Discover the Latest Trends in ADC Development

Welcome to the 2024 ADC Landscape Review! January marks the return of the Beacon ADC annual landscape review, providing an update on the key highlights from 2024. Using data derived from Beacon as of the 5th of January 2025, the following slides provide an in-depth review of the ADC space. Some information has been redacted from this report. If you would like to receive the complete version or speak with one of our ADC specialists, please request a demo or contact us at beacon@hansonwade.com to discuss your data needs. 1. Introduction 2. Drug Landscape 3. Trial Landscape 4. Commercial Landscape 5. Regulatory Updates 6. Future of the ADC Space 7. Summary Contents Ensure your access to the latest data and results, Beacon is your safety net so you can confidently make informed decisions and adapt your drug development strategy as needed. Leverage our comprehensive database to benchmark your performance, value, and progress against industry peers, partners, and competitors, ensuring you maintain a competitive edge in the market. Maximize the potential for success in your clinical trials by using our database to identify and select trial locations that align perfectly with your strategic objectives, giving your trials the best chance of success. Gain access to unparalleled drug and trial data covering the drug conjugates field from novel and traditional ADCs to Immunotoxins and ligand conjugated nanoparticles in one easy -to -navigate platform. Unlock insights with deals and company profile data, providing an outstanding understanding of commercial transactions and competitive landscapes. An exhaustive view of global trial activities can help identify less busy locations and provide visibility into competitors' trial locations and strategies. The ADC space is witnessing unprecedented growth, with 361 new drugs added to Beacon in 2024, marking a 33% increase—the highest expansion rate in the field. This surge highlights the rising interest and investment in ADC technologies, particularly in bispecific ADCs, which skyrocketed by 168% from 2023, signaling a major shift in development priorities. The year also saw a rise in dual-payload ADCs and increasing traction for degrader payloads, with 20 newly disclosed programs signalling a shift toward next-generation ADC payload technologies that could redefine therapeutic potency. Developers face the critical challenge of designing optimal payload-linker combinations while balancing specificity and safety to maximize clinical success. Clinical activity in the ADC space surged in 2024, with 660 new trials launched—a 23% increase from the previous year. Phase 2 trials saw the most significant expansion, underscoring the industry's commitment to exploring new indications and combination strategies. However, trial discontinuations remain a challenge. In 2024, 15% of ADC trials were terminated, highlighting challenges related to toxicity, manufacturing complexities, and regulatory requirements. The push towards phase 2 and phase 3 trials signals a maturation in ADC development, with developers refining strategies to balance efficacy and safety while tackling new tumor types and resistance mechanisms. After a peak in mergers, acquisitions, and licensing deals in 2023, the ADC market saw 99 deals in 2024, with a total disclosed value of $64.3 billion—a 33% drop from the previous year. This shift suggests a move toward strategic partnerships rather than the blockbuster acquisitions observed in the past. Companies are now prioritizing selective investments and forging partnerships that mitigate development risks. Despite the decline in overall deal value, ADCs remain a top investment priority, solidifying their position as a leading therapeutic focus in the oncology landscape. Drugs by Phase Status and Therapeutic Class We also saw a notable 168% increase in bispecific ADCs from 2023, making it the fourth most popular modality in Beacon ADC for the first time. The ADC landscape has seen constant expansion in preclinical and clinical development. Nearly 60% of ADCs and SMDCs remain active, while active radioconjugates and bispecific ADCs account for 80% of their respective modalities. This year, two ADCs have been granted their first approvals from regulatory authorities: Sacituzumab tirumotecan and Datopotamab deruxtecan. *Two new therapeutic classes, bispecific ADC and dual-payload ADC, have been created and separated from the ADC therapeutic class As of 5th January 2025, 2,960 assets are being tracked in Beacon ADC. So far, ADCs are taking the lead (1,455), followed by small molecule drug conjugates (SMDC) (382) and radioconjugates (356). There were 361 drugs added to the ADC therapeutic class, marking a 33% increase in 2024. Although the number of each drug conjugated here has a notable drop compared to the top 7 drugs in the previous slide. Two rising stars, dualpayload ADCs and degrader-drug conjugates are expanding significantly. 2024 saw a record number of dual-payload ADCs and DACs, with 24 dualpayload ADCs and 20 DACs entering the preclinical development market. While 2 DACs progressed to the clinic, all dual-payload ADCs were still in preclinical. It is exciting to see more assets entering the clinic this year. Drugs by Phase Status and Therapeutic Class • The graph below highlights the yearly growth of ADCs entering clinical trials since 2014. Over this period, ADCs have entered the clinic, with 2024 marking a record year—an impressive 83 new ADCs were introduced. This growth corresponds to a compound annual growth rate (CAGR) of 18.6% through 2024. • 2024 also stood out for approvals among the past three years, with two significant first-time approvals granted for Datopotamab deruxtecan and Sacituzumab tirumotecan. However, along with these successes, 2024 saw six ADC discontinuations, reflecting the complex and highly competitive nature of the ADC space. ADCs by First Trial Start Year and Drug Status 13 17 15 20 22 24 19 30 56 58 83 1 1 7 4 12 10 5 9 6 6 2 3 2 3 1 2 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 Number of Drugs ADCs Entered the Clinic Discontinued Approved *The numbers here include all the antibody-based drug conjugates but exclude immunotoxins and radioconjugates. 556 430 358 73 83 28 No Change, 4 14 340 61 36 8 3 772 78 97 1 3 Added in 2024, 2 0 300 600 900 1200 1500 Active > Preclinical Not Active > Preclinical Active > Clinical Not Active > Clinical Discontinued > Clinical Active > Clinical; Approved Discontinued > Preclinical Approved; Discontinued > Clinical Number of Drugs Drug Status in 2025 No Change Update Added in 2024 Drug Status Change in 2024 • Here, we have compared the drug statuses between 2023 and 2024. 52% of drug statuses remained the same, while 16% were updated. 32% of the assets were added in 2024, of which 91% were preclinically active. The rest were added because these assets first appeared in the public domain. • . Additionally, 8 drugs were announced as discontinued in 2024. No Change, 1 Drug Name Developer Disease Indication Target Payload Mechanism Date Therapeutic Class Reason Ladiratuzumab vedotin Pfizer Inc; Seagen Inc.; Merck & Co Inc Breast Cancer LIV-1 Tubulin Inhibitor 26-02-2024 ADC Merck discontinued its development of ladiratuzumab IMGC936 ImmunoGen, Inc.; MacroGenics Inc; AbbVie Ltd Advanced Solid Tumors ADAM9 Tubulin Inhibitor 07-03-2024 ADC Neither MacroGenics nor AbbVie intends to further pursue the development of IMGC936 as the molecule did not achieve preestablished clinical safety and efficacy benchmarks In 2024, eight drugs were discontinued. Below is a summary table: Drug Name Developer Disease Indication Target Payload Mechanism Date Therapeutic Class Reason Samatatug zovodotin Exelixis; Iconic Therapeutics; Zymeworks Inc; Novasep Solid Tumors Tissue factor Tubulin Inhibitor 06-08-2024 ADC Exelixis announced that it discontinued the development of XB002, the company’s TF targeting ADC, as part of its portfolio prioritization efforts. Based on available data, the compound is unlikely to improve upon tisotumab vedotin or other competitor TF-targeting ADCs currently in development. Mipasetamab Uzoptirine ADC Therapeutics S.A.; BerGenBio AS; Overland Pharmaceuticals Inc; Synaffix; Lonza Advanced Solid Tumors Axl DNA Damaging Agent 07-11-2024 ADC ADC Therapeutics has discontinued ADCT-601 due to were unable to demonstrate a favorable benefit-risk profile during the dose optimization/expansion phase Status Change Breakdown for Drugs that Entered the Clinic in 2024 • In 2024, 117 drugs were updated. Among them, 58 advanced to the clinic, while the rest progressed to further stages of clinical study. The majority of the status changes were from preclinical development to phase 1(42), followed by the change from phase 1 to phase 2 (15) and phase 1 to phase 1/2 (12). • We observed 7 drugs in phase 1 and phase 3 studies registered in trial registries in 2024, highlighting the intense competition among developers seeking to facilitate clinical development. No drugs progressed to phase 4 during this year. 42 2 11 3 15 12 7 4 6 1 3 9 1 1 Top Active Targets in 2024 • HER-2 dominates the ADC market, with 73 active assets studying this target. Among them, 46% are in the clinic, and the regulatory authorities have approved 4. • Following that, TROP-2 and B7-H3 have 45 and 26 active assets, respectively. Notably, the 2 ADCs targeting TROP-2 (Datopotamab deruxtecan and Sacituzumab tirumotecan) were both approved in 2024. • Among these top active targets have not seen any assets approved, yet they all have drug candidates studied in phase 3 clinical trials. *The numbers here include all the antibody-based drug conjugates but exclude immunotoxins and radioconjugates. Drugs By Payload Mechanism *The numbers here include all the antibody-based drug conjugates but exclude immunotoxins and radioconjugates. • Topoisomerase I inhibitor and tubulin inhibitors continue to lead the payload mechanisms. We saw consistent growth in topoisomerase I inhibitors, taking up 37% of disclosed mechanisms. • A significant increase in 2024 can be observed in indicating a strong interest in Trials Status Changes in 2024 No Change 67% Update 14% Phase 1 5% Phase 1/2 3% Phase 2 6% Phase 2/3, 0% Phase 3 3% Phase 4, 0% Early Phase 1, 1% Phase Unknown, 1% Added in 2024 19% 144 141 76 Recruiting participants Completed Discontinued Others Status Change Breakdown New Trials Added In 2024 Breakdown • In 2024, we saw 505 updates, 660 new trials added, and 1252 no updates. Among the updates, changed to completed, while changed to discontinued. • New trials added in 2024 have contributed a 23% increase in the trial landscape, with the majority being phase 2 trials investigating more indications and combinations with other therapies. Top ADCs Studied in Trials Added in 2024 • There have been a few changes in the top rankings from H1 2024. For instance, was the fourth most explored drug, with 11 trials in H1 2024. By the end of 2024, however, it had dropped to the ninth position, with a total of 13 trials. • Among the top 10 most popular ADCs, disitamab vedotin continues the consistent trend from H1 2024, leading clinical development as the most explored ADC (46) by the end of 2024. Since its approval in 2021, 165 trials have been registered for disitamab vedotin, with more than 75% investigated in combination therapies. Discontinuation Reason • A total of 76 trials were terminated, suspended, or withdrawn in 2024. Of these, 72% were terminated, and 17% were withdrawn. This reflects a 65% increase in the number of discontinued trials compared to that of 2023 (46). • The most common reason for trial discontinuation was the recruitment issue (19), followed by business or strategic decisions (18), with no further details provided by the companies. The possible reason is thought to be closely related to the competitive landscape. Suspended, 8 Terminated, 55 Withdrawn, 13 *All discontinued trials in 2024 are available in the Appendix. 75.0 34.7 5.7 59.7 29.6 149 99 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 20 40 60 80 100 120 140 0 20 40 60 80 100 120 140 Number of Deals Billions USD Licensing Deals M&A Deals Number of Deals Drug Conjugates Disclosed Deals Per Year • After an uptick in M&A and licensing deal activity in 2023, 99 deals were made in 2024, representing a 33% decrease from 2023. The total value of 2024 deals reached 64.3 billion dollars. Almost half of these deals were disclosed, with a value of 29.6 billion dollars, representing a 50% decrease in the disclosed value from 2023. • We saw several multi-billion deals made by large pharma, such as Pfizer Inc, Merck & Co Inc, and BMS in 2023, this trend continues into 2024, where were the top buyers in 2024. *The number of deals here only includes M&A and licensing deals • In 2024, a total of 123 deals were made, encompassing M&As, financing, and licensing agreements. Notably, over 80% of these deals originated from three countries: the United States, the United Kingdom, and China. Top Deal Sellers By Deal Type And Geographical Distribution US 53 UK 24 China 22 28 11 5 10 9 10 1 11 3 2 4 2 1 2 0 10 20 30 40 50 60 US UK China Number Of Deals Financing Private Placement Licensing Agreement Merger & Acquisition Others • The companies included in this analysis consist of all biopharma companies with at least one asset on Beacon ADC, as well as service providers that have made at least one deal with these companies. Currently, the US has the highest number of biopharma companies (428), followed by China (182). • Although most Asian companies entered the ADC space much later than US companies, the number of Asian biopharma companies that have emerged in the past five years is comparable to that of their US counterparts. • Notably, there is a significant presence of service providers from China. However, the BioSecure Act proposed by the US government to reduce the reliance on biotechnology services from “certain companies of concern” is putting pressure on Chinese service providers. This may lead to the US drugmakers needing to sever ties with these service providers of concern in the future to secure their spots on Medicare and Medicaid. Although, the act has not yet been passed, it is likely to raise concerns for US developers about making contracts with Chinese service providers. Top ADC Companies So Far 5% 3% 5% 6% 68% 4% 6% 0% 2% 1% Types of Regulatory Update • The comparison below highlights the change in assets entered into the clinic in two respective years – 2024 versus 2023. HER-3 and B7-H3 had the most assets entered the clinic, while we observed a decrease in TROP-2, HER-2, and Nectin-4. This decline may be due to the intense competition in these targets. 5 5 4 4 4 3 2 2 2 2 2 1 3 7 6 5 3 HER-3 B7-H3 TROP-2 DLL3 5T4 HER-2 Nectin-4 FGFR2b CD30 c-MET x EGFR FRα Number of Drugs 2024 2023 Targets in The Clinic in 2024 • Topoisomerase I inhibitors have continued to dominate the space in recent years. In 2024, 30 new assets utilizing topoisomerase I inhibitors entered the clinic, with the exatecan payload leading the charge. • We’re also seeing DNA-damaging agents gaining traction, led by , which are becoming more prominent in new clinical entries. • Additionally, novel mechanisms are emerging, with making their way into the clinic in 2024, diversifying the payload strategies. Payload Breakdown of ADCs that Entered the Clinic in 2024 11 10 9 5 2 1 1 1 1 1 1 1 1 1 Exatecan (Camptothecin) Camptothecin Undisclosed MMAE (Auristatin) Eribulin MMAF (Auristatin) Undisclosed AF-HEA (Auristatin) SG3249 (Pyrrolobenzodiazepine (PBD)) SG3199 (Pyrrolobenzodiazepine (PBD)) 225-Actinium (Radioisotopes) DUocarmycinhydroxyBenzamide Azaindole (DUBA) (Duocarmycin) Glucocorticoids (GCs) S64315 (MIK665) Topoisomerase I Inhibitor Tubulin Inhibitor DNA Damaging Agent Glucocorticoid Receptor Modulator MCL-1 Inhibitor Number of Drugs Of the drugs added in 2024, solid tumor indication is the major focus in ADC, especially for lung cancers (88), breast cancers (87), and advanced cancers (70). This trend is consistent with the overall ADC landscape, with more novel targets being explored to bring the best-in-class to the market. Newly-Added Drugs by Investigational Indication 88 87 70 51 46 36 33 33 31 22 177 181 148 19 19 10 8 Lung Cancer Breast Cancer Advanced Solid Tumors GI Cancer Pancreatic Cancer Ovarian Cancer Bowel Cancer Head and Neck Cancer Prostate Cancer Esophagus Cancer Undisclosed Solid Tumors Others Undisclosed Lymphoma Leukemia Blood Cancer Others Solid Tumors Cancer Indications Blood Cancer Number of Drugs *Drugs targeting multiple indications were counted respectively in the analysis Drug Name Developer Disease Indication Expected Date Milestone Event Reference Link Vutrisiran Alnylam Pharmaceuticals Inc. Transthyretin Amyloid Cardio myopathy 31-12-2025 Drug Approval Ref. Luveltamab tazevibulin Boehringer Ingelheim, Sutro Biopharma, Inc., Tasly Biopharmaceuticals Co. Ltd Platinum-resistant Ovarian Cancer 30-06-2027 Accelerated Approval Ref. Donidalorsen Ionis Pharmaceuticals, Otsuka Pharmaceutical Co Ltd, Theratechnologies Inc. Hereditary angioedema 31-12-2025 Drug Approval Submission Ref. Below is a summary table of the upcoming milestones from 2025 onward: Drug Name Developer Disease Indication Expected Date Milestone Event Reference Link DYNE-251 Dyne Therapeutics Duchenne Muscular Dystrophy 31-03-2026 Drug Approval Submission Ref. AOC 1001 Avidity Biosciences Myotonic dystrophy type 1 31-12-2026 MAA Submission Ref. Loncastuximab Tesirine ADC Therapeutics S.A., Avid Bioservices, Inc, Mitsubishi Tanabe Pharma, Orient Europharma Co., Ltd., Overland Pharmaceuticals Inc, Sobi Diffuse Large B-Cell Lymphoma 31-12-2026 sBLA/BLA Approval Ref. Drug Name Developer Disease Indication Expected Date Milestone Event Reference Link Delpacibart zotadirsen Avidity Biosciences Duchenne Muscular Dystrophy 31-12-2025 sBLA/BLA Submission Ref. 177Lu-NY108 Norroy Bioscience CO., LTD. Prostate Cancer 30-06-2027 sNDA/NDA Approval Ref. 177Lu-NY104 Norroy Bioscience CO., LTD. Clear Cell Renal Cell Carcinoma 31-12-2027 sNDA/NDA Approval Ref. Confidential material. Unauthorized distribution is prohibited ADC Landscape Review Hanson Wade Intelligence provides bespoke market research and consultancy that can elevate and go beyond Beacon data… …Hanson Wade Intelligence transforms data into insights allowing our clients to make more informed and better strategic business decisions, decreasing risk and increasing the chances of success CONFIDENTIAL Out of the many bioconjugate strategies employed, ADCs have long been the most successful. After a ‘rocky’ patch in the mid-2010s with no new approvals, the ‘second wave’ of ADCs is well and truly on its way. This analysis reveals how this ‘second coming’ has benefitted from the difficult lessons learned and harsh realities faced by the ‘pioneering’ ADCs, such as reduced time in clinic and better molecule design to minimize toxicity. And acts as a reminder, of why continual learning is an excellent driver of innovation. 4 ‘Second wave’ of ADCs more tolerable and get to clinic faster CONFIDENTIAL 5 Analysis Methodology These insights and market knowledge have been developed based on the analysis and fusion of data collated from a variety of sources by the Hanson Wade Intelligence team, elevating the quality of insights compared to Beacon data alone Beacon ADC database: Vast repository of highly granular, current and historical data on ADCs including payloads; exploration by the Hanson Wade Intelligence of its deepest recesses and use of smart interpretation facilitates in-depth understanding of trends and trajectories at quantitative scale, and over long time periods External sources: Datapoints from additional external sources were used to complement existing Beacon data; clever inference and data fusion was used to increase the relevance and meaning of the outputs, enabling a higher quality of insights CONFIDENTIAL Average phase duration of assets: Multiple bioconjugate strategies have led to clinical success and approval Probability of successful progression to next phase: Phase 2 → Phase 3 53% Preclinical → Phase 1 39% Phase 3 → Approval 58% Phase 1 → Phase 2 71% No. of assets by highest phase of development: Preclinical Phase 1 Phase 2 Phase 3 Approved 1170 335 236 88 29 1858 assets XDC (whole Beacon module) ~1.7% Decrease in probability from Phase 2 onwards representative of “higher bar” for progression due to more demanding regulatory requirement at later phases ~1.8 years ~2.9 years ~3.2 years ~3.6 years ~11.5 years Representative of additional rigor and trial size required for later phases NOTE: Data correct as of August 2024. 1858 assets CONFIDENTIAL ADCs have especially positive clinical outlook; based on strong foundations No. of assets by highest phase of development: Preclinical Phase 1 Phase 2 Phase 3 Approved 774 133 88 41 12 1054 assets +32% CAGR ADC “pure” constructs NOTE: Data correct as of August 2024. 2011 the start of it all for ADC • Approval of Adcetris in 2011 marked the beginning of the “first crest” of an ADC wave that has drawn widespread attention across the market in recent years • The 2 ADCs approved in 2011 & 2013 provided a solid proof of concept for the modality, eventually precipitating a “second crest” of the wave starting in 2019 where 8 ADCs featuring more novel technologies have been approved CONFIDENTIAL 8 PoC from “first wave” ADCs helps shave 2 years off in-clinic time for new constructs Adcetris Kadcyla Besponsa Lumoxiti Padcev Polivy Enhertu Trodelvy Blenrep Zynlonta Tivdak Elahere 2003 2023 Nov ‘06 Feb ‘09 Apr ‘10 Aug ‘11 Apr ‘06 Jul ‘07 Feb ‘09 Feb ‘13 Aug ‘03 May ‘06 Aug ‘12 Aug ‘17 May ‘07 Feb ‘10 Apr ‘13 Mar ‘18 Mar ‘11 Sep ‘12 Nov ‘17 Jun ‘19 Jul ‘11 Oct ‘17Jun ‘18 Dec ‘19 Sep ‘15 Aug ‘17 Jul ‘18 Dec ‘19 Dec ‘12 Nov ‘17 Apr ‘20 Jul ‘14 Oct ‘15 Apr ‘20Aug ‘20 Mar ‘16 Aug ‘18 Sep ‘20 Apr ‘21 Nov ‘13 Feb ‘21 Sep ‘21 Jun ‘12 Mar ‘16 Nov ‘22 “First wave” ADCs “Second wave” ADCs Key First in clinic First in Ph2 First in Ph3 Approval Average time in clinic: 9 years, 1 month Average time in clinic: 7 years, 2 months, 11 days Year ADC Construct NOTE: Mylotarg omitted due to unclear timelines caused by approval and subsequent reapproval. Where phase markers missing, this is due to phase CONFIDENTIAL 9 Discontinuation of ADCs on the Decline; Excessive Toxicity No Longer Key Cause 0 2 4 6 8 10 12 14 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Number of Clinical -Stage ADC Assets Year Strategic decision Lack of efficacy Excessive toxicity Number of Discontinued Clinical-Stage ADC Assets by Year All reasons 6.8 Excessive toxicity 5.8 2.2 0.5 2016- 2020 2021- 2024 Mean Number of Annual Discontinuations • Recent annual ADC discontinuation rates lower than peak in 2018/19 • Less common for discontinuation to be due to excessive toxicity, likely to industry’s renewed focus on improving the therapeutic index NOTE: Data correct as of January 2025. CONFIDENTIAL 10 TOPO1/2 inhibitor asset discontinuations disproportionately low 30% 30% 40% 3% 70% 27% 0% 59% 41% Distribution of active & discontinued ADC assets with “Big 3” payload mechanisms: Active clinical assets (n=402) Total discontinued clinical assets (n=64) Clinical assets discontinued for excessive toxicity (n=17) • There are similar no. of active assets utilizing TOP01/2 inhibitors, tubulin inhibitors and DNA damaging agents in clinical development • However, TOPO1/2 inhibitor discontinuation rates notably lower with no instances of discontinuation due to excessive toxicity TOPO1/2 Inhibitor Tubulin Inhibitor DNA Damaging Agent CONFIDENTIAL 11 Hanson Wade Intelligence provides bespoke market research and consultancy that can elevate and go beyond Beacon data… Intelligence can support client's to better answer their business questions that are exclusively addressed with Beacon data… ▪ Insights generation: Using our in-depth market knowledge, we can help to transform the data into insights and strategies (slide deck with narrative and recommendations) ▪ Data structure and grouping: Applying our scientific expertise to group existing data into more suitable cohorts to generate more meaningful insights ▪ Data analysis: Saving you time by carrying out in-depth complex analysis and report generation ▪ Back-end downloads: Downloading and manipulating data fields that are not accessible through the Beacon user interface (e.g. first recorded entry date) ▪ Dashboards: Creating bespoke dashboards to help you to quickly and easily visualise and analyse data points that are of most relevance to you ▪ Market tracking: Creating longitudinal analysis to help you stay on top of shifting market dynamics Intelligence can better answer client's business questions that are addressed partially using Beacon data, but also require addition external data / insight… ▪ Researching undisclosed data fields: Desk research to create more complete data fields / new categories that complement the existing data set (e.g. delivery system) ▪ Bespoke market research: Carrying out market research to; i. Complement existing beacon data sets with novel information ii. Help to better understand the rationale for observed market trends Intelligence can answer client's business questions that cannot be addressed using Beacon data and require a bespoke research approach… Across research methodologies: ▪ Desk research (i.e. insights consolidation, literature review, online resource compiling & analysis) ▪ Qualitative market research (i.e. 1:1 expert interviews) ▪ Quantitative market research (i.e. surveys with experts) Across product life cycle questions: ▪ Competitor intelligence ▪ Market landscape (current, future) ▪ Opportunity sizing and go/no go decision ▪ Minimal Viable Product and concept testing ▪ Value proposition, positioning and message testing ▪ Sales materials testing (sales aid, adverts) ▪ Customer unmet needs (drivers, barriers) ▪ Thought leadership content generation (conferences, webinars, white papers) Elevating Beacon Beacon Plus Beyond Beacon For further information on our services, please email us at: intelligence@hansonwade.com • Growth in ADCs: As of 5th January 2025, Beacon ADC tracks 2,960 assets, with ADCs, SMDC, and radio conjugates leading the field. • Trials Surge: 83 ADCs entered clinical trials in 2024 (18.6% CAGR), while HER-2 remains the dominant target. However, 76 trials were discontinued, mostly due to enrollment issues or strategic shifts. • Future Trends: The focus remains on solid tumors (lung and breast cancers), while HER-3 and novel payload mechanisms are gaining attention, signaling diversification in the ADC landscape. Copyright: Hanson Wade 2025 This digest has been created through considerable effort by Hanson Wade’s Beacon ADC research team. The terms of subscription restrict usage of this work to those who are named subscribers to the service. Unauthorized copying and/or distribution of this document constitutes copyright infringement. If you are in doubt about whether you are entitled to receive a copy of this digest, check with your account holder or with Hanson Wade (beacon.support@hansonwade.com)