ADC Therapeutics

Moat components scored as follows: Intangible assets 45/100 (drug and brand IP, global partners, AstraZeneca‑licensed PBD payloads; nonetheless many competing ADC and bispecific entrants exist). Switching costs 20/100 (oncology regimens are substitutable and payers can favor alternatives). Network effects 0/100 (none).

Cost advantage 20/100 (no evident scale or integrated manufacturing edge; royalty financing raises effective unit economics). Efficient scale 25/100 (niche patient populations, but multiple approved and emerging competitors in r/r DLBCL, including CAR‑T and bispecifics). Weighted global moat score approximates low 30s.

The LOTIS‑5 outcome provides efficacy support, yet the safety imbalance could erode prescriber preference, capping any moat formation.