Y-mAbs Reports Second Quarter 2025 Financial Results and Recent Corporate Developments

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]