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, with U.S. sales down 4% due to competition and clinical trial activity.

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

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

• Cash and cash equivalents stood at $77.8 million as of June 30, 2024, with runway projected into 2027.

• The company advanced the SADA PRIT platform, with GD2-SADA phase I progressing and CD38-SADA phase I set to begin dosing in H2 2024.

Financial highlights

• Q2 2024 DANYELZA net product revenue: $22.8 million (+10% YoY); U.S.: $15.2 million (-4% YoY); ex-U.S.: $7.6 million (+55% YoY).

• Six-month DANYELZA net product revenue: $42.2 million (+3% YoY); licensing revenue of $25 million in H1 2024.

• Gross margin improved to 87% in Q2 2024 from 78% in Q2 2023, reflecting favorable international mix.

• SG&A expenses increased by $5.9 million in Q2 2024, mainly due to $3.8 million in legal settlement charges.

• Cash used in operations for H1 2024 was $0.8 million, a significant improvement from prior year.

Outlook and guidance

• 2024 total net revenue guidance revised to $87–95 million, reflecting slower H1 growth due to U.S. competition.

• Operating expenses for 2024 expected to remain $115–120 million; annual cash burn projected at $15–20 million.

• Cash runway projected to support operations and pipeline into 2027, assuming minimal DANYELZA revenue growth.

• Anticipates DANYELZA growth to accelerate in H2 2024 with refined commercial strategy and new clinical data.

• Focus remains on expanding DANYELZA indications and advancing SADA PRIT technology.