$YMAB
Y-mAbs Therapeutics, Inc.

2024 Q2 Form 10-Q Financial Statement

#000155837024007056 Filed on May 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $22.80M $19.93M
YoY Change 9.86% -1.58%
Cost Of Revenue $3.014M $2.097M
YoY Change -35.17% 0.67%
Gross Profit $19.78M $17.83M
YoY Change 22.87% -1.84%
Gross Profit Margin 86.78% 89.48%
Selling, General & Admin $17.23M $11.43M
YoY Change 52.9% -6.74%
% of Gross Profit 87.1% 64.06%
Research & Development $12.34M $13.27M
YoY Change 2.37% -1.13%
% of Gross Profit 62.38% 74.39%
Depreciation & Amortization $153.0K $159.0K
YoY Change -31.7% -12.64%
% of Gross Profit 0.77% 0.89%
Operating Expenses $29.57M $24.69M
YoY Change 26.79% -3.81%
Operating Profit -$9.789M -$6.908M
YoY Change 35.53% -7.91%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $640.0K $439.0K
YoY Change -41.82% -60.49%
Pretax Income -$9.149M -$6.469M
YoY Change 49.42% 1.24%
Income Tax $100.0K $160.0K
% Of Pretax Income
Net Earnings -$9.249M -$6.629M
YoY Change 46.76% 3.74%
Net Earnings / Revenue -40.57% -33.26%
Basic Earnings Per Share -$0.21 -$0.15
Diluted Earnings Per Share -$0.21 -$0.15
COMMON SHARES
Basic Shares Outstanding 43.88M 43.78M
Diluted Shares Outstanding 44.02M 43.78M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $77.81M $75.75M
YoY Change -11.49% -18.22%
Cash & Equivalents $77.81M $75.75M
Short-Term Investments
Other Short-Term Assets $2.243M $3.482M
YoY Change -37.17% -6.65%
Inventory $8.498M $8.448M
Prepaid Expenses
Receivables $22.19M $20.59M
Other Receivables $16.03M $0.00
Total Short-Term Assets $126.8M $108.3M
YoY Change 9.48% -12.69%
LONG-TERM ASSETS
Property, Plant & Equipment $87.00K $153.0K
YoY Change -76.8% -70.06%
Goodwill
YoY Change
Intangibles $2.454M $2.543M
YoY Change -12.64% -12.25%
Long-Term Investments
YoY Change
Other Assets $13.46M $11.17M
YoY Change 9.88% 29.0%
Total Long-Term Assets $17.27M $15.05M
YoY Change 3.97% 11.97%
TOTAL ASSETS
Total Short-Term Assets $126.8M $108.3M
Total Long-Term Assets $17.27M $15.05M
Total Assets $144.0M $123.3M
YoY Change 8.79% -10.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.19M $6.728M
YoY Change 40.51% -23.92%
Accrued Expenses $12.79M $9.989M
YoY Change -20.83% -38.42%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $43.47M $17.61M
YoY Change 79.38% -32.08%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $847.0K $853.0K
YoY Change 3.8% 4.41%
Total Long-Term Liabilities $847.0K $853.0K
YoY Change 3.8% 4.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $43.47M $17.61M
Total Long-Term Liabilities $847.0K $853.0K
Total Liabilities $48.70M $24.13M
YoY Change 75.71% -18.54%
SHAREHOLDERS EQUITY
Retained Earnings -$473.3M -$464.1M
YoY Change 5.48% 4.9%
Common Stock $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 $95.34M $99.19M
YoY Change
Total Liabilities & Shareholders Equity $144.0M $123.3M
YoY Change 8.79% -10.28%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$9.249M -$6.629M
YoY Change 46.76% 3.74%
Depreciation, Depletion And Amortization $153.0K $159.0K
YoY Change -31.7% -12.64%
Cash From Operating Activities $298.0K -$3.477M
YoY Change -106.29% -73.51%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.758M 588.0K
YoY Change
NET CHANGE
Cash From Operating Activities 298.0K -3.477M
Cash From Investing Activities
Cash From Financing Activities 1.758M 588.0K
Net Change In Cash 2.056M -2.888M
YoY Change -143.43% -78.01%
FREE CASH FLOW
Cash From Operating Activities $298.0K -$3.477M
Capital Expenditures
Free Cash Flow
YoY Change

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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. Y-mAbs is leveraging the Company’s 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>
CY2024Q1 us-gaap Basis Of Accounting
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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 every year 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 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 become profitable. 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 $464,099,000 as of March 31, 2024 and $457,470,000 as of December 31, 2023. Through March 31, 2024, the Company has funded the operations primarily through proceeds from sales of shares of the Company’s common stock, including the initial public offering in September 2018 and the Company’s 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;">The Company had cash and cash equivalents of $75,749,000 and $78,637,000 as of March 31, 2024 and December 31, 2023, respectively. As of the issuance date of the consolidated financial statements for the quarter ended March 31, 2024, the Company expects that the cash and cash equivalents as of March 31, 2024 will be sufficient to fund the Company’s operating expenses and capital expenditure requirements as currently planned through at least the next 12 months from the date of the financial statements are issued. </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 the Company’s equity securities, incurring debt, entering into licensing or collaboration agreements with partners, grants or other sources of financing. These potential financing sources are in addition to the successful commercialization of DANYELZA and our product candidates, for which the Company may obtain regulatory approval and marketing authorization. The Company’s commercialization strategy may include working with a collaborator or distributor. Sufficient funds may not </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">be available to the Company on attractive terms or at all when needed from equity, debt or other 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 rate of spending through delaying or scaling back operations, or suspending certain research and development programs and other operational programs in addition to other measures.</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 the Company’s wholly-owned subsidiary 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-month period ended March 31, 2024, are not necessarily indicative of the results that may be expected for the year ending December 31, 2024, any other interim periods, or any future year or period. The consolidated balance sheet data as of December 31, 2023 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, 2023.</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;">Use of Estimates</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The preparation of consolidated 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 consolidated financial statements and the reported amounts of revenues and 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, the valuation of stock options and asset impairments. 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>
CY2024Q1 us-gaap Concentration Risk Credit Risk
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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 United States (“U.S.”) specialty distributors. As of March 31, 2024, the accounts receivable balances from such distributors totaled 76% of the Company’s outstanding accounts receivable. See <i style="font-style:italic;">NOTE 4 – PRODUCT REVENUE, NET</i>, for details of product sales to certain customers that accounted for more than 10% of total product revenue, net. The remainder of the Company’s accounts receivable as of March 31, 2024 represented balances from international distribution partners. The Company has contractual payment terms with each customer and 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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