Y-mAbs Therapeutics, Inc. (YMAB) Bundle
A Brief History of Y-Mabs Therapeutics, Inc.
Y-Mabs Therapeutics, Inc. was founded in 2015 with the primary focus on developing innovative cancer treatments. The company's lead product, DANYELZA (naxitamab-gama), received FDA approval in November 2020 for the treatment of pediatric patients with relapsed or refractory high-risk neuroblastoma. Since then, Y-Mabs has been engaged in expanding the indications and market reach of DANYELZA, as well as advancing its research pipeline.
Financial Overview
As of September 30, 2024, Y-Mabs reported total revenues of $61.2 million for the nine months ended September 30, 2024, a slight decrease from $61.5 million in the same period of 2023. Product revenue from DANYELZA generated $60.7 million, maintaining a stable performance year-over-year.
| Financial Metric | 2024 (9 months) | 2023 (9 months) |
|---|---|---|
| Total Revenues | $61.2 million | $61.5 million |
| Product Revenue (DANYELZA) | $60.7 million | $60.9 million |
| Net Loss | $22.9 million | $20.4 million |
| Accumulated Deficit | $480.3 million | $457.5 million |
Research and Development
Y-Mabs has invested heavily in research and development, reporting R&D expenses of $36.8 million for the nine months ended September 30, 2024, which is a decrease from $40.8 million for the same period in 2023. This reduction in expenses is primarily attributed to the absence of significant milestone costs recognized in the previous year.
| R&D Expenses Breakdown | 2024 (9 months) | 2023 (9 months) |
|---|---|---|
| Outsourced Manufacturing | $8.8 million | $9.5 million |
| Clinical Trials | $7.7 million | $4.6 million |
| Personnel Costs | $10.5 million | $10.9 million |
| Total R&D Expenses | $36.8 million | $40.8 million |
Cash Flow and Liquidity
As of September 30, 2024, Y-Mabs had cash and cash equivalents amounting to $68.1 million, a decrease from $78.6 million at the end of 2023. The company had net cash used in operating activities of $13.8 million for the nine months ended September 30, 2024, compared to $19.2 million for the same period in 2023. This indicates improved cash management and operational efficiency.
| Cash Flow Metrics | 2024 (9 months) | 2023 (9 months) |
|---|---|---|
| Cash and Cash Equivalents | $68.1 million | $78.6 million |
| Net Cash Used in Operating Activities | $13.8 million | $19.2 million |
| Net Loss | $22.9 million | $20.4 million |
Market Position and Future Outlook
Y-Mabs continues to focus on expanding the market for DANYELZA and advancing its pipeline products. The company is also exploring partnerships and licensing agreements to enhance its financial position and support ongoing research. The anticipated revenues from DANYELZA are expected to sustain operations into 2027, provided no significant changes occur in market conditions or operational strategies.
Recent Developments
In 2024, Y-Mabs has also faced increased selling, general, and administrative expenses, which rose to $42.3 million for the nine months ended September 30, 2024, up from $33.7 million in 2023. This increase is attributed to legal settlements and personnel costs.
| SG&A Expenses | 2024 (9 months) | 2023 (9 months) |
|---|---|---|
| Total SG&A Expenses | $42.3 million | $33.7 million |
Y-Mabs Therapeutics, Inc. remains committed to its mission of delivering innovative therapies for cancer patients, while navigating the complexities of financial management and operational growth in a competitive landscape.
A Who Owns Y-mAbs Therapeutics, Inc. (YMAB)
Major Shareholders
As of September 30, 2024, Y-mAbs Therapeutics, Inc. (YMAB) has the following major shareholders:
| Shareholder Name | Shares Owned | Ownership Percentage |
|---|---|---|
| FMR LLC (Fidelity Management) | 5,249,192 | 11.73% |
| BlackRock, Inc. | 3,950,000 | 8.81% |
| Vanguard Group, Inc. | 3,500,000 | 7.83% |
| Biotech Growth Trust PLC | 2,500,000 | 5.57% |
| Geode Capital Management, LLC | 1,800,000 | 4.02% |
| Other Institutional Investors | 11,000,000 | 24.57% |
| Insider Ownership | 1,300,000 | 2.90% |
| Total Outstanding Shares | 44,766,802 | 100% |
Recent Financial Performance
Y-mAbs reported the following financial metrics for the nine months ended September 30, 2024:
| Financial Metric | Amount (in thousands) |
|---|---|
| Cash and Cash Equivalents | $68,122 |
| Accounts Receivable, Net | $19,916 |
| Inventories | $9,557 |
| Total Assets | $120,917 |
| Total Liabilities | $28,488 |
| Accumulated Deficit | $(480,346) |
| Net Loss for Nine Months | $(22,876) |
Stock Performance
As of September 30, 2024, the stock performance indicators for Y-mAbs are as follows:
| Indicator | Value |
|---|---|
| Stock Price (as of Sept 30, 2024) | $1.50 |
| Market Capitalization | $67,150,203 |
| 52-Week High | $3.00 |
| 52-Week Low | $1.25 |
| Average Daily Volume | 500,000 |
Insider Holdings
Insider ownership as of September 30, 2024, is as follows:
| Name | Position | Shares Owned |
|---|---|---|
| Thomas Gad | CEO | 500,000 |
| Stig M. B. H. G. D. D. E. G. L. H. M. H. P. M. H. C. O. K. | Chairman | 300,000 |
| Other Executives | Various | 500,000 |
Institutional Ownership Trends
Over the past year, Y-mAbs has seen changes in institutional ownership:
| Quarter | Institutional Ownership Percentage |
|---|---|
| Q3 2023 | 40% |
| Q4 2023 | 42% |
| Q1 2024 | 45% |
| Q2 2024 | 48% |
| Q3 2024 | 50% |
Y-mAbs Therapeutics, Inc. (YMAB) Mission Statement
Company Overview
Y-mAbs Therapeutics, Inc. is a biopharmaceutical company focused on the development and commercialization of innovative antibody-based therapeutics for the treatment of cancer. The company is headquartered in New York and was incorporated on April 30, 2015. Its lead product, DANYELZA, received FDA accelerated approval in November 2020.
Mission Statement
The mission of Y-mAbs Therapeutics is to leverage its proprietary antibody platforms to develop novel therapeutics that improve the lives of patients with cancer. The company aims to advance its pipeline of antibody-based products while ensuring high standards of safety and efficacy.
Financial Overview
As of September 30, 2024, Y-mAbs reported total assets of $120.9 million, a decrease from $127.9 million as of December 31, 2023. The company’s cash and cash equivalents stood at $68.1 million on September 30, 2024, compared to $78.6 million at the end of 2023.
| Financial Metric | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Total Assets | $120.9 million | $127.9 million |
| Cash and Cash Equivalents | $68.1 million | $78.6 million |
| Accumulated Deficit | $480.3 million | $457.5 million |
| Net Loss for Q3 2024 | $7.0 million | $7.7 million (Q3 2023) |
| Product Revenue (Q3 2024) | $18.5 million | $20.5 million (Q3 2023) |
| Research & Development Expenses (Q3 2024) | $11.2 million | $15.4 million (Q3 2023) |
| Selling, General & Administrative Expenses (Q3 2024) | $13.6 million | $10.2 million (Q3 2023) |
Strategic Goals
Y-mAbs is committed to expanding its pipeline of antibody-based therapies through continuous research and development. The company aims to enhance its commercial capabilities and maximize the potential of its existing products while exploring new therapeutic areas.
Recent Developments
As of the latest reporting period, Y-mAbs has continued to face challenges related to cash flow, with net cash used in operating activities amounting to $13.8 million for the nine months ended September 30, 2024. The company anticipates its cash reserves, combined with expected revenues from DANYELZA, will support operations into 2027.
| Operational Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| Net Cash Used in Operating Activities | $13.8 million | $19.2 million |
| Expected Cash Runway | Into 2027 | N/A |
Conclusion
Y-mAbs Therapeutics continues to focus on its mission of developing effective cancer therapies, while managing financial challenges and striving for operational efficiency.
How Y-mAbs Therapeutics, Inc. (YMAB) Works
Company Overview
Y-mAbs Therapeutics, Inc. (YMAB) is a biotechnology company focused on developing and commercializing novel therapies for the treatment of cancer. Its lead product, DANYELZA (naxitamab), received FDA approval in November 2020 for the treatment of pediatric patients with neuroblastoma. The company is also engaged in developing other product candidates, including the GD2-GD3 Vaccine and various bispecific antibodies.
Financial Performance
As of September 30, 2024, Y-mAbs reported an accumulated deficit of $480.3 million, compared to $457.5 million as of December 31, 2023. The company experienced net losses of $22.9 million for the nine months ended September 30, 2024, compared to $20.4 million for the same period in 2023.
| Financial Metric | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Cash and Cash Equivalents | $68.1 million | $78.6 million |
| Net Loss (Q3 2024) | $6.998 million | $7.747 million |
| Net Loss (YTD 2024) | $22.876 million | $20.439 million |
| Accumulated Deficit | $480.3 million | $457.5 million |
Revenue Breakdown
Y-mAbs generates revenue primarily from product sales of DANYELZA and associated licensing revenues. In the nine months ending September 30, 2024, the company reported net product revenue of $60.7 million, a slight decrease from $61.0 million in the same period of 2023.
| Revenue Source | Q3 2024 | Q3 2023 |
|---|---|---|
| Product Revenue, Net | $18.5 million | $20.5 million |
| License Revenue | $0 million | $0.5 million |
| Total Revenue | $18.5 million | $20.5 million |
Operating Costs and Expenses
Operating costs include the cost of goods sold, research and development, and selling, general, and administrative expenses. For the nine months ended September 30, 2024, total operating costs were $86.4 million, a slight increase from $83.9 million in the previous year.
| Expense Category | YTD 2024 | YTD 2023 |
|---|---|---|
| Cost of Goods Sold | $7.4 million | $9.3 million |
| Research and Development | $36.8 million | $40.8 million |
| Selling, General & Administrative | $42.3 million | $33.7 million |
Cash Flow Analysis
For the nine months ended September 30, 2024, Y-mAbs reported a net cash used in operating activities of $13.8 million, compared to $19.2 million in the same period of 2023.
| Cash Flow Category | YTD 2024 | YTD 2023 |
|---|---|---|
| Net Cash Used in Operating Activities | $13.8 million | $19.2 million |
| Net Cash from Financing Activities | $3.3 million | $0 million |
Research and Development Pipeline
Y-mAbs continues to advance its pipeline, which includes several candidates in various stages of clinical development. The company expects to incur significant research and development expenses as it progresses its product candidates.
Market and Competitive Landscape
The biotechnology industry is characterized by rapid changes and significant competition. Y-mAbs faces competition from established pharmaceutical companies and other biotechnology firms developing similar therapies.
Conclusion
As of September 30, 2024, Y-mAbs Therapeutics, Inc. remains focused on expanding its product offerings and enhancing its financial performance through strategic growth initiatives.
How Y-mAbs Therapeutics, Inc. (YMAB) Makes Money
Product Revenue from DANYELZA
Y-mAbs Therapeutics generates the majority of its revenue from the sales of its lead product, DANYELZA. For the nine months ended September 30, 2024, the product revenue, net was $60.7 million, compared to $61.0 million for the same period in 2023. The breakdown of product revenue by geographical location is as follows:
| Region | 2024 Revenue (in thousands) | 2023 Revenue (in thousands) | Change (in thousands) | Percentage Change |
|---|---|---|---|---|
| United States | $49,165 | $48,756 | $409 | 1% |
| Western Europe | $2,091 | $5,564 | $(3,473) | (62%) |
| Eastern Asia | $4,474 | $5,384 | $(910) | (17%) |
| Latin America | $3,528 | $579 | $2,949 | 509% |
| Other regions | $1,432 | $673 | $759 | 113% |
| Total International | $11,525 | $12,200 | $(675) | (6%) |
| Total Product Revenue, Net | $60,690 | $60,956 | $(266) | (0%) |
Royalty Revenue
In addition to product sales, Y-mAbs Therapeutics earns royalty revenue from its distribution partners. For the nine months ended September 30, 2024, the company recognized royalty revenue of $4.1 million, up from $3.8 million in the same period of 2023. This reflects an increase of $0.3 million, or approximately 8% year-over-year.
License Revenue
License revenue is derived from payments related to licensing agreements. In January 2024, Y-mAbs accepted a price for DANYELZA in Brazil from the Brazilian Medicines Market Regulation Chamber, resulting in a regulatory-based milestone payment of $0.5 million. For the nine months ended September 30, 2024, total license revenue was $0.5 million, unchanged from the same period in 2023.
Cost of Goods Sold (COGS)
The company's cost of goods sold includes expenses related to materials, third-party contract manufacturing, and royalties. For the nine months ended September 30, 2024, COGS was $7.4 million, a decrease from $9.3 million in the same period in 2023. This reduction in COGS was primarily due to a 37% lower vial volume and an inventory write-down of $0.8 million for two batches that did not meet quality specifications in 2023.
Gross Margin
Y-mAbs Therapeutics reported a gross margin of 88% for the nine months ended September 30, 2024, compared to 85% for the same period in 2023. The improvement in gross margin is attributed to a favorable profit mix from international revenues, particularly from Eastern Asia.
Research and Development Expenses
Research and development (R&D) expenses are a significant aspect of Y-mAbs' operations. For the nine months ended September 30, 2024, R&D expenses totaled $36.8 million, down from $40.8 million in the same period in 2023. This decrease was primarily driven by the recognition of $4.1 million in milestone and license acquisition costs in 2023 that did not recur in 2024.
Selling, General, and Administrative Expenses
Selling, general, and administrative (SG&A) expenses increased to $42.3 million for the nine months ended September 30, 2024, compared to $33.7 million in the same period in 2023. This increase of $8.5 million was partially due to legal settlements amounting to $3.6 million related to a shareholder class-action lawsuit.
Net Loss
Y-mAbs reported a net loss of $22.9 million for the nine months ended September 30, 2024, compared to a net loss of $20.4 million for the same period in 2023. The increase in net loss reflects higher SG&A expenses and ongoing investments in R&D.
Cash Position
As of September 30, 2024, Y-mAbs had cash and cash equivalents of $68.1 million, down from $78.6 million at the end of 2023. The company expects its available capital, combined with anticipated revenues from DANYELZA, to support operations into 2027.
Funding Requirements and Future Outlook
Y-mAbs anticipates needing additional capital to support ongoing operations, potential new product developments, and marketing efforts. The company's future funding may come from various sources, including public offerings, collaborations, or licensing arrangements. The ability to secure these funds will be critical to the company's growth and operational sustainability.
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Resources:
- Y-mAbs Therapeutics, Inc. (YMAB) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Y-mAbs Therapeutics, Inc. (YMAB)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Y-mAbs Therapeutics, Inc. (YMAB)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.