Y-mAbs Announces 2020 Financial Results and Recent Corporate Developments
“We are pleased with our 2020 financial results, especially seen in conjunction with the approval of DANYELZA, and the sale of our Priority Review Voucher for
Fourth Quarter 2020 and Recent Corporate Developments
- Subsequent to the end of the fourth quarter, on
February 17, 2021, Y-mAbs announced the pricing of a follow-on shelf public offering, resulting in gross proceeds to the Company of approximately $115.0 million.
December 28, 2020Y-mAbs announced that it entered into a definitive agreement to sell its DANYELZA Priority Review Voucher to United Therapeutics Corporation for $105 million. Under the terms of the license agreement with Memorial Sloan Kettering, Y-mAbs will retain 60% of the net proceeds received from the sale. The transaction closed in January 2021.
December 18, 2020, Y-mAbs announced that it had entered into a license agreement with SciClone Pharmaceuticals International Ltdto be the exclusive development and commercialization partner of DANYELZA and omburtamab for the treatment of pediatric patients in China, including upfront, approval and sales milestones of up to $120 million.
December 18, 2020, Y-mAbs announced that it had entered into a distribution agreement with Swixx BioPharma AGto be the exclusive distributor of DANYELZA and omburtamab for the treatment of pediatric patients in Eastern Europeand Russia.
December 9, 2020, Y-mAbs announced an update on DANYELZA data from the Company’s Study 201, which was presented at the ESMO Immunocology-Oncology Virtual Congress2020.
December 4, 2020, Y-mAbs announced that it had entered into a license and distribution agreement with Takeda Israelfor the registration and commercialization of DANYELZA and omburtamab for the treatment of pediatric patients in the State of Israel.
November 25, 2020, Y-mAbs announced that the FDA had approved DANYELZA for the treatment relapsed or primary refractory high-risk neuroblastoma.
November 19, 2020, Y-mAbs announced that a clinical update of omburtamab for the treatment of diffuse intrinsic pontine glioma was presented at the SNO Virtual Annual Meeting.
October 26, 2020, Y-mAbs announced that the FDA had cleared the Company’s IND for 177Lu-omburtamab-DTPA for the treatment of B7-H3 positive CNS and Leptomeningeal Metastasis from tumors in adult patients.
October 14, 2020, Y-mAbs announced that the FDA had cleared the Company’s Investigational New Drug application for 177Lu-omburtamab-DTPA for the treatment of medulloblastoma, which is the most common type of primary brain cancer in children.
October 7, 2020, Y-mAbs announced that the FDA has granted Orphan Drug Designation and Rare Pediatric Disease Designation for its leading bispecific antibody product candidate, nivatrotamab, for the treatment of neuroblastoma.
October 5, 2020, Y-mAbs announced that it had received a Refusal to File letter from the FDA for the omburtamab BLA for the treatment of pediatric patients with CNS/leptomeningeal metastasis from neuroblastoma. Subsequently, Y-mAbs has been in close dialog with the Agency to amend the BLA with the goal of resubmitting by the end of the second quarter or in the third quarter 2021.
Y-mAbs reported a net loss of
Revenues and Related Royalties Expense
Y-mAbs reported net revenues of
Additionally, there were
Research and Development
Research and development expenses were
$13.4 millionincrease in personnel costs; $13.2 millionincrease in milestones and license acquisition cost; $1.1 millionincrease in professional and consulting fees; and $1.6 millionincrease in outsourced services and supplies costs.
General and Administration
General and administrative expenses were
$12.7 millionincrease in commercial infrastructure costs; $8.9 millionincrease in personnel costs; $2.1 millionincrease in business insurance; and $2.1 millionin professional fees.
Cash and Cash Equivalents
The Company had approximately
Webcast and Conference Call
The Company will host a conference call on
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. The Company has a broad and advanced product pipeline, including one FDA approved product, DANYELZA® (naxitamab-gqgk), which targets tumors that express GD2, and one pivotal-stage product candidate, omburtamab, which targets tumors that express B7-H3.
Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about our business model and development, commercialization and product distribution plans; current and future clinical and pre-clinical studies and our research and development programs; expectations related to the timing of the initiation and completion of regulatory submissions; regulatory, marketing and reimbursement approvals; rate and degree of market acceptance and clinical utility as well as pricing and reimbursement levels; retaining and hiring key employees; our commercialization, marketing and manufacturing capabilities and strategy; our intellectual property position and strategy; additional product candidates and technologies; collaborations or strategic partnerships and the potential benefits thereof; expectations related to the use of our cash and cash equivalents, and the need for, timing and amount of any future financing transaction; our financial performance, including our estimates regarding revenues, expenses, capital expenditure requirements; developments relating to our competitors and our industry; and other statements that are not historical facts. Words such as ‘‘anticipate,’’ ‘‘believe,’’ “contemplate,” ‘‘continue,’’ ‘‘could,’’ ‘‘estimate,’’ ‘‘expect,’’ “hope,” ‘‘intend,’’ ‘‘may,’’ ‘‘might,’’ ‘‘plan,’’ ‘‘potential,’’ ‘‘predict,’’ ‘‘project,’’ ‘‘should,’’ ‘‘target,’’ “will”, ‘‘would’’ and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Our product candidates and related technologies are novel approaches to cancer treatment that present significant challenges. Actual results may differ materially from those indicated by such forward-looking statements as a result of various factors, including but not limited to: risks associated with our financial condition and need for additional capital; risks associated with our development work; cost and success of our product development activities and clinical trials; the risks of delay in the timing of our regulatory submissions or failure to receive approval of our drug candidates; the risks related to commercializing any approved pharmaceutical product including the rate and degree of market acceptance of our product candidates; development of our sales and marketing capabilities and risks associated with failure to obtain sufficient reimbursement for our products; the risks related to our dependence on third parties including for conduct of clinical testing and product manufacture; our inability to enter into partnerships; the risks related to government regulation; risks related to market approval, risks associated with protection of our intellectual property rights; risks related to employee matters and managing growth; risks related to our common stock, risks associated with the pandemic caused by the novel coronavirus known as COVID-19 and other risks and uncertainties affecting the Company including those described in the "Risk Factors" section included in our Annual Report on Form 10-K and in our other
“DANYELZA” and “Y-mAbs” are registered trademarks of
|Consolidated Balance Sheets|
|(in thousands, except share data)|
|Cash and cash equivalents||$||114,634||$||207,136|
|Other current assets||7,729||4,819|
|Total current assets||122,363||211,955|
|Property and equipment, net||1,825||2,052|
|Operating lease right-of-use assets||4,569||1,989|
|LIABILITIES AND STOCKHOLDERS’ EQUITY|
|Operating lease liabilities, current portion||1,966||516|
|Total current liabilities||19,535||13,586|
|Accrued milestone and royalty payments||2,695||1,921|
|Operating lease liabilities, long-term portion||2,013||1,714|
|shares issued at
|Additional paid in capital||391,558||364,712|
|Accumulated other comprehensive income / (loss)||(526||)||50|
|TOTAL STOCKHOLDERS’ EQUITY||105,836||198,903|
|TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY||$||132,047||$||216,366|
|Consolidated Statements of Net Loss and Comprehensive Loss|
|(in thousands, except share and per share data)|
|For the year ended
|Research and development||93,697||63,492|
|General and administrative||44,785||19,512|
|Total operating expenses||140,685||83,004|
|Loss from operations||(119,935||)||(83,004||)|
|Interest and other income, net||598||1,976|
|Other comprehensive income / (loss)|
|Foreign currency translation||(576||)||43|
|Net loss per share attributable to common stockholders, basic and diluted||$||(2.97||)||$||(2.30||)|
|Weighted average common shares outstanding, basic and diluted||40,118,537||35,183,488|
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Source: Y-mAbs Therapeutics, Inc