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Y-mAbs Therapeutics, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in product revenue to $18.5 million from $19.9 million in the same quarter the previous year. The decrease is attributed to reduced sales in international markets and the United States.
Cost of goods sold for the quarter was $2.2 million, representing 12% of sales, compared to 13% in the same quarter of the previous year. This slight decrease is due to lower vial volumes and inventory write-downs in the previous year.
The company reported a net loss of $7.0 million for the quarter, compared to $7.7 million in the previous year. The decrease in net loss is attributed to reduced research and development expenses.
Research and development expenses were $11.2 million, down from $15.4 million, primarily due to the recognition of milestone and license acquisition costs in the previous year.
Selling, general, and administrative expenses increased to $13.6 million from $10.2 million, primarily due to separation and consulting agreements with the former Chief Financial Officer and increased personnel costs.
Interest and other income for the quarter was $1.9 million, up from $0.2 million, mainly due to foreign currency transactional gains.
Y-mAbs had cash and cash equivalents of $68.1 million as of September 30, 2024. The company expects its cash resources, combined with anticipated DANYELZA revenues, to support operations into 2027.
The filing also details various legal proceedings, including a shareholder class-action lawsuit settlement and a lawsuit regarding director compensation.
Y-mAbs continues to focus on the commercialization of DANYELZA and the development of its SADA PRIT Technology platform, with ongoing clinical trials and research efforts.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Y-mAbs Therapeutics Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.