Y-mAbs Reports Third Quarter 2024 Financial Results and Recent Corporate Developments

Core Insights - Y-mAbs Therapeutics reported total net product revenues of $18.5 million for Q3 2024, a 10% decline from $20.5 million in Q3 2023 [4][18] - 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][21] - Y-mAbs achieved an extension of the primary DANYELZA U.S. patent through February 2034 [3] - The company continues to expand geographically, with new market revenues recorded from Turkey in Q3 2024 [2][3] - Management reiterated full-year 2024 guidance for total net revenue, operating expenses, and cash flow investment [21] Financial Performance - Total net revenues for the nine months ended September 30, 2024, were relatively flat at $61.2 million compared to $61.5 million for the same period in 2023 [5] - 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, mainly due to decreased volume from Western Europe [7] - The company reported a net loss of $7.0 million for Q3 2024, compared to a net loss of $7.7 million for Q3 2023 [18] Operating Costs and 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 increased to $13.6 million in Q3 2024 from $10.2 million in Q3 2023, primarily due to costs related to the former Chief Financial Officer's separation and consulting agreements [14] Cash Position - As of September 30, 2024, Y-mAbs 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] - The company anticipates total net revenues for 2024 to be between $87 million and $95 million, with operating expenses expected to remain between $115 million and $120 million [21]