---
schema_version: "secwatch.filing_event.v1"
accession: "0000950103-26-015465"
form_type: "8-K"
ticker: "ADCT"
cik: "0001771910"
company_name: "ADC Therapeutics SA"
filed_at: "2026-10-13T10:26:29+00:00"
generated_at: "2026-10-13T10:30:31.152890+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.95
calibrated_materiality_score: 0.95
confidence: "high"
source: SEC EDGAR
---

# ADC Therapeutics announces $86.6M PIPE, Blue Owl loan amendment, HCR royalty amendment, and preliminary Q3 revenue

## Summary
- ADC Therapeutics agreed to sell 12,911,347 common shares at $1.4200 and pre-funded warrants for 48,088,653 shares at $1.32400 in an $86.6M private placement expected to close Oct. 22, 2026.
- Blue Owl loan amendment prepays $70.0M principal, cuts outstanding term loans to $50.0M, eliminates the minimum liquidity covenant, and sets minimum trailing U.S. ZYNLONTA sales at $65.0M.
- HCR Amendment eliminates the $150M change-of-control payment, allows royalty buyout for $525M by Dec. 31, 2029 or $750M after, and cuts permitted third-party debt to $50.0M.
- HCR warrants for 9,834,776 shares cut from $3.8130 to $0.10; Lender Warrants for 527,295 shares cut from $8.30 to $1.00.
- Preliminary Q3 ZYNLONTA net product revenues ~$21.0M; cash and equivalents $189.2M at Sept. 30, 2026; pro forma ~$196M after $76.3M PIPE net proceeds and $69.6M prepayment.

## SEC filing metadata
- accession: 0000950103-26-015465
- form_type: 8-K
- ticker: ADCT
- cik: 0001771910
- company_name: ADC Therapeutics SA
- filed_at: 2026-10-13T10:26:29+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.95
- calibrated_materiality_score: 0.95
- confidence: high
- sec_items: 1.01, 2.02, 3.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1771910/000095010326015465/0000950103-26-015465-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1771910/000095010326015465/dp254756_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950103-26-015465
- JSON: https://secwatch.observer/filing/0000950103-26-015465.json
- Plain text: https://secwatch.observer/filing/0000950103-26-015465.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.