Y-Mabs Therapeutics ( (YMAB) ) has released its Q3 earnings. Here is a breakdown of the information Y-Mabs Therapeutics presented to its investors.
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Y-mAbs Therapeutics, Inc. is a commercial-stage biopharmaceutical company focusing on developing and commercializing novel radioimmunotherapy and antibody-based therapies for cancer treatment. The company is known for its first FDA-approved treatment, DANYELZA, for high-risk neuroblastoma.
In the third quarter of 2024, Y-mAbs reported total net product revenues of $18.5 million for DANYELZA and highlighted several strategic initiatives, including an exclusive license agreement with Nobelpharma for DANYELZA in Japan. The company also achieved an extension of its primary U.S. patent for DANYELZA through February 2034 and continued its geographic expansion with new market revenues from Turkey.
The financial results indicated a 10% decline in net revenues compared to the same period in 2023, attributed to decreased net product revenues in both U.S. and ex-U.S. markets. Despite a decline in U.S. and ex-U.S. revenues, the company reported improvements in gross margins for the nine-month period ending September 30, 2024, due to favorable international revenue mix and reduced inventory write-downs. Additionally, research and development expenses decreased by $4.2 million, while selling, general, and administrative expenses increased by $3.4 million due to separation agreements and increased personnel costs.
Y-mAbs reported a net loss of $7.0 million for the quarter, showing a slight improvement from the previous year. The company maintained approximately $68.1 million in cash and cash equivalents as of September 30, 2024, and remains on track to meet its financial guidance for the full year.
Looking forward, Y-mAbs’ management reiterates its full-year 2024 guidance, anticipating total net revenues between $87 million and $95 million, with operating expenses between $115 million and $120 million. The company is poised to continue its expansion efforts and expects its cash reserves to sustain operations into 2027.
