Y-mAbs Therapeutics, Inc. (YMAB): History, Ownership, Mission, How It Works & Makes Money

How do you value a biotech company that just sold itself for a 105% premium while still projecting a full-year revenue guidance between $75 million and $90 million for 2025? Y-mAbs Therapeutics, Inc. (YMAB) is a fascinating case study, a commercial-stage biopharmaceutical company whose core mission is to become a world leader in novel cancer treatments, primarily through its FDA-approved neuroblastoma drug DANYELZA and its innovative SADA PRIT (Self-Assembly DisAssembly Pre-targeted Radioimmunotherapy) platform. The company's story is at a critical inflection point, especially since SERB Pharmaceuticals announced its plan to acquire Y-mAbs for an equity value of approximately $412.0 million in August 2025, a move that values its strategic assets far beyond its prior $190 million market capitalization.

Y-mAbs Therapeutics, Inc. (YMAB) History

You want to understand the foundation and trajectory of Y-mAbs Therapeutics, Inc., and the story is one of personal mission driving a commercial-stage biotech. The company's evolution is a clear case of translating a deeply personal fight against pediatric cancer into a focused, two-pronged commercial and clinical strategy, culminating in a major acquisition in 2025.

Given Company's Founding Timeline

Year established

Y-mAbs Therapeutics, Inc. was founded in 2015, though its inception began in 2014, driven by a founder's experience with his daughter's treatment for high-risk neuroblastoma.

Original location

The company was initially headquartered in New York, NY, securing its early intellectual property and clinical collaborations with institutions like Memorial Sloan Kettering Cancer Center (MSK).

Founding team members

The core founding team includes Thomas Gad, who serves as Founder, Chairman, President, and Head of Business Development, and Claus Moller, who was the initial Chief Executive Officer. Gad's personal connection to the disease was the catalyst, and Moller brought extensive biotech experience from companies like Genmab.

Initial capital/funding

While the exact seed capital amount isn't public, the company secured executive management and seed capital for its inception. Y-mAbs Therapeutics has since raised a total funding of approximately $90 million to $115 million across its early rounds to fuel its pipeline development.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The company's path has been defined by a few sharp, decisive turns, moving from a clinical-stage developer to a commercial player, and then embracing a new, high-potential platform before its acquisition.

The 2020 FDA approval of DANYELZA was the first major pivot. It validated the company's core technology and provided a commercial revenue stream, which is critical for a biotech. For the first quarter of 2025, DANYELZA net product revenues hit $20.9 million, showing solid commercial performance.

In early 2025, the internal realignment was a clear strategic shift. Management saw the potential in their Self-Assembly DisAssembly Pre-targeted Radioimmunotherapy (SADA PRIT) platform-a novel way to deliver a high therapeutic radiation dose while minimizing off-target exposure.

• Dosed the first patient in the Phase 1 CD38-SADA trial (Trial 1201) in Q1 2025, targeting relapsed/refractory non-Hodgkin Lymphoma.
• Projected full-year 2025 total revenues are between $75 million and $90 million, demonstrating continued commercial confidence despite pipeline investment.
• The ultimate transformative moment was the August 2025 acquisition announcement by SERB Pharmaceuticals for $8.60 per share in cash, a 105% premium to the prior closing price. This move secures the future of DANYELZA and the SADA PRIT platform under a larger global specialty pharmaceutical umbrella.

To be fair, the company was still managing its cash burn, with a net loss of $5.2 million in Q1 2025, but the acquisition simplifies the capital structure. You can read more about the company's core values here: Mission Statement, Vision, & Core Values of Y-mAbs Therapeutics, Inc. (YMAB).

Y-mAbs Therapeutics, Inc. (YMAB) Ownership Structure

The ownership structure of Y-mAbs Therapeutics, Inc. is now straightforward: the company is a wholly owned subsidiary of the global specialty pharmaceutical company, SERB Pharmaceuticals, following a definitive acquisition that closed in September 2025. This transition means the former public equity structure has been completely dissolved, shifting control to a private entity.

Given Company's Current Status

As of November 2025, Y-mAbs Therapeutics, Inc. is no longer a publicly traded entity. SERB Pharmaceuticals successfully completed its all-cash acquisition, valued at approximately $412 million, on September 16, 2025. This transaction effectively took the company private, and its stock was delisted from the Nasdaq Global Select Market (YMAB) on that date. This move provides Y-mAbs with immediate capital certainty and integrates its commercial asset, DANYELZA (naxitamab-gqgk), and its radiopharmaceutical pipeline into SERB's larger global rare oncology portfolio. Honestly, the acquisition provides a clear path forward for the company's expensive clinical development programs, which is a win for stability.

The deal paid former Y-mAbs stockholders $8.60 per share in cash, representing a significant premium of approximately 105% over the closing price just before the August 2025 announcement. You can find a deeper dive into the shareholder implications at Exploring Y-mAbs Therapeutics, Inc. (YMAB) Investor Profile: Who's Buying and Why?

Given Company's Ownership Breakdown

The current ownership structure reflects the completion of the merger, which converted all outstanding shares into the right to receive cash consideration. The table below shows the definitive equity control as of November 2025, with the parent company, SERB Pharmaceuticals, now holding 100% of the equity.

Given Company's Leadership

The leadership structure is currently transitioning as Y-mAbs Therapeutics integrates as a subsidiary within the larger SERB Pharmaceuticals organization, which is a portfolio company of Charterhouse Capital Partners. While the day-to-day operations are still managed by key personnel, the ultimate governance and strategic direction now flow from SERB's executive team, including CEO Vanessa Wolfeler.

The executive team that steered Y-mAbs through the acquisition included:

• Michael Rossi: President and Chief Executive Officer (CEO) at the time of the merger agreement.
• Bo Kruse: Chief Financial Officer (CFO).
• Thomas Gad: Founder, Vice Chairman of the Board of Directors, and Chief Business Officer (CBO).

It's defintely worth noting the immediate post-acquisition movements, such as Dr. Vignesh Rajah, the former SVP, Chief Medical Officer of Y-mAbs, who was appointed as the new Chief Medical Officer of the parent company, SERB Pharmaceuticals, on November 17, 2025. This shows a clear integration of high-level talent into the acquiring company's core leadership.

Y-mAbs Therapeutics, Inc. (YMAB) Mission and Values

Y-mAbs Therapeutics, Inc. is fundamentally driven by a patient-first mandate: to rapidly bring novel cancer therapies, particularly for children, from the lab to the clinic. This core purpose is the cultural DNA that guides their investment of over $22.5 million in R&D during the first half of 2025 alone, demonstrating a clear prioritization of pipeline advancement over immediate cost-cutting.

Given Company's Core Purpose

You're looking for what truly motivates a biopharma company beyond quarterly earnings, and for Y-mAbs Therapeutics, it's rooted in the personal experience of its founder. The company's focus is on addressing high unmet medical needs, especially in pediatric oncology, which is why their lead commercial product, DANYELZA (naxitamab-gqgk), is the first FDA-approved treatment for relapsed or refractory high-risk neuroblastoma in the bone or bone marrow.

Official mission statement

The company's mission is a clear, actionable statement of intent. It's not just about research; it's about the full cycle of patient impact.

• Discover, develop, and deliver novel antibody therapeutics for the treatment of both pediatric and adult cancer patients.
• Bring important new cancer therapies to patients as quickly as possible.
• Improve and extend people's lives.

Here's the quick math: with total revenues of $19.5 million in the second quarter of 2025, the dedication of $11.1 million to R&D in that same quarter shows a significant portion of their commercial success is immediately reinvested into their core mission of development.

Vision statement

A vision statement maps out the long-term aspiration-where the company wants to be. For Y-mAbs Therapeutics, this is about global leadership and setting a new standard in treatment quality.

• Become the world leader in developing better and safer antibody-based oncology products.
• Improve the survival and quality of life for patients with cancer.

This vision pushes the firm to continue advancing platforms like the Self-Assembly DisAssembly (SADA) Pretargeted Radioimmunotherapy Platform (PRIT), which is designed to improve traditional radioimmunotherapy by minimizing off-target exposure. It's defintely a high bar.

Core Values

The company culture is built on a few non-negotiable principles that ensure their mission translates into ethical and effective execution.

• Integrity: A core value that underpins all development and commercial activities.
• Patient-Centricity: A commitment to bringing new therapeutics to market to save and improve patients' lives, which is the strong motivation for employees.
• Excellence and Execution: Fostering a culture where employees are focused on clear priorities and passionate about advancing programs.
• Teamwork: Working cross-functionally and internationally as one team to maximize competencies.

If you want to dive deeper into the financial mechanics that support this mission, you can check out Breaking Down Y-mAbs Therapeutics, Inc. (YMAB) Financial Health: Key Insights for Investors.

Given Company slogan/tagline

Y-mAbs Therapeutics does not use a formal, short-form slogan or tagline in its public-facing corporate materials. Their identity is conveyed through their product names and the descriptive nature of their mission, often summarized by the phrase, 'Immunotherapies for Life,' which speaks to their focus on antibody-based treatments.

Y-mAbs Therapeutics, Inc. (YMAB) How It Works

Y-mAbs Therapeutics, Inc. operates as a commercial-stage biopharmaceutical company that creates value by developing and commercializing novel, targeted antibody-based treatments for cancer, primarily focusing on pediatric and adult solid tumors. The company's strategy centers on maximizing sales of its approved product, DANYELZA, while rapidly advancing its proprietary Self-Assembly DisAssembly (SADA) Pretargeted Radioimmunotherapy (PRIT) platform to diversify its revenue streams and address high-unmet-need cancers.

Y-mAbs Therapeutics, Inc.'s Product/Service Portfolio

The company's core business model in 2025 is a dual-engine approach: a commercial product driving near-term revenue and a platform technology building the future pipeline. This is a crucial distinction for investors to grasp. For more on the company's long-term goals, you can review its Mission Statement, Vision, & Core Values of Y-mAbs Therapeutics, Inc. (YMAB).

Y-mAbs Therapeutics, Inc.'s Operational Framework

You're seeing Y-mAbs Therapeutics move aggressively to streamline its operations and focus capital on its most promising assets. In January 2025, the company executed a significant business realignment, creating two distinct units: Radiopharmaceuticals and DANYELZA. This move is designed to accelerate clinical execution for the pipeline while maintaining commercial growth for the approved drug.

Here's the quick math on their commercial efforts: For the first quarter of 2025, net product revenues were $20.9 million. The company has guided for total revenues between $75 million and $90 million for the full year 2025. They are actively expanding DANYELZA's reach, having delivered the product to 70 centers across the U.S. as of March 31, 2025.

To be fair, this focus required tough decisions. The realignment included a workforce reduction of up to approximately 13% and a shift of some roles from Denmark to the U.S. to better coordinate the radiopharmaceutical platform's advancement. This is about capital efficiency, not just cutting costs. As of June 30, 2025, Y-mAbs Therapeutics held approximately $62.29 million in cash and cash equivalents, which is expected to support operations into 2027. That's a defintely prudent cash runway for a biotech at this stage.

• Commercialize DANYELZA globally through direct sales and partnerships.
• Accelerate SADA PRIT platform clinical trials (e.g., GD2-SADA, CD38-SADA).
• Maintain a lean, two-unit structure for focused resource allocation.

Y-mAbs Therapeutics, Inc.'s Strategic Advantages

The company's ability to compete and succeed rests on two primary, tangible pillars: a first-mover advantage in a niche market and a potentially disruptive proprietary technology. You want to see biotechs own their science, and Y-mAbs Therapeutics does exactly that.

• First-in-Class Market Position: DANYELZA is the first FDA-approved treatment for its specific indication in relapsed/refractory high-risk neuroblastoma. This initial market approval provides a commercial foothold and credibility in the oncology space. Plus, its inclusion in the National Comprehensive Cancer Network® (NCCN®) guidelines further validates its clinical utility.
• Proprietary SADA PRIT Technology: This investigational platform is designed to overcome limitations of traditional radioimmunotherapy by using a pre-targeting approach. The SADA protein is injected first to bind to the tumor, and then the radioactive payload is administered later. This two-step process aims to deliver a higher therapeutic radiation dose to the tumor while minimizing radiation exposure to healthy, off-target tissues, which is a major win for patients and physicians.
• Platform Scalability: The SADA PRIT platform is not limited to one target; it can potentially be developed against multiple tumor targets and utilize various radioactive payloads. This inherent flexibility means a single technology could generate a broad pipeline, significantly de-risking the long-term R&D investment.

Y-mAbs Therapeutics, Inc. (YMAB) How It Makes Money

Y-mAbs Therapeutics, Inc. primarily makes money by selling its sole commercial product, DANYELZA (naxitamab-gqgk), a monoclonal antibody used to treat high-risk neuroblastoma. The company supplements this product revenue with license fees and milestone payments from its ex-U.S. distribution partners, essentially monetizing its core drug and its pipeline technology.

Given Company's Revenue Breakdown

To understand the business engine, you need to look at where the cash is actually coming from. For the first six months of 2025, Y-mAbs Therapeutics generated $40.4 million in total revenue. This is a crucial split, as it shows a clear shift in market dynamics.

Here's the quick math: U.S. DANYELZA sales were $27.7 million for the first half of 2025, but this segment is shrinking, down $6.1 million year-over-year due to factors like competition and patient enrollment in clinical studies. Conversely, the Ex-U.S. net product revenue, totaling $12.2 million, is growing strongly-up $3.8 million-driven by new commercial programs like the named patient program in Turkey and expansion in Western Asia. That international growth is defintely a bright spot.

Business Economics

The economics of a single-product biotech like Y-mAbs Therapeutics hinge on two factors: the gross margin of the drug and the burn rate of the pipeline. DANYELZA is a specialty oncology drug, and its pricing reflects the high value of treating a rare, high-risk cancer. This translates directly into a high gross margin.

• High Gross Margin: The gross margin for the first six months of 2025 was 86%. This means for every dollar of net product revenue, about 86 cents remains after the cost of goods sold (COGS). That's a powerful economic foundation, but it is slightly down from 88% in the prior year period, primarily due to increased cost of production and lower sales in high-margin regions like Western Europe.
• Specialty Pricing Model: DANYELZA is billed under a specific Healthcare Common Procedure Coding System (HCPCS) code, J9348. In the U.S., this means it is a high-cost, single-source, buy-and-bill injectable, which is typically covered under medical insurance rather than pharmacy benefits. The high Wholesale Acquisition Cost (WAC) is standard for orphan drugs, but the net revenue is impacted by rebates and discounts, especially in the U.S. market.
• Near-Term Acquisition Focus: The most significant economic event is the pending acquisition by SERB Pharmaceuticals, announced in August 2025, for an equity value of $412.0 million. This transaction, expected to close by the fourth quarter of 2025, fundamentally changes the economic outlook for shareholders, converting the risk of a commercial-stage biotech into a guaranteed cash payout of $8.60 per share.

Given Company's Financial Performance

While the business model is sound-high-margin product sales funding a research pipeline-the company has historically operated at a loss, which is common for biotechs. The focus now is on capital efficiency ahead of the acquisition.

• Net Loss and Efficiency: The net loss for the second quarter of 2025 was $3.2 million. This is a substantial improvement from the net loss of $9.2 million in the same period in 2024. This improvement is less about revenue growth and more about expense control, particularly a reduction in Selling, General, and Administrative (SG&A) expenses, which dropped from $17.2 million to $11.3 million in Q2 2025.
• R&D Investment: Research and Development (R&D) expenses remain a core investment, though they decreased to $11.1 million in Q2 2025. This spending is focused on advancing the Self-Assembly DisAssembly Pre-targeted Radioimmunotherapy (SADA PRIT) platform, which is the future growth engine beyond DANYELZA.
• Liquidity: As of June 30, 2025, the company held $62.3 million in cash and cash equivalents. This cash position was anticipated to support operations into 2027, but the acquisition announcement in August 2025 makes that long-term runway planning moot. The cash position is strong enough to easily cover the projected full-year 2025 revenue guidance of $75 million to $90 million.

For a deeper dive into the balance sheet and cash flow, you should read Breaking Down Y-mAbs Therapeutics, Inc. (YMAB) Financial Health: Key Insights for Investors. Finance: track the SERB acquisition closing date and the final cash balance, because that's the only number that matters now.

Y-mAbs Therapeutics, Inc. (YMAB) Market Position & Future Outlook

The near-term future for Y-mAbs Therapeutics, Inc. is defined by its acquisition by SERB Pharmaceuticals, which is expected to close by the fourth quarter of 2025 at an equity value of $412.0 million. This transition immediately shifts the company's focus from a capital-constrained, commercial-stage biotech to a globally-backed pipeline engine, aiming to expand the reach of DANYELZA (naxitamab-gqgk) and accelerate the novel Self-Assembly DisAssembly Pre-targeted Radioimmunotherapy (SADA PRIT) platform.

Competitive Landscape

Y-mAbs Therapeutics, Inc. competes in the high-risk neuroblastoma treatment space, specifically with its anti-GD2 monoclonal antibody, DANYELZA, which is FDA-approved for relapsed/refractory disease. Based on the anticipated full-year 2025 revenue guidance of between $75 million and $90 million against the estimated global neuroblastoma market size of approximately $3.41 billion, the company holds an estimated 2.4% share of the total market, which is highly fragmented across multiple treatment modalities like surgery and chemotherapy.

Opportunities & Challenges

The acquisition by SERB Pharmaceuticals is the single largest factor influencing Y-mAbs Therapeutics, Inc.'s opportunities and risks, providing a clear path for global expansion but introducing integration and execution challenges. The company's internal realignment, announced in January 2025, into two business units-Radiopharmaceuticals and DANYELZA-is a smart move to focus resources.

Industry Position

Y-mAbs Therapeutics, Inc. is positioned as a niche leader in the high-risk pediatric oncology segment, specifically relapsed/refractory neuroblastoma, but its long-term value hinges on its technology platform. The company is defintely a technology innovator, not a market volume leader. The core strength is the SADA PRIT platform, which promises a novel pre-targeted radioimmunotherapy approach that could deliver a high therapeutic dose while minimizing off-target exposure.

• Technology Differentiator: The SADA PRIT platform offers a unique mechanism to target tumors, potentially expanding beyond GD2-positive cancers to other solid tumors and hematologic malignancies like non-Hodgkin Lymphoma.
• Financial Runway: Cash and cash equivalents of approximately $62.3 million as of June 30, 2025, combined with SERB's backing, provide a strong financial cushion to support operations into 2027.
• Post-Acquisition Focus: The priority is shifting from managing cash burn to maximizing DANYELZA's global commercial potential and accelerating the SADA PRIT pipeline.

For a deeper dive into the company's financial stability before the acquisition, you should check out Breaking Down Y-mAbs Therapeutics, Inc. (YMAB) Financial Health: Key Insights for Investors.