ADC Therapeutics SA 2025年季度报告

FORM10-Q (Mark One) ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the quarterly period endedSeptember30, 2025OR☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from to ADC Therapeutics SA(Exact name of registrant as specified in its charter) Not Applicable (I.R.S. Employer Identification No.) BiopôleRoute de la Corniche 3B1066EpalingesSwitzerland(Address of principal executive offices) (Zip code) N/A(Former name or former address, if changed since last report) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during thepreceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T(§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).Yes☒No☐Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerginggrowth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of theExchange Act. Accelerated filer☐Smaller reporting company☒Emerging growth company☐ Large accelerated filer☐Non-accelerated filer☒ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revisedfinancial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☒ The number of common shares outstanding was123,877,111as of October 31, 2025. Table of Contents PART I: FINANCIAL INFORMATION1Condensed Consolidated Balance Sheets (Unaudited) - September 30, 2025 and December 31, 20241Condensed Consolidated Statements of Operations (Unaudited) - Three and nine months ended September 30, 2025and 20242Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - Three and nine months ended September30, 2025 and 20243Condensed Consolidated Statements of Changes in Shareholders’ (Deficit) Equity (Unaudited) - Three and ninemonths ended September 30, 2025 and 20244Condensed Consolidated Statements of Cash Flows (Unaudited) - Three and nine months ended September 30, 2025and 20246Notes to the Condensed Consolidated Financial Statements (Unaudited)7Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations24Item 3. Quantitative and Qualitative Disclosures About Market Risk37Item 4. Controls and Procedures37PART II: OTHER INFORMATION37Item 1. Legal Proceedings37Item 1A. Risk Factors37Item 2. Unregistered Sales of Equity Securities and Use of Proceeds37Item 3. Defaults Upon Senior Securities38Item 4. Mine Safety Disclosures38Item 5. Other Information38Item 6. Exhibits38Signatures39 Unless otherwise indicated or the context otherwise requires, all references in this Annual Report to “ADC Therapeutics,” “ADCT,”the “Company,” “we,” “our,” “ours,” “us” or similar terms refer to ADC Therapeutics SA and its consolidated subsidiaries. FORWARD-LOOKING STATEMENTS This Quarterly Report contains statements that constitute forward-looking statements. All statements other than statements of historicalfacts contained in this Quarterly Report, including statements regarding our future catalysts, results of operations and financialposition, business and commercial strategy, market opportunities, products and product candidates, research pipeline, ongoing andplanned preclinical studies and clinical trials, regulatory submissions and approvals, research and development costs, projectedrevenues and expenses and the timing of revenues and expenses, timing and likelihood of success, as well as plans and objectives ofmanagement for future operations are forward-looking statements. Many of the forward-looking statements contained in this QuarterlyReport can be identified by the use of forward-looking words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,”“intend,” “estimate,” “will” and “potential,” among others. Forward-looking statements are based on our management’s beliefs and assumptions and on information available to our managementat the time such statements are made. Such statements are subject to known and unknown risks and uncertainties, and actual resultsmay differ materially from those expressed or implied in the forwa