Y-mAbs(US:YMAB)2025-03-04 12:15Financial Performance - Y-mAbs Therapeutics reported preliminary estimated unaudited total net revenue of approximately $88 million for the year ended December 31, 2024, within the guidance range of $87 million to $95 million[4]. - The company expects operating expenses for the year ended December 31, 2024, to be between $115 million and $120 million[4]. - Preliminary estimated cash and cash equivalents as of December 31, 2024, are approximately $67 million, with a total annual cash investment of about $11 million, below the guidance range of $15 million to $20 million[4]. Workforce and Restructuring - The company plans to reduce its workforce by up to approximately 13% as part of a business realignment plan[9]. - Restructuring expenses related to the workforce reduction are expected to be up to approximately $2.6 million, primarily for severance payments and stock-based compensation[10][11]. - The company anticipates the restructuring expenses will impact results during Q4 2024 and Q1 2025, with cash payments occurring through the first half of 2026[11]. Business Strategy - The business realignment will focus on two units: one for expanding market access to DANYELZA and another for advancing the radiopharmaceutical platform[8]. - The business realignment aims to increase operational flexibility and speed, and accelerate clinical development within the radiopharmaceutical platform[8]. - The company appointed Doug Gentilcore as SVP, Danyelza Business Unit Head, and promoted Natalie Tucker to SVP, Radiopharmaceutical Business Head[13]. Cautionary Statements - The company cautions that actual results may differ materially from preliminary estimates due to various factors, including completion of year-end closing procedures[16].