UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): May 10, 2019
Y-MABS THERAPEUTICS, INC.
(Exact name of registrant as specified in its charter)
Delaware |
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001-38650 |
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47-4619612 |
(State or other jurisdiction of |
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(Commission |
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(I.R.S. Employer |
230 Park Avenue
Suite 3350
New York, New York 10169
(Address of principal executive offices) (Zip Code)
(646) 885-8505
(Registrants telephone number, include area code)
N/A
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company x
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. x
Securities registered pursuant to Section 12(b) of the Act:
Title of each class: |
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Trading Symbol |
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Name of each exchange on which registered: |
Common Stock, $0.0001 par value |
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YMAB |
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NASDAQ Global Select Market |
Item 2.02 Results of Operations and Financial Condition
On May 10, 2019, Y-mAbs Therapeutics, Inc., announced its financial results for the quarter ended March 31, 2019. A copy of the press release is attached hereto as Exhibit 99.1.
The information furnished pursuant to Item 2.02 on this Form 8-K, including Exhibit 99.1 attached hereto, shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. |
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Description |
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99.1 |
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Press Release, dated May 10, 2019 issued by Y-mAbs Therapeutics, Inc. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Y-MABS THERAPEUTICS, INC. | |
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Date: May 10, 2019 |
By: |
/s/ Thomas Gad |
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Thomas Gad |
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Founder, Chairman, President and Head of Business Development |
Y-mAbs Announces First Quarter 2019 Financial Results and Recent Corporate Developments
New York, NY, May 10, 2019 (GLOBE NEWSWIRE) Y-mAbs Therapeutics, Inc. (the Company or Y-mAbs) (Nasdaq:YMAB) a late-stage clinical biopharmaceutical company focused on the development and commercialization of novel, antibody-based therapeutic products for the treatment of cancer, today reported financial results for the first quarter of 2019.
We believe Y-mAbs is adapting very well to its new role as a public company, and we are very pleased with our first quarter financial results, especially seen in conjunction with our clinical progress moving closer to our expected target of being able to file BLAs for both of our two lead pediatric drug candidates, naxitamab and omburtamab in 2019. These are exciting times for Y-mAbs, stated Thomas Gad, Founder, President and Head of Business Development and Strategy.
Dr. Moller, Chief Executive Officer continued, We believe we have achieved the planned clinical progress with both the naxitamab and omburtamab trials during the first quarter of 2019 and we are confident that we can expect to complete the recruitment of patients for these pivotal trials for both compounds by mid 2019. We are excited to move these two antibody compounds forward to registration, and we have also initiated treatment of patients with our bispecific GD2xCD3 antibody. We believe this underlines our position as a leader in pediatric oncology and as a company focused on rapidly developing therapies to extend and enhance the lives of those living with rare pediatrics cancers.
First Quarter 2019 Financial Results
Y-mAbs reported a net loss of $15.9 million, or $0.47 per basic and diluted share, for the first quarter of 2019, compared to a net loss of $7.5 million, or $0.28 per basic and diluted share, for the first quarter of 2018.
Cost and Operating Expenses
Research and Development
Research and development expenses were $12.5 million for the quarter ended March 31, 2019, compared to $6.2 million for the corresponding period of 2018, an increase of $6.3 million. The increase in research and development expenses primarily reflects the following:
· $4.3 million increase in outsourced manufacturing for our lead product candidates, naxitamab and omburtamab
· $1.3 million increase in outsourced research and supplies to support expanding development activities
· $0.8 million increase in personnel costs
General and Administration
General and administrative expenses were $3.7 million for the quarter ended March 31, 2019, compared to $1.3 million for the same period of 2018, an increase of $2.4 million. Such increase in general and administrative expenses was primarily reflects the following expenses:
· $1.4 million increase in personnel costs
· $0.3 million increase in commercial infrastructure
Cash and Cash Equivalents
The Company had approximately $134.2 million in cash and cash equivalents as of March 31, 2019 compared to $147.8 million as of December 31, 2018. The decrease of $13.6 million was primarily attributable to the increased costs of operation.
About Y-mAbs
Y-mAbs is a late-stage clinical 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 two pivotal-stage product candidatesnaxitamab and omburtamabwhich target tumors that express GD2 and B7-H3, respectively.
Forward-Looking Statements
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 and commercialization plans; current and future clinical and pre-clinical studies and our research and development programs; 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, 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 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 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 SEC filings. Any forward-looking statements contained in this press release speak only as of the date hereof, and the Company undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.
Y-MABS THERAPEUTICS, INC.
Consolidated Balance Sheets
(unaudited)
(in thousands, except share data)
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March 31, |
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December 31, |
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ASSETS |
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CURRENT ASSETS |
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Cash and cash equivalents |
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$ |
134,245 |
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$ |
147,840 |
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Restricted cash |
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30 |
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31 |
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Other current assets |
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2,759 |
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3,661 |
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Total current assets |
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137,034 |
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151,532 |
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Property and equipment, net |
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400 |
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205 |
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Operating lease right-of-use lease assets |
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2,320 |
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Other assets |
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243 |
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187 |
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TOTAL ASSETS |
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$ |
139,997 |
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$ |
151,924 |
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LIABILITIES AND STOCKHOLDERS EQUITY |
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LIABILITIES |
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Accounts payable |
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5,907 |
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$ |
5,872 |
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Accrued liabilities |
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3,877 |
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3,251 |
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Lease obligations |
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517 |
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Total current liabilities |
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10,301 |
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9,123 |
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Accrued milestone and royalty payments |
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2,050 |
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2,050 |
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Lease obligations |
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2,133 |
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Other liabilities |
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224 |
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TOTAL LIABILITIES |
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14,484 |
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11,397 |
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STOCKHOLDERS EQUITY |
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Preferred stock $0.0001 par value, 5,500,000 shares authorized at March 31, 2019 and December 31, 2018; none issued at March 31, 2019 and December 31, 2018 |
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Common stock, $0.0001 par value, 100,000,000 shares authorized at March 31, 2019 and December 31, 2018; 34,193,666 shares issued at March 31, 2019 and December 31, 2018 |
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3 |
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3 |
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Additional paid in capital |
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226,216 |
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225,352 |
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Accumulated other comprehensive income |
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63 |
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7 |
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Accumulated deficit |
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(100,769 |
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(84,835 |
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TOTAL STOCKHOLDERS EQUITY |
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125,513 |
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140,527 |
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TOTAL LIABILITIES AND STOCKHOLDERS EQUITY |
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$ |
139,997 |
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$ |
151,924 |
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Y-MABS THERAPEUTICS, INC.
Consolidated Statements of Comprehensive Loss
(unaudited)
(In thousands, except share and per share data)
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For The Three |
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For The Three |
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OPERATING EXPENSES |
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Research and development |
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$ |
12,511 |
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$ |
6,204 |
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General and administrative |
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3,742 |
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1,275 |
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Total operating expenses |
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16,253 |
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7,479 |
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Loss from operations |
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(16,253 |
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(7,479 |
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OTHER INCOME/(EXPENSES) |
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Other income/(expenses) |
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319 |
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(4 |
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NET LOSS |
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$ |
(15,934 |
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$ |
(7,483 |
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Other comprehensive income/(loss) |
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Foreign currency translation |
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56 |
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3 |
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COMPREHENSIVE LOSS |
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$ |
(15,878 |
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$ |
(7,480 |
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Net loss per share attributable to common stockholders, basic and diluted |
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$ |
(0.47 |
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$ |
(0.28 |
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Weighted average common shares outstanding, basic and diluted |
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34,193,666 |
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26,749,666 |
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Contact:
Y-mAbs Therapeutics, Inc.
230 Park Avenue, Suite 3350
New York, NY 10169
USA
+1 646 885 8505
E-mail: [email protected]