Y-mAbs Therapeutics (YMAB) Q1 2025 earnings summary

Executive summary

• Net product revenues reached $20.9 million in Q1 2025, up 8% year-over-year, driven by strong ex-U.S. DANYELZA sales and new commercial programs, offsetting a 28% decline in U.S. sales.

• Business realignment into two units—DANYELZA and Radiopharmaceuticals—aims to maximize product potential, optimize operations, reduce workforce by up to 13%, and accelerate R&D.

• DANYELZA remains the only approved product, with ongoing pivotal and exploratory trials in multiple indications; added to NCCN guidelines for relapsed/refractory neuroblastoma.

• Radiopharmaceuticals unit completed Part A of the GD2-SADA phase I trial and dosed the first patient in the CD38-SADA phase I trial.

• Cash and cash equivalents stood at $60.3 million as of March 31, 2025, supporting operations into 2027.

Financial highlights

• Q1 2025 DANYELZA net product revenues: $20.9 million, up from $19.4 million in Q1 2024; ex-U.S. revenues surged to $7.5 million, an 816% increase, while U.S. revenues fell 28% to $13.4 million.

• Gross profit was $17.9 million, with gross margin at 86% (down from 89% in Q1 2024) due to higher ex-U.S. sales at lower margins.

• Net loss for Q1 2025 was $5.2 million (or $(0.12) per share), improved from $6.6 million (or $(0.15) per share) in Q1 2024.

• Research and development expenses decreased to $11.4 million, while SG&A expenses increased to $13.1 million, reflecting business realignment and higher personnel costs.

• Interest and other income was $1.4 million, up from $0.4 million, mainly from foreign currency gains.

Outlook and guidance

• Full-year 2025 total revenue guidance reaffirmed at $75–$90 million; Q2 2025 revenue expected between $17–$19 million.

• Company expects to fund operations as currently planned into 2027, assuming no new partnerships or equity raises.

• DANYELZA pivotal confirmatory trial (Study 201) expected to complete in 2028; additional studies ongoing in osteosarcoma, breast cancer, and Ewing sarcoma.

• Manufacturing transition for DANYELZA to Italy in 2026 may temporarily disrupt supply and increase costs.

• Total operating costs and expenses (including COGS) projected at $129–$134 million for 2025; annual cash investment expected at $25–$30 million.