Y-mAbs Therapeutics (YMAB) Q2 2024 earnings summary

Executive summary

• DANYELZA net product revenue reached $22.8 million in Q2 2024, up 10% year-over-year, driven by international growth, including launches in Brazil and Mexico and approval in Hong Kong, while U.S. sales declined 4% due to increased competition and clinical trial activity.

• Ex-U.S. DANYELZA sales surged 55% year-over-year, with commercial launches in Brazil and Mexico, approval in Hong Kong, and expansion in Western Europe and Asia.

• SADA PRIT clinical programs advanced, with GD2-SADA phase I progressing through cohort 5 and no dose-limiting toxicities observed in 17 patients dosed to date; CD38-SADA phase I to begin dosing in H2 2024.

• Multiple investigator-sponsored naxitamab trials are ongoing, targeting label expansion in osteosarcoma, neuroblastoma, triple-negative breast cancer, and Ewing sarcoma.

• Leadership changes included the appointment of a new CFO and Chief Development Officer in July 2024.

Financial highlights

• Q2 2024 total net product revenue was $22.8 million (up 10% year-over-year); six-month revenue was $42.2 million (up 3%).

• Licensing revenue of $25 million was reported for the first half of 2024, with none in the prior year period.

• Gross margin improved to 87% in Q2 2024 from 78% in Q2 2023, reflecting favorable international mix and absence of prior year inventory write-downs.

• Net loss for Q2 2024 was $9.2 million ($0.21 per share), compared to $6.3 million ($0.14 per share) in Q2 2023, mainly due to legal settlement charges.

• Cash and cash equivalents stood at $77.8 million at quarter-end, with a minimal cash burn of $0.8 million in H1 2024, supporting operations into 2027.

Outlook and guidance

• Full-year 2024 net revenue guidance was revised downward to $87–95 million from $95–100 million, reflecting slower growth in the first half.

• Operating expenses and cash burn for 2024 are expected to remain between $115–120 million, with annual cash burn projected at $15–20 million.

• Cash runway is projected to support operations and pipeline programs into 2027, assuming minimal DANYELZA revenue growth and no new partnerships.

• Management anticipates a return to higher DANYELZA growth rates in the second half of 2024 as commercial strategies are refined.

• Focus remains on expanding DANYELZA indications and advancing SADA PRIT technology, with new clinical trials planned for 2024–2025.