On August 8, 2025 Y-mAbs Therapeutics, Inc. (the "Company" or "Y-mAbs") (Nasdaq: YMAB), a commercial-stage biopharmaceutical company focused on the development and commercialization of novel radioimmunotherapy and antibody-based therapeutic products for the treatment of cancer, reported financial results for the second quarter ended June 30, 2025 (Press release, Y-mAbs Therapeutics, AUG 8, 2025, View Source [SID1234655041]).

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Recent Transaction Announcement with SERB

● On August 5, 2025, Y-mAbs announced it has entered into a definitive agreement with affiliated entities of SERB Pharmaceuticals ("SERB"), under which SERB, a global specialty pharmaceutical company, agreed to acquire Y-mAbs in a transaction at an equity value of $412.0 million. The transaction was unanimously approved by the Y-mAbs Board of Directors. Under the terms of the merger agreement, SERB is obligated to commence a tender offer by August 19, 2025 to purchase all outstanding shares of Y-mAbs for $8.60 per share in cash, representing a 105% premium to Y-mAbs’ closing share price on August 4, 2025, the last full trading day prior to the transaction announcement;
● The transaction is expected to close by the fourth quarter of 2025, assuming a majority of outstanding Y-mAbs shares are tendered into, and not withdrawn from, the tender offer, and subject to the satisfaction of customary conditions, including the receipt of a majority of Y-mAbs shares in the tender offer and expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act.

Financial Results

Revenues

Total revenues for the quarter ended June 30, 2025 were $19.5 million, which was a 14% decrease from the $22.8 million of total revenues for the quarter ended June 30, 2024, driven by a $2.9 million decrease in Ex-U.S. DANYELZA net product revenues and a $0.9 million decrease in U.S. DANYELZA net product revenues, partially offset by a $0.5 million increase related to license revenue recognized in the three months ended June 30, 2025. Total DANYELZA net product revenues for the quarter ended June 30, 2025 were $19.0 million, which was a 17% decrease over $22.8 million total DANYELZA net product revenues for the quarter ended June 30, 2024.

Total revenues for the six months ended June 30, 2025 were $40.4 million, which was a 5% decrease from the $42.7 million of total revenues for the six months ended June 30, 2024, driven by a $6.1 million decrease in U.S DANYELZA net product revenues, partially offset by a $3.8 million increase in Ex-U.S. DANYELZA net product revenues. The total revenues in the six months ended June 30, 2025 and 2024 include $0.5 million license revenue, respectively.

The Company’s U.S. DANYELZA net product revenues for the quarter ended June 30, 2025 were $14.3 million, representing a decrease of 6% from the same period in 2024. The decline in the U.S. DANYELZA net product revenues was driven by declining patient volume due to enrollments in clinical studies and competition in the three months ended June 30, 2025.

The Company’s Ex-U.S. DANYELZA net product revenues for the quarter ended June 30, 2025 were $4.7 million, representing a decrease of $2.9 million from the same period in 2024. Ex-U.S. DANYELZA net product revenues include $2.1 million from Western Europe and $3.4 million from Eastern Asia for the three months ended June 30, 2024, which was a result of stocking orders from Western Europe and Eastern Asia in 2024. The Company did not have any stocking orders from Western Europe or Eastern Asia in the three months ended June 30, 2025. The decrease in Ex-U.S. DANYELZA net product revenues was partially offset by a $2.0 million increase in DANYELZA net product revenues in Western Asia, where a named patient program launched in Turkey in late 2024.

During the three and six months ended June 30, 2025, the Company recognized $0.5 million license revenue, which was earned in prior periods, in connection with sales-based milestone achievements by our partner in Israel. There was no license revenue in the three months ended June 30, 2024. During the six months ended June 30, 2024, the Company had license revenues of $0.5 million, which included license revenue from the Latin America distribution partner, Adium, related to price approval for DANYELZA in Brazil from the Brazilian Medicines Market Regulation Chamber.

Cost of Goods Sold

Cost of goods sold was $2.7 million and $3.0 million for the three months ended June 30, 2025 and 2024, respectively. The decrease in cost of goods sold in the three months ended June 30, 2025 compared to the same period in 2024 was primarily driven by decreased sales.

Cost of goods sold was $5.7 million and $5.1 million for the six months ended June 30, 2025 and 2024, respectively. The increase in cost of goods sold in the six months ended June 30, 2025 compared to the same period in 2024 was primarily driven by increased cost of production.

Gross Profit

Gross profit stayed consistent at $16.8 million and $19.8 million for the three months ended June 30, 2025 and 2024, respectively. Gross margins were relatively flat at 86% and 87% for the three months ended June 30, 2025 and 2024, respectively.

Gross profit was $34.8 million and $37.6 million for the six months ended June 30, 2025 and 2024, respectively. Gross margins were 86% and 88% for the six months ended June 30, 2025 and 2024, respectively. The gross margin decreased primarily due to increased cost of production and lower product sales to Western Europe, where product sales generally have higher gross margin.

Operating Costs and Expenses

Research and Development

Research and development expenses were $11.1 million and $12.3 million for the three months ended June 30, 2025 and 2024, respectively. The $1.2 million decrease in research and development expenses was primarily driven by a decrease of $0.9 million in personnel and stock-based compensation costs which was primarily related to our business realignment announced in January 2025.

Research and development expenses were $22.5 million and $25.6 million for the six months ended June 30, 2025 and 2024, respectively. The $3.1 million decrease in research and development expenses was primarily driven by a $1.8 million decrease in personnel and stock-based compensation costs, which was primarily related to our business realignment announced in January 2025, and a total $0.4 million decrease in clinical trials and outsourced research and supplies due to the timing of completion in our GD2-SADA program and investment in our ongoing SADA PRIT programs.

Selling, General, and Administrative

Selling, general, and administrative expenses were $11.3 million and $17.2 million for the three months ended June 30, 2025 and 2024, respectively. The $5.9 million decrease in selling, general and administrative expenses was primarily attributable to a net impact of $3.8 million related to litigation settlements during the three months ended June 30, 2024 and a $1.7 million decrease in legal expenses.

Selling, general, and administrative expenses were $24.4 million and $28.7 million for the six months ended June 30, 2025 and 2024, respectively. The $4.3 million decrease in selling, general, and administrative expenses was primarily attributable to a net impact of $3.8 million related to litigation settlements in the six months ended June 30, 2024, as noted above.

Interest and Other Income

Interest and other income were $2.3 million and $0.6 million for the three months ended June 30, 2025 and 2024, respectively. Interest and other income increased by $1.7 million primarily due to $2.0 million of foreign currency transaction gains in the three months ended June 30, 2025, partially offset by a $0.3 million decrease in interest earned on cash and cash equivalents.

Interest and other income were $3.7 million and $1.1 million for the six months ended June 30, 2025 and 2024, respectively. Interest and other income increased by $2.6 million primarily due to $3.3 million of foreign currency transaction gains, partially offset by a $0.7 million decrease in interest earned on cash and cash equivalents.

Net Loss

Y-mAbs reported a net loss for the quarter ended June 30, 2025, of $3.2 million, or ($0.07) per basic and diluted share, compared to a net loss of $9.2 million, or ($0.21) per basic and diluted share, for the quarter ended June 30, 2024. The decrease in net loss for the quarter ended June 30, 2025 was primarily driven by the above noted $3.8 million in litigation settlements in the quarter end June 30, 2024 and the favorable impact of $2.0 million of foreign currency transaction gains in the quarter ended June 30, 2025.

Cash and Cash Equivalents

As of June 30, 2025, Y-mAbs had approximately $62.3 million in cash and cash equivalents. The Company continues its efforts to be capital efficient in its operations.

In light of the pending transaction, Y-mAbs will not be holding a webcast and conference call to discuss its second quarter 2025 results.