Breaking Down Y-mAbs Therapeutics, Inc. (YMAB) Financial Health: Key Insights for Investors

You're looking at Y-mAbs Therapeutics, Inc. (YMAB) right now and wondering how to weigh a commercial-stage biotech's financials against a pending acquisition-it's a classic investor dilemma. The direct takeaway is that the company's near-term valuation is dominated by the $412.0 million transaction with SERB Pharmaceuticals, expected to close by the fourth quarter of 2025, but you still need to understand the underlying business health for a complete picture. To be fair, the core product, DANYELZA, is still driving revenue, hitting $40.4 million in total revenues for the first half of 2025, even as the company manages a Q1 2025 net loss of $5.2 million. That figure is defintely manageable given their cash position of $62.3 million as of June 30, 2025, but the real question is how the buyer sees the value in the pipeline; the market is pricing this deal, so you need to look past the analyst consensus of $84.47 million in full-year 2025 revenue and focus on the strategic rationale for the buyout, plus the execution risk before closing.

Revenue Analysis

You need to know where Y-mAbs Therapeutics, Inc. (YMAB)'s money is actually coming from to gauge the stability of its growth story. The short answer is that nearly all of YMAB's revenue is tied to one product, the neuroblastoma treatment DANYELZA (naxitamab-gqgk), and the geographic mix is shifting dramatically, which introduces a new layer of risk and opportunity.

For the full fiscal year 2025, Y-mAbs Therapeutics, Inc. is guiding for total revenue between $75 million and $90 million, which is a realistic range given the market dynamics, but it's not a stellar growth projection compared to prior years. The primary revenue source is DANYELZA net product sales, with a very small contribution from license revenue-just $0.5 million in the first half of 2025 (H1 2025).

Here's the quick math on the first half of 2025: Total revenues for the six months ended June 30, 2025, were $40.4 million, a 5% decrease from the same period in 2024. That's a clear deceleration. The year-over-year (YoY) revenue trend is choppy, which you defintely need to factor into your discounted cash flow (DCF) model.

• Q1 2025 total revenue grew 5% YoY to $20.9 million.
• Q2 2025 total revenue fell 14% YoY to $19.5 million.
• The net product revenue growth rate is uneven.

The company has strategically separated its operations into two business segments: DANYELZA and Radiopharmaceuticals. Right now, DANYELZA is the only commercial product, meaning it contributes virtually 100% of the net product revenue. The Radiopharmaceuticals segment, which includes promising platforms like the GD2-SADA and CD38-SADA pretargeted radioimmunotherapy, is a pure research and development pipeline, so it contributes no commercial revenue today.

The significant change in the revenue stream is the diverging performance between the U.S. and ex-U.S. markets for DANYELZA. The U.S. market is facing headwinds, mainly from patient enrollment in competing clinical studies and general market competition.

In Q1 2025, U.S. DANYELZA revenue tanked by 28% YoY to $13.4 million, but ex-U.S. sales surged to $7.5 million on the back of a named-patient program in Western Asia and new initiatives in Eastern Asia and Latin America. What this estimate hides is the potential volatility of ex-U.S. sales, which are often driven by large, one-time stock-ins. That volatility showed up in Q2 2025, where ex-U.S. DANYELZA revenue dropped to $4.7 million, a decrease of $2.9 million from Q2 2024. The U.S. market still contributed more, at $14.3 million in Q2 2025, but that was still a 6% decrease YoY. The key takeaway is that international sales are the swing factor right now.

To understand the investor profile behind these revenue shifts, you should be Exploring Y-mAbs Therapeutics, Inc. (YMAB) Investor Profile: Who's Buying and Why?

Profitability Metrics

You're looking for a clear picture of Y-mAbs Therapeutics, Inc.'s (YMAB) financial engine, and the profitability metrics tell a story of high operational efficiency but a continued journey toward net profitability. The short takeaway is that YMAB maintains a strong gross margin well above 80%, which is excellent for a commercial-stage biotech, but its significant investment in research and development (R&D) and selling, general, and administrative (SG&A) expenses keeps the company in a net loss position, which is defintely common in this sector.

For the trailing twelve months (TTM) ending around mid-2025, YMAB reported total revenues of approximately $87.69 million. Here's the quick math on the key margins, which shows where the money is being made and where it's being spent.

Gross, Operating, and Net Profit Margins

The Gross Profit Margin is the company's biggest strength. At approximately 79.35% on a TTM basis, it shows YMAB is highly efficient at manufacturing and distributing its flagship product, DANYELZA. This is a crucial indicator of pricing power and cost management in production. However, once you factor in the massive costs of running a biopharmaceutical company-R&D, clinical trials, and commercialization efforts-the picture shifts dramatically.

The Operating Profit Margin of -20.65% and the Net Profit Margin of -25.34% reflect the reality of a growth-focused biotech. The loss from operations for the six months ended June 30, 2025, was $12.1 million, which is a significant improvement from the $16.7 million loss in the same period a year prior, showing a positive trend in controlling non-production costs. They are spending heavily to fuel future growth; that's the simple truth.

Trends and Operational Efficiency

The trend in YMAB's profitability is one of improving efficiency, though revenue growth has been mixed. Gross Margin has been consistently high, hovering around 86% for the first half of 2025 (H1 2025), compared to 88% in H1 2024. This slight dip is primarily due to increased production costs and a shift in product sales mix toward regions with lower gross margins. Still, an 86% margin is fantastic. The real efficiency gain is visible in the shrinking net loss. The Net Loss for the quarter ended June 30, 2025, was $3.2 million, a sharp reduction from the $9.2 million loss in the comparable quarter of 2024. This isn't just revenue growth; it's smart cost management in SG&A and R&D, which they strategically reduced to accelerate their radiopharmaceutical platform.

• Gross Margin is elite, consistently around 86%.
• Net Loss is shrinking, showing better cost control.
• Operational focus shifted, including a workforce reduction of up to 13% for greater capital efficiency.

Industry Comparison: A Reality Check

To be fair, YMAB's negative profit margins are not an outlier; they are standard for a commercial-stage biotechnology company still investing heavily in its pipeline. The industry average for Biotechnology, as of November 2025, shows an Average Gross Profit Margin of 86.3% and an Average Net Profit Margin of -177.1%.

Here's the key takeaway on the comparison:

• YMAB's Gross Margin (79.35% TTM) is slightly below the industry average (86.3%) but still indicates premium product pricing power.
• YMAB's Net Profit Margin (-25.34% TTM) is dramatically better than the industry average of -177.1%, suggesting YMAB is much closer to breakeven than the typical biotech firm.

The company is managing its cash burn effectively, with its cash position expected to support operations into 2027. This is a critical point for investors, as it buys them time to execute on their clinical milestones. If you want to dig deeper into the market sentiment, you should be Exploring Y-mAbs Therapeutics, Inc. (YMAB) Investor Profile: Who's Buying and Why?

Next Step: Strategy Team: Map the projected R&D spend for the SADA PRIT platform against the cash runway to confirm the 2027 projection by the end of the month.

Debt vs. Equity Structure

You need a clear picture of how Y-mAbs Therapeutics, Inc. (YMAB) funds its operations, especially in the high-burn, development-heavy biotechnology space. The direct takeaway is that Y-mAbs Therapeutics, Inc. has a minimal debt load, but its capital structure reflects the inherent financial risk of a commercial-stage biotech with a history of losses, which is now being addressed by a major acquisition.

As of June 2025, Y-mAbs Therapeutics, Inc.'s total debt is remarkably low at just $3.12 million USD. This figure represents the sum of all current and non-current (long-term) debts, indicating the company is not relying on traditional bank loans or bonds to fuel its growth. For a commercial-stage company, this low debt level means almost no interest expense drag, which is a significant advantage in a rising-rate environment. They simply aren't carrying a heavy interest burden.

The company's debt-to-equity (D/E) ratio, which measures how much debt a company uses to finance its assets relative to the value of shareholders' equity, stood at a negative -67.63% as of the quarter ending June 2025. This negative ratio is a common sign in early-to-mid-stage biotechnology firms. It means the company has an accumulated deficit-total losses over time-that is greater than the capital raised from investors, resulting in negative stockholders' equity. It's not a sign of imminent default, but rather a reflection of the capital-intensive nature of drug development before significant, sustained profitability. The industry average for Biotechnology is typically low, around 0.17 in the US, so Y-mAbs Therapeutics, Inc.'s minimal debt is in line with the sector's preference for equity, but the negative equity is a flag for cumulative losses.

Y-mAbs Therapeutics, Inc. has historically favored equity funding (selling shares) to finance its research and development (R&D) pipeline, which is a smart move for a company with unpredictable cash flow. Equity offers flexibility; debt demands fixed payments. To be fair, they explicitly stated in their Q1 2025 filing that they may raise additional capital through debt or equity to fund future operations. Here's the quick math on their capital structure choice:

• Low debt means low fixed financial obligations.
• High reliance on equity dilutes existing shareholders but manages cash flow risk.
• This structure is typical for a company focused on drug commercialization and R&D.

However, the entire conversation about their financing strategy was fundamentally altered in August 2025. Y-mAbs Therapeutics, Inc. announced it had entered a definitive agreement to be acquired by affiliated entities of SERB Pharmaceuticals for an equity value of $412.0 million. This transaction, expected to close by the fourth quarter of 2025, effectively provides the ultimate liquidity and financing event for the company, bypassing the need for any significant near-term debt issuances or complex refinancing activities. The pending acquisition is the most critical financial development this year.

For a deeper dive into their operational performance, you can read the full post: Breaking Down Y-mAbs Therapeutics, Inc. (YMAB) Financial Health: Key Insights for Investors

Liquidity and Solvency

You need to know if Y-mAbs Therapeutics, Inc. (YMAB) has the cash to keep the lights on and fund its pipeline, and the short answer is yes, they do, especially with the pending acquisition. The company's liquidity position is strong, demonstrated by high current and quick ratios, but like many biotechs, it still relies on its cash reserves to cover negative operating cash flow.

The core of Y-mAbs Therapeutics, Inc.'s short-term financial strength lies in its high liquidity ratios. As of the latest trailing twelve months (TTM) data, the Current Ratio sits at a comfortable 4.00, and the Quick Ratio is also very strong at 3.58. A current ratio of 4.00 means the company has four dollars in current assets for every one dollar of current liabilities. Honestly, anything above 1.5 is usually fine, so this is defintely a major strength.

This high liquidity is typical for a commercial-stage biotech that has successfully raised capital and is managing its burn rate. The Quick Ratio, which strips out inventory-often illiquid in a biotech-at 3.58, confirms that the company can cover its immediate short-term debts with just its most liquid assets, like cash and accounts receivable. This is a very clean balance sheet signal.

Working capital trends, however, tell a dual story. While the ratios are superb, the company is still in a cash-consuming phase. The cash and cash equivalents balance was approximately $62.3 million as of June 30, 2025. This is a healthy buffer, but the cash flow statements reveal the underlying reality of funding R&D. Here's the quick math on the cash burn:

• Operating Cash Flow (LTM): -$17.80 million
• Free Cash Flow (LTM): -$17.92 million

The negative operating cash flow of $17.80 million over the last twelve months shows the company is still investing heavily in its future, specifically its SADA PRIT platform and the commercialization of DANYELZA. This is a normal part of the biotech life cycle, but it means the cash balance is a finite resource. Management had previously guided that this cash runway would support operations into 2027.

What this estimate hides is the massive near-term opportunity that changes the entire liquidity picture: the pending acquisition. On August 5, 2025, Y-mAbs Therapeutics, Inc. announced a definitive agreement to be acquired by SERB Pharmaceuticals in a transaction valued at $412.0 million. The deal is expected to close by the fourth quarter of 2025. This acquisition completely eliminates any near-term liquidity concerns for shareholders, as the company will be taken private, and they will receive $8.60 per share in cash. The liquidity question is essentially solved by a buyout. For a deeper dive on the market's reaction and who is buying, you should check out Exploring Y-mAbs Therapeutics, Inc. (YMAB) Investor Profile: Who's Buying and Why?

Valuation Analysis

You're looking at Y-mAbs Therapeutics, Inc. (YMAB) and wondering if the market has it right. The direct takeaway is that Y-mAbs is a growth-stage biotech, so traditional valuation metrics like P/E are skewed by losses, but its Price-to-Book (P/B) ratio suggests a premium, while analyst consensus is mixed, leaning toward a 'Hold' or 'Reduce' based on recent targets.

As of November 2025, Y-mAbs Therapeutics, Inc. is trading at approximately $8.61 per share, giving it a market capitalization of roughly $391.22 million. The Enterprise Value (EV), which accounts for both equity and debt, stands at about $332.06 million. This is a company still in its commercialization phase, so we need to look past the simple numbers.

The company does not pay a dividend, which is standard for a biopharmaceutical company focused on reinvesting capital into R&D and commercialization; the dividend yield is N/A. This means your return is purely tied to stock price appreciation, not income.

Here's the quick math on key valuation ratios for the 2025 fiscal year:

• Price-to-Earnings (P/E) Ratio: This is negative, around -17.56, because the company has a trailing twelve-month (TTM) loss per share of -$0.49. A negative P/E is common for biotechs and tells you nothing about being over- or undervalued; it just confirms they are not yet profitable.
• Price-to-Book (P/B) Ratio: The P/B ratio is 4.47. This is a significant premium over 1.0, suggesting investors are willing to pay over four times the company's net asset value, betting heavily on the future success of their drug pipeline (like DANYELZA® and the SADA platform).
• Enterprise Value-to-EBITDA (EV/EBITDA): This is also negative, at approximately -15.86, for the same reason as the P/E ratio-negative earnings before interest, taxes, depreciation, and amortization (EBITDA).

What this estimate hides is the potential for a rapid shift to profitability if their lead product, DANYELZA, continues to grow revenue or if their pipeline assets mature. You can dive deeper into the company's core business by Exploring Y-mAbs Therapeutics, Inc. (YMAB) Investor Profile: Who's Buying and Why?

Stock Price Trajectory and Analyst Sentiment

The stock has seen significant volatility over the last 12 months, which is typical for the biotech sector. The 52-week price range has been between a low of $3.55 and a high of $16.11. Trading near the middle of this range, the stock price has actually fallen by approximately -37.34% over the last 52 weeks, reflecting market skepticism or pipeline setbacks earlier in the year. Still, the stock is up significantly from its 52-week low.

Analyst consensus is not defintely a 'Buy' or 'Sell,' but rather a cautious mix. Out of the 10 Wall Street analysts covering Y-mAbs Therapeutics, Inc., the general consensus rating is 'Reduce,' with 2 Sell ratings and 8 Hold ratings recorded over the last year. However, a more recent view from 7 analysts suggests a 'Buy' consensus, with 43% recommending a Hold and 43% recommending a Strong Buy or Buy.

The average 12-month price target is set at $9.62, which represents an approximate 11.8% upside from the current price of $8.61. The targets themselves range widely, from a low of $3.00 to a high of $17.00, which shows how divided the market is on this stock's binary risk/reward profile. The risk is high, but the potential reward is also significant.

Risk Factors

You're looking at Y-mAbs Therapeutics, Inc. (YMAB) right now, and the first thing you have to understand is that the near-term risk profile is almost entirely overshadowed by the pending acquisition. The biggest risk isn't a clinical trial failure; it's the deal itself.

The company is set to be acquired by SERB Pharmaceuticals in an all-cash transaction valued at approximately $412.0 million, expected to close by the fourth quarter of 2025. If this deal falls apart-due to regulatory hurdles, a financing issue, or a material adverse change-the stock would defintely re-price lower, instantly erasing the premium SERB offered. That's your single most important risk right now. The underlying business risks only become the primary focus again if the deal fails.

Operational and Financial Headwinds

Even with the acquisition news, the company's core business still presents classic biotech risks. The financial health, while improving in profitability, shows sales volatility and a reliance on a single commercial product, DANYELZA (naxitamab-gqgk). The company reported a net loss of $3.2 million in Q2 2025, a significant improvement from the prior year, but it's still a loss. Here's the quick math on the product risk:

• U.S. DANYELZA net product revenues dropped by 28% year-over-year in Q1 2025, signaling competitive and reimbursement headwinds in the domestic market.
• Total revenues for the first half of 2025 were $40.4 million, a 5% decrease from the same period in 2024, driven by a $6.1 million decrease in U.S. DANYELZA net product revenues.
• The gross margin for the first six months of 2025 was 86%, a slight dip from 88% in 2024, primarily due to increased production costs.

Plus, like all biopharma companies, Y-mAbs Therapeutics, Inc. is subject to the regulatory pathway risk. The success of their novel Self-Assembly DisAssembly Pre-targeted Radioimmunotherapy (SADA PRIT) platform depends entirely on positive clinical trial data and eventual FDA approval, which is a long, expensive, and uncertain process.

External and Strategic Risks

The broader market environment adds another layer of external risk. You are seeing pricing pressures from healthcare reforms, general inflation, and geopolitical uncertainties impacting global sales. For example, the Q2 2025 net product revenue of $19.52 million saw a decline of 17% compared to the same quarter in the previous year, partly due to reduced stocking orders in Western Europe and Eastern Asia. The company is navigating a tough global landscape, but still projects full-year 2025 total revenues between $75 million and $90 million.

The reliance on their intellectual property (IP) is also a constant threat. If their patents for DANYELZA or the SADA PRIT platform are challenged or expire, it would immediately open the door to competition, gutting their revenue stream. You should always read the Mission Statement, Vision, & Core Values of Y-mAbs Therapeutics, Inc. (YMAB). to understand the long-term vision they are selling.

Mitigation Strategies and Actions

Management has proactively taken steps to mitigate these risks, both financially and operationally. The most significant move is the strategic realignment announced in January 2025, which created two focused business units: Radiopharmaceuticals and DANYELZA. This is a smart move to accelerate the high-potential SADA PRIT platform while optimizing the existing commercial product.

The company also implemented cost-saving measures, including a workforce reduction of up to approximately 13% and a shift of some roles from Denmark to the U.S. to improve coordination. These actions helped reduce Research and Development (R&D) expenses to $11.1 million in Q2 2025, down from $12.3 million in Q2 2024. As of June 30, 2025, Y-mAbs Therapeutics, Inc. had cash and cash equivalents of $62.3 million, which management anticipates will support operations into 2027, assuming the current business plan holds.

The ultimate mitigation, though, is the pending acquisition by SERB Pharmaceuticals. That transaction, if successful, shifts the risk from a small-cap biotech navigating clinical and commercial hurdles to an integration risk under a larger, private entity.

Next Step: Monitor the SERB Pharmaceuticals transaction closing conditions and timeline daily; this is the only variable that truly matters for the next 90 days.

Growth Opportunities

You're looking for a clear path forward with Y-mAbs Therapeutics, Inc. (YMAB), and the biggest near-term opportunity isn't a pipeline drug-it's the acquisition. The definitive agreement for SERB Pharmaceuticals to acquire Y-mAbs, announced on August 5, 2025, for an equity value of $412.0 million, completely reframes the investment thesis. This transaction, expected to close by the fourth quarter of 2025, shifts the focus from long-term clinical risk to a short-term, high-confidence closing event, though the underlying growth drivers still matter for the acquiring company.

For the 2025 fiscal year, Y-mAbs management guided for total revenue between $75 million and $90 million. Analyst consensus, as of May 2025, sat near the middle of that range at $82.49 million, with an expected full-year Earnings Per Share (EPS) of -$0.98. The cash position remains a watchpoint: the company had approximately $62.3 million in cash and cash equivalents as of June 30, 2025. The good news is that the company's net loss improved in Q1 2025 to $5.2 million, down from the prior year.

Key Growth Drivers and Product Innovation

The core of Y-mAbs' growth rests on two pillars, which is why the company strategically realigned its operations into two distinct business units in early 2025: DANYELZA and Radiopharmaceuticals. The commercial product, DANYELZA (naxitamab-gqgk), is a key competitive advantage, being the only FDA-approved treatment for high-risk relapsed/refractory neuroblastoma in the bone or bone marrow.

The real long-term potential, however, is in the Radiopharmaceuticals unit, specifically the Self-Assembly DisAssembly Pre-targeted Radioimmunotherapy (SADA PRIT) platform. This is defintely a next-generation approach. It's designed to deliver a high therapeutic radiation dose directly to the tumor while minimizing off-target exposure to healthy tissue, a major limitation of traditional radioimmunotherapy.

• DANYELZA Expansion: Driving ex-U.S. growth through new marketing initiatives in Eastern Asia and Latin America, plus a successful named patient program in Western Asia, which started in late 2024.
• SADA PRIT Pipeline: The platform is being evaluated in multiple clinical trials, including the GD2-SADA Phase 1 trial for adults with solid tumors and the CD38-SADA Phase 1 trial for relapsed/refractory non-Hodgkin lymphoma, with the first patient dosed in Q1 2025.
• Strategic Partnerships: Enhanced collaboration with distribution partners like SciClone is critical for expanding the DANYELZA footprint, especially ex-U.S..

Here's the quick math: the company's revenue guidance of $75M to $90M is largely dependent on DANYELZA sales, but the $412.0 million acquisition price reflects a premium on the future value of the SADA PRIT platform and its potential to target multiple cancers. You can read more about the company's long-term vision here: Mission Statement, Vision, & Core Values of Y-mAbs Therapeutics, Inc. (YMAB).

Financial Projections and Near-Term Action

While the company is still operating at a loss, the strategic realignment and the promise of SADA PRIT were the key drivers before the acquisition news. The table below outlines the consensus financial expectations for 2025, which were the basis for valuation prior to the SERB Pharmaceuticals deal.

What this estimate hides is the certainty of the acquisition. The primary action for an investor now is to monitor the closing of the SERB transaction. If the deal closes, the stock price will converge to the acquisition price, making it an arbitrage play, not a growth investment. If the deal falters, the focus immediately snaps back to DANYELZA's market share (which saw a 28% decrease in U.S. revenue year-over-year in Q1 2025) and the clinical data from the SADA platform trials.