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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of Earliest Event Reported): June 3, 2025

 

ADC Therapeutics SA

(Exact Name of Registrant as Specified in Its Charter)

 

Switzerland

(State or Other Jurisdiction of Incorporation)

001-39071

(Commission File Number)

N/A

(IRS Employer Identification Number)

     

Biopôle

Route de la Corniche 3B

1066 Epalinges

Switzerland

(Address of Principal Executive Offices) (Zip Code)

+41 21 653 02 00

(Registrant’s Telephone Number)

       

N/A

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Exchange Act:

 

Title of Each Class Trading Symbol Name of Each Exchange on Which Registered
Common Shares, par value CHF 0.08 per share ADCT New York Stock Exchange

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 C.F.R. §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 C.F.R. §240.12b-2). Emerging growth company

 

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 revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

 

 

 

 

Item 5.07. Submission of Matters to a Vote of Security Holders.

 

ADC Therapeutics SA (the “Company”) held its 2025 annual general meeting of shareholders (the “Annual Meeting”) on June 3, 2025. The Company previously filed with the Securities and Exchange Commission a definitive proxy statement and related materials pertaining to the Annual Meeting, which describe in detail each proposal submitted to shareholders at the Annual Meeting. All proposals submitted to the shareholders at the Annual Meeting were approved. The final results for the votes regarding each proposal are set forth below.

 

Proposal #1: Approving the management report, annual financial statements and consolidated financial statements

 

The shareholders approved the management report, the annual financial statements and the consolidated financial statements for the year ended December 31, 2024 and acknowledged the auditors’ report for the year ended December 31, 2024. The voting results were as follows:

 

FOR AGAINST ABSTAIN BROKER NON-VOTES
60,305,481 175,719 6,190,539

 

Proposal #2: Approving, on an advisory basis under Swiss law, the compensation report

 

The shareholders approved, in a non-binding advisory vote, the compensation report for the year ended December 31, 2024. The voting results were as follows:

 

FOR AGAINST ABSTAIN BROKER NON-VOTES
47,765,084 190,266 6,239,636 12,476,753

 

Proposal #3: Discharging the members of the board of directors and the executive committee from liability

 

The shareholders approved that the members of the board of directors and the executive committee be discharged from liability for the year ended December 31, 2024. The voting results were as follows:

 

FOR AGAINST ABSTAIN BROKER NON-VOTES
41,463,514 4,933,137 6,251,708 12,476,753

 

Proposal #4: Approving the appropriation of the financial results

 

The shareholders approved that the net loss for the year ended December 31, 2024 be carried forward. The voting results were as follows:

 

FOR AGAINST ABSTAIN BROKER NON-VOTES
60,287,802 194,334 6,189,603

 

Proposal #5: Electing and reelecting directors

 

The shareholders elected or reelected, as applicable, the following directors for a one-year term, beginning as of the Annual Meeting and ending at the closing of the 2026 annual general meeting of shareholders. The voting results were as follows:

 

NAME FOR AGAINST ABSTAIN BROKER NON-VOTES
Ron Squarer 47,887,130 160,193 6,147,663 12,476,753
Robert Azelby 47,550,379 496,944 6,147,663 12,476,753
Jean-Pierre Bizzari 45,409,931 2,615,372 6,169,683 12,476,753
Peter Hug 47,328,762 718,559 6,147,665 12,476,753
Ameet Mallik 47,898,350 148,970 6,147,666 12,476,753
Viviane Monges 47,656,746 367,800 6,170,440 12,476,753
Tyrell Rivers 47,898,929 147,892 6,148,165 12,476,753
Victor Sandor 47,559,348 487,673 6,147,965 12,476,753
Timothy Coughlin 47,922,751 124,670 6,147,565 12,476,753

 

Timothy Coughlin, 58, became a member of our board of directors upon election at the Annual Meeting. From 2002 to 2018, Mr. Coughlin was with Neurocrine Biosciences, becoming the Chief Financial Officer of Neurocrine Biosciences in 2006. Prior to joining Neurocrine, he was with Catholic Health Initiatives, where he served as Vice President of Financial Services. He also served on the board of directors of Peloton Therapeutics prior to its sale to Merck & Co in 2019 and Fate Therapeutics from 2013 to 2025. In addition to our board of directors, he currently serves on the board of directors of Travere Therapeutics and is chairman of the board at aTyr Pharma. Mr. Coughlin holds a master’s degree in international business from San Diego State University and a bachelor’s degree in accounting from Temple University. Mr. Coughlin is a certified public accountant (CPA) in both California and Pennsylvania. We believe that Mr. Coughlin’s extensive experience as a CPA and in the biotech and biopharma space makes him a valuable addition to our board of directors. Upon his election to our board of directors at the Annual Meeting, our board of directors appointed Mr. Coughlin to be the chair of the audit committee. Our board of directors has determined that Mr. Coughlin is an independent director within the meaning of NYSE listing standards, is financially literate and is an “audit committee financial expert.”

 

 

 

Proposal #6: Reelecting compensation committee members

 

The shareholders reelected the following members of the compensation committee for a one-year term, beginning as of the Annual Meeting and ending at the closing of the 2026 annual general meeting of shareholders. The voting results were as follows:

 

NAME FOR AGAINST ABSTAIN BROKER NON-VOTES
Robert Azelby 47,566,015 480,437 6,148,534 12,476,753
Peter Hug 47,391,973 654,281 6,148,732 12,476,753
Victor Sandor 47,565,929 480,525 6,148,532 12,476,753

 

Proposal #7: Reelecting the Independent Proxy

 

The shareholders reelected PHC Notaires, in Lausanne, Switzerland, as the Independent Proxy for a one-year term, beginning as of the Annual Meeting and ending at the closing of the 2026 annual general meeting of shareholders. The voting results were as follows:

 

FOR AGAINST ABSTAIN BROKER NON-VOTES
60,221,310 276,435 6,173,994

 

Proposal #8: Reelecting the auditors

 

The shareholders reelected PricewaterhouseCoopers SA as the statutory auditor and independent registered public accounting firm for the year ending December 31, 2025. The voting results were as follows:

 

FOR AGAINST ABSTAIN BROKER NON-VOTES
60,360,349 71,384 6,240,006

 

Proposal #9: Approving, on a binding basis under Swiss law, the compensation of the board of directors and the executive committee

 

The shareholders approved, on a binding basis under Swiss law, that (i) the maximum aggregate amount of compensation for the members of the board of directors for the period between the Annual Meeting and the 2026 annual general meeting of shareholders be set at $2,300,000 (Proposal #9a), (ii) the maximum aggregate amount of fixed compensation for the members of the executive committee for the year ending December 31, 2026 be set at $2,600,000 (Proposal #9b) and (iii) the maximum aggregate amount of variable compensation for the members of the executive committee for the year ending December 31, 2025 be set at $3,500,000 (Proposal #9c). The voting results were as follows:

 

PROPOSAL FOR AGAINST ABSTAIN BROKER NON-VOTES
#9a 42,986,549 4,960,693 6,247,744 12,476,753
#9b 43,022,699 4,901,772 6,270,515 12,476,753
#9c 43,021,851 4,901,442 6,271,693 12,476,753

 

Proposal #10: Approving, on an advisory basis under U.S. law, the compensation paid to the named executive officers

 

The shareholders approved, on an advisory basis under U.S. law, the compensation of the Company’s named executive officers, as disclosed in “Executive Compensation” and the related compensation tables and narrative disclosure in the proxy statement. The voting results were as follows:

 

FOR AGAINST ABSTAIN BROKER NON-VOTES
47,645,306 303,251 6,246,429 12,476,753

 

Proposal #11: Approving an amendment to increase the number of shares authorized under the 2019 Equity Incentive Plan

 

The shareholders approved an amendment to increase the number of shares authorized under the 2019 Equity Incentive Plan. The voting results were as follows:

 

FOR AGAINST ABSTAIN BROKER NON-VOTES
42,802,737 5,226,105 6,166,144 12,476,753

 

Proposal #12: Approving amendments to article 4b of the articles of association to increase the conditional share capital for employee participation

 

The shareholders approved amendments to article 4b of the articles of association to increase the conditional share capital for employee participation. The voting results were as follows:

 

FOR AGAINST ABSTAIN BROKER NON-VOTES
43,270,118 4,680,858 6,244,010 12,476,753

 

The amendments to the Company’s articles of association became effective upon their approval at the Annual Meeting. A copy of the Company’s current articles of association is attached hereto as Exhibit 3.1 and incorporated herein by reference.

 

 

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit Number Description
3.1 Articles of Association of ADC Therapeutics SA
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  ADC Therapeutics SA
Date: June 5, 2025  
  By: /s/ Peter J. Graham
  Name: Peter J. Graham
  Title: Chief Legal Officer