YmAbs Therapeutics Reports Second Quarter 2024 Financial Results
Intellectia.AI Updated: 2024-08-12
Y-mAbs Therapeutics Reports Second Quarter 2024 Financial Results
Y-mAbs Therapeutics, Inc. (NASDAQ: YMAB), a commercial-stage biopharmaceutical company, reported its financial results for the second quarter ended June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q1 2024 | Q2 2023 | YoY Change (%) | QoQ Change (%) | Consensus Estimates |
|---|---|---|---|---|---|---|
| Total Revenue | $22.8 million | Not Provided | $20.8 million | 10% | Not Applicable | $23.02 million |
| EPS | ($0.21) | Not Provided | ($0.14) | Not Calculated | Not Applicable | ($0.13) |
Interpretation : Total revenue for Q2 2024 came in at $22.8 million, a 10% increase year-over-year (YoY). However, the revenue fell short of the consensus estimate of $23.02 million. The company posted an earnings per share (EPS) of ($0.21), which was lower than the expected ($0.13).
Revenue Performance by Segment
| Segment | Q2 2024 Revenue | Q2 2023 Revenue | YoY Change (%) |
|---|---|---|---|
| U.S. DANYELZA | $15.2 million | $15.9 million | -4% |
| International DANYELZA | $7.6 million | $4.9 million | +55% |
Interpretation : While U.S. revenue for DANYELZA saw a 4% decline YoY, international DANYELZA revenue skyrocketed by 55%, driven by market expansions in Western Europe, Brazil, and Mexico.
Operational Data
| Metric | Value |
|---|---|
| Cash and Cash Equivalents (as of June 30, 2024) | $77.8 million |
| Cash Burn for H1 2024 | $0.8 million |
| DANYELZA Centers in the U.S. | 65 |
| New U.S. Accounts in Q2 2024 | 2 |
| U.S. Vial Sales Outside of MSK | 67% (Q2 2024), 60% (Q1 2024) |
Interpretation : The company maintains strong liquidity with $77.8 million in cash and cash equivalents, and a minimal cash burn of $0.8 million in the first half of 2024.
Comments from Company Officers
Mike Rossi, President and CEO, commented, "We demonstrated commercial progress with DANYELZA in the second quarter of this year while continuing to advance our development pipeline."
Forward Guidance
Management updated its full year 2024 guidance: - Anticipated Total Net Revenues: $87 million to $95 million - Anticipated Operating Expenses: $115 million to $120 million - Anticipated Total Annual Cash Burn: $15 million to $20 million - Cash and Cash Equivalents expected to support operations into 2027
Stock Price Movement
After the earnings release, the stock declined by 6.07%.
Summary
Y-mAbs Therapeutics showed solid international growth, particularly with DANYELZA in new markets. However, U.S. revenues declined slightly, and overall revenue missed consensus estimates. The company maintains a strong cash position and updated its 2024 guidance to reflect a cautious but optimistic outlook.
This summary captures the essential points from the Y-mAbs Therapeutics second quarter 2024 earnings report.