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YT

Y-mAbs Therapeutics, Inc. (YMAB)·Q2 2025 Earnings Summary

Executive Summary

  • Reported total revenues of $19.5M, above the high end of Q2 guidance ($17–$19M); diluted EPS of $(0.07) and gross margin of 86%; sequentially softer revenue vs Q1 ($20.9M) and YoY down 14% on ex-U.S. normalization and U.S. volume headwinds .
  • Announced definitive agreement to be acquired by SERB Pharmaceuticals for $8.60/share in cash (105% premium to Aug 4 close); closing targeted by Q4 2025 pending tender offer and customary approvals .
  • SG&A fell sharply YoY given prior-year litigation settlements; interest/other income benefited from $2.0M FX gains, narrowing net loss to $(3.2)M from $(9.2)M YoY .
  • Cash and equivalents of $62.3M; company canceled the Q2 call due to pending transaction, limiting forward guidance updates and narrative catalysts this quarter .

What Went Well and What Went Wrong

What Went Well

  • Revenue beat guidance: “Reported Total Revenues of $19.5M…exceeding the high end of the Company’s guidance range” .
  • Cost discipline and lower legal burden: SG&A down $5.9M YoY, driven by the absence of prior litigation settlement impacts and reduced legal costs .
  • FX tailwind: $2.0M foreign currency transaction gains supported a narrower net loss and higher other income .

What Went Wrong

  • Top-line pressure YoY: Total revenues down 14% YoY; DANYELZA net product revenue down 17% on ex-U.S. stocking orders in 2024 not repeating and U.S. patient volumes pressured by clinical study enrollment and competition .
  • Ex-U.S. mix shift: Western/Eastern Europe/Asia stocking orders benefited Q2’24 but did not recur in Q2’25; Western Asia partially offset with Turkey named patient program .
  • No earnings call: Management did not host a webcast due to the pending acquisition, limiting visibility into near-term drivers and guidance updates .

Financial Results

MetricQ4 2024Q1 2025Q2 2025
Total Revenues ($USD Millions)$26.495 $20.904 $19.525
Net Product Revenue ($USD Millions)$24.495 $20.904 $19.025
License Revenue ($USD Millions)$2.000 $0.000 $0.500
Gross Profit ($USD Millions)$18.853 $17.903 $16.863
Gross Margin (%)—86% 86%
R&D Expense ($USD Millions)$12.214 $11.359 $11.104
SG&A Expense ($USD Millions)$12.375 $13.087 $11.313
Interest & Other Income ($USD Millions)$(1.606) $1.352 $2.372
Net Loss ($USD Millions)$(6.790) $(5.196) $(3.239)
Diluted EPS ($USD)$(0.15) $(0.12) $(0.07)
Q2 2025 vs Consensus (S&P Global)ConsensusActual
Revenue ($USD Millions)$18.396*$19.525
Primary EPS (USD)$(0.248)*$(0.07)
Revenue - # of Estimates8*—
EPS - # of Estimates9*—

Values with asterisk (*) retrieved from S&P Global.

Segment breakdown (Q2 2025 vs Q2 2024):

SegmentQ2 2025Q2 2024
DANYELZA Net Product Revenue ($USD Millions)$19.025 $22.798
License Revenue ($USD Millions)$0.500 $0.000
Cost of Goods Sold ($USD Millions)$2.662 $3.014
Segment Profit (Loss) from Operations – DANYELZA ($USD Millions)$7.504 $9.394
Segment Profit (Loss) from Operations – Radiopharmaceuticals (RIT) ($USD Millions)$(5.656) $(5.835)
Consolidated Loss from Operations ($USD Millions)$(5.604) $(9.789)

KPIs and cash:

KPIQ4 2024Q1 2025Q2 2025
U.S. DANYELZA Net Product Revenue ($USD Millions)$16.8 $13.4 $14.3
Ex-U.S. DANYELZA Net Product Revenue ($USD Millions)$7.7 $7.5 $4.7
License Revenue ($USD Millions)$2.0 $0.0 $0.5
Cash & Equivalents ($USD Millions)$67.234 $60.310 $62.293
Vials Sold Outside MSK (U.S. mix)64% (Q4) 72% —

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Total RevenuesFY 2025$75–$90M Reiterated in Q1 ; no update in Q2 Maintained
Total Operating Costs & Expenses (ex COGS)FY 2025$116–$121M Reiterated in Q1 ; no update in Q2 Maintained
Total Operating Costs & Expenses (incl. COGS)FY 2025$129–$134M Reiterated in Q1 ; no update in Q2 Maintained
Total Annual Cash InvestmentFY 2025$25–$30M Reiterated in Q1 ; no update in Q2 Maintained
Cash RunwayMulti-yearInto 2027 (based on plan) Not addressed in Q2 Maintained (no reiteration)
Total RevenuesQ2 2025$17–$19M (pre-announced) No update; actual delivered $19.5M Beat actual vs guidance high end

Earnings Call Themes & Trends

TopicPrevious Mentions (Q4 2024)Previous Mentions (Q1 2025)Current Period (Q2 2025)Trend
Radiopharmaceuticals (SADA PRIT)Preliminary Part A GD2-SADA tolerability/validity; business unit realignment to accelerate platform Dosed first patient in CD38-SADA Trial 1201; planned R&D update May 28 No call; continued investment noted; segment R&D ~$5.239M Steady execution; narrative paused due to M&A
DANYELZA product performanceEx-U.S. growth in 2024; U.S. stabilization amid competition; Japan license signed U.S. vials mix improving (72% outside MSK); ex-U.S. strength (Western Asia, Eastern Asia, LatAm) U.S. $14.3M (down 6% YoY); ex-U.S. $4.7M (down YoY on 2024 stocking not repeating) Mixed; U.S. softer YoY; ex-U.S. normalization
Regulatory/LegalLitigations impacted 2024 SG&A; patent extension to 2034 NCCN added naxitamab (Category 2A) Prior litigation settlement not recurring; SG&A down YoY Positive SG&A relief; clinical positioning improving
M&A / CorporateBusiness unit realignment (Jan 2025) —SERB acquisition at $8.60/share; tender by Aug 19; closing targeted Q4 Transformational; supersedes near-term standalone narrative
Macro/FXFX gains declined in Q4 FX gains increased in Q1 $2.0M FX gains boosted other income FX tailwind in Q2

Management Commentary

  • “We closed the first quarter of 2025 demonstrating solid DANYELZA net product revenue, advancement of our novel SADA PRIT platform and programs, and prudent operational spending.” — Michael Rossi, President & CEO .
  • “We delivered on the strategic priorities we set out to achieve in 2024 across our business…we remain committed to further penetrating high-volume centers…while accelerating the preclinical and clinical advancement of our SADA PRIT platform and programs.” — Michael Rossi, President & CEO (Q4 commentary) .
  • Company emphasized Q2 revenue outcome, FX gains, and chose not to host a call due to the SERB transaction .

Q&A Highlights

  • No Q2 earnings call or webcast was held due to the pending SERB transaction, limiting real-time guidance clarifications and detailed Q&A on DANYELZA and SADA programs .
  • Press release clarifications: ex-U.S. YoY decline tied to non-repetition of 2024 stocking orders; U.S. demand impacted by clinical study enrollments and competition; license revenue recognition tied to a sales-based milestone in Israel .

Estimates Context

  • Revenue beat: Actual $19.525M vs consensus $18.396M; EPS beat: $(0.07) vs consensus $(0.248); beats driven by license revenue recognition and FX gains, despite softer ex-U.S. product revenue YoY *.
  • With no Q2 call, sell-side may revisit full-year mix assumptions (U.S. vs ex-U.S.), FX contributions, and SG&A trajectory post-litigation normalization; maintain focus on DANYELZA volume trends and radiopharma R&D cadence .

Values with asterisk (*) retrieved from S&P Global.

Key Takeaways for Investors

  • The quarter beat revenue guidance high end and consensus; EPS loss narrowed on FX gains and lower legal expenses — supportive into tender timelines *.
  • Ex-U.S. YoY pressure reflects 2024 stocking orders unwinding; watch Western Asia named patient momentum as partial offset .
  • U.S. DANYELZA down 6% YoY on clinical study enrollment and competition; near-term volume trajectory is key to standalone valuation scenarios, even as M&A dominates .
  • SG&A normalization and disciplined R&D spending improved P&L resilience; monitor cost run-rate vs FY guidance in second half .
  • Radiopharmaceutical platform execution continues but investor narrative is paused by the SERB acquisition; deal specifics ($8.60/share, 105% premium) anchor near-term trading .
  • Cash of $62.3M provides operating flexibility through transaction close; limited incremental catalysts expected until tender offer progresses .
  • If the deal were to face delays, reversion to fundamentals implies close scrutiny of U.S. center penetration, ex-U.S. demand sustainability, and SADA data milestones from prior updates .