Y-mabs Therapeutics, Inc. has reported its financial results for the second quarter of 2024, showcasing notable developments and achievements. The company's total net product revenues for the quarter were $22.8 million, representing a 10% increase compared to the same period in 2023. This growth was primarily driven by increased international revenues, with international Danyelza net product revenues reaching $7.6 million, marking a significant 55% increase over the previous year.
In contrast, U.S. Danyelza net product revenues experienced a 4% decline, amounting to $15.2 million for the second quarter of 2024. This decrease was attributed to a volume reduction due to the launch of competing therapy in another class of agents and ongoing clinical trial activities.
The company's total net product revenue for the first six months of 2024 amounted to $42.2 million, reflecting a 3% increase compared to the same period in 2023. Notably, Y-mabs delivered Danyelza to 65 centers across the U.S. by the end of June 2024, with two new accounts added during the second quarter. Furthermore, approximately 67% of the vials sold in the U.S. during the quarter were distributed outside of Memorial Sloan Kettering Cancer Center, indicating a broadening market presence.
Y-mabs did not record license revenue for the second quarter of 2024. However, for the first six months of 2024, the company received $0.5 million in license revenues from its distribution partner, Adium, related to the acceptance of the price for Danyelza in Brazil.
Moving to operating costs and expenses, the cost of goods sold for the quarter and six months ended June 30, 2024, decreased compared to the same periods in 2023, resulting in improved gross margins. Research and development expenses remained relatively flat, as did interest and other income. However, selling, general, and administrative expenses saw a notable increase, primarily due to the net impact of legal settlements during the second quarter of 2024.
Despite the revenue growth, Y-mabs reported a net loss of $9.2 million for the second quarter of 2024, compared to a net loss of $6.3 million in the same period the previous year. Similarly, for the first six months of 2024, the company reported a net loss of $15.9 million, as compared to $12.7 million in the corresponding period in 2023. The increase in net loss was primarily driven by charges related to legal settlements.
As of June 30, 2024, Y-mabs held approximately $77.8 million in cash and cash equivalents, with a cash burn of $0.8 million in the first half of the year. The company anticipates that its cash and cash equivalents, together with expected Danyelza product revenues, will support operations as planned into 2027.
Looking ahead, Y-mabs has updated its full-year 2024 guidance, with anticipated total net revenues expected to range between $87 million and $95 million. Operating expenses are projected to remain between $115 million and $120 million, with total annual cash burn anticipated to range between $15 million and $20 million.
The market has reacted to these announcements by moving the company's shares -1.1% to a price of $11.21. If you want to know more, read the company's complete 8-K report here.
