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ADCT ADC Therapeutics SA

Quarterly report

(in thousands, except share amounts)

September 30, 2024	December 31, 2023
ASSETS			Current assets						Cash and cash equivalents			$			274,272	$	278,598	Accounts receivable, net	24,030			25,182	Inventory	16,072			16,177	Prepaid expenses and other current assets	18,631			16,334	Total current assets	333,005			336,291	Property and equipment, net	5,721			5,622	Operating lease right-of-use assets	9,188			10,511	Interest in joint venture	—			1,647	Other long-term assets	1,165			711	Total assets	$			349,079	$	354,782	LIABILITIES AND SHAREHOLDERS’ EQUITY	Current liabilities			Accounts payable			$			14,372	$	15,569	Accrued expenses and other current liabilities	53,307			52,101	Total current liabilities	67,679			67,670	Deferred royalty obligation, long-term	322,625			303,572	Senior secured term loans	114,189			112,730	Operating lease liabilities, long-term	8,883			10,180	Other long-term liabilities	7,649			8,879	Total liabilities	521,025			503,031	Commitments and contingencies (See Note 14)
Shareholders’ equity (deficit)			Common shares, at CHF 0.08 par value			8,233			7,312	Issued shares: 99,453,858 at September 30, 2024 and 89,041,946 December 31, 2023; outstanding shares: 96,687,985 at September 30, 2024 and 82,293,137 at December 31, 2023	Additional paid-in capital			1,282,431			1,180,545	Treasury shares	(222)			(541)	At September 30, 2024: 2,765,873 and December 31, 2023: 6,748,809	Accumulated other comprehensive loss			203			(93)	Accumulated deficit	(1,462,591)			(1,335,472)	Total shareholders’ equity (deficit)	(171,946)			(148,249)	Total liabilities and shareholders’ equity (deficit)	$			349,079	$	354,782

7 Nov 24

10:44am

ADCT ADC Therapeutics SA

Quarterly report

For the Nine Months Ended September 30,
			2024			2023			Cash used in operating activities			Net loss			$	(127,119)	$	(155,022)	Adjustments to reconcile net loss to net cash used in operations:	Deferred income taxes			—		(5,750)	Share-based compensation expense	4,952		11,275	Accretion expense of deferred royalty obligation	20,964		12,051	Amortization of debt discount, senior secured term loan	1,459		2,322	Cumulative catch-up adjustment, deferred royalty obligation	(732)		4,851	Write-downs of inventory	1,036		780	Depreciation	993		852	Amortization of operating lease right-of-use assets	1,490		1,568	Share of results in joint venture	1,544		3,539	Warrant obligations, decrease in fair value	(292)		(776)	Other	(77)		(212)	Changes in operating assets and liabilities:	Accounts receivable, net			1,058		51,787	Inventory	(930)		(5,879)	Other current assets	(2,055)		6,244	Other long-term assets	(457)		200	Accounts payable	(1,217)		(3,398)	Accrued expenses and other current liabilities	(165)		(16,107)	Operating lease liabilities	(1,499)		(1,249)	Other long-term liabilities	(936)		5,871	Net cash used in operating activities	(101,983)		(87,053)	Cash flows from investing activities	Payment for purchases of property and equipment			(777)		(2,889)	Net cash used in investing activities	(777)		(2,889)	Cash flows provided by financing activities	Proceeds from common shares, 2024 Equity Offering, net of transaction costs			60,506		—	Proceeds from 2024 Pre-Funded Warrants, net of transaction costs	36,925		—	Proceeds from deferred royalty transaction, net of transaction costs	—		73,102	Proceeds from share issuance under stock purchase plan	558		774	Proceeds from the exercise of stock options	185		—	Net cash provided by financing activities	98,174		73,876	Net decrease in cash and cash equivalents	(4,586)		(16,066)	Exchange gains on cash and cash equivalents	260		32	Cash and cash equivalents at beginning of period	278,598		326,441	Cash and cash equivalents at end of period	$	274,272	$	310,407	Supplemental Cash Flow Information:	Interest paid			$	11,942	$	11,432	Interest received	11,074		7,869	Payments made under royalty financing transaction	3,927		7,611	Supplemental Non-Cash Investing and Financing Activities:	Capital expenditures recorded in Accounts payable and other current liabilities			38		—

7 Nov 24

10:44am

ADCT ADC Therapeutics SA

Quarterly report

(in thousands, except share amounts)

June 30, 2024	December 31, 2023
ASSETS			Current assets						Cash and cash equivalents			$			300,119	$	278,598	Accounts receivable, net	22,868			25,182	Inventory	15,191			16,177	Prepaid expenses and other current assets	17,181			16,334	Total current assets	355,359			336,291	Property and equipment, net	5,483			5,622	Operating lease right-of-use assets	9,685			10,511	Interest in joint venture	260			1,647	Other long-term assets	992			711	Total assets	$			371,779	$	354,782	LIABILITIES AND SHAREHOLDERS’ EQUITY	Current liabilities			Accounts payable			$			10,708	$	15,569	Accrued expenses and other current liabilities	46,924			52,101	Total current liabilities	57,632			67,670	Deferred royalty obligation, long-term	316,211			303,572	Senior secured term loans	113,673			112,730	Operating lease liabilities, long-term	9,309			10,180	Other long-term liabilities	6,624			8,879	Total liabilities	503,449			503,031	Commitments and contingencies (See Note 13)
Shareholders’ equity (deficit)			Common shares, at CHF 0.08 par value			8,233			7,312	Issued shares: 99,453,858 at June 30, 2024 and 89,041,946 December 31, 2023; outstanding shares: 96,469,641 at June 30, 2024 and 82,293,137 at December 31, 2023	Additional paid-in capital			1,279,296			1,180,545	Treasury shares	(239)			(541)	At June 30, 2024: 2,984,217 and December 31, 2023: 6,748,809	Accumulated other comprehensive loss			(338)			(93)	Accumulated deficit	(1,418,622)			(1,335,472)	Total shareholders’ equity (deficit)	(131,670)			(148,249)	Total liabilities and shareholders’ equity (deficit)	$			371,779	$	354,782

6 Aug 24

10:06am

ADCT ADC Therapeutics SA

Quarterly report

For the Six Months Ended June 30,
			2024			2023			Cash used in operating activities			Net loss			$	(83,150)	$	(108,296)	Adjustments to reconcile net loss to net cash used in operations:	Deferred income taxes			—		(5,172)	Share-based compensation expense	2,146		9,192	Accretion expense of deferred royalty obligation	13,790		5,346	Amortization of debt discount, senior secured term loan	943		1,503	Cumulative catch-up adjustment, deferred royalty obligation	(526)		5,288	Write-downs of inventory	1,036		780	Depreciation	657		536	Amortization of operating lease right-of-use assets	1,024		999	Share of results in joint venture	1,284		2,130	Warrant obligations, increase (decrease) in fair value	838		(636)	Other	(240)		18	Changes in operating assets and liabilities:	Accounts receivable, net			2,314		49,089	Inventory	(50)		(2,400)	Other current assets	(859)		4,930	Other long-term assets	(287)		200	Accounts payable	(6,083)		(687)	Accrued expenses and other short-term liabilities	(5,732)		(15,588)	Operating lease liabilities	(1,028)		(714)	Other long-term liabilities	(3,017)		3,102	Net cash used in operating activities	(76,940)		(50,380)	Cash flows from investing activities	Payment for purchases of property and equipment			(561)		(2,228)	Net cash used in investing activities	(561)		(2,228)	Cash flows provided by financing activities	Proceeds from common shares, 2024 Equity Offering, net of transaction costs			61,731		—	Proceeds from 2024 Pre-Funded Warrants, net of transaction costs	36,925		—	Proceeds from deferred royalty transaction, net of transaction costs	—		73,102	Proceeds from share issuance under stock purchase plan	323		425	Proceeds from the exercise of stock options	74		—	Net cash provided by financing activities	99,053		73,527	Net increase in cash and cash equivalents	21,552		20,919	Exchange (losses)/gains on cash and cash equivalents	(31)		150	Cash and cash equivalents at beginning of period	278,598		326,441	Cash and cash equivalents at end of period	$	300,119	$	347,510	Supplemental Cash Flow Information:	Interest paid			$	7,874	$	7,522	Interest received	7,635		5,167	Payments made under royalty financing transaction	2,569		6,230	Supplemental Non-Cash Investing and Financing Activities:	Transaction costs recorded in Accounts payable and other current liabilities			1,225		—	Capital expenditures recorded in Accounts payable and Accrued expenses and other current liabilities	—		270

6 Aug 24

10:06am

ADCT ADC Therapeutics SA

Quarterly report

(in thousands, except share amounts)

March 31, 2024	December 31, 2023
ASSETS			Current assets						Cash and cash equivalents			$			234,285	$	278,598	Accounts receivable, net	23,186			25,182	Inventory	15,997			16,177	Prepaid expenses and other current assets	16,738			16,334	Total current assets	290,206			336,291	Property and equipment, net	5,785			5,622	Operating lease right-of-use assets	10,059			10,511	Interest in joint venture	930			1,647	Other long-term assets	986			711	Total assets	$			307,966	$	354,782	LIABILITIES AND SHAREHOLDERS’ EQUITY	Current liabilities			Accounts payable			$			14,315	$	15,569	Accrued expenses and other current liabilities	48,670			52,101	Total current liabilities	62,985			67,670	Deferred royalty obligation	310,010			303,572	Senior secured term loans	113,234			112,730	Operating lease liabilities, long-term	9,662			10,180	Other long-term liabilities	6,524			8,879	Total liabilities	502,415			503,031	Commitments and contingencies (See Note 13)
Shareholders’ equity			Common shares, at CHF 0.08 par value			7,312			7,312	Issued shares: 89,041,946 at March 31, 2024 and December 31, 2023; outstanding shares: 82,777,226 at March 31, 2024 and 82,293,137 at December 31, 2023	Additional paid-in capital			1,181,020			1,180,545	Treasury shares	(502)			(541)	At March 31, 2024: $6,264,720 and December 31, 2023: $6,748,809	Accumulated other comprehensive loss			(201)			(93)	Accumulated deficit	(1,382,078)			(1,335,472)	Total shareholders’ (deficit) equity	(194,449)			(148,249)	Total liabilities and shareholders’ equity	$			307,966	$	354,782

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Quarterly report

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