Y-mAbs Therapeutics, Inc.: restructuring charge — Y-mAbs restructures after FDA CRL; cuts workforce 35%, 2023 revenue guidance $60-65M

Y-mAbs Therapeutics, Inc.

Workforce reduction of ~35%; estimated restructuring charges of $5.0M including $3M severance and $2M stock-based comp.
2023 operating expenses guided to $115-120M, a 28% reduction vs. prior 2022 guidance of $162-167M.
Cash runway extended into Q1 2026; estimated 2023 cash burn $50-55M on year-end cash of ~$106M.
DANYELZA net product revenue expected $60-65M in 2023, up from ~$47-48M in 2022.
Deprioritizes omburtamab, GD2-GD3 vaccine, and CD33 bispecific constructs after FDA CRL.

item 2.02 item 2.05 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Y-mAbs Therapeutics, Inc. reported fiscal year ended December 31, 2022 results: revenue approximately $47-48 million.

Period: fiscal year ended December 31, 2022
Revenue: approximately $47-48 million
Result: preliminary results

Exact text from the filing

the Company announced certain preliminary unaudited results for fiscal year ended December 31, 2022. In particular, the Company expects its cash and cash equivalents as of December 31, 2022 to be approximately $106.0 million and DANYELZA net product revenues for 2022 to be approximately $47-48 million.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Y-mAbs Therapeutics, Inc. reported fiscal year 2023 results: revenue approximately $60-65 million. Guidance lowered.

Period: fiscal year 2023
Revenue: approximately $60-65 million
Guidance: lowered
Result: guidance update

Exact text from the filing

Estimated DANYELZA net product revenues for the 2023 fiscal year are expected to be between $60-65 million,

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Y-mAbs Therapeutics, Inc. announced a restructuring with charges of approximately $5.0 million affecting its development and commercial organization (approximately 35%).

Type: restructuring
Charge: approximately $5.0 million
Affected area: its development and commercial organization
Headcount: approximately 35%

Exact text from the filing

As a result of the reduction in workforce and revised business plan, the Company expects to incur restructuring expenses of approximately $5.0 million, consisting predominantly of cash related notice and severance payments of approximately $3.0 million and acceleration of stock-based compensation of approximately $2.0 million.

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Source: SEC EDGAR

accession 0001104659-23-000896

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