$YMAB
Y-mAbs Therapeutics, Inc.

2021 Q4 Form 10-Q Financial Statement

#000155837021014548 Filed on November 04, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q3
Revenue $9.598M $8.965M $0.00
YoY Change -53.74%
Cost Of Revenue $1.461M $550.0K
YoY Change
Gross Profit $8.137M $8.415M
YoY Change
Gross Profit Margin 84.78% 93.87%
Selling, General & Admin $15.14M $13.99M $11.64M
YoY Change 3.47% 20.21% 147.57%
% of Gross Profit 186.04% 166.23%
Research & Development $28.76M $23.13M $21.01M
YoY Change 19.77% 10.12% 6.84%
% of Gross Profit 353.41% 274.88%
Depreciation & Amortization $291.0K $145.0K $90.00K
YoY Change 142.5% 61.11% 80.0%
% of Gross Profit 3.58% 1.72%
Operating Expenses $43.90M $37.12M $32.64M
YoY Change 7.48% 13.72% 34.0%
Operating Profit -$35.76M -$28.70M -$32.64M
YoY Change 77.94% -12.06% 34.0%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$1.135M -$154.0K -$191.0K
YoY Change -809.38% -19.37% -143.71%
Pretax Income -$36.89M -$28.86M -$32.83M
YoY Change 85.11% -12.1% 37.37%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$36.89M -$28.86M -$32.83M
YoY Change 85.09% -12.1% 37.25%
Net Earnings / Revenue -384.38% -321.9%
Basic Earnings Per Share -$0.66 -$0.82
Diluted Earnings Per Share -$844.8K -$0.66 -$0.82
COMMON SHARES
Basic Shares Outstanding 43.64M 43.60M 40.19M
Diluted Shares Outstanding 43.60M 40.19M

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $181.6M $215.7M $131.3M
YoY Change 58.43% 64.3% 33.71%
Cash & Equivalents $181.6M $215.7M $131.3M
Short-Term Investments
Other Short-Term Assets $7.473M $2.799M $1.942M
YoY Change -3.31% 44.13% 38.71%
Inventory $5.512M $4.787M
Prepaid Expenses
Receivables $7.712M $7.264M
Other Receivables $0.00 $0.00
Total Short-Term Assets $202.3M $230.6M $133.2M
YoY Change 65.3% 73.1% 33.74%
LONG-TERM ASSETS
Property, Plant & Equipment $1.847M $1.846M $1.888M
YoY Change 1.21% -2.22% -50.32%
Goodwill
YoY Change
Intangibles $1.663M
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.170M $4.751M $2.975M
YoY Change -3.65% 59.7% 891.67%
Total Long-Term Assets $10.52M $9.399M $9.986M
YoY Change 8.65% -5.88% 143.56%
TOTAL ASSETS
Total Short-Term Assets $202.3M $230.6M $133.2M
Total Long-Term Assets $10.52M $9.399M $9.986M
Total Assets $212.8M $240.0M $143.2M
YoY Change 61.14% 67.59% 38.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $13.55M $11.02M $10.32M
YoY Change 44.6% 6.82% 35.79%
Accrued Expenses $12.54M $12.49M $7.570M
YoY Change 52.98% 64.94% 18.28%
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 $27.88M $25.36M $19.78M
YoY Change 42.69% 28.22% 41.26%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $851.0K $871.0K $1.923M
YoY Change -56.76% -54.71% -49.39%
Total Long-Term Liabilities $851.0K $871.0K $1.923M
YoY Change -56.76% -54.71% -49.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $27.88M $25.36M $19.78M
Total Long-Term Liabilities $851.0K $871.0K $1.923M
Total Liabilities $32.68M $29.13M $26.68M
YoY Change 24.67% 9.19% 50.75%
SHAREHOLDERS EQUITY
Retained Earnings -$340.5M -$303.6M -$265.3M
YoY Change 19.38% 14.43%
Common Stock $4.000K $4.000K $4.000K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $180.1M $210.8M $116.5M
YoY Change
Total Liabilities & Shareholders Equity $212.8M $240.0M $143.2M
YoY Change 61.14% 67.59% 38.09%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income -$36.89M -$28.86M -$32.83M
YoY Change 85.09% -12.1% 37.25%
Depreciation, Depletion And Amortization $291.0K $145.0K $90.00K
YoY Change 142.5% 61.11% 80.0%
Cash From Operating Activities -$33.86M -$18.08M -$24.15M
YoY Change 91.42% -25.15% 12.85%
INVESTING ACTIVITIES
Capital Expenditures -$455.0K -$71.00K -$100.0K
YoY Change 810.0% -29.0% -83.87%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 -$2.610M
YoY Change -100.0%
Cash From Investing Activities -$455.0K -$71.00K -$2.710M
YoY Change 810.0% -97.38% 337.1%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 100.0K 248.0K 220.0K
YoY Change -92.91% 12.73%
NET CHANGE
Cash From Operating Activities -33.86M -18.08M -24.15M
Cash From Investing Activities -455.0K -71.00K -2.710M
Cash From Financing Activities 100.0K 248.0K 220.0K
Net Change In Cash -34.22M -17.90M -26.64M
YoY Change 109.54% -32.81% 20.98%
FREE CASH FLOW
Cash From Operating Activities -$33.86M -$18.08M -$24.15M
Capital Expenditures -$455.0K -$71.00K -$100.0K
Free Cash Flow -$33.41M -$18.01M -$24.05M
YoY Change 89.39% -25.14% 15.74%

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"><span style="font-weight:normal;visibility:hidden;">​</span></p><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 clinical 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, 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;">Except for the quarter ended March 31, 2021, the Company has incurred quarterly 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 obtaining 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 pre-clinical 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 $303,582,000 as of September 30, 2021 and $285,200,000 as of December 31, 2020. Through September 30, 2021, the Company has funded its operations primarily through proceeds from sales of shares of its common stock, including its initial public offering in September 2018 and its subsequent public offerings in November 2019 and February 2021.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">On February 22, 2021, 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 included the exercise in full of the underwriters' option to purchase 365,853 additional shares of common stock. The aggregate gross proceeds to the Company, before deducting underwriting discounts and commissions and offering expenses payable by the Company, were approximately $115,000,000.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">As of September 30, 2021, the Company had cash and cash equivalents of $215,730,000, and as of December 31, 2020 the Company had cash and cash equivalents of $114,634,000. As of the issuance date of the financial statements for the third quarter ended September 30, 2021, 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;">September 30, 2021 will be sufficient to fund its operating expenses and capital expenditure requirements through at least the next 12 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 0pt 12pt 0pt;"><span style="white-space:pre-wrap;">The accompanying unaudited consolidated financial statements reflect the accounts of the Company and its wholly owned subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information, Accounting Standards Codification (“ASC”) Topic 270-10 and with the instructions to Form 10-Q. Accordingly, these financial statements do not include all of the information and notes required by GAAP for complete financial statements. The unaudited interim financial statements include all adjustments (consisting only of normal recurring nature) necessary in the judgment of management for a fair statement of the results for the periods presented. All intercompany balances and transactions have been eliminated. The Company has evaluated subsequent events through the date of this filing. Operating results for the three and nine-month period ended September 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021, any other interim periods, or any future year or period. The December 31, 2020 consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. You should read these unaudited interim condensed consolidated financial statements in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.</span></p>
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">Concentration of Credit Risk</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The Company product sales are made through arrangements primarily with three national specialty distributors in the United States of America. As of September 30, 2021, the receivables balances from such distributors totaled 99% of our outstanding accounts receivable. The Company has contractual payment terms with each of its customers and the Company monitors their financial performance, historical payment terms and credit worthiness to timely assess and respond to any changes in their credit profile. </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, net product revenues, 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. </p>
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P6Y11M19D
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
3526547
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
13.09
CY2021Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
59260000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y9M29D
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
20.19
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
23.72
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
102000
CY2021Q3 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
0
CY2020Q3 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
0
CY2021Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-28858000
CY2020Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-32832000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-18382000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-99404000
CY2021Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2020Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0

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