$YMAB
Y-mAbs Therapeutics Inc

2020 Q4 Form 10-K Financial Statement

#000155837021002172 Filed on March 01, 2021

View on sec.gov

Income Statement

Concept 2020 Q4 2020 2019 Q4
Revenue $20.75M $20.75M $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $14.63M $44.79M $6.930M
YoY Change 111.11% 129.53% 127.96%
% of Gross Profit
Research & Development $24.01M $93.70M $16.83M
YoY Change 42.66% 47.57% 52.45%
% of Gross Profit
Depreciation & Amortization $120.0K $396.0K $80.00K
YoY Change 50.0% 138.55% 700.0%
% of Gross Profit
Operating Expenses $40.84M $138.5M $23.76M
YoY Change 71.89% 66.84% 68.75%
Operating Profit -$20.10M -$119.9M -$23.76M
YoY Change -15.42% 44.49%
Interest Expense -$580.0K
YoY Change 1350.0%
% of Operating Profit
Other Income/Expense, Net $160.0K $598.0K $620.0K
YoY Change -74.19% -69.74% 3000.0%
Pretax Income -$19.93M -$119.3M -$23.14M
YoY Change -13.87% 47.28% 64.58%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$19.93M -$119.3M -$23.14M
YoY Change -13.84% 47.28% 64.55%
Net Earnings / Revenue -96.06% -575.12%
Basic Earnings Per Share -$2.97
Diluted Earnings Per Share -$491.4K -$2.97 -$609.4K
COMMON SHARES
Basic Shares Outstanding 40.51M 40.12M
Diluted Shares Outstanding 40.12M

Balance Sheet

Concept 2020 Q4 2020 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $114.6M $114.6M $207.1M
YoY Change -44.66% -44.66% 40.12%
Cash & Equivalents $114.6M $114.6M $207.1M
Short-Term Investments
Other Short-Term Assets $7.729M $7.700M $4.819M
YoY Change 60.39% 60.42% 30.24%
Inventory $0.00 $0.00
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $122.4M $122.4M $212.0M
YoY Change -42.27% -42.26% 39.9%
LONG-TERM ASSETS
Property, Plant & Equipment $1.825M $6.400M $2.052M
YoY Change -11.06% 60.0% 926.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.290M $3.300M $370.0K
YoY Change 789.19% 725.0% 85.0%
Total Long-Term Assets $9.684M $9.600M $4.411M
YoY Change 119.54% 118.18% 1002.75%
TOTAL ASSETS
Total Short-Term Assets $122.4M $122.4M $212.0M
Total Long-Term Assets $9.684M $9.600M $4.411M
Total Assets $132.0M $132.0M $216.4M
YoY Change -38.97% -39.0% 42.44%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.372M $9.400M $8.520M
YoY Change 10.0% 10.59% 44.41%
Accrued Expenses $8.197M $10.20M $4.550M
YoY Change 80.15% 100.0% 37.88%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $19.54M $19.50M $13.59M
YoY Change 43.79% 43.38% 49.3%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.968M $6.700M $242.0K
YoY Change 713.22% 71.79% -89.48%
Total Long-Term Liabilities $1.968M $6.700M $242.0K
YoY Change 713.22% 71.79% -89.48%
TOTAL LIABILITIES
Total Short-Term Liabilities $19.54M $19.50M $13.59M
Total Long-Term Liabilities $1.968M $6.700M $242.0K
Total Liabilities $26.21M $26.20M $17.46M
YoY Change 50.09% 49.71% 53.18%
SHAREHOLDERS EQUITY
Retained Earnings -$285.2M -$165.9M
YoY Change 71.91%
Common Stock $4.000K $4.000K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $105.8M $105.8M $198.9M
YoY Change
Total Liabilities & Shareholders Equity $132.0M $132.0M $216.4M
YoY Change -38.97% -39.0% 42.44%

Cashflow Statement

Concept 2020 Q4 2020 2019 Q4
OPERATING ACTIVITIES
Net Income -$19.93M -$119.3M -$23.14M
YoY Change -13.84% 47.28% 64.55%
Depreciation, Depletion And Amortization $120.0K $396.0K $80.00K
YoY Change 50.0% 138.55% 700.0%
Cash From Operating Activities -$17.69M -$91.23M -$24.58M
YoY Change -28.03% 24.13% 81.0%
INVESTING ACTIVITIES
Capital Expenditures -$50.00K $175.0K -$1.150M
YoY Change -95.65% -91.09% 2200.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$2.610M
YoY Change
Cash From Investing Activities -$50.00K -$2.785M -$1.150M
YoY Change -95.65% 41.73% 2200.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.410M 2.004M 134.7M
YoY Change -98.95% -98.51% -7381.08%
NET CHANGE
Cash From Operating Activities -17.69M -91.23M -24.58M
Cash From Investing Activities -50.00K -2.785M -1.150M
Cash From Financing Activities 1.410M 2.004M 134.7M
Net Change In Cash -16.33M -92.50M 109.0M
YoY Change -114.99% -256.08% -803.94%
FREE CASH FLOW
Cash From Operating Activities -$17.69M -$91.23M -$24.58M
Capital Expenditures -$50.00K $175.0K -$1.150M
Free Cash Flow -$17.64M -$91.41M -$23.43M
YoY Change -24.71% 21.13% 73.17%

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">NOTE 1—ORGANIZATION AND DESCRIPTION OF BUSINESS</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Y-mAbs Therapeutics, Inc. (“we,” “us,” “our,” the “Company,” or “Y-mAbs”) is a commercial-stage biopharmaceutical company focused on the development and commercialization of novel, antibody based therapeutic products for the treatment of cancer. We are leveraging our proprietary antibody platforms and deep expertise in the field of antibodies to develop a broad portfolio of innovative medicines.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The Company is headquartered in New York and was incorporated on April 30, 2015 under the laws of the State of Delaware.</p>
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">NOTE 2—BASIS OF PRESENTATION</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The Company has incurred losses since inception. Operations of the Company are subject to certain risks and uncertainties, including, among others, uncertainty of drug candidate development; technological uncertainty; uncertainty regarding patents and proprietary rights; uncertainty in obtaining FDA approval in the United States and regulatory approval in other jurisdictions; marketing or sales capability or experience; uncertainty in getting adequate payer coverage and reimbursement; dependence on key personnel; compliance with government regulations and the need to obtain additional financing. The Company’s drug candidates currently under development will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval, prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel infrastructure and extensive compliance-reporting capabilities.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The Company’s drug candidates are in various stages of development. DANYELZA (naxitamab-gqgk) was approved by the U.S. FDA in November 2020, but there can be no assurance that the Company’s other research and development will be successfully completed, that adequate protection for the Company’s intellectual property will be obtained, that any products developed will obtain necessary government regulatory approval or that any approved products will be commercially viable. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will generate significant revenue from product sales. The Company operates in an environment of rapid change in technology and substantial competition from pharmaceutical and biotechnology companies.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The Company’s financial statements have been prepared on the basis of continuity of operations, realization of assets and the satisfaction of liabilities in the ordinary course of business. The Company has experienced negative cash flows from operations since inception and had an accumulated deficit of $285.2 million as of December 31, 2020 and $165.9 million as of December 31, 2019. Through December 31, 2020, the Company has funded its operations through proceeds from sales of shares of its common stock, including its initial public offering in September 2018 and its secondary public offering in November 2019.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">As discussed in Note 12—Subsequent Events, after December 31, 2020, the Company announced the closing of its public offering of 2,804,878 shares of its common stock, at a public offering price of $41.00 per share, which includes the exercise in full of the underwriters' option to purchase 365,853 additional shares of common stock. The aggregate gross proceeds to Y-mAbs, before deducting underwriting discounts and commissions and estimated offering expenses payable by the Company, were approximately $115 million.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">As of December 31, 2020, the Company had cash and cash equivalents of $114.6 million, and as of December 31, 2019 the Company had cash and cash equivalents of $207.1 million. As of the issuance date of the financial statements for the year ended December 31, 2020, the Company expects that its cash and cash equivalents at </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">December 31, 2020 will be sufficient to fund its operating expenses and capital expenditure requirements through at least the next twelve months, irrespective of whether any additional product approvals are obtained. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The Company may raise additional capital to fund future operations through the sale of its equity securities, incurring debt, entering into licensing or collaboration agreements with partners, grants or other sources of financing. Sufficient funds may not be available to the Company on attractive terms or at all when needed from equity or debt financing. If FDA approval for omburtamab does not occur or is significantly delayed, and the Company is unable to obtain additional financing from these or other sources when needed, it will likely be necessary to take other actions to enhance its liquidity position which may include significantly reducing the current rate of spending through delaying, scaling back current operations, or suspending certain research and development programs and other operational programs.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">The accompanying consolidated financial statements reflect the accounts of the Company and its wholly-owned subsidiary and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All intercompany balances and transactions have been eliminated.</p>
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, the accrual for research and development expenses, the accrual of milestone and royalty payments, and the valuation of stock options. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The full extent to which the COVID-19 pandemic will directly or indirectly impact our business, results of operations and financial condition, including expenses, manufacturing, clinical trials, research and development costs and employee-related amounts, will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning COVID-19 and the actions taken to contain it or treat COVID-19, as well as the economic impact on local, regional, national and international markets. We have made estimates of the impact of COVID-19 within our financial statements and there may be changes to those estimates in future periods. Actual results may differ from these estimates.</p>
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NetIncomeLoss
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CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
-18036000
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
-23922000
CY2019Q4 us-gaap Net Income Loss
NetIncomeLoss
-23136000
CY2019Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.47
CY2019Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.53
CY2019Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.70
CY2019Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.60

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ymab-20201231.xsd Edgar Link pending
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