Y-mAbs Therapeutics (YMAB) Q4 2024 earnings summary

Executive summary

• Achieved total revenue of $87.7 million for 2024, up 3% year-over-year, driven by international DANYELZA growth and license revenue, despite U.S. declines due to price mix and competition.

• Expanded global reach of DANYELZA, maintaining a 15–17% U.S. anti-GD2 market share, adding 11 new U.S. accounts, and launching in new international markets.

• Advanced SADA PRIT radiopharmaceutical platform, with proof of concept in GD2 SADA phase I trial and five sites activated for CD38-SADA phase I trial.

• Implemented business realignment into two units: DANYELZA and Radiopharmaceuticals, aiming to accelerate development and improve capital efficiency.

• Ended 2024 with $67.2 million in cash and equivalents, with annual cash investment of $11.4 million, below guidance.

Financial highlights

• Fourth quarter DANYELZA net product revenues were $24.5 million, up 5% year-over-year, with international revenues up 78% and U.S. revenues down 12% due to price mix.

• FY 2024 revenues: $87.7 million (+3% YoY); Q4 revenues: $26.5 million (+13% YoY).

• Net loss for Q4 2024 was $6.8 million ($0.15/share), and for the full year $29.7 million ($0.67/share), both higher than 2023 due to increased operating expenses and FX impacts.

• Gross margin for FY 2024 was 83% (down from 87% YoY), impacted by payer mix and international sales.

• SG&A expenses increased due to legal settlements, restructuring, and personnel costs; R&D expenses decreased year-over-year due to lower milestone/licensing costs.

Outlook and guidance

• 2025 total net revenue guidance: $75–90 million; Q1 2025 revenue guidance: $18–21 million.

• 2025 total net operating expenses (including COGS): $129–134 million; excluding COGS: $116–121 million.

• Annual cash investments for 2025 expected at $25–30 million; cash runway projected into 2027.

• Guidance reflects seasonality, stocking effects, and will be updated quarterly.