature associated with the first and second tranche of the Company’s convertible loans (see note 14, “Convertible loans”) are re-measured to fair value at each reporting date. The Company utilizes a risk free rate, an implied bond yield and a selected volatility in determining the fair value of its embedded derivatives. A hypothetical 10% increase (decrease) in the risk free rate as of March 31, 2022 would have decreased the derivative value associated with the first tranche of our convertible loans by KUSD 130 and KUSD 43. A hypothetical 10% increase (decrease) in the implied bond yield as of March 31, 2022 would have increased (decreased) the derivative value associated with the first tranche of our convertible loans by KUSD 109 and (KUSD 292). A hypothetical 10% increase (decrease) in the selected volatility as of March 31, 2022 would have increased (decreased) the derivative value associated with the first tranche of our convertible loans by KUSD 1,266 and (KUSD 1,545). A hypothetical 10% increase (decrease) in the risk free rate as of March 31, 2022 would have increased (decreased) the derivative value associated with the second tranche of our convertible loans by KUSD 35 and (KUSD 35). A hypothetical 10% increase (decrease) in the implied bond yield as of March 31, 2022 would have increased (decreased) the derivative value associated with the second tranche of our convertible loans by KUSD 45 and (KUSD 50). A hypothetical 10% increase (decrease) in the selected volatility as of March 31, 2022 would have increased (decreased) the derivative value associated with the second tranche of our convertible loans by KUSD 857 and (KUSD 1,141).

Product revenues, net

Product revenues, net	3 Months Ended
	Mar. 31, 2022
Revenue From Contracts With Customers [Abstract]
Product revenue, net	Revenue recognition Product revenue On April 23, 2021, the Company received FDA accelerated regulatory and marketing approval for ZYNLONTA and launched in the U.S. shortly thereafter. To date, the Company’s only source of product revenue, which commenced during May 2021, has been sales of ZYNLONTA only in the U.S. Product revenues, net were KUSD 16,498 for the three months ended March 31, 2022. 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, 2022. (in KUSD) Three months ended March 31, 2022 Beginning balance 2,590 GTN sales adjustments for current period sales 3,491 GTN sales adjustments for prior period sales (192) Credits, payments and reclassifications to Accounts payable (1,763) Ending balance as of March 31, 2022 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, 2022 and December 31, 2021. (in KUSD) As of March 31, 2022 As of December 31, 2021 Accounts receivable, net 2,451 1,204 Other current liabilities 1,675 1,386 4,126 2,590 Accounts receivable Subsequent to December 31, 2021, as the Company’s inventory is no longer held on consignment by the Company’s third-party logistics and distribution provider, payment terms for new sales commencing in 2022 ranged from 30 to 120 days. The Company received a permanent J-code for ZYNLONTA reimbursement which went into effect on April 1, 2022. After receipt of the permanent J-code, the Company’s payment terms will range from 30 days to 90 days. License revenue 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 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. The MTPC license arrangement includes a license and a performance obligation to supply product. The license and supply obligations are accounted for as separate performance obligations as they are considered distinct because MTPC can benefit from the license on its own or together with other resources that are readily available, and the license is separately identifiable from other goods or services in the contract. The Company completed significant development work which resulted in FDA approval of ZYNLONTA in the U.S. for the treatment of relapsed or refractory DLBCL. As a result, the up-front license fee is recognized immediately at the time of license execution, as MTPC can use and benefit from the IP and the Company has no further performance obligation with respect to the IP upon commencement of the license term. Although contingent development milestone amounts are assessed each period for the likelihood of achievement, they are typically constrained and recognized when the uncertainty is subsequently resolved for the full amount of the milestone and will be classified as license revenue. Sales milestones and royalties are recognized when the subsequent sales occur and classified as license revenue. After considering the standalone selling prices, up-front fees, contingent development and sales-based milestone, amounts and royalties are allocated to the license and recognized in the manner described above. Consideration for the supply obligation is based upon stipulated contractual terms which represent a standalone selling price. The above fee allocation between the license and the supply represents the amount of consideration expected to be entitled to for the satisfaction of the separate performance obligations.

Segment information

Segment information	3 Months Ended
	Mar. 31, 2022
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, 2022
Analysis of income and expense [abstract]
Operating expense	Operating expense The following table provides the unaudited condensed consolidated interim statement of operation classification of our total operating expense: (in KUSD) Three months ended March 31, 2022 2021 Cost of product sales 529 — R&D External costs (1) 29,168 24,306 Employee expense (2) 19,784 14,866 R&D expenses 48,952 39,172 S&M External costs (3) 8,911 5,290 Employee expense (2) 9,459 8,621 S&M expenses 18,370 13,911 G&A External costs (1) 7,639 4,733 Employee expense (2) 11,372 12,849 G&A expenses 19,011 17,582 Total operating expense 86,862 70,665 (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, 2022. All other depreciation expense was not material for the three months ended March 31, 2022. Depreciation expense was not material for the three months ended March 31, 2021. The increase in R&D expense in the three months ended March 31, 2022 was primarily associated with higher headcount and an increase in share-based compensation expense. In addition, R&D expense increased due to clinical activities as we continued to expand the potential market opportunities for ZYNLONTA in earlier lines of therapies and new histologies, advance Cami to support BLA submission and build its pipeline. Also contributing to the increase were higher chemistry, manufacturing and controls (“CMC”) expenses for Cami and a preclinical program as various manufacturing activities to support clinical activities occurred in during the three months ended March 31, 2022. The increase in S&M expenses in the three months ended March 31, 2022 was primarily due to increased professional expenses relating to the commercial launch of ZYNLONTA.

Cash and cash equivalents

Cash and cash equivalents	3 Months Ended
	Mar. 31, 2022
Cash and cash equivalents [abstract]
Cash and cash equivalents	Cash and cash equivalentsPursuant to the Facility Agreement entered into on April 24, 2020 (see note 14, “Convertible loans”), the Company is subject to a covenant that requires it to maintain a balance of at least USD 50 million in cash and cash equivalents at the end of each quarter, and such amounts are included in cash and cash equivalents on the unaudited condensed consolidated interim balance sheet.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2022
Inventory [Abstract]
Disclosure of inventories [text block]	Inventory Inventory as of March 31, 2022 and December 31, 2021 consisted of the following: (in KUSD) As of March 31, 2022 As of December 31, 2021 Work in process 11,257 10,562 Finished goods (1) 581 560 Total inventory 11,838 11,122 (1) Subsequent to December 31, 2021, the Company's inventory is no longer held on consignment by the third-party logistics and distribution provider. Finished goods includes KUSD 3 relating to ZYNLONTA held on consignment by the Company’s third-party logistics and distribution provider as of December 31, 2021. In accordance with its accounting policy, the Company reversed KUSD 361 of previously recorded impairment charges based on the existence of inventory on hand and estimated demand, as well as expiration dating. The reversal of impairment charges was recorded as a gain to R&D expenses in the Company’s unaudited condensed consolidated interim statement of operation.

Intangible assets

Intangible assets	3 Months Ended
	Mar. 31, 2022
Intangible Assets [Abstract]
Intangible assets	Intangible assets Licenses classified as definite-lived intangible assets are amortized over their useful lives, which are determined on the basis of the expected pattern of consumption of the expected future economic benefits embodied in the licenses and which therefore commence only once the necessary regulatory and marketing approval has been received for the product candidates to which they relate. The Company classifies its licenses relating to product candidates for which regulatory approval has not been received as indefinite-lived intangible assets and did not recognize amortization expense relating to these licenses. Internal development costs are classified as indefinite-lived intangible assets and are expected to be capitalized if they meet the criteria for recognition of an internally generated intangible asset, usually when marketing approval has been achieved from a regulatory authority in a major market. The Company began to capitalize internal development costs for ZYNLONTA as an internally generated intangible asset upon the FDA approval in the U.S. and if certain recognition criteria were met. During the three months ended March 31, 2022, the Company capitalized the following license fees paid or accrued to third parties as intangible assets: Milestone Payments • An amount of 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, 2021, the Company did not capitalize any intangible assets. The table below provides a rollforward of the Company’s intangible assets as of March 31, 2022 and 2021. (in KUSD) Indefinite lived Definite lived Cost Licenses Internal development costs Licenses Software Total 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 Cost January 1, 2021 11,144 — — 168 11,312 Transfers — — — (6) (6) March 31, 2021 11,144 — — 162 11,306 Accumulated Amortization January 1, 2021 (1,069) — — (64) (1,133) Amortization charge — — — (25) (25) Exchange differences — — — (1) (1) March 31, 2021 (1,069) — — (90) (1,159) Net book amount as of March 31, 2021 10,075 — — 72 10,147

Non-operating income

Non-operating income	3 Months Ended
	Mar. 31, 2022
Analysis of income and expense [abstract]
Non-operating income	Non-operating income (expense) Three months ended March 31, (in KUSD) Note 2022 2021 Convertible loans, derivatives, change in fair value income 14 15,855 21,169 Share of results with joint venture 12 (2,502) (527) Exchange differences gain 81 394 R&D tax credit 8 194 Non-operating income 13,442 21,230 Convertible loans, derivatives, change in fair value income (expense) Changes in derivative fair values are explained in note 14, “Convertible loans”. Pursuant to the Facility Agreement with Deerfield, the Company drew down the first tranche of the convertible loans amounting to USD 65 million on May 19, 2020. Additionally, in connection with the FDA approval of ZYNLONTA, the Company drew down the second tranche of convertible loans amounting to USD 50 million. 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 net loss. See note 12, “Interest in joint venture”. Exchange differences Also included in Other income (expense) are favorable or unfavorable Exchange differences. The Company’s 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 Other 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 12% of eligible expenditure. 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 Other income (expense) and not as a credit to income tax expense.

Interest in joint venture

Interest in joint venture	3 Months Ended
	Mar. 31, 2022
Interests In Other Entities [Abstract]
Interest in joint venture	Interest in joint venture On December 14, 2020, the Company announced the formation of a new joint venture company, Overland ADCT BioPharma, with Overland Pharmaceuticals (“Overland”), a fully integrated biopharmaceutical company backed by Hillhouse Capital. Overland ADCT BioPharma will 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, 2022 and 2021, respectively. (in KUSD) Interest in joint venture January 1, 2022 41,236 Share of results in joint venture (2,502) March 31, 2022 38,734 January 1, 2021 47,908 Share of results in joint venture (527) March 31, 2021 47,381 As of March 31, 2022, 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, 2021. 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 below, 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, 2022 December 31, 2021 Cash and cash equivalents 34,324 39,318 Prepaid and other current assets 175 15 Intangible assets 48,040 48,040 Total liabilities 2,614 2,828 Net assets 79,925 84,545 Summarized Statement of Comprehensive Loss Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 Operating expenses 4,791 1,162 Net loss 4,749 1,074

Leases

Leases	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Leases	Leases The table below provides a rollforward of the Company's right-of-use assets as of March 31, 2022 and 2021, respectively. (in KUSD) Right-of-Use Assets Properties (Offices) Vehicles Total 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) Lease termination — — — 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 Cost January 1, 2021 5,324 78 5,402 Additions 5,345 56 5,401 Exchange difference 9 — 9 March 31, 2021 10,678 134 10,812 Accumulated depreciation January 1, 2021 (2,253) (20) (2,273) Depreciation charge (374) (5) (379) Exchange difference (8) — (8) March 31, 2021 (2,635) (25) (2,660) Net book amount as of March 31, 2021 8,043 109 8,152 During the first quarter of 2021, the Company entered into a new lease agreement with a ten-year term commencing in January 2021 for space in the iHub building on the Imperial University college campus in White City, West London. The primary function of the new facility, which consists of approximately 1,100 square meters, is R&D. 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) 2022 2021 R&D expenses 245 324 G&A expenses 62 55 307 379 The table below provides a rollforward of the Company's lease liabilities as of March 31, 2022 and 2021, respectively. (in KUSD) Lease liabilities Properties (Offices) Vehicles Total 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 January 1, 2021 3,402 65 3,467 Additions 5,345 56 5,401 Cash outflow (including interest) (313) (5) (318) Interest 18 — 18 Exchange difference (133) (3) (136) March 31, 2021 8,319 113 8,432 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 March 31, 2021 Lease liabilities (short-term) 799 34 833 Lease liabilities (long-term) 7,520 79 7,599 Total lease liabilities 8,319 113 8,432

Convertible loans

Convertible loans	3 Months Ended
	Mar. 31, 2022
Financial Instruments [Abstract]
Convertible loans	Convertible loans Facility agreement On April 24, 2020, the Company entered into a USD 115 million Facility Agreement with Deerfield Partners, L.P. and certain of its affiliates (“Deerfield”). Pursuant to such agreement, Deerfield agreed to extend senior secured convertible term loans to the Company in two separate disbursements: (i) an initial disbursement of convertible loans in the amount of USD 65 million upon the completion of the initial public offering (“IPO”), and satisfaction of certain other conditions (the “first tranche”) and (ii) a subsequent disbursement of convertible loans in the amount of USD 50 million upon the receipt of regulatory approval for ZYNLONTA, and satisfaction of certain other conditions (the “second tranche”). The outstanding principal amount of the convertible loans is due to be repaid in full on May 19, 2025. However, any conversion of the convertible loans into common shares shall be deemed a repayment of the principal amount of the convertible loans so converted. The convertible loans bear interest at a rate of 5.95% per annum, based on a 360-day year, with interest payable quarterly in arrears commencing July 1, 2020 and July 1, 2021 for the first tranche and second tranche, respectively. Upon any payment of the convertible loans or conversion of the convertible notes, whether upon redemption or at maturity or at any other time, the Company will be required to pay an exit charge equal to 2.0% of the amount of the loans so paid or converted. The Company’s obligations under the Facility Agreement are guaranteed by the Company’s wholly owned subsidiaries and secured by a perfected, first-priority security interest in substantially all of the Company’s and its wholly owned subsidiaries’ personal property, including its intellectual property and the equity ownership interests directly and indirectly held by the Company in its wholly owned subsidiaries and joint venture. In accordance with the terms of the convertible notes, both the holders and the Company may elect to redeem the notes upon the occurrence of a major transaction and successor major transaction, respectively, as discussed in the Company’s annual report for the period ended December 31, 2021 on Form 20-F. The Facility Agreement contains various covenants, including a requirement to retain USD 50 million in cash and cash equivalents as of the end of each fiscal quarter. First tranche - Initial disbursement of convertible loans The Company has accounted for the first tranche of convertible loans amounting to USD 65 million issued on May 19, 2020 as comprising two components: an embedded conversion option derivative and a loan. Valuation of derivative embedded in first tranche Since issuance, the embedded conversion option derivative is marked-to-market on a quarterly basis. During the three months ended March 31, 2022 and 2021, the Company recognized income of KUSD 9,518 and KUSD 15,268, respectively, as a result of changes in the fair value of the embedded derivative. The fair value of the embedded derivative associated with the first tranche was KUSD 13,707 and KUSD 23,226 as of March 31, 2022 and December 31, 2021, respectively. The decreases in the fair value of the embedded derivative during the three months ended March 31, 2022 and 2021 was primarily due to the decrease in the fair value of the underlying shares from December 31, 2021 to March 31, 2022 and from December 31, 2020 to March 31, 2021, respectively, which were charged directly to the unaudited condensed consolidated interim statement of operations. The Company used an independent valuation firm to assist in calculating the fair value of the embedded conversion option derivative, 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 and December 31, 2021 were as follows: As of March 31, 2022 December 31, 2021 Exercise price at 130% of the IPO price of 19.00, in USD 24.70 24.70 Forced conversion price, in USD (1) 67.93 67.93 Share price in USD 14.69 20.20 Risk-free interest rate 2.4 % 1.0 % Expected volatility 76 % 77 % Expected term 37 months 40 months Dividend yield — — Recovery rate 5 % 5 % Implied bond yield 10.3 % 8.8 % (1) In accordance with the terms of the convertible loans, under certain circumstances the Company has the right to force conversions of the convertible notes on and after the one- and three-year anniversaries of the date on which it has received regulatory approval of ZYNLONTA as discussed in the Company’s annual report for the period ended December 31, 2021 on Form 20-F. Residual convertible loan The loan bears interest at a rate of 5.95% per annum, based on a 360-day year, with interest payable quarterly in arrears commencing on July 1, 2020. For the three months ended March 31, 2022 and 2021, the Company recorded interest expense related to the interest payable on the residual convertible loan (net of the value of the embedded conversion option derivative) in the amount of KUSD 2,219 and KUSD 1,982, respectively. The Company’s interest expense is based on the implied effective interest rate, which was computed at inception at 23%. The amount at which the convertible loan is presented as a liability in the unaudited condensed consolidated interim balance sheet represents the net present value of all future cash outflows associated with the loan discounted at the implied effective interest rate. The net present value of those cash outflows occurring within 12 months of the balance sheet date discounted at the same rate is presented as a short-term liability. The remainder of the amount is presented as a long-term liability. The carrying value of the convertible loan was KUSD 44,084 as of March 31, 2022, of which KUSD 3,614 was the current portion of the liability. The carrying value of the convertible loan was KUSD 42,874 as of December 31, 2021, of which KUSD 3,631 was the current portion of the liability. Second tranche - Accounting for subsequent disbursement of convertible loans prior to FDA approval Draw-down of the second tranche of the convertible loans was mandatory upon the April 23, 2021 receipt of regulatory approval for ZYNLONTA. Prior to drawing down the second tranche, the Company accounted for the second tranche as a derivative. During the three months ended March 31, 2021, the Company recognized income of KUSD 5,901 as a result of changes in the fair value of the derivative. The decrease in fair value of the derivative during the three months ended March 31, 2021 was primarily due to the decrease in the fair value of the underlying shares from December 31, 2020 to March 31, 2021, which was charged directly to the unaudited condensed consolidated interim statement of operations. The fair value of the derivative associated with the second tranche as of both March 31, 2022 and December 31, 2021 was nil as the derivative is now accounted for as an embedded conversion option derivative upon the draw-down of the subsequent disbursement. See “Second tranche - Accounting for subsequent disbursement of convertible loans after FDA approval” below for further details. The Company used an independent valuation firm to assist in performing a fair value assessment of the derivative liability, 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 valuation as of March 31, 2021 (prior to FDA approval of ZYNLONTA) was as follows: As of March 31, 2021 Exercise price at 150% of the IPO of 19.00, in USD (1) 28.50 Forced conversion price, in USD (2) 78.38 Share price in USD 24.41 Risk-free interest rate 0.7 % Expected volatility (3) 90 % Expected term 2 months Dividend yield — Recovery rate 5 % Implied bond yield 7.9 % (1) The conversion price for the second tranche of convertible notes is the lesser of (i) 150% of the IPO price and (ii) 120% of the average of the volume-weighted average prices of the Company’s common shares on each of the 15 trading days immediately prior to the disbursement date of the second tranche, but in no event less than a floor equal to 81% of the IPO price. (2) In accordance with the terms of the convertible loans, under certain circumstances the Company has the right to force conversions of the convertible notes on and after the one- and three-year anniversaries of the date on which it received regulatory approval of ZYNLONTA, as discussed in the Company’s annual report for the period ended December 31, 2021 on Form 20-F. (3) The expected volatility utilized for the pre-FDA approval valuations was higher than the post-approval valuations due to a change in the peer group. Prior to the FDA approval of ZYNLONTA, the Company utilized a peer group primarily comprised of clinical-stage companies. Upon receipt of FDA approval of ZYNLONTA, the Company updated the peer group to primarily comprise of commercial-stage companies, which lowered the expected volatility assumption utilized in the post-FDA approval valuations. Second tranche - Accounting for subsequent disbursement of convertible loans after FDA approval Upon receipt of FDA approval of ZYNLONTA, the Company accounted for the second tranche of convertible loans amounting to USD 50 million issued on May 17, 2021 as comprising two separate components: an embedded conversion option derivative and a loan. Valuation of derivative embedded in second tranche Upon receipt of FDA approval of ZYNLONTA, the Company used an independent valuation firm to assist in calculating the initial fair value of the entire instrument, including the embedded conversion option derivative. The fair value of the embedded conversion option derivative component was based on the mean of values derived from application of the Hull and Goldman Sachs convertible bond pricing models. Key inputs for the subsequent valuation of the embedded conversion option derivative as of March 31, 2022 and December 31, 2021, including both components described above, were as follows: As of March 31, 2022 December 31, 2021 Exercise price in USD (1) 28.07 28.07 Forced conversion price, in USD (2) 77.19 77.19 Share price in USD 14.69 20.20 Risk-free interest rate 2.4 % 1.0 % Expected volatility 76 % 77 % Expected term 37 months 40 months Dividend yield — — Recovery rate 5 % 5 % Implied bond yield 10.3 % 8.8 % (1) The conversion price for the second tranche of convertible notes is the lesser of (i) 150% of the IPO price and (ii) 120% of the average of the volume-weighted average prices of the Company’s common shares on each of the 15 trading days immediately prior to the disbursement date of the second tranche, but in no event less than a floor equal to 81% of the IPO price. The conversion price for the second tranche of the convertible notes as of March 31, 2022 and December 31, 2021 was based on 120% of the average of the volume-weighted average process of the Company’s shares on each of the 15 trading days prior to the disbursement date. (2) In accordance with the terms of the convertible loans, under certain circumstances the Company has the right to force conversions of the convertible notes on and after the one- and three-year anniversaries of the date on which it received regulatory approval of ZYNLONTA, as discussed in the Company’s annual report for the period ended December 31, 2021 on Form 20-F. During the three months ended March 31, 2022, the Company recognized income of KUSD 6,337 as a result of changes in the fair value of the embedded derivative. The fair value of the embedded derivative associated with the second tranche was KUSD 8,385 as of March 31, 2022. There was no income or expense recognized as a result of changes in the fair value of the embedded derivative during the three months ended March 31, 2021 as the second tranche was drawn down on May 17, 2021. The fair value of the embedded derivative associated with the second tranche was KUSD 14,721 as of December 31, 2021. The decrease in fair value of the embedded derivative is primarily due to the decrease in the fair value of the underlying shares from December 31, 2021 to March 31, 2022. Convertible loan The loan bears interest at a rate of 5.95% per annum, based on a 360-day year, with interest payable quarterly in arrears commencing on July 1, 2021. For the three months ended March 31, 2022, the Company recorded interest expense related to the interest payable on the convertible loan (net of the value of the embedded conversion option derivative) in the amount of KUSD 803, based on the implied effective interest rate, which was computed at inception at 6.7%. There was no interest expense for the three months ended March 31, 2021 as the second tranche was drawn down in May 2021. As described above, the Company used an independent valuation firm to assist in calculating the initial fair value of the entire instrument, including both components. The convertible loan is subsequently measured at its amortized cost in accordance with IFRS 9. The amount at which the convertible loan is presented as a liability in the unaudited condensed consolidated interim balance sheet represents the net present value of all future cash outflows associated with the loan

Share-based compensation

Share-based compensation	3 Months Ended
	Mar. 31, 2022
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 13,820,000 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, 2022, the Company has 4,141,435 common shares available for the future issuance of share-based equity awards. On March 7, 2022, the Company issued its annual equity award, which was approved by the Compensation Committee of the Board of Directors and consisted of 1,867,076 share options and 570,340 RSUs. As of March 31, 2022, the Company has only granted share options, RSUs and performance awards under the Equity Incentive Plan 2019. As of March 31, 2022, 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 109,376. An amount of KUSD 512 was withheld for tax charges during the three months ended March 31, 2022. The amount of expense for all awards recognized for services received during the three months ended March 31, 2022 and 2021 were KUSD 13,910 and KUSD 13,951, respectively. 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, 2022 and 2021 is KUSD 10,515 and KUSD 12,692, respectively. The following table summarizes the share option awards outstanding as of March 31, 2022: Average strike price per share in USD Number of awards Weighted average remaining life December 31, 2021 27.23 6,640,200 8.70 Granted 14.39 2,062,058 9.90 Forfeited 28.33 (272,752) N/A March 31, 2022 24.05 8,429,506 8.79 Awards outstanding as of March 31, 2022 and December 31, 2021, expire through 2032. The options granted during 2022 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 8.85 per share. As of March 31, 2022, 2,741,045 awards are vested and exercisable out of the total outstanding awards of 8,429,506 common shares. The weighted average strike price and weighted average remaining life for vested and exercisable awards is USD 25.70 and 8.21 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, 2022 were determined on the date of the grant using the following assumptions: Three Months Ended Three Months Ended March 31, 2022 March 31, 2021 Share price, in USD 14.00 - 19.69 27.32 - 32.22 Strike price, in USD 14.00 - 19.69 27.32 - 32.22 Expected volatility 70% 85% Award life 6.08 5.5 - 6.08 Expected dividends — — Risk-free interest rate 1.46% - 1.73% 0.51% - 1.12% 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 expected volatility utilized after FDA approval of ZYNLONTA decreased from those used prior to FDA approval due to a change in the peer group. Prior to FDA approval, the Company utilized a peer group primarily comprised of clinical-stage companies. Upon receipt of FDA approval, the Company updated the peer group to primarily comprise of commercial-stage companies, which lowered the expected volatility assumption. 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. Under the 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, 2022 and 2021 is KUSD 3,395 and KUSD 1,259. Number of awards Weighted average grant date fair value December 31, 2021 663,055 30.95 Granted 579,636 14.10 Vested (137,908) 28.70 Forfeited (48,833) N/A March 31, 2022 1,055,950 22.17 The RSUs granted during 2022 include the annual equity award discussed above. 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, 2022 March 31, 2021 Equity Incentive Plan 2019 - Share Options 10,515 12,692 Equity Incentive Plan 2019 - RSUs 3,395 1,259 Tax and social charge deductions - Incentive Plan 2019 (512) — Total 13,398 13,951

Related parties

Related parties	3 Months Ended
	Mar. 31, 2022
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. 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”). 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. Services provided by the Company to related parties The Company provides registered office and other simple administrative services to three subsidiaries of ATH. The amounts invoiced for the three months ended March 31, 2022 and recovered through G&A expenses, amounted to KUSD 1 (three months ended March 31, 2021: KUSD 1). 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, 2022, the Company incurred KUSD 320 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, 2021: nil). In addition, the Company entered into a supply agreement with Overland ADCT BioPharma whereby the Company provides Overland ADCT BioPharma clinical supply for use in trials. For the three months ended March 31, 2022, KUSD 45 of clinical supply was provided to Overland ADCT BioPharma which is recorded as a reduction of R&D expenses in the Company’s unaudited condensed consolidated interim statement of operation. There were no such sales to Overland ADCT BioPharma during the three months ended March 31, 2021. Related party balances The Company had a related party receivable balance with Overland ADCT BioPharma of KUSD 1,031 and KUSD 789 as of March 31, 2022 and December 31, 2021, respectively. There were no trade accounts payable with related parties as of March 31, 2022 and December 31, 2021. Key management compensation The compensation of key management is shown below: Three months ended March 31, (in KUSD) 2022 2021 Salaries and other short-term employee costs 2,144 2,032 Pension costs 133 134 Share-based compensation expense 5,574 5,217 Other compensation 10 13 Total 7,861 7,396

Loss per share

Loss per share	3 Months Ended
	Mar. 31, 2022
Earnings per share [abstract]
Loss per share	Loss per share Three Months Ended March 31, (in KUSD, except per share amounts) 2022 2021 Loss attributable to owners (16,661) (51,527) Weighted average number of shares outstanding 76,821,726 76,721,667 Basic and diluted loss per share (0.22) (0.67) For the three months ended March 31, 2022 and 2021, 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, as the effect of including those shares would be anti-dilutive. 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, 2022 2021 Equity Incentive Plan 2019 - Share Options 7,179,859 4,683,132 Equity Incentive Plan 2019 - RSUs 793,791 195,773 Conversion of the principal amount of convertible loans into the Company’s common shares 4,412,840 2,631,579 12,386,490 7,510,484

Events after the reporting date

Events after the reporting date	3 Months Ended
	Mar. 31, 2022
Events After Reporting Period [Abstract]
Events after the reporting date	Events after the reporting dateThe Company has evaluated its subsequent events through May 9, 2022, the date the unaudited condensed consolidated interim financial statements were available to be issued, and has concluded that there are no subsequent events requiring disclosure in these unaudited condensed consolidated interim financial statements.

Deferred royalty obligation

Deferred royalty obligation	3 Months Ended
	Mar. 31, 2022
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 100.0 million upon the occurrence of certain commercial milestones. 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 1,191 Plus: interest expense 6,142 Less : cumulative catch-up adjustment, Financial income 18,288 March 31, 2022 212,140 January 1, 2021 — Proceeds from the sale of future royalties 225,000 Less: transaction costs 6,998 Less: royalty payments 213 Plus: interest expense 6,752 Plus: cumulative catch-up adjustment, Financial expense 936 December 31, 2021 225,477 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 effective interest rate 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
Schedule of borrowings	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 1,191 Plus: interest expense 6,142 Less : cumulative catch-up adjustment, Financial income 18,288 March 31, 2022 212,140 January 1, 2021 — Proceeds from the sale of future royalties 225,000 Less: transaction costs 6,998 Less: royalty payments 213 Plus: interest expense 6,752 Plus: cumulative catch-up adjustment, Financial expense 936 December 31, 2021 225,477

Significant accounting polici_2

Significant accounting policies (Policies)	3 Months Ended
	Mar. 31, 2022
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, 2022 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, 2021.
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.
Description Of Accounting Policy For Other Income (Expense) Explanatory	Other income (expense) For periods prior to December 31, 2021, individual components of Non-operating income (expense) were reported separately within the statement of operations. Prior periods have been recast to conform to the current period presentation. See Note 8, “Non-operating income (expense)” for further information.
Revenue Recognition
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, 2022, that are relevant to the Group and that have had any impact in the interim period. 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, 2022
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, 2022 2021 USD / GBP Closing rate, GBP 1 1.31336 1.37665 Weighted average exchange rate, GBP 1 1.34361 1.38246 Basis of Consolidation

Product revenues, net (Tables)

Product revenues, net (Tables)	3 Months Ended
	Mar. 31, 2022
Revenue From Contracts With Customers [Abstract]
Disclosure Of Detailed Information About Sales Adjustments Explanatory	The table below provides a rollforward of the Company’s accruals related to the GTN sales adjustments for the three months ended March 31, 2022. (in KUSD) Three months ended March 31, 2022 Beginning balance 2,590 GTN sales adjustments for current period sales 3,491 GTN sales adjustments for prior period sales (192) Credits, payments and reclassifications to Accounts payable (1,763) Ending balance as of March 31, 2022 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, 2022 and December 31, 2021. (in KUSD) As of March 31, 2022 As of December 31, 2021 Accounts receivable, net 2,451 1,204 Other current liabilities 1,675 1,386 4,126 2,590

Operating expense (Tables)

Operating expense (Tables)	3 Months Ended
	Mar. 31, 2022
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 operation classification of our total operating expense: (in KUSD) Three months ended March 31, 2022 2021 Cost of product sales 529 — R&D External costs (1) 29,168 24,306 Employee expense (2) 19,784 14,866 R&D expenses 48,952 39,172 S&M External costs (3) 8,911 5,290 Employee expense (2) 9,459 8,621 S&M expenses 18,370 13,911 G&A External costs (1) 7,639 4,733 Employee expense (2) 11,372 12,849 G&A expenses 19,011 17,582 Total operating expense 86,862 70,665 (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, 2022. All other depreciation expense was not material for the three months ended March 31, 2022. Depreciation expense was not material for the three months ended March 31, 2021.

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2022
Inventory [Abstract]
Disclosure Of Inventory Information Explanatory	Inventory as of March 31, 2022 and December 31, 2021 consisted of the following: (in KUSD) As of March 31, 2022 As of December 31, 2021 Work in process 11,257 10,562 Finished goods (1) 581 560 Total inventory 11,838 11,122

Intangible assets (Tables)

Intangible assets (Tables)	3 Months Ended
	Mar. 31, 2022
Intangible Assets [Abstract]
Disclosure of reconciliation of changes in intangible assets and goodwill [text block]	The table below provides a rollforward of the Company’s intangible assets as of March 31, 2022 and 2021. (in KUSD) Indefinite lived Definite lived Cost Licenses Internal development costs Licenses Software Total 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 Cost January 1, 2021 11,144 — — 168 11,312 Transfers — — — (6) (6) March 31, 2021 11,144 — — 162 11,306 Accumulated Amortization January 1, 2021 (1,069) — — (64) (1,133) Amortization charge — — — (25) (25) Exchange differences — — — (1) (1) March 31, 2021 (1,069) — — (90) (1,159) Net book amount as of March 31, 2021 10,075 — — 72 10,147

Non-operating income (Tables)

Non-operating income (Tables)	3 Months Ended
	Mar. 31, 2022
Analysis of income and expense [abstract]
Schedule of Other income (expense)	Three months ended March 31, (in KUSD) Note 2022 2021 Convertible loans, derivatives, change in fair value income 14 15,855 21,169 Share of results with joint venture 12 (2,502) (527) Exchange differences gain 81 394 R&D tax credit 8 194 Non-operating income 13,442 21,230

Interest in joint venture (Tabl

Interest in joint venture (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2022 and 2021, respectively. (in KUSD) Interest in joint venture January 1, 2022 41,236 Share of results in joint venture (2,502) March 31, 2022 38,734 January 1, 2021 47,908 Share of results in joint venture (527) March 31, 2021 47,381
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, 2022 December 31, 2021 Cash and cash equivalents 34,324 39,318 Prepaid and other current assets 175 15 Intangible assets 48,040 48,040 Total liabilities 2,614 2,828 Net assets 79,925 84,545 Summarized Statement of Comprehensive Loss Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 Operating expenses 4,791 1,162 Net loss 4,749 1,074

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Schedule of quantitative information about right-of-use assets	(in KUSD) Right-of-Use Assets Properties (Offices) Vehicles Total 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) Lease termination — — — 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 Cost January 1, 2021 5,324 78 5,402 Additions 5,345 56 5,401 Exchange difference 9 — 9 March 31, 2021 10,678 134 10,812 Accumulated depreciation January 1, 2021 (2,253) (20) (2,273) Depreciation charge (374) (5) (379) Exchange difference (8) — (8) March 31, 2021 (2,635) (25) (2,660) Net book amount as of March 31, 2021 8,043 109 8,152
Schedule of quantitative information about lease liabilities	(in KUSD) Lease liabilities Properties (Offices) Vehicles Total 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 January 1, 2021 3,402 65 3,467 Additions 5,345 56 5,401 Cash outflow (including interest) (313) (5) (318) Interest 18 — 18 Exchange difference (133) (3) (136) March 31, 2021 8,319 113 8,432 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 March 31, 2021 Lease liabilities (short-term) 799 34 833 Lease liabilities (long-term) 7,520 79 7,599 Total lease liabilities 8,319 113 8,432

Convertible loans (Tables)

Convertible loans (Tables)	3 Months Ended
	Mar. 31, 2022
Financial Instruments [Abstract]
Schedule of key inputs used for valuation	Key inputs for the valuations as of March 31, 2022 and December 31, 2021 were as follows: As of March 31, 2022 December 31, 2021 Exercise price at 130% of the IPO price of 19.00, in USD 24.70 24.70 Forced conversion price, in USD (1) 67.93 67.93 Share price in USD 14.69 20.20 Risk-free interest rate 2.4 % 1.0 % Expected volatility 76 % 77 % Expected term 37 months 40 months Dividend yield — — Recovery rate 5 % 5 % Implied bond yield 10.3 % 8.8 % (1) In accordance with the terms of the convertible loans, under certain circumstances the Company has the right to force conversions of the convertible notes on and after the one- and three-year anniversaries of the date on which it has received regulatory approval of ZYNLONTA as discussed in the Company’s annual report for the period ended December 31, 2021 on Form 20-F. As of March 31, 2021 Exercise price at 150% of the IPO of 19.00, in USD (1) 28.50 Forced conversion price, in USD (2) 78.38 Share price in USD 24.41 Risk-free interest rate 0.7 % Expected volatility (3) 90 % Expected term 2 months Dividend yield — Recovery rate 5 % Implied bond yield 7.9 % (1) The conversion price for the second tranche of convertible notes is the lesser of (i) 150% of the IPO price and (ii) 120% of the average of the volume-weighted average prices of the Company’s common shares on each of the 15 trading days immediately prior to the disbursement date of the second tranche, but in no event less than a floor equal to 81% of the IPO price. (2) In accordance with the terms of the convertible loans, under certain circumstances the Company has the right to force conversions of the convertible notes on and after the one- and three-year anniversaries of the date on which it received regulatory approval of ZYNLONTA, as discussed in the Company’s annual report for the period ended December 31, 2021 on Form 20-F. (3) The expected volatility utilized for the pre-FDA approval valuations was higher than the post-approval valuations due to a change in the peer group. Prior to the FDA approval of ZYNLONTA, the Company utilized a peer group primarily comprised of clinical-stage companies. Upon receipt of FDA approval of ZYNLONTA, the Company updated the peer group to primarily comprise of commercial-stage companies, which lowered the expected volatility assumption utilized in the post-FDA approval valuations. As of March 31, 2022 December 31, 2021 Exercise price in USD (1) 28.07 28.07 Forced conversion price, in USD (2) 77.19 77.19 Share price in USD 14.69 20.20 Risk-free interest rate 2.4 % 1.0 % Expected volatility 76 % 77 % Expected term 37 months 40 months Dividend yield — — Recovery rate 5 % 5 % Implied bond yield 10.3 % 8.8 % (1) The conversion price for the second tranche of convertible notes is the lesser of (i) 150% of the IPO price and (ii) 120% of the average of the volume-weighted average prices of the Company’s common shares on each of the 15 trading days immediately prior to the disbursement date of the second tranche, but in no event less than a floor equal to 81% of the IPO price. The conversion price for the second tranche of the convertible notes as of March 31, 2022 and December 31, 2021 was based on 120% of the average of the volume-weighted average process of the Company’s shares on each of the 15 trading days prior to the disbursement date.
Schedule of borrowings	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 1,191 Plus: interest expense 6,142 Less : cumulative catch-up adjustment, Financial income 18,288 March 31, 2022 212,140 January 1, 2021 — Proceeds from the sale of future royalties 225,000 Less: transaction costs 6,998 Less: royalty payments 213 Plus: interest expense 6,752 Plus: cumulative catch-up adjustment, Financial expense 936 December 31, 2021 225,477

Share-based compensation (Table

Share-based compensation (Tables)	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangements [Abstract]
Schedule of Shares Outstanding	The following table summarizes the share option awards outstanding as of March 31, 2022: Average strike price per share in USD Number of awards Weighted average remaining life December 31, 2021 27.23 6,640,200 8.70 Granted 14.39 2,062,058 9.90 Forfeited 28.33 (272,752) N/A March 31, 2022 24.05 8,429,506 8.79
Schedule of Fair Value Assumption For Options Granted	The fair values of the options granted during the three months ended March 31, 2022 were determined on the date of the grant using the following assumptions: Three Months Ended Three Months Ended March 31, 2022 March 31, 2021 Share price, in USD 14.00 - 19.69 27.32 - 32.22 Strike price, in USD 14.00 - 19.69 27.32 - 32.22 Expected volatility 70% 85% Award life 6.08 5.5 - 6.08 Expected dividends — — Risk-free interest rate 1.46% - 1.73% 0.51% - 1.12%
Schedule of Other Equity Instruments Outstanding	Number of awards Weighted average grant date fair value December 31, 2021 663,055 30.95 Granted 579,636 14.10 Vested (137,908) 28.70 Forfeited (48,833) N/A March 31, 2022 1,055,950 22.17
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, 2022 March 31, 2021 Equity Incentive Plan 2019 - Share Options 10,515 12,692 Equity Incentive Plan 2019 - RSUs 3,395 1,259 Tax and social charge deductions - Incentive Plan 2019 (512) — Total 13,398 13,951

Related parties (Tables)

Related parties (Tables)	3 Months Ended
	Mar. 31, 2022
Related Party [Abstract]
Key Management Compensation	The compensation of key management is shown below: Three months ended March 31, (in KUSD) 2022 2021 Salaries and other short-term employee costs 2,144 2,032 Pension costs 133 134 Share-based compensation expense 5,574 5,217 Other compensation 10 13 Total 7,861 7,396

Loss per share (Tables)

Loss per share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings per share [abstract]
Schedule of loss per share and potentially dilutive securities	Three Months Ended March 31, (in KUSD, except per share amounts) 2022 2021 Loss attributable to owners (16,661) (51,527) Weighted average number of shares outstanding 76,821,726 76,721,667 Basic and diluted loss per share (0.22) (0.67) 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, 2022 2021 Equity Incentive Plan 2019 - Share Options 7,179,859 4,683,132 Equity Incentive Plan 2019 - RSUs 793,791 195,773 Conversion of the principal amount of convertible loans into the Company’s common shares 4,412,840 2,631,579 12,386,490 7,510,484

Corporate information (Details)

Corporate information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)subsidiary	Dec. 31, 2021USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Corporate Information And Statement Of IFRS Compliance [Abstract]
Number of subsidiaries | subsidiary	3
Cash and cash equivalents, minimum quarterly balance	$ 50,000
Cash and cash equivalents	$ 430,874	$ 466,544	$ 383,122	$ 439,195

Basis of preparation - Schedule

Basis of preparation - Schedule of Foreign currency exchange rate (Details) - $ / £	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Corporate Information And Statement Of IFRS Compliance [Abstract]
Closing foreign exchange rate	1.31336	1.37665
Average foreign exchange rate	1.34361	1.38246

Significant accounting polici_3

Significant accounting policies (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Accounting Policies, Changes in Accounting Estimates And Errors [Abstract]
Gain from reversal of inventory impairment charges	$ 361	$ 0

Financial risk management (Deta

Financial risk management (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Volatility Risk
Disclosure of detailed information about financial instruments [line items]
Sensitivity analysis for volatility, reasonably possible change in risk variable	10.00%
Volatility Risk | Disbursement upon completion of IPO
Disclosure of detailed information about financial instruments [line items]
Sensitivity analysis for types of volatility risk, reasonably possible change in risk variable, increase on derivative values	$ 1,266
Sensitivity analysis for types of volatility risk, reasonably possible change in risk variable, decrease on derivative values	1,545
Volatility Risk | Disbursement upon receipt of regulatory approval for ZYNLONTA
Disclosure of detailed information about financial instruments [line items]
Sensitivity analysis for types of volatility risk, reasonably possible change in risk variable, increase on derivative values	857
Sensitivity analysis for types of volatility risk, reasonably possible change in risk variable, decrease on derivative values	$ 1,141
Risk-free interest rate | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Sensitivity analysis for types of interest rate risk, reasonably possible change in risk variable	10.00%
Risk-free interest rate | Interest rate risk | Disbursement upon completion of IPO
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	$ 130
Sensitivity analysis for types of interest rate risk, reasonably possible change in risk variable, decrease on derivative values	43
Risk-free interest rate | Interest rate risk | Disbursement upon receipt of regulatory approval for ZYNLONTA
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	35
Sensitivity analysis for types of interest rate risk, reasonably possible change in risk variable, decrease on derivative values	$ 35
Implied bond yield | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Sensitivity analysis for types of interest rate risk, reasonably possible change in risk variable	10.00%
Implied bond yield | Interest rate risk | Disbursement upon completion of IPO
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	$ 109
Sensitivity analysis for types of interest rate risk, reasonably possible change in risk variable, decrease on derivative values	292
Implied bond yield | Interest rate risk | Disbursement upon receipt of regulatory approval for ZYNLONTA
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	45
Sensitivity analysis for types of interest rate risk, reasonably possible change in risk variable, decrease on derivative values	$ 50

Product revenues, net (Details)

Product revenues, net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Revenue From Contracts With Customers [Abstract]
Sales adjustment, beginning balance	$ 4,126	$ 2,590
GTN Sales Adjustment, Provision	3,491
GTN Sales Adjustment, Provision, Prior Period Sales	(192)
GTN Sales Adjustment, Credits And Payments	(1,763)
Sales adjustment, ending balance	4,126
Accounts receivable, net	2,451	1,204
Other current liabilities	$ 1,675	$ 1,386

Segment information (Details)

Segment information (Details)	3 Months Ended
	Mar. 31, 2022segment
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, 2022	Mar. 31, 2021
Disclosure Of Detailed Information About Expenses By Nature [Line Items]
Cost of product sales	$ 529	$ 0
Research and development expense	48,952	39,172
Sales and marketing expense	18,370	13,911
General and administrative expense	19,011	17,582
Operating expense	86,862	70,665
External costs
Disclosure Of Detailed Information About Expenses By Nature [Line Items]
Research and development expense	29,168	24,306
Sales and marketing expense	8,911	5,290
General and administrative expense	7,639	4,733
Employee expense
Disclosure Of Detailed Information About Expenses By Nature [Line Items]
Research and development expense	19,784	14,866
Sales and marketing expense	9,459	8,621
General and administrative expense	$ 11,372	$ 12,849

Cash and cash equivalents (Deta

Cash and cash equivalents (Details) $ in Millions	Mar. 31, 2022USD ($)
Cash and cash equivalents [abstract]
Cash and cash equivalents, minimum quarterly balance	$ 50

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Inventory [Abstract]
Current work in progress	$ 11,257	$ 10,562
Current finished goods	581	560
Inventories	11,838	$ 11,122
Reversal of impairment loss recognised in profit or loss	361
Current Finished Goods Held On Consignment	$ 3

Intangible assets - Rollforward

Intangible assets - Rollforward of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disclosure of detailed information about intangible assets [line items]
Beginning balance	$ 13,582
Ending balance	13,851	$ 10,147
Cost
Disclosure of detailed information about intangible assets [line items]
Beginning balance	14,844	11,312
Additions	296
Transfers		(6)
Increase (decrease) through net exchange differences, intangible assets other than goodwill	(1)
Ending balance	15,139	11,306
Accumulated amortization
Disclosure of detailed information about intangible assets [line items]
Beginning balance	(1,262)	(1,133)
Increase (decrease) through net exchange differences, intangible assets other than goodwill		(1)
Amortisation, intangible assets other than goodwill	(26)	(25)
Ending balance	(1,288)	(1,159)
Licenses
Disclosure of detailed information about intangible assets [line items]
Ending balance	12,111	10,075
Licenses | Cost
Disclosure of detailed information about intangible assets [line items]
Beginning balance	12,985	11,144
Additions	195
Transfers		0
Ending balance	13,180	11,144
Licenses | Accumulated amortization
Disclosure of detailed information about intangible assets [line items]
Beginning balance	(1,069)	(1,069)
Increase (decrease) through net exchange differences, intangible assets other than goodwill		0
Amortisation, intangible assets other than goodwill	0	0
Ending balance	(1,069)	(1,069)
Internal development costs
Disclosure of detailed information about intangible assets [line items]
Ending balance	713	0
Internal development costs | Cost
Disclosure of detailed information about intangible assets [line items]
Beginning balance	631	0
Additions	82
Transfers		0
Increase (decrease) through net exchange differences, intangible assets other than goodwill	0
Ending balance	713	0
Internal development costs | Accumulated amortization
Disclosure of detailed information about intangible assets [line items]
Beginning balance	0	0
Increase (decrease) through net exchange differences, intangible assets other than goodwill		0
Amortisation, intangible assets other than goodwill	0	0
Ending balance	0	0
Licenses
Disclosure of detailed information about intangible assets [line items]
Ending balance	983	0
Licenses | Cost
Disclosure of detailed information about intangible assets [line items]
Beginning balance	1,052	0
Additions	0
Transfers		0
Ending balance	1,052	0
Licenses | Accumulated amortization
Disclosure of detailed information about intangible assets [line items]
Beginning balance	(50)	0
Increase (decrease) through net exchange differences, intangible assets other than goodwill		0
Amortisation, intangible assets other than goodwill	(19)	0
Ending balance	(69)	0
Software
Disclosure of detailed information about intangible assets [line items]
Ending balance	44	72
Software | Cost
Disclosure of detailed information about intangible assets [line items]
Beginning balance	176	168
Additions	19
Transfers		(6)
Increase (decrease) through net exchange differences, intangible assets other than goodwill	(1)
Ending balance	194	162
Software | Accumulated amortization
Disclosure of detailed information about intangible assets [line items]
Beginning balance	(143)	(64)
Increase (decrease) through net exchange differences, intangible assets other than goodwill		(1)
Amortisation, intangible assets other than goodwill	(7)	(25)
Ending balance	(150)	$ (90)
Licences [member] | Cost
Disclosure of detailed information about intangible assets [line items]
Increase (decrease) through net exchange differences, intangible assets other than goodwill	$ 0

Non-operating income - Schedule

Non-operating income - Schedule of Other Income (Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Analysis of income and expense [abstract]
Gains (losses) on change in fair value of derivatives	$ 15,855	$ 21,169
Share of results with joint venture	(2,502)	(527)
Exchange differences	81	394
R&D tax credit	8	194
Non-operating income (expense)	$ 13,442	$ 21,230

Non-operating income - Narrativ

Non-operating income - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	May 19, 2020	Apr. 24, 2020
Disclosure of detailed information about borrowings [line items]
Financial income	$ 18,308	$ 15
Foreign exchange gain (loss)	81	394
Net loss	(16,661)	(51,527)
Overland ADCT BioPharma
Disclosure of detailed information about borrowings [line items]
Net loss	$ 4,749	$ 1,074
Disbursement upon completion of IPO
Disclosure of detailed information about borrowings [line items]
Borrowings			$ 65,000	$ 65,000
Disbursement upon receipt of regulatory approval for ZYNLONTA
Disclosure of detailed information about borrowings [line items]
Borrowings				50,000
Borrowings, maximum borrowing capacity				$ 50,000

Interest in joint venture - Nar

Interest in joint venture - Narrative (Details) $ in Millions	Dec. 14, 2020product	Mar. 31, 2022USD ($)
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, 2022	Mar. 31, 2021
Disclosure of joint ventures [line items]
Beginning balance	$ 41,236
Ending balance	38,734
Overland ADCT BioPharma
Disclosure of joint ventures [line items]
Beginning balance	41,236	$ 47,908
Share of results in joint venture	(2,502)	(527)
Ending balance	$ 38,734	$ 47,381

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, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Disclosure of joint ventures [line items]
Cash and cash equivalents	$ 430,874	$ 383,122	$ 466,544	$ 439,195
Intangible assets	13,851	10,147	13,582
Total liabilities	419,219		451,884
Operating expense	86,862	70,665
Net loss	(16,661)	(51,527)
Overland ADCT BioPharma
Disclosure of joint ventures [line items]
Cash and cash equivalents	34,324		39,318
Prepaid and other current assets	175		15
Intangible assets	48,040		48,040
Total liabilities	2,614		2,828
Net assets	79,925		$ 84,545
Operating expense	4,791	1,162
Net loss	$ 4,749	$ 1,074

Leases - Narrative (Details)

Leases - Narrative (Details)	Mar. 31, 2022m²
Leases [Abstract]
Lease area (in square meters)	1,100

Leases - Right-of-Use Assets an

Leases - Right-of-Use Assets and Accumulated Depreciation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use asset, beginning balance	$ 7,164
Depreciation charge	(307)	$ (379)
Right-of-use asset, ending balance	6,726	8,152
Cost
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use asset, beginning balance	9,139	5,402
Additions		5,401
Exchange difference	(145)	9
Right-of-use asset, ending balance	8,994	10,812
Accumulated amortization
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use asset, beginning balance	(1,975)	(2,273)
Lease termination	0
Exchange difference	14	(8)
Depreciation charge	(307)	(379)
Right-of-use asset, ending balance	(2,268)	(2,660)
Properties (Offices)
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use asset, ending balance	6,650	8,043
Properties (Offices) | Cost
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use asset, beginning balance	9,005	5,324
Additions		5,345
Exchange difference	(145)	9
Right-of-use asset, ending balance	8,860	10,678
Properties (Offices) | Accumulated amortization
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use asset, beginning balance	(1,925)	(2,253)
Lease termination	0
Exchange difference	14	(8)
Depreciation charge	(299)	(374)
Right-of-use asset, ending balance	(2,210)	(2,635)
Vehicles
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use asset, ending balance	76	109
Vehicles | Cost
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use asset, beginning balance	134	78
Additions		56
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	(50)	(20)
Lease termination	0
Exchange difference	0	0
Depreciation charge	(8)	(5)
Right-of-use asset, ending balance	$ (58)	$ (25)

Leases - Right-of-Use Asset Dep

Leases - Right-of-Use Asset Depreciation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disclosure of quantitative information about right-of-use assets [line items]
Depreciation, right-of-use assets	$ 307	$ 379
R&D expense
Disclosure of quantitative information about right-of-use assets [line items]
Depreciation, right-of-use assets	245	324
G&A expense
Disclosure of quantitative information about right-of-use assets [line items]
Depreciation, right-of-use assets	$ 62	$ 55

Leases - Schedule of Lease Liab

Leases - Schedule of Lease Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Disclosure Of Quantitative Information About Lease Liabilities [Line Items]
Beginning balance	$ 8,023	$ 3,467	$ 3,467
Additions			5,401
Cash outflow (including interest)	(310)	(318)
Interest	52	18
Exchange difference	(170)	(136)
Ending balance	7,595	8,432	8,023
Lease liabilities, short-term	981	833	1,029
Lease liabilities, long-term	6,614	7,599	6,994
Properties (Offices)
Disclosure Of Quantitative Information About Lease Liabilities [Line Items]
Beginning balance	7,898	3,402	3,402
Additions			5,345
Cash outflow (including interest)	(301)	(313)
Interest	51	18
Exchange difference	(134)	(133)
Ending balance	7,514	8,319	7,898
Lease liabilities, short-term	946	799
Lease liabilities, long-term	6,568	7,520
Vehicles
Disclosure Of Quantitative Information About Lease Liabilities [Line Items]
Beginning balance	125	65	65
Additions			56
Cash outflow (including interest)	(9)	(5)
Interest	1	0
Exchange difference	(36)	(3)
Ending balance	81	113	$ 125
Lease liabilities, short-term	35	34
Lease liabilities, long-term	$ 46	$ 79

Convertible loans - Narrative (

Convertible loans - Narrative (Details) $ in Thousands	Apr. 24, 2020USD ($)borrowingComponent	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)	May 19, 2020USD ($)
Disclosure of detailed information about borrowings [line items]
Cash and cash equivalents, minimum quarterly balance		$ 50,000
Gains (losses) on change in fair value of derivatives		(15,855)	$ (21,169)
Convertible loans, derivatives		22,092		$ 37,947
Convertible loans, short-term		$ 6,549		6,575
Facility Agreement with Deerfield Partners, L.P.
Disclosure of detailed information about borrowings [line items]
Borrowings, maximum borrowing capacity	$ 115,000
Number of borrowing components | borrowingComponent	2
Borrowings, interest rate	5.95%	5.95%
Exit fee	2.00%
Cash and cash equivalents, minimum quarterly balance	$ 50,000
Loans received		$ 44,084
Facility Agreement with Deerfield Partners, L.P. | Residual Loan [Member]
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate		5.95%
Implied effective interest rate		6.70%
Loans received		$ 50,880		50,854
Disbursement upon completion of IPO
Disclosure of detailed information about borrowings [line items]
Borrowings	65,000				$ 65,000
Gains (losses) on change in fair value of derivatives		(9,518)	(15,268)
Convertible loans, derivatives		$ 13,707		23,226
Interest expense on borrowings			2,219
Implied effective interest rate		23.00%
Loans received				42,874
Convertible loans, short-term		$ 3,614		3,631
Disbursement upon completion of IPO | Residual Loan [Member]
Disclosure of detailed information about borrowings [line items]
Interest expense on borrowings		803	$ 1,982
Convertible loans, short-term		2,935		2,944
Disbursement upon receipt of regulatory approval for ZYNLONTA
Disclosure of detailed information about borrowings [line items]
Borrowings, maximum borrowing capacity	50,000
Borrowings	$ 50,000
Gains (losses) on change in fair value of derivatives		(6,337)
Convertible loans, derivatives		8,385		$ 14,721
Increase (decrease) in credit derivative, fair value		$ 5,901

Convertible loans - Valuation o

Convertible loans - Valuation of Derivative (Details)	May 19, 2020$ / shares	Apr. 24, 2020	Mar. 31, 2022$ / sharesperiod	Dec. 31, 2021$ / sharesperiod	Apr. 23, 2021period$ / shares
Initial Public Offering
Disclosure of detailed information about borrowings [line items]
Offering price per share (in USD per share)	$ 19
Disbursement upon completion of IPO
Disclosure of detailed information about borrowings [line items]
Conversion percentage			130.00%
Disbursement upon receipt of regulatory approval for ZYNLONTA
Disclosure of detailed information about borrowings [line items]
Average volume weighted price of common shares		120.00%
Floor of IPO price		81.00%
Disbursement upon receipt of regulatory approval for ZYNLONTA | Top of range
Disclosure of detailed information about borrowings [line items]
Conversion percentage		150.00%
Written put options (in USD per share) | Disbursement upon receipt of regulatory approval for ZYNLONTA
Disclosure of detailed information about borrowings [line items]
Key inputs for valuations			28.07		28.07
Written put options (in USD per share) | Derivatives | Disbursement upon completion of IPO
Disclosure of detailed information about borrowings [line items]
Key inputs for valuations			24.70	24.70
Written put options (in USD per share) | Derivatives | Disbursement upon receipt of regulatory approval for ZYNLONTA
Disclosure of detailed information about borrowings [line items]
Key inputs for valuations					28.50
Forced Conversion Price (in USD per share) | Disbursement upon receipt of regulatory approval for ZYNLONTA
Disclosure of detailed information about borrowings [line items]
Key inputs for valuations			77.19		77.19
Forced Conversion Price (in USD per share) | Derivatives | Disbursement upon completion of IPO
Disclosure of detailed information about borrowings [line items]
Key inputs for valuations			67.93	67.93
Forced Conversion Price (in USD per share) | Derivatives | Disbursement upon receipt of regulatory approval for ZYNLONTA
Disclosure of detailed information about borrowings [line items]
Key inputs for valuations					78.38
Share Price (in USD per share) | Disbursement upon receipt of regulatory approval for ZYNLONTA
Disclosure of detailed information about borrowings [line items]
Key inputs for valuations			14.69		20.20
Share Price (in USD per share) | Derivatives | Disbursement upon completion of IPO
Disclosure of detailed information about borrowings [line items]
Key inputs for valuations			14.69	20.20
Share Price (in USD per share) | Derivatives | Disbursement upon receipt of regulatory approval for ZYNLONTA
Disclosure of detailed information about borrowings [line items]
Key inputs for valuations					24.41
Risk-free interest rate | Disbursement upon receipt of regulatory approval for ZYNLONTA
Disclosure of detailed information about borrowings [line items]
Key inputs for valuations			0.024		0.010
Risk-free interest rate | Derivatives | Disbursement upon completion of IPO
Disclosure of detailed information about borrowings [line items]
Key inputs for valuations			0.024	0.010
Risk-free interest rate | Derivatives | Disbursement upon receipt of regulatory approval for ZYNLONTA
Disclosure of detailed information about borrowings [line items]
Key inputs for valuations					0.007
Expected volatility | Disbursement upon receipt of regulatory approval for ZYNLONTA
Disclosure of detailed information about borrowings [line items]
Key inputs for valuations			0.76		0.77
Expected volatility | Derivatives | Disbursement upon completion of IPO
Disclosure of detailed information about borrowings [line items]
Key inputs for valuations			0.76	0.77
Expected volatility | Derivatives | Disbursement upon receipt of regulatory approval for ZYNLONTA
Disclosure of detailed information about borrowings [line items]
Key inputs for valuations					0.90
Expected term | Disbursement upon receipt of regulatory approval for ZYNLONTA
Disclosure of detailed information about borrowings [line items]
Key inputs for valuations | period			37		40
Expected term | Derivatives | Disbursement upon completion of IPO
Disclosure of detailed information about borrowings [line items]
Key inputs for valuations | period			37	40
Expected term | Derivatives | Disbursement upon receipt of regulatory approval for ZYNLONTA
Disclosure of detailed information about borrowings [line items]
Key inputs for valuations | period					2
Dividend yield | Disbursement upon receipt of regulatory approval for ZYNLONTA
Disclosure of detailed information about borrowings [line items]
Key inputs for valuations			0		0
Dividend yield | Derivatives | Disbursement upon completion of IPO
Disclosure of detailed information about borrowings [line items]
Key inputs for valuations			0	0
Dividend yield | Derivatives | Disbursement upon receipt of regulatory approval for ZYNLONTA
Disclosure of detailed information about borrowings [line items]
Key inputs for valuations					0
Recovery rate | Disbursement upon receipt of regulatory approval for ZYNLONTA
Disclosure of detailed information about borrowings [line items]
Key inputs for valuations			0.05		0.05
Recovery rate | Derivatives | Disbursement upon completion of IPO
Disclosure of detailed information about borrowings [line items]
Key inputs for valuations			0.05	0.05
Recovery rate | Derivatives | Disbursement upon receipt of regulatory approval for ZYNLONTA
Disclosure of detailed information about borrowings [line items]
Key inputs for valuations					0.05
Implied bond yield | Disbursement upon receipt of regulatory approval for ZYNLONTA
Disclosure of detailed information about borrowings [line items]
Key inputs for valuations			0.103		0.088
Implied bond yield | Derivatives | Disbursement upon completion of IPO
Disclosure of detailed information about borrowings [line items]
Key inputs for valuations			0.103	0.088
Implied bond yield | Derivatives | Disbursement upon receipt of regulatory approval for ZYNLONTA
Disclosure of detailed information about borrowings [line items]
Key inputs for valuations					0.079

Share-based compensation - Narr

Share-based compensation - Narrative (Details) $ / shares in Units, $ in Thousands	Mar. 22, 2021shares	Mar. 31, 2022USD ($)shares$ / shares	Mar. 31, 2021USD ($)	Dec. 31, 2021shares	Nov. 30, 2019shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expense recognized | $		$ 13,398	$ 13,951
Share-based compensation expense | $		$ 13,398	13,951
Contractual term		10 years
Shares vested (in shares)		137,908
Number of share options outstanding in share-based payment arrangement (in shares)		8,429,506		6,640,200
Share Options
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period		3 years
Contractual term		10 years
Number of instruments granted in share-based payment arrangement	1,867,076
Weighted-average grant-date fair value (in dollars per share) | $ / shares		$ 8.85
Awards vested and exercisable (in shares)		2,741,045
Weighted average strike price, vested and exercisable (in dollars per share) | $ / shares		$ 25.70
Weighted average remaining life, vested and exercisable		8 years 2 months 15 days
Share Options | Tranche One
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting percentage		25.00%
Share Options | Tranche Two
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting percentage		25.00%
Share Options | Tranche Three
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting percentage		25.00%
Share Options | Tranche Four
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting percentage		25.00%
Restricted Share Units (RSU)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period		3 years
Number of instruments granted in share-based payment arrangement	570,340
2019 Equity Incentive Plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expense recognized | $		$ 13,910	$ 13,951
Number of shares reserved for issue under options and contracts for sale of shares		4,141,435			13,820,000
Share-based compensation expense | $		$ 109,376
2019 Equity Incentive Plan | Restricted Stock Units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expense recognized | $		$ 3,395

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, 2022shares$ / shares	Dec. 31, 2021shares$ / shares
Share-based Payment Arrangements [Abstract]
Average strike price in USD per share, At beginning of the year (in USD per share) | $ / shares	$ 27.23
Fair value grant date (in USD per share) | $ / shares	14.39
Average strike price in USD per share, Forfeited (in USD per share) | $ / shares	28.33
Average strike price in USD per share, At end of the year (in USD per share) | $ / shares	$ 24.05	$ 27.23
Number of awards, At beginning of the year (in shares) | shares	6,640,200
Number of awards, Granted (in shares) | shares	2,062,058
Number of awards, Forfeited (in shares) | shares	(272,752)
Number of awards, At end of the year (in shares) | shares	8,429,506	6,640,200
Weighted average remaining contractual life of outstanding share options	8 years 9 months 14 days	8 years 8 months 12 days
Weighted average remaining contractual life of granted share options	9 years 10 months 24 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, 2022USD ($)shares$ / shares	Mar. 31, 2021USD ($)shares$ / 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)	$ 14	$ 27.32
Strike price (in USD per share)	$ 14	$ 27.32
Expected volatility	70.00%	85.00%
Award life | shares	6.08	5.5
Risk-free interest rate	146.00%	0.51%
Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average share price (in USD per share)	$ 19.69	$ 32.22
Strike price (in USD per share)	$ 19.69	$ 32.22
Award life | shares		6.08
Risk-free interest rate	1.73%	1.12%

Share-based compensation - Sc_2

Share-based compensation - Schedule of Other Equity Instruments Outstanding (Details)	3 Months Ended
	Mar. 31, 2022shares$ / shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of awards, vested (in shares)	(137,908)
Number of awards, forfeited (in shares)	(48,833)
Weighted average grant date fair value, vested (in dollars per share) | $ / shares	$ 28.70
Restricted Share Units (RSU)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of awards, beginning of period (in shares)	663,055
Number of awards, granted (in shares)	579,636
Number of awards, end of period (in shares)	1,055,950
Weighted average grant date fair value, beginning balance (in USD per share) | $ / shares	$ 30.95
Weighted average grant date fair value, granted (in USD per share) | $ / shares	14.10
Weighted average grant date fair value, ending balance (in USD per share) | $ / shares	$ 22.17

Share-based compensation - Sc_3

Share-based compensation - Schedule of Share-based Compensation Reserve (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expense recognized	$ 13,398	$ 13,951
Incentive Plan 2014
Disclosure of terms and conditions of share-based payment arrangement [line items]
Tax expense from share-based payment transactions with employees	(512)	0
2019 Equity Incentive Plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expense recognized	13,910	13,951
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	10,515	12,692
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	3,395	$ 1,259
Expense recognized	$ 3,395

Related parties - Narrative (De

Related parties - Narrative (Details)	3 Months Ended
	Mar. 31, 2022USD ($)subsidiary	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)
Disclosure of transactions between related parties [line items]
Amounts receivable, related party transactions	$ 1,031,000		$ 789,000
Supplies Provided, Related Party Transactions	$ 45,000
Auven Therapeutics Holdings, L.P.
Disclosure of transactions between related parties [line items]
Number of subsidiaries provide services to | subsidiary	3
Services provided to, related party transactions	$ 1,000	$ 1,000
Overland ADCT BioPharma
Disclosure of transactions between related parties [line items]
Services provided to, related party transactions	$ 320,000

Related parties - Schedule of K

Related parties - Schedule of Key Management Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Related Party [Abstract]
Salaries and other short-term employee costs	$ 2,144	$ 2,032
Pension costs	133	134
Share-based compensation expense	5,574	5,217
Other compensation	10	13
Key management compensation	$ 7,861	$ 7,396

Loss per share (Details)

Loss per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings per share [abstract]
Net loss	$ (16,661)	$ (51,527)
Weighted average number of ordinary shares outstanding	76,821,726	76,721,667
Net loss per share, basic (in USD per share)	$ (0.22)	$ (0.67)
Net loss per share, diluted (in dollars per share)	$ (0.22)	$ (0.67)

Loss per share -Schedule of Pot

Loss per share -Schedule of Potentially Dilutive Securities (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings per share [line items]
Potentially dilutive securities	12,386,490	7,510,484
Equity Incentive Plan 2019 - Share Options
Earnings per share [line items]
Potentially dilutive securities	7,179,859	4,683,132
Equity Incentive Plan 2019 - RSUs
Earnings per share [line items]
Potentially dilutive securities	793,791	195,773
Conversion of the principal amount of convertible loans into the Company’s common shares
Earnings per share [line items]
Potentially dilutive securities	4,412,840	2,631,579

Deferred royalty obligation (De

Deferred royalty obligation (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Aug. 25, 2021	Dec. 31, 2020
Disclosure of detailed information about borrowings [line items]
Royalty Purchase Agreement			$ 325,000,000
Proceeds From Royalty Purchase Agreement, Gross		$ 225,000,000
Royalty Obligation, Transaction Costs		6,998,000
Royalty Obligation, Interest	$ 6,142,000	6,752,000
Royalty Purchase Additional Proceeds Eligibility		100,000,000
Deferred Royalty Obligation	$ 212,140,000	225,477,000		$ 0
Royalty Purchase Agreement, Effective Interest Rate	10.00%
Royalty Obligation, Payments	$ 1,191,000	213,000
Royalty Obligation, Financial Expense Cumulative Catch-Up Adjustment	$ 18,288,000	$ 936,000