Y-mAbs Therapeutics (YMAB) Q3 2024 earnings summary

Executive summary

• DANYELZA net revenue for Q3 2024 was $18.5M, down 10% year-over-year, with U.S. sales at $15.3M (down 5%) and ex-U.S. at $3.1M (down 19%), driven by lower European volumes but offset by new accounts and geographic expansion, including Turkey.

• Net loss for Q3 2024 was $7.0M ($0.16/share), improved from $7.7M ($0.18/share) in Q3 2023, with nine-month net loss at $22.9M ($0.52/share).

• Cash and cash equivalents were $68.1M as of September 30, 2024, expected to fund operations into 2027, with cash usage of $10.5M year-to-date.

• Exclusive license and distribution agreement signed with Nobelpharma for DANYELZA in Japan, with a $2M upfront payment and up to $31M in milestones.

• Strategic focus remains on DANYELZA commercialization, SADA-PRIT platform development, and select pipeline programs, with SADA-PRIT clinical programs advancing and no dose-limiting toxicities observed.

Financial highlights

• Q3 2024 total net revenue was $18.5M (down up to 10% year-over-year); nine-month revenue was $61.2M, flat year-over-year.

• Gross margin was 88% for the quarter and nine months, up from prior year periods.

• R&D expenses for Q3 2024 were $11.2M, down $4.2M year-over-year; SG&A expenses were $13.6M, up $3.4M year-over-year due to legal and personnel costs.

• Net cash used in operations was $13.8M for nine months, a 28% improvement year-over-year.

• Interest and other income increased to $1.9M in Q3 2024, mainly from foreign currency gains.

Outlook and guidance

• Full-year 2024 net revenue guidance reiterated at $87–$95M, with expectations to finish in the lower half of the range.

• Operating expenses for 2024 expected to be $115–$120M; cash investment guidance remains $15–$20M.

• Cash runway projected into 2027, with plans to invest in one to two new SADA programs annually.

• Focus on expanding DANYELZA indications, advancing SADA-PRIT clinical programs, and pursuing select international partnerships.