$YMAB
Y-mAbs Therapeutics Inc

2022 Q4 Form 10-Q Financial Statement

#000155837022016659 Filed on November 07, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $31.45M $12.54M $8.965M
YoY Change 227.64% 39.84%
Cost Of Revenue $2.020M $2.475M $550.0K
YoY Change 38.26% 350.0%
Gross Profit $29.43M $10.06M $8.415M
YoY Change 261.64% 19.57%
Gross Profit Margin 93.58% 80.26% 93.87%
Selling, General & Admin $10.79M $13.63M $13.99M
YoY Change -28.7% -2.59% 20.21%
% of Gross Profit 36.68% 135.42% 166.23%
Research & Development $19.79M $22.45M $23.13M
YoY Change -31.19% -2.93% 10.12%
% of Gross Profit 67.24% 223.15% 274.88%
Depreciation & Amortization $230.0K $226.0K $145.0K
YoY Change -20.96% 55.86% 61.11%
% of Gross Profit 0.78% 2.25% 1.72%
Operating Expenses $30.58M $36.08M $37.12M
YoY Change -30.33% -2.8% 13.72%
Operating Profit -$1.153M -$26.02M -$28.70M
YoY Change -96.78% -9.36% -12.06%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $2.310M -$1.509M -$154.0K
YoY Change -303.52% 879.87% -19.37%
Pretax Income $1.157M -$27.53M -$28.86M
YoY Change -103.14% -4.62% -12.1%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings $1.157M -$27.53M -$28.86M
YoY Change -103.14% -4.62% -12.1%
Net Earnings / Revenue 3.68% -219.56% -321.9%
Basic Earnings Per Share -$0.63 -$0.66
Diluted Earnings Per Share $0.03 -$0.63 -$0.66
COMMON SHARES
Basic Shares Outstanding 43.67M 43.72M 43.60M
Diluted Shares Outstanding 43.72M 43.60M

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $105.8M $114.5M $215.7M
YoY Change -41.75% -46.91% 64.3%
Cash & Equivalents $105.8M $114.5M $215.7M
Short-Term Investments
Other Short-Term Assets $5.452M $3.225M $2.799M
YoY Change -27.04% 15.22% 44.13%
Inventory $6.702M $6.242M $4.787M
Prepaid Expenses
Receivables $12.53M $9.251M $7.264M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $130.4M $133.2M $230.6M
YoY Change -35.51% -42.21% 73.1%
LONG-TERM ASSETS
Property, Plant & Equipment $604.0K $1.372M $1.846M
YoY Change -67.3% -25.68% -2.22%
Goodwill
YoY Change
Intangibles $2.986M $1.530M
YoY Change 79.56%
Long-Term Investments
YoY Change
Other Assets $5.680M $5.600M $4.751M
YoY Change 79.18% 17.87% 59.7%
Total Long-Term Assets $11.01M $10.67M $9.399M
YoY Change 4.63% 13.53% -5.88%
TOTAL ASSETS
Total Short-Term Assets $130.4M $133.2M $230.6M
Total Long-Term Assets $11.01M $10.67M $9.399M
Total Assets $141.5M $143.9M $240.0M
YoY Change -33.52% -40.03% 67.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $14.18M $13.72M $11.02M
YoY Change 4.6% 24.48% 6.82%
Accrued Expenses $13.24M $17.09M $12.49M
YoY Change 5.59% 36.89% 64.94%
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 $28.28M $32.02M $25.36M
YoY Change 1.47% 26.25% 28.22%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $802.0K $733.0K $871.0K
YoY Change -5.76% -15.84% -54.71%
Total Long-Term Liabilities $802.0K $733.0K $871.0K
YoY Change -5.76% -15.84% -54.71%
TOTAL LIABILITIES
Total Short-Term Liabilities $28.28M $32.02M $25.36M
Total Long-Term Liabilities $802.0K $733.0K $871.0K
Total Liabilities $32.24M $36.02M $29.13M
YoY Change -1.35% 23.63% 9.19%
SHAREHOLDERS EQUITY
Retained Earnings -$436.0M -$437.2M -$303.6M
YoY Change 28.07% 44.01% 14.43%
Common Stock $4.000K $4.000K $4.000K
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $109.2M $107.9M $210.8M
YoY Change
Total Liabilities & Shareholders Equity $141.5M $143.9M $240.0M
YoY Change -33.52% -40.03% 67.59%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income $1.157M -$27.53M -$28.86M
YoY Change -103.14% -4.62% -12.1%
Depreciation, Depletion And Amortization $230.0K $226.0K $145.0K
YoY Change -20.96% 55.86% 61.11%
Cash From Operating Activities -$8.661M -$19.24M -$18.08M
YoY Change -74.42% 6.41% -25.15%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 -$71.00K
YoY Change -100.0% -100.0% -29.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities $0.00 $0.00 -$71.00K
YoY Change -100.0% -100.0% -97.38%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 52.00K 248.0K
YoY Change -100.0% -79.03% 12.73%
NET CHANGE
Cash From Operating Activities -8.661M -19.24M -18.08M
Cash From Investing Activities 0.000 0.000 -71.00K
Cash From Financing Activities 0.000 52.00K 248.0K
Net Change In Cash -8.661M -19.18M -17.90M
YoY Change -74.69% 7.17% -32.81%
FREE CASH FLOW
Cash From Operating Activities -$8.661M -$19.24M -$18.08M
Capital Expenditures $0.00 $0.00 -$71.00K
Free Cash Flow -$8.661M -$19.24M -$18.01M
YoY Change -74.08% 6.83% -25.14%

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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. The Company is leveraging its proprietary antibody platforms and deep expertise in the field of antibodies to develop a broad portfolio of innovative medicines and has several ongoing clinical trials in progress.</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;">Except for the quarter ended March 31, 2021, 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 the U.S. Food and Drug Administration (“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. 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Even if the Company’s product development and commercialization 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 consolidated 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 $437,200,000 as of September 30, 2022 and $340,475,000 as of December 31, 2021. Through September 30, 2022, 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, as well as additional funding from the sales of DANYELZA and from the sale of the DANYELZA PRV.</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, 2022, the Company had cash and cash equivalents of $114,526,000, and as of December 31, 2021 the Company had cash and cash equivalents of $181,564,000. As of the issuance date of the consolidated financial statements for the third quarter ended September 30, 2022, the Company expects that its cash and cash </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">equivalents at September 30, 2022 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 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 any such financing. If successful commercialization of DANYELZA and our product candidates for which we may obtain regulatory approvals and marketing authorizations, either directly or with a collaborator or distributor and 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 the Company’s liquidity position which may include significantly reducing the current rate of spending through delaying or 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;">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 (“GAAP”) for interim financial information, Accounting Standards Codification (“ASC”) Topic 270-10 and the instructions to Quarterly Report on Form 10-Q. Accordingly, these consolidated financial statements do not include all of the information and notes required by GAAP for complete financial statements. The unaudited interim consolidated 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 periods ended September 30, 2022 are not necessarily indicative of the results that may be expected for the year ended December 31, 2022, any other interim periods, or any future year or period. The December 31, 2021 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 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, 2021.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">​</span></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 consolidated 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 the Company’s 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 or treat COVID-19, as well as the economic impact on local, regional, national and international markets.</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’s product sales are made through arrangements primarily with three national specialty distributors in the United States. As of September 30, 2022, the receivables balances from such distributors totaled 99% of the Company’s 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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550000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
445000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
3973000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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P6Y8M12D
CY2022Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y2M4D
CY2022Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
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0.068
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P2Y7M13D
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.065
CY2022Q3 ymab Total Shares Authorized
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105500000
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105500000
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CommonStockSharesAuthorized
100000000
CY2021Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000
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0.0001
CY2021Q4 us-gaap Common Stock Par Or Stated Value Per Share
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0.0001
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PreferredStockSharesAuthorized
5500000
CY2021Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5500000
CY2022Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2021Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
ymab Number Of Votes Per Common Stock
NumberOfVotesPerCommonStock
1
us-gaap Dividends Common Stock
DividendsCommonStock
0
CY2022Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
43668130
CY2021Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
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CY2022Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2021Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2022Q3 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
963000
us-gaap Treasury Stock Retired Cost Method Amount
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963000
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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6687128
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
22.43
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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26412000
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P7Y2M15D
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635000
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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11.42
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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4.22
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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218361
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
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29.27
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7083767
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
21.28
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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23619000
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4556127
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18.95
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21543000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y6M18D
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
210000
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
102000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
7.88
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
10.14
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
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
20.85
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
635000
CY2022Q3 ymab Deferred Compensation Arrangement Cash Bonus Value
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1091000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2021Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2022Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2022Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-27526000
CY2021Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-28858000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-96725000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-18382000
CY2022Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
304000

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