Y-mAbs(US:YMAB)2024-11-08 11:55Revenue Performance - Total DANYELZA net product revenues for Q3 2024 were $18.5 million, a 10% decline from $20.5 million in Q3 2023[4] - U.S. DANYELZA net product revenues were $15.3 million for Q3 2024, down 5% from $16.1 million in Q3 2023, primarily due to an unfavorable price mix[6] - Ex-U.S. DANYELZA net product revenues for Q3 2024 were $3.1 million, a 19% decline from $3.9 million in Q3 2023, driven by decreased volume from Western Europe[7] - Total revenues for the three months ended September 30, 2024, were $18,461,000, a decrease of 9.7% compared to $20,454,000 for the same period in 2023[26] - Product revenue for the nine months ended September 30, 2024, was $60,690,000, slightly down from $60,956,000 in the same period of 2023[26] Expenses - Research and development expenses for Q3 2024 were $11.2 million, a decrease of $4.2 million compared to Q3 2023[12] - Selling, general, and administrative expenses for Q3 2024 were $13.6 million, an increase of $3.4 million from $10.2 million in Q3 2023[14] - Research and development expenses for the three months ended September 30, 2024, were $11,168,000, compared to $15,358,000 for the same period in 2023, indicating a decrease of 27.1%[26] - Selling, general, and administrative expenses increased to $13,613,000 for the three months ended September 30, 2024, up from $10,200,000 in the same period of 2023, a rise of 33.7%[26] Net Loss and Financial Position - The company reported a net loss of $7.0 million for Q3 2024, compared to a net loss of $7.7 million in Q3 2023[18] - The net loss for the three months ended September 30, 2024, was $6,998,000, compared to a net loss of $7,747,000 for the same period in 2023, reflecting a 9.7% improvement[26] - The company reported a comprehensive loss of $8,081,000 for the three months ended September 30, 2024, compared to a comprehensive loss of $6,941,000 for the same period in 2023[26] Cash and Assets - As of September 30, 2024, the company had approximately $68.1 million in cash and cash equivalents, with cash utilized in the first three quarters of 2024 being $10.5 million[20] - Cash and cash equivalents decreased to $68,122,000 as of September 30, 2024, from $78,637,000 at the end of 2023, representing a decline of 13.3%[25] - Total current assets decreased to $99,057,000 as of September 30, 2024, down from $111,111,000 at December 31, 2023, a reduction of 10.9%[25] Liabilities - Total liabilities increased to $28,488,000 as of September 30, 2024, from $26,884,000 at December 31, 2023, an increase of 5.9%[25] Future Plans and Guidance - Management reiterated full year 2024 guidance with anticipated total net revenues between $87 million and $95 million[21] - The company plans to transition its headquarters to Princeton, New Jersey, in the first half of 2025[3] Share Information - The weighted average common shares outstanding for the three months ended September 30, 2024, were 44,626,943, compared to 43,620,532 for the same period in 2023[26] Licensing Agreement - The company entered into an exclusive license and distribution agreement with Nobelpharma for DANYELZA in Japan, recognizing an upfront payment of $2.0 million in Q4 2024[3]