Y-mAbs Therapeutics says CEO to quit, issues Danyelza revenue guidance

Apr. 27, 2022 4:11 PM ETY-mAbs Therapeutics, Inc. (YMAB)By: Jessica Kuruthukulangara, SA News Editor
  • Y-mAbs Therapeutics (NASDAQ:YMAB) said Wednesday CEO Claus Moller stepped down from his role and as board member, effective immediately.
  • Thomas Gad - YMAB's founder, chairman and president - assumed the role of interim CEO and board member.
  • Gad also stepped down as chairman and Jim Healy, current chair of the compensation committee, has been appointed as the new chairman.
  • YMAB has begun a search for Moller's successor.
  • Q1 revenue for Danyelza, YMAB's cancer treatment, was $10.5M, up 9% sequentially.
  • YMAB expects 2022 Danyelza revenue of $45M-50M.
  • "Financially, as of Mar. 31, we believe we are well-positioned with $156.7M in cash that provides a runway to mid-2024," said Gad.
  • The biologics license application for monoclonal antibody omburtamab was resubmitted on Mar. 31 and is currently under review with the FDA.
  • Once it is approved, YMAB will be entitled to receive a priority review voucher.
  • Proceeds from monetizing such voucher and potential omburtamab revenues are not included in the guidance.
  • YMAB also adjusted its operating expenses to $162M-167M for 2022 and a net cash burn of $78M-83M.

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