What ADCendo does

ADCendo (legal entity Adcendo ApS) is a Copenhagen-based, clinical-stage biotechnology company developing a pipeline of antibody-drug conjugates (ADCs) engineered to address cancers with high unmet medical need. Its core technology combines monoclonal antibodies targeting novel cancer markers — including uPARAP/Endo180 and tissue factor — with cytotoxic payloads to deliver targeted therapy with reduced off-target effects relative to conventional chemotherapy. The company has three clinical-stage assets: ADCE-T02 (tissue factor-targeting, in cohort expansion of the Phase I Tiffany-01 study in advanced solid tumors and entering a Phase Ib combination with MSD's pembrolizumab in H2 2026), ADCE-D01 (FDA Orphan Drug Designation in soft tissue sarcoma, in Phase I), and ADCE-B05 (first patient dosed in Phase I for squamous cell tumors), supported by preclinical publications at AACR 2026 and in Molecular Cancer Therapeutics.

The company is pre-revenue and generates no product sales today. Its revenue model is structured around future licensing, royalty, and commercialization agreements with pharmaceutical partners, with go-to-market activity currently focused on advancing Phase I programs and securing strategic collaborations such as the MSD clinical trial supply agreement. ADCendo operates from Copenhagen, Denmark, with additional operations in Boston, Massachusetts, to support U.S. clinical development. The company is privately held and venture-backed, having raised approximately $325 million cumulatively across a 2021 Series A (Novo Seeds and Ysios Capital led), Series A extensions in 2023 and 2024 (the latter led by KKR-controlled Dawn Biopharma), a $135 million round in late 2024 (TCG Crossover led), and an oversubscribed $75 million Series C in April 2026 (Jeito Capital led). Investors include Novo Holdings, Ysios Capital, RA Capital Management, TPG, OrbiMed, Venrock, Gilde Healthcare, HealthCap, Pontifax, Surveyor Capital, Logos Capital, TCG Crossover, Jeito Capital, Vida Ventures, Bpifrance, EIFO, and Dawn Biopharma (KKR).

Name

ADCendo

Legal name

Adcendo ApS

Website

https://adcendo.dk

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

51–100 employees

Short description

ADCendo (Adcendo ApS) is a Copenhagen-based, clinical-stage biotech developing first- and best-in-class antibody-drug conjugates targeting uPARAP/Endo180 and tissue factor for cancers with high unmet need, currently advancing three Phase I programs (ADCE-T02, ADCE-D01, ADCE-B05).

Ownership category

akta.pro rank

Product category

Oncology Therapeutics — Antibody-Drug Conjugates (Biotech)

NAICS

Research and Development in Biotechnology (except Nanobiotechnology) (541714), Biological Product (except Diagnostic) Manufacturing (325414)

SIC

Biological Products, (No Disgnostic Substances) (2836), Services-Commercial Physical & Biological Research (8731)

akta.pro primary industry

Antibody-Drug Conjugates (ADCs) & Antibody Conjugates (HLAAAAAE)

Keywords

• Antibody-drug conjugates
• Cancer therapeutics
• Oncology drug development
• Targeted cancer therapy
• Clinical-stage biotech

Headquarters

HQ city

Copenhagen

HQ country

Denmark

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D, Operations, Personnel, Marketing or Sales, Infrastructure

Revenue model

1. Pharmaceutical Development and Commercialization: Pre-revenue clinical-stage biotech company developing ADC therapies for cancer treatment. Revenue will be generated through eventual drug commercialization, licensing deals, and partnerships upon successful clinical development.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels3 records

Core offering

ADCendo is a clinical-stage biotech that discovers and develops antibody-drug conjugates (ADCs) — monoclonal antibodies linked to cytotoxic payloads — directed at novel cancer targets such as uPARAP/Endo180 and tissue factor. Its pipeline assets (ADCE-T02, ADCE-D01, ADCE-B05) target advanced solid tumors, soft tissue sarcoma, and squamous cell cancers, and the company monetizes through future licensing, partnerships, and commercialization. Revenue is not yet generated; the company funds development via venture capital and strategic pharma collaborations.

Product overview

Adcendo is a Copenhagen-based clinical-stage biotech company developing a pipeline of first- and best-in-class antibody-drug conjugates (ADCs) for cancer treatment. The company has three active clinical-stage ADC programs: ADCE-T02 (tissue factor-targeting, entering Phase Ib expansion with MSD collaboration), ADCE-D01 (FDA Orphan Drug Designation for soft tissue sarcoma), and ADCE-B05 (targeting squamous cell tumors). The lead pipeline asset targeting uPARAP/Endo180 was the foundation program. The company operates with headquarters in Copenhagen, Denmark and operations in Boston, Massachusetts.

Differentiator

Problem solved

Functional benefit

Products and services

• ADCE-T02 A potentially best-in-class tissue factor-targeting antibody-drug conjugate (ADC) being evaluated in the Tiffany-01 Phase I study for advanced solid tumors; entered cohort expansion in 2026 and is also being studied in combination with pembrolizumab (KEYTRUDA) under an MSD collaboration.
• ADCE-D01 Antibody-drug conjugate candidate targeting soft tissue sarcoma that received FDA Orphan Drug Designation and is advancing through Phase I clinical evaluation.
• ADCE-B05 Antibody-drug conjugate targeting squamous cell tumors; first patient was dosed in its Phase I trial in 2026.
• uPARAP/Endo180 ADC Program Lead ADC program targeting uPARAP (also known as Endo180) for sarcoma and other cancer applications; the foundational pipeline asset around which the company was built.

Quantifiable outcome

• ADCE-T02 entered cohort expansion portion of Phase I Tiffany-01 study for advanced solid tumors
• +3 more outcomes

Segments1 record

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

One partnership is on record.

• MSD (Merck & Co., Inc.)coreStrategic or Co-development Partner · 26 May 2026Clinical trial collaboration and supply agreement to evaluate ADCE-T02 in combination with KEYTRUDA (pembrolizumab) in a Phase Ib study for patients with advanced solid tumors. Adcendo sponsors the trial and MSD supplies pembrolizumab. Both companies retain commercial rights to their respective compounds. First patient dosing anticipated in H2 2026.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Mersana Therapeutics: Clinical-stage biotech developing next-generation antibody-drug conjugates (ADCs) for cancer. Directly comparable as a clinical-stage ADC developer with multiple pipeline programs targeting solid tumors.
• Tubulis: European clinical-stage biotech developing a pipeline of ADCs with proprietary linker and payload technologies. Comparable clinical-stage ADC company with similar technology positioning and European roots.
• ProfoundBio: Clinical-stage ADC developer with multiple oncology programs in early-stage trials. Directly comparable as a clinical-stage company focused on ADC development for solid tumors.
• Pyxis Oncology: Clinical-stage oncology company developing ADC and immuno-oncology therapeutics. Similar stage and business model with multiple ADC programs advancing through Phase I trials.
• Heidelberg Pharma: German clinical-stage biotech developing ADCs based on proprietary amanitin payload technology. Comparable clinical-stage ADC developer with proprietary platform approach and European HQ.
• Byondis: Clinical-stage ADC developer with proprietary linker and payload technology, advancing programs in solid tumors. Comparable clinical-stage ADC company with similar development-stage profile.

Emerging players

• Bolt Biotherapeutics: Clinical-stage biotech developing immune-stimulating antibody-drug conjugates (ISACs) for cancer. Comparable stage and oncology focus, though differentiated by immune-stimulating payload approach.
• Mythic Therapeutics: Clinical-stage biotech developing antibody-drug conjugates using a protein engineering approach for solid tumors. Comparable as an emerging ADC developer with early clinical assets.
• CytomX Therapeutics: Clinical-stage oncology biotech developing conditionally activated antibody therapeutics including probody-drug conjugates. Related oncology ADC-adjacent platform with established clinical pipeline.

Broad incumbents

• Daiichi Sankyo: Global pharmaceutical leader and ADC pioneer with Enhertu (DXd ADC platform). Industry incumbent in ADC development and commercialization, representing both the standard and the strategic partner/acquirer profile for clinical-stage ADC companies.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/adcendo

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds7 records

Investors18 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ADCendo