$YMAB
Y-mAbs Therapeutics, Inc.

2023 Q3 Form 10-Q Financial Statement

#000155837023014502 Filed on August 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $20.45M $20.75M $10.80M
YoY Change 63.15% 92.19% -1.41%
Cost Of Revenue $2.595M $4.649M $1.140M
YoY Change 4.85% 307.81% 470.0%
Gross Profit $17.86M $16.10M $9.657M
YoY Change 77.49% 66.74% -10.18%
Gross Profit Margin 87.31% 77.6% 89.44%
Selling, General & Admin $10.20M $11.27M $23.08M
YoY Change -25.14% -51.17% 71.29%
% of Gross Profit 57.11% 69.99% 239.02%
Research & Development $15.36M $12.06M $26.42M
YoY Change -31.6% -54.37% 33.58%
% of Gross Profit 86.0% 74.87% 273.58%
Depreciation & Amortization $160.0K $224.0K $188.0K
YoY Change -29.2% 19.15% -12.96%
% of Gross Profit 0.9% 1.39% 1.95%
Operating Expenses $25.56M $23.33M $49.50M
YoY Change -29.16% -52.88% 48.86%
Operating Profit -$7.749M -$7.223M -$39.95M
YoY Change -70.22% -81.92% 75.88%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $190.0K $1.100M -$1.186M
YoY Change -112.59% -192.75% 427.11%
Pretax Income -$7.560M -$6.123M -$41.13M
YoY Change -72.54% -85.11% 79.32%
Income Tax $187.0K $179.0K $0.00
% Of Pretax Income
Net Earnings -$7.747M -$6.302M -$41.13M
YoY Change -71.86% -84.68% 79.32%
Net Earnings / Revenue -37.88% -30.37% -380.95%
Basic Earnings Per Share -$0.18 -$0.14 -$0.94
Diluted Earnings Per Share -$0.18 -$0.14 -$0.94
COMMON SHARES
Basic Shares Outstanding 43.62M 43.68M 43.72M
Diluted Shares Outstanding 43.62M 43.66M 43.72M

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $86.60M $87.91M $133.7M
YoY Change -24.38% -34.23% -42.78%
Cash & Equivalents $86.57M $87.91M $133.7M
Short-Term Investments
Other Short-Term Assets $2.302M $3.570M $6.253M
YoY Change -28.62% -42.91% 81.51%
Inventory $7.113M $5.187M $6.794M
Prepaid Expenses
Receivables $18.87M $19.12M $7.208M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $114.9M $115.8M $153.9M
YoY Change -13.8% -24.78% -38.28%
LONG-TERM ASSETS
Property, Plant & Equipment $296.0K $375.0K $1.554M
YoY Change -78.43% -75.87% -19.02%
Goodwill
YoY Change
Intangibles $2.720M $2.809M $1.574M
YoY Change 77.78% 78.46%
Long-Term Investments
YoY Change
Other Assets $9.415M $12.25M $5.749M
YoY Change 68.13% 113.08% 19.95%
Total Long-Term Assets $14.02M $16.61M $11.26M
YoY Change 31.42% 47.56% 11.36%
TOTAL ASSETS
Total Short-Term Assets $114.9M $115.8M $153.9M
Total Long-Term Assets $14.02M $16.61M $11.26M
Total Assets $128.9M $132.4M $165.2M
YoY Change -10.44% -19.85% -36.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.610M $7.252M $11.29M
YoY Change -44.55% -35.77% 65.97%
Accrued Expenses $13.30M $16.15M $17.07M
YoY Change -22.16% -5.36% 40.25%
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 $21.81M $24.23M $29.45M
YoY Change -31.87% -17.71% 40.33%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $822.0K $816.0K $780.0K
YoY Change 12.14% 4.62% -16.93%
Total Long-Term Liabilities $822.0K $816.0K $780.0K
YoY Change 12.14% 4.62% -16.93%
TOTAL LIABILITIES
Total Short-Term Liabilities $21.81M $24.23M $29.45M
Total Long-Term Liabilities $822.0K $816.0K $780.0K
Total Liabilities $28.73M $27.72M $33.78M
YoY Change -20.22% -17.96% 34.25%
SHAREHOLDERS EQUITY
Retained Earnings -$456.5M -$448.7M -$409.7M
YoY Change 4.41% 9.53% 49.12%
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 $100.2M $104.7M $131.4M
YoY Change
Total Liabilities & Shareholders Equity $128.9M $132.4M $165.2M
YoY Change -10.44% -19.85% -36.34%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income -$7.747M -$6.302M -$41.13M
YoY Change -71.86% -84.68% 79.32%
Depreciation, Depletion And Amortization $160.0K $224.0K $188.0K
YoY Change -29.2% 19.15% -12.96%
Cash From Operating Activities -$1.340M -$4.734M -$23.10M
YoY Change -93.03% -79.51% 23.15%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change
Cash From Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000 0.000
YoY Change -100.0% -100.0%
NET CHANGE
Cash From Operating Activities -1.340M -4.734M -23.10M
Cash From Investing Activities 0.000 0.000 0.000
Cash From Financing Activities 0.000 0.000 0.000
Net Change In Cash -1.340M -4.734M -23.10M
YoY Change -93.01% -79.51% 23.71%
FREE CASH FLOW
Cash From Operating Activities -$1.340M -$4.734M -$23.10M
Capital Expenditures $0.00
Free Cash Flow -$23.10M
YoY Change 23.42%

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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 in almost all quarters 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 FDA approval in the United States and regulatory approval in other jurisdictions; marketing or sales capability or experience; uncertainty in getting adequate payor 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) received accelerated approval by the FDA in November 2020, but there can be no assurance that the Company’s other research and development efforts 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 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 $448,735,000 as of June 30, 2023, and $436,043,000 as of December 31, 2022. Through June 30, 2023, 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 Company’s Priority Review Voucher (“PRV”) obtained upon FDA approval of DANYELZA.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">As of June 30, 2023, the Company had cash and cash equivalents of $87,909,000, and as of December 31, 2022, the Company had cash and cash equivalents of $105,762,000. As of the issuance date of the consolidated financial statements for the second quarter ended June 30, 2023, the Company expects that its cash and cash equivalents at June 30, 2023, 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;">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. These financing sources are in addition to successful commercialization of DANYELZA and our product candidates, for which the Company may obtain regulatory approval and marketing authorization. The Company’s commercialization </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">strategy may include working with a collaborator or distributor. Sufficient funds may not be available to the Company on attractive terms or at all when needed from equity or debt financing. If 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 of America (“GAAP”) for interim financial information, Accounting Standards Codification (“ASC”) Topic 270-10 and the instructions to 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 six-month periods ended June 30, 2023, are not necessarily indicative of the results that may be expected for the year ending December 31, 2023, any other interim periods, or any future year or period. The December 31, 2022, 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, 2022.</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 of America. As of June 30, 2023, the accounts receivable balances from such distributors totaled 71% of the Company’s outstanding accounts receivable. The remainder of the Company’s accounts receivable as of June 30, 2023 represented balances from international distribution partners. 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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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
3112000
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y5M12D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1744900
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
5.00
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
214006
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
10.93
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
8610661
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
18.23
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
9387000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y7M9D
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
5556135
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
20.12
CY2023Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
6384000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y4M6D
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
5.50
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
6.28
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
208200
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
425000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.65
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
6.28
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1744900
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
425000
CY2023Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-6123000
CY2022Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-41131000
CY2023Q2 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
179000
CY2022Q2 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
0
CY2022Q2 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
0
CY2023Q2 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
0
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-12513000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-69199000
us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
179000
us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
0
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
0
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
0
us-gaap Restructuring And Related Cost Number Of Positions Eliminated Period Percent
RestructuringAndRelatedCostNumberOfPositionsEliminatedPeriodPercent
0.35
us-gaap Restructuring Charges
RestructuringCharges
4482000

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