Company Overview - Verrica Pharmaceuticals Inc. (NASDAQ:VRCA) is focused on developing and commercializing treatments for skin diseases, with its lead product candidate, VP-102, targeting molluscum contagiosum [1] Financial Performance - VRCA has a Return on Invested Capital (ROIC) of -166.93%, significantly lower than its Weighted Average Cost of Capital (WACC) of 17.69%, indicating inefficiencies in capital utilization [2][6] - The ROIC to WACC ratio for VRCA is -9.44, further emphasizing the challenge in generating sufficient returns to cover its cost of capital [2] Comparative Analysis - Y-mAbs Therapeutics (YMAB) has a ROIC of -27.64% and a WACC of 6.11%, resulting in a ROIC to WACC ratio of -4.53, making it the least inefficient among its peers [3][5] - Scholar Rock Holding Corporation (SRRK) shows a ROIC of -109.48% against a WACC of 5.32%, leading to a ROIC to WACC ratio of -20.57, indicating similar inefficiencies as VRCA [4] - Crinetics Pharmaceuticals (CRNX) and Kezar Life Sciences (KZR) also exhibit negative ROIC to WACC ratios of -6.99 and -10.94, respectively, highlighting broader challenges within the sector [4][5] Sector Insights - All companies analyzed, including VRCA, are currently operating at a loss relative to their cost of capital, with Y-mAbs Therapeutics managing its capital more effectively than its peers [5][6]

Group 1 - Y-mAbs Therapeutics, Inc. (YMAB) has reached an important support level and recently experienced a "golden cross," indicating a potential bullish breakout [1][2] - A golden cross occurs when a short-term moving average, such as the 50-day, crosses above a longer-term moving average, like the 200-day, suggesting stronger breakout potential [2][3] - YMAB has rallied 88.7% over the past four weeks and currently holds a 2 (Buy) rating on the Zacks Rank, indicating a strong potential for further gains [4][6] Group 2 - The positive earnings outlook for YMAB is supported by no earnings estimate cuts and two upward revisions in the past 60 days, with the Zacks Consensus Estimate also increasing [4] - Investors are encouraged to monitor YMAB for additional gains due to its key technical level and favorable earnings estimate revisions [6]

Core Viewpoint - The proposed sale of Y-mAbs Therapeutics, Inc. to SERB Pharmaceuticals is under investigation to assess whether the offered price of $8.60 per share adequately reflects the company's value [1]. Group 1: Transaction Details - Shareholders of Y-mAbs will receive $8.60 in cash for each share they own as part of the proposed transaction [1]. - The transaction is structured as a tender offer, indicating that timing may be critical for shareholders [3]. Group 2: Legal Investigation - Kahn Swick & Foti, LLC is investigating the adequacy of the proposed sale price and the process leading to this valuation [1]. - The firm is open to discussions regarding legal rights related to the proposed sale, encouraging shareholders to reach out for more information [2].

Group 1 - Y-mAbs Therapeutics, Inc. reported a quarterly loss of $0.07 per share, significantly better than the Zacks Consensus Estimate of a loss of $0.27, representing an earnings surprise of +74.07% [1] - The company posted revenues of $19.53 million for the quarter ended June 2025, exceeding the Zacks Consensus Estimate by 5.96%, although this is a decrease from year-ago revenues of $22.8 million [2] - Y-mAbs Therapeutics has surpassed consensus EPS estimates two times over the last four quarters, indicating a positive trend in performance [2] Group 2 - The stock has gained approximately 8.8% since the beginning of the year, outperforming the S&P 500's gain of 7.8% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The estimate revisions trend for Y-mAbs Therapeutics was favorable ahead of the earnings release, resulting in a Zacks Rank 2 (Buy) for the stock, suggesting expected outperformance in the near future [6] Group 3 - Current consensus EPS estimate for the upcoming quarter is -$0.28 on revenues of $20.56 million, and for the current fiscal year, it is -$0.97 on revenues of $82.08 million [7] - The Medical - Biomedical and Genetics industry, to which Y-mAbs Therapeutics belongs, is currently ranked in the bottom 43% of over 250 Zacks industries, which may impact stock performance [8]

[PART I — FINANCIAL INFORMATION](index=9&type=section&id=PART%20I%20%E2%80%94%20FINANCIAL%20INFORMATION) This section presents the unaudited consolidated financial statements and management's discussion and analysis for Y-mAbs Therapeutics, Inc. for the period ended June 30, 2025 [Item 1. Consolidated Financial Statements](index=10&type=section&id=Item%201.%20Consolidated%20Financial%20Statements) This section presents the unaudited consolidated financial statements for Y-mAbs Therapeutics, Inc. as of June 30, 2025, and for the three and six-month periods then ended [Consolidated Financial Statements (unaudited)](index=10&type=section&id=Consolidated%20Financial%20Statements%20(unaudited)) Unaudited financial statements show total assets decreased to **$117.2 million** as of June 30, 2025, reporting a **$8.4 million** net loss for the six months then ended | Financial Metric | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $62,293 | $67,234 | | Total current assets | $91,787 | $98,509 | | TOTAL ASSETS | $117,211 | $119,904 | | **Liabilities & Equity** | | | | Total current liabilities | $22,945 | $23,698 | | TOTAL LIABILITIES | $29,718 | $27,900 | | TOTAL STOCKHOLDERS' EQUITY | $87,493 | $92,004 | | Income Statement Highlights | Six months ended June 30, 2025 (in thousands) | Six months ended June 30, 2024 (in thousands) | | :--- | :--- | :--- | | Total revenues | $40,429 | $42,729 | | Gross Profit | $34,766 | $37,618 | | Loss from operations | ($12,147) | ($16,697) | | NET LOSS | ($8,436) | ($15,878) | | Net loss per share, basic and diluted | ($0.19) | ($0.36) | | Cash Flow Highlights | Six months ended June 30, 2025 (in thousands) | Six months ended June 30, 2024 (in thousands) | | :--- | :--- | :--- | | Net cash used in operating activities | ($5,260) | ($3,179) | | Net cash used in investing activities | ($127) | $0 | | Net cash provided by financing activities | $446 | $2,346 | | Net decrease in cash and cash equivalents | ($4,941) | ($831) | [Notes to Consolidated Financial Statements (unaudited)](index=14&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements%20(unaudited)) Notes provide context to financial statements, detailing business, accounting policies, and key events like the pending merger and business realignment - On August 4, 2025, the Company entered into a Merger Agreement with Perseus BidCo US, Inc. for a cash tender offer to acquire all outstanding shares[33](index=33&type=chunk)[120](index=120&type=chunk) - The company has an accumulated deficit of **$495.6 million** as of June 30, 2025, but management expects current cash of **$62.3 million** to fund operations for at least the next 12 months[36](index=36&type=chunk)[37](index=37&type=chunk) - In January 2025, the company initiated a business realignment into DANYELZA and Radioimmunotherapy (RIT) segments, resulting in a **12% workforce reduction**[51](index=51&type=chunk)[111](index=111&type=chunk)[118](index=118&type=chunk) - Several legal proceedings, including the 'In re Y-mAbs Therapeutics, Inc. Securities Litigation', were resolved and are now considered closed, with the securities litigation settled for **$19.65 million** in June 2024[87](index=87&type=chunk)[88](index=88&type=chunk)[89](index=89&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=45&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management's discussion analyzes financial condition and results, covering business overview, performance, liquidity, and the pending merger agreement [Overview](index=45&type=section&id=Overview) Y-mAbs is a commercial-stage biopharmaceutical company focused on cancer treatments, with DANYELZA as its approved product and a pending merger - The company's lead product, **DANYELZA**, is approved for relapsed or refractory high-risk neuroblastoma, with a post-approval confirmatory study (Study 201) ongoing and expected to complete in 2028[126](index=126&type=chunk)[129](index=129&type=chunk) - The **SADA PRIT technology platform** is a key focus, with two candidates in Phase 1 trials: GD2-SADA for solid tumors and CD38-SADA for hematological tumors[137](index=137&type=chunk)[138](index=138&type=chunk) - On August 4, 2025, the company entered into a merger agreement with Perseus BidCo US, Inc. and its affiliates[150](index=150&type=chunk) [Results of Operations](index=59&type=section&id=Results%20of%20Operations) Financial performance improved with decreased net loss for Q2 and six-month periods, driven by lower operating expenses despite declining total revenues | Metric (Q2) | 2025 (in thousands) | 2024 (in thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Total Revenues | $19,525 | $22,798 | (14)% | | Net Product Revenue | $19,025 | $22,798 | (17)% | | R&D Expenses | $11,104 | $12,341 | (10)% | | SG&A Expenses | $11,313 | $17,232 | (34)% | | Net Loss | ($3,239) | ($9,249) | (65)% | | Metric (Six Months) | 2025 (in thousands) | 2024 (in thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Total Revenues | $40,429 | $42,729 | (5)% | | Net Product Revenue | $39,929 | $42,229 | (5)% | | R&D Expenses | $22,463 | $25,608 | (12)% | | SG&A Expenses | $24,400 | $28,657 | (15)% | | Net Loss | ($8,436) | ($15,878) | (47)% | - The decrease in SG&A expenses was primarily due to a net impact of **$3.8 million** related to litigation settlements recorded in the second quarter of 2024[176](index=176&type=chunk)[189](index=189&type=chunk) [Liquidity and Capital Resources](index=69&type=section&id=Liquidity%20and%20Capital%20Resources) The company held **$62.3 million** in cash as of June 30, 2025, projected to fund operations into 2028 if the merger fails, which also restricts capital raising - The company held **$62.3 million** in cash and cash equivalents as of June 30, 2025, a decrease from **$67.2 million** at December 31, 2024[194](index=194&type=chunk) - Management projects the current cash balance is sufficient to fund operations into 2028, assuming the merger does not close and the company continues as an independent entity[195](index=195&type=chunk)[204](index=204&type=chunk) - The pending Merger Agreement prohibits the company from selling shares under its at-the-market (ATM) facility and from raising capital through other equity or debt financings[194](index=194&type=chunk)[195](index=195&type=chunk)[203](index=203&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=74&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a "smaller reporting company," Y-mAbs is not required to provide the information for this item - The company is exempt from this disclosure requirement as it qualifies as a "smaller reporting company"[216](index=216&type=chunk) [Item 4. Controls and Procedures](index=76&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective at a reasonable assurance level as of June 30, 2025 - Based on an evaluation as of June 30, 2025, the CEO and CFO concluded that the company's disclosure controls and procedures were effective[218](index=218&type=chunk) - No material changes occurred in the company's internal control over financial reporting during the quarter ended June 30, 2025[220](index=220&type=chunk) [PART II — OTHER INFORMATION](index=76&type=section&id=PART%20II%20%E2%80%94%20OTHER%20INFORMATION) This section details legal proceedings, risk factors, equity sales, other information, and exhibits for the reporting period [Item 1. Legal Proceedings](index=76&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 9 of the financial statements for information on legal matters, detailing the resolution and closure of several lawsuits - Information regarding legal proceedings is incorporated by reference from Note 9 of the consolidated financial statements[221](index=221&type=chunk) - Note 9 indicates that several past legal cases, including Donoghue vs. Y-mAbs, In re Y-mAbs Securities Litigation, and Hazelton vs. Y-mAbs, are now considered closed[87](index=87&type=chunk)[88](index=88&type=chunk)[89](index=89&type=chunk) [Item 1A. Risk Factors](index=76&type=section&id=Item%201A.%20Risk%20Factors) This section supplements risk factors, focusing on new risks from the pending merger, tax attribute limitations, and general macroeconomic conditions [Risks Related to the Merger](index=76&type=section&id=Risks%20Related%20to%20the%20Merger) The pending merger introduces risks including non-completion, operational disruptions, employee retention, restrictive covenants, and a possible **$14.25 million** termination fee - The completion of the merger is subject to conditions, and failure to complete it could adversely affect the company's business, stock price, and relationships[223](index=223&type=chunk)[227](index=227&type=chunk) - The merger agreement imposes restrictions on business activities, limiting the company's ability to pursue strategic opportunities or respond to competitive pressures[229](index=229&type=chunk)[230](index=230&type=chunk) - A termination fee of **$14.25 million** is payable to Parent if the Merger Agreement is terminated under specific circumstances, such as accepting a superior proposal[227](index=227&type=chunk)[232](index=232&type=chunk) [Risk Factors Related to Our Common Stock](index=80&type=section&id=Risk%20Factors%20Related%20to%20Our%20Common%20Stock) The pending merger is likely to trigger an "ownership change" under Section 382, limiting the company's ability to use net operating loss carryforwards and other tax attributes - The merger is likely to trigger an "ownership change" under Section 382 of the tax code, which will limit the annual use of the company's pre-existing net operating loss carryforwards[237](index=237&type=chunk) [General Risk Factors](index=82&type=section&id=General%20Risk%20Factors) Business faces risks from macroeconomic conditions, global trade tensions, and tariffs, potentially increasing production costs, disrupting supply chains, and limiting cost pass-through - The company relies on third-party manufacturing and suppliers located outside the U.S., making it vulnerable to tariffs and trade restrictions which could increase costs and disrupt the supply chain[241](index=241&type=chunk)[245](index=245&type=chunk) - The manufacturing of DANYELZA's active pharmaceutical ingredient (API) is planned to transition from the U.S. to Italy in 2026, increasing exposure to potential E.U. tariffs[245](index=245&type=chunk) - The ability to offset increased costs from tariffs is limited due to long-term, fixed-price contracts with payors, which could negatively impact margins[242](index=242&type=chunk)[243](index=243&type=chunk)[244](index=244&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=86&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) There were no unregistered sales of equity securities during the period - None[252](index=252&type=chunk) [Item 5. Other Information](index=86&type=section&id=Item%205.%20Other%20Information) There is no other information to report for this item - None[255](index=255&type=chunk) [Item 6. Exhibits](index=86&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Quarterly Report, including the Merger Agreement, corporate governance documents, officer certifications, and XBRL data - Key exhibits filed include the Agreement and Plan of Merger dated August 4, 2025, and certifications from the Principal Executive Officer and Principal Financial Officer[257](index=257&type=chunk)[260](index=260&type=chunk)

[Report Overview and Key Developments](index=1&type=section&id=Report%20Overview%20and%20Key%20Developments) Y-mAbs reported strong Q2 2025 revenues and announced its acquisition by SERB Pharmaceuticals for $412.0 million [Second Quarter 2025 Highlights](index=1&type=section&id=Second%20Quarter%202025%20Highlights) Y-mAbs exceeded Q2 2025 revenue guidance with $19.5 million and announced a $412.0 million acquisition by SERB Pharmaceuticals Key Financial Metrics | Metric | Value | | :--- | :--- | | Total Revenues Q2 2025 | $19.5 million | | Cash and Cash Equivalents (as of June 30, 2025) | $62.3 million | - SERB Pharmaceuticals has agreed to acquire Y-mAbs in a transaction valued at **$412.0 million**, which is expected to close by the fourth quarter of 2025[7](index=7&type=chunk)[8](index=8&type=chunk) - Due to the pending acquisition, Y-mAbs will not host a conference call to discuss its Q2 2025 financial results[7](index=7&type=chunk) [Acquisition by SERB Pharmaceuticals](index=1&type=section&id=Acquisition%20by%20SERB%20Pharmaceuticals) SERB Pharmaceuticals will acquire Y-mAbs for $412.0 million, or $8.60 per share, representing a 105% premium, expected to close by Q4 2025 - SERB Pharmaceuticals will acquire Y-mAbs for **$8.60 per share in cash**, representing a total equity value of **$412.0 million**[8](index=8&type=chunk) - The offer price represents a **105% premium** to Y-mAbs' closing share price on the last full trading day before the announcement[8](index=8&type=chunk) - The acquisition is expected to be completed by the **fourth quarter of 2025**, contingent upon the successful completion of a tender offer and satisfaction of other customary conditions, including HSR Act clearance[8](index=8&type=chunk) [Financial Results](index=1&type=section&id=Financial%20Results) The company's Q2 2025 financial performance showed decreased revenues but improved net loss due to reduced operating expenses [Revenues](index=1&type=section&id=Revenues) Total revenues for Q2 2025 decreased by 14% to $19.5 million, primarily due to a decline in DANYELZA® net product revenues Revenue Breakdown | Revenue Breakdown (in millions) | Q2 2025 | Q2 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Total Revenues | $19.5 | $22.8 | -14% | | DANYELZA Net Product Revenues | $19.0 | $22.8 | -17% | | - U.S. DANYELZA | $14.3 | $15.2 (calculated) | -6% | | - Ex-U.S. DANYELZA | $4.7 | $7.6 (calculated) | -38% | | License Revenue | $0.5 | $0.0 | N/A | - The decline in U.S. DANYELZA revenue was attributed to lower patient volume resulting from enrollments in clinical studies and increased competition[6](index=6&type=chunk) - Ex-U.S. revenue decreased due to the absence of large stocking orders from Western Europe and Eastern Asia that occurred in 2024, partially offset by a **$2.0 million increase** in sales in Western Asia following a new program launch in Turkey[10](index=10&type=chunk) [Cost of Goods Sold and Gross Profit](index=3&type=section&id=Cost%20of%20Goods%20Sold%20and%20Gross%20Profit) Cost of goods sold slightly decreased, resulting in a gross profit of $16.8 million and a stable gross margin of 86% for Q2 2025 Cost of Goods Sold and Gross Profit | Metric (in millions) | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Cost of Goods Sold | $2.7 | $3.0 | | Gross Profit | $16.8 | $19.8 | | Gross Margin | 86% | 87% | [Operating Costs and Expenses](index=3&type=section&id=Operating%20Costs%20and%20Expenses) Total operating expenses significantly decreased in Q2 2025, driven by lower R&D and SG&A costs, particularly reduced litigation expenses [Research and Development (R&D)](index=3&type=section&id=Research%20and%20Development%20(R%26D)) R&D expenses decreased by $1.2 million in Q2 2025, mainly due to reduced personnel and stock-based compensation costs from business realignment R&D Expenses | Expense (in millions) | Q2 2025 | Q2 2024 | YoY Change | | :--- | :--- | :--- | :--- | | R&D Expenses | $11.1 | $12.3 | -$1.2 | - The primary driver for the decrease in R&D expenses was a **$0.9 million reduction** in personnel and stock-based compensation costs related to the January 2025 business realignment[16](index=16&type=chunk) [Selling, General, and Administrative (SG&A)](index=3&type=section&id=Selling%2C%20General%2C%20and%20Administrative%20(SG%26A)) SG&A expenses saw a substantial $5.9 million decrease in Q2 2025, primarily due to the absence of prior-year litigation settlements and lower legal costs SG&A Expenses | Expense (in millions) | Q2 2025 | Q2 2024 | YoY Change | | :--- | :--- | :--- | :--- | | SG&A Expenses | $11.3 | $17.2 | -$5.9 | - The decrease was mainly attributable to a **$3.8 million impact** from litigation settlements in Q2 2024 and a **$1.7 million reduction** in legal expenses[18](index=18&type=chunk)[20](index=20&type=chunk) [Other Income and Net Loss](index=5&type=section&id=Other%20Income%20and%20Net%20Loss) Y-mAbs significantly improved its net loss to $3.2 million in Q2 2025, driven by lower operating expenses and foreign currency gains Other Income and Net Loss | Metric (in millions, except per share) | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Interest and Other Income | $2.3 | $0.6 | | Net Loss | $(3.2) | $(9.2) | | Net Loss Per Share (basic and diluted) | $(0.07) | $(0.21) | - The improvement in net loss was driven by the absence of **$3.8 million in litigation settlements** from Q2 2024 and a favorable impact of **$2.0 million from foreign currency transaction gains** in Q2 2025[23](index=23&type=chunk) [Cash Position](index=5&type=section&id=Cash%20Position) As of June 30, 2025, Y-mAbs maintained a cash and cash equivalents balance of $62.3 million, reflecting capital efficiency - The company's cash and cash equivalents balance was **$62.3 million** as of June 30, 2025[24](index=24&type=chunk) [Consolidated Financial Statements](index=8&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements provide a detailed overview of the company's balance sheet, income, and cash flow positions [Consolidated Balance Sheets](index=8&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets were $117.2 million, with cash and cash equivalents at $62.3 million, and total stockholders' equity at $87.5 million Consolidated Balance Sheet Summary | Balance Sheet Items (in thousands) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $62,293 | $67,234 | | Total current assets | $91,787 | $98,509 | | TOTAL ASSETS | $117,211 | $119,904 | | Total current liabilities | $22,945 | $23,698 | | TOTAL LIABILITIES | $29,718 | $27,900 | | TOTAL STOCKHOLDERS' EQUITY | $87,493 | $92,004 | [Consolidated Statements of Net Loss and Comprehensive Loss](index=9&type=section&id=Consolidated%20Statements%20of%20Net%20Loss%20and%20Comprehensive%20Loss) For Q2 2025, total revenues were $19.5 million, resulting in a net loss of $3.2 million, an improvement from the prior year Consolidated Statements of Net Loss | Income Statement (in thousands) | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | | :--- | :--- | :--- | | Total revenues | $19,525 | $40,429 | | Gross profit | $16,863 | $34,766 | | Loss from operations | $(5,604) | $(12,147) | | NET LOSS | $(3,239) | $(8,436) | [Consolidated Statements of Cash Flows](index=10&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities for the first half of 2025 was $5.3 million, contributing to a $4.9 million net decrease in cash Consolidated Statements of Cash Flows | Cash Flow Activities (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(5,260) | $(3,179) | | Net cash used in investing activities | $(127) | $0 | | Net cash provided by financing activities | $446 | $2,346 | | Net decrease in cash and cash equivalents | $(4,941) | $(831) | [Segment Information](index=11&type=section&id=Segment%20Information) Segment analysis reveals DANYELZA's operational profitability and the RIT segment's ongoing investment in research and development [Segment Performance Analysis](index=11&type=section&id=Segment%20Performance%20Analysis) The DANYELZA segment generated $7.5 million in operating profit in Q2 2025, while the pre-revenue RIT segment incurred a $5.7 million operating loss Segment Profit/(Loss) from Operations (Q2) | Segment Profit/(Loss) from Operations (in thousands) | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | DANYELZA | $7,504 | $9,394 | | RIT (Radioimmunotherapy) | $(5,656) | $(5,835) | Segment Profit/(Loss) from Operations (H1) | Segment Profit/(Loss) from Operations (in thousands) | H1 2025 | H1 2024 | | :--- | :--- | :--- | | DANYELZA | $16,325 | $18,070 | | RIT (Radioimmunotherapy) | $(11,763) | $(11,876) |

Financial Performance - Total revenues for Q2 2025 were $19.5 million, a 14% decrease from $22.8 million in Q2 2024, primarily due to a $2.9 million decrease in Ex-U.S. DANYELZA net product revenues and a $0.9 million decrease in U.S. DANYELZA net product revenues [3][4] - Total DANYELZA net product revenues for Q2 2025 were $19.0 million, reflecting a 17% decrease from $22.8 million in Q2 2024 [3] - For the first half of 2025, total revenues were $40.4 million, down 5% from $42.7 million in the same period of 2024 [4] Revenue Breakdown - U.S. DANYELZA net product revenues for Q2 2025 were $14.3 million, a 6% decrease from Q2 2024, attributed to declining patient volume and competition [5] - Ex-U.S. DANYELZA net product revenues for Q2 2025 were $4.7 million, a decrease of $2.9 million from Q2 2024, with no stocking orders from Western Europe or Eastern Asia in Q2 2025 [6] Cost and Profitability - Cost of goods sold for Q2 2025 was $2.7 million, down from $3.0 million in Q2 2024, primarily due to decreased sales [11] - Gross profit for Q2 2025 was $16.8 million, consistent with $19.8 million in Q2 2024, with gross margins remaining relatively flat at 86% [13] Operating Expenses - Research and development expenses for Q2 2025 were $11.1 million, down from $12.3 million in Q2 2024, mainly due to a decrease in personnel and stock-based compensation costs [15] - Selling, general, and administrative expenses for Q2 2025 were $11.3 million, a significant decrease from $17.2 million in Q2 2024, largely due to litigation settlements in the prior year [17] Net Loss - The company reported a net loss of $3.2 million for Q2 2025, an improvement from a net loss of $9.2 million in Q2 2024, driven by reduced litigation settlements and favorable foreign currency transaction gains [22] Cash Position - As of June 30, 2025, the company had approximately $62.3 million in cash and cash equivalents, down from $67.2 million at the end of 2024 [23] Acquisition Announcement - Y-mAbs announced a definitive agreement with SERB Pharmaceuticals for an acquisition valued at $412.0 million, with a tender offer expected to commence by August 19, 2025 [8][7]

Core Viewpoint - Monteverde & Associates PC is investigating the proposed sale of Y-mAbs Therapeutics, Inc. to SERB Pharmaceuticals, where Y-mAbs shareholders are set to receive $8.60 in cash per share, raising questions about the fairness of the deal [1]. Company Overview - Monteverde & Associates PC is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report and has successfully recovered millions for shareholders [1]. - The firm operates from the Empire State Building in New York City and specializes in class action securities litigation [2]. Legal Context - The firm is actively seeking to determine if the proposed transaction for Y-mAbs is equitable for its shareholders [1]. - Shareholders with concerns or seeking additional information can contact the firm directly [3].

Core Insights - Y-mAbs Therapeutics, Inc. is set to report its second quarter 2025 results on August 8, 2025, before market opening [1] - The company will not host an earnings conference call due to a previously announced transaction with SERB Pharmaceuticals [2] Company Overview - Y-mAbs is a commercial-stage biopharmaceutical company focused on developing and commercializing antibody-based therapeutics for cancer treatment [3] - The company's product pipeline includes DANYELZA (naxitamab-gqgk), the first FDA-approved treatment for relapsed or refractory high-risk neuroblastoma [3] - Y-mAbs utilizes innovative technologies such as the Self-Assembly DisAssembly (SADA) Pretargeted Radioimmunotherapy Platform (PRIT) and bispecific antibodies from the Y-BiClone platform [3]

Group 1 - Y-mAbs Therapeutics, Inc. (YMAB) shares increased by 103.3% to $8.52, following a significant volume of trading, contrasting with a 0.7% loss over the previous four weeks [1][2] - SERB Pharmaceuticals announced an all-cash acquisition of Y-mAbs Therapeutics for an equity value of approximately $412 million, expected to close by Q4 2025 [2] - Y-mAbs is projected to report a quarterly loss of $0.27 per share, reflecting a year-over-year decline of 28.6%, with revenues anticipated at $18.43 million, down 19.2% from the same quarter last year [2] Group 2 - The consensus EPS estimate for Y-mAbs has remained unchanged over the last 30 days, indicating that stock price movements may not sustain without trends in earnings estimate revisions [4] - Y-mAbs Therapeutics holds a Zacks Rank of 2 (Buy), while Oculis Holding AG (OCS), another company in the same biomedical and genetics industry, has a Zacks Rank of 3 (Hold) [5][6] - Oculis Holding AG's consensus EPS estimate is -$0.53, which is a 5.4% improvement from the previous year, with the stock having returned -4.3% in the past month [6]