In This Article:
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Total Net Revenue: $18.5 million in Q3 2024, down 10% from Q3 2023.
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US Danyelza Net Product Revenues: $15.3 million in Q3 2024, a 5% decrease from Q3 2023.
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Ex-US Danyelza Net Product Revenues: $3.1 million in Q3 2024, a 19% decrease from Q3 2023.
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Total Net Revenue for First Nine Months: $61.2 million, relatively consistent with the same period in 2023.
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Research and Development Expenses: $11.2 million in Q3 2024, down from $15.4 million in Q3 2023.
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Selling, General and Administrative Expenses: $13.6 million in Q3 2024, up from $10.2 million in Q3 2023.
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Net Loss: $7 million in Q3 2024, or negative $0.16 per share, compared to $7.7 million in Q3 2023.
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Cash and Cash Equivalents: $68.1 million as of the end of Q3 2024, down from $78.6 million at year-end 2023.
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Full Year 2024 Revenue Guidance: Expected to be in the range of $87 to $95 million, with revenues likely in the bottom half of that range.
Release Date: November 08, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Y-mAbs Therapeutics Inc (NASDAQ:YMAB) reported a 5% increase in Danyelza demand compared to the second quarter of 2024, indicating growing physician adoption.
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The company added three new U.S. Danyelza accounts in the third quarter, expanding its reach.
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Y-mAbs Therapeutics Inc (NASDAQ:YMAB) received a patent extension for Danyelza in the U.S., extending its expiration to February 5th, 2034.
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The company entered an exclusive license agreement with Noble Pharma for the development and commercialization of Danyelza in Japan, with potential milestone payments up to $31 million.
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Y-mAbs Therapeutics Inc (NASDAQ:YMAB) maintained a strong balance sheet with cash and cash equivalents of $68.1 million at the end of the third quarter of 2024.
Negative Points
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Total net revenue for the third quarter of 2024 was $18.5 million, down 10% from the same period in 2023.
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The company experienced a 19% decrease in ex-U.S. net product revenues compared to the third quarter of 2023, primarily due to a decline in volume from the European market.
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Y-mAbs Therapeutics Inc (NASDAQ:YMAB) reported a net loss of $7 million for the quarter ended September 30th, 2024.
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The company faced competition from a new market entrant for maintenance therapy, impacting Danyelza's market share.
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There was a $1.5 million charge in Q3 for Medicaid-related claims, affecting net revenues despite an increase in sales volume.
Q & A Highlights
Q: Can you discuss the price mix dynamics for Danyelza in the quarter and expectations moving forward? A: Sue Smith, Chief Commercial Officer, explained that they took an approximate $1.5 million charge in Q3 for Medicaid-related claims, which led to a 5% decline in net revenues despite a 5% increase in sales volume. Without this adjustment, sales would have been up 4% year-over-year and quarter-over-quarter.