Y-mAbs Therapeutics, Inc. reported its financial results for the three and nine months ended September 30, 2024, revealing a decline in total revenues and an increase in net losses compared to the previous fiscal period. Total revenues for the third quarter were $18.5 million, down 10% from $20.5 million in the same period of 2023. Product revenue also decreased by 7% to $18.5 million, primarily due to a 5% decline in U.S. sales and a 19% drop in international sales, despite a significant increase in revenue from Latin America.

For the nine months ended September 30, 2024, total revenues were $61.2 million, a slight decrease from $61.5 million in 2023. Product revenue remained relatively stable at $60.7 million, compared to $61.0 million in the prior year. The company reported a gross margin of 88% for both the three and nine-month periods, reflecting improved profitability from international sales.

Y-mAbs incurred a net loss of $7.0 million for the third quarter, a reduction from a $7.7 million loss in the same quarter of 2023. However, for the nine months ended September 30, 2024, the net loss increased to $22.8 million from $20.4 million in the previous year. The increase in losses was attributed to higher selling, general, and administrative expenses, which rose by 25% to $42.2 million for the nine-month period, driven by legal settlements and costs associated with the former CFO's agreements.

Research and development expenses decreased by 27% to $11.2 million for the third quarter, reflecting the company's strategic decision to deprioritize certain development programs. The total operating costs for the nine months increased by 3% to $86.4 million, with a notable rise in clinical trial expenses.

As of September 30, 2024, Y-mAbs had cash and cash equivalents of $68.1 million, down from $78.6 million at the end of 2023. The company expects its current cash position, combined with anticipated revenues from DANYELZA, to support operations into 2027. The accumulated deficit increased to $480.3 million from $457.5 million at the end of 2023.

Strategically, Y-mAbs has focused on the commercialization of DANYELZA and the development of its SADA PRIT platform, following a restructuring plan that resulted in a 35% workforce reduction completed in May 2023. The company has also entered into new licensing agreements, including a recent deal with Nobelpharma Co., Ltd. for DANYELZA in Japan, which includes potential milestone payments.