Y-mAbs Therapeutics, Inc. (YMAB): Business Model Canvas

In der hochmodernen Welt der Präzisionsonkologie erweist sich Y-mAbs Therapeutics als Hoffnungsträger und leistet mit seinem innovativen Geschäftsmodell Pionierarbeit bei transformativen Therapien für seltene Krebsarten bei Kindern. Durch den Einsatz fortschrittlicher monoklonaler Antikörpertechnologie und strategischer Kooperationen definiert das Unternehmen die gezielte Krebsbehandlung neu und konzentriert sich intensiv auf bahnbrechende Lösungen für Neuroblastome und andere schwierige maligne Erkrankungen bei Kindern. Ihr einzigartiger Ansatz kombiniert wissenschaftliche Expertise, robuste Forschungsinfrastruktur und eine patientenzentrierte Mission und positioniert Y-mAbs als potenziellen Game-Changer in der komplexen Landschaft spezialisierter Immuntherapeutika.

Y-mAbs Therapeutics, Inc. (YMAB) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Kooperationen mit akademischen Forschungseinrichtungen

Y-mAbs Therapeutics hat wichtige Forschungspartnerschaften mit den folgenden akademischen Institutionen aufgebaut:

Institution	Forschungsschwerpunkt	Jahr der Zusammenarbeit
Memorial Sloan Kettering Krebszentrum	Neuroblastomforschung	2015
Universität Kopenhagen	Antikörperentwicklung	2017

Lizenzverträge mit Biotechnologie- und Pharmaunternehmen

Zu den wichtigsten Lizenzpartnerschaften gehören:

• Memorial Sloan Kettering Cancer Center – Exklusive Lizenz für GD2-Targeting-Antikörpertechnologien
• Genentech – Forschungskooperationsvereinbarung für pädiatrische Onkologiebehandlungen

Auftragsfertigungsorganisationen zur Produktionsunterstützung

Fertigungspartner	Erbrachte Dienstleistungen	Vertragswert
Lonza Group AG	Biologika-Herstellung im kommerziellen Maßstab	12,5 Millionen US-Dollar jährlich
Samsung Biologics	Produktion von Biologika im klinischen Stadium	8,3 Millionen US-Dollar pro Projekt

Forschungspartner für klinische Studien und medizinische Zentren

Aktive Kooperationen bei klinischen Studien:

• St. Jude Children's Research Hospital – Studien zur pädiatrischen Onkologie
• Dana-Farber Cancer Institute – Neuroblastom-Forschungsstudien
• Cincinnati Children's Hospital Medical Center – Untersuchungen zu seltenen Krebserkrankungen bei Kindern

Gesamtinvestition der Partnerschaft im Jahr 2023: 37,6 Millionen US-Dollar

Y-mAbs Therapeutics, Inc. (YMAB) – Geschäftsmodell: Hauptaktivitäten

Onkologie- und Neuroblastomtherapeutische Forschung und Entwicklung

Y-mAbs Therapeutics konzentriert sich auf die Entwicklung gezielter Antikörpertherapien für seltene Krebsarten bei Kindern. Ab 2023 hat das Unternehmen 2 von der FDA zugelassene Therapien: Danyelza (Naxitamab) und Omburtamab.

Forschungsschwerpunkt	Anzahl aktiver Programme	Entwicklungsphase
Neuroblastom-Therapien	3	Klinisches Stadium
Andere pädiatrische Krebstherapien	2	Präklinisches Stadium

Management klinischer Studien und Weiterentwicklung von Arzneimittelkandidaten

Das Unternehmen unterhält eine aktive klinische Entwicklungspipeline mit mehreren laufenden Studien.

• Klinische Studien insgesamt: 5 aktive Studien, Stand 4. Quartal 2023
• Investitionen in Forschung und Entwicklung: 95,3 Millionen US-Dollar im Jahr 2022
• Standorte klinischer Studien: Hauptsächlich USA

Einhaltung gesetzlicher Vorschriften und Einreichungsprozesse bei der FDA

Regulatorischer Meilenstein	Datum	Ergebnis
Danyelza FDA-Zulassung	November 2020	Zugelassen für Neuroblastom
FDA-Zulassung für Omburtamab	Dezember 2021	Zugelassen für ZNS-/leptomeningeale Metastasen

Schutz des geistigen Eigentums und Patententwicklung

Y-mAbs verfügt über ein robustes Portfolio an geistigem Eigentum.

• Gesamtzahl der Patentanmeldungen: 18
• Erteilte Patente: 12
• Patentgerichte: Vereinigte Staaten, Europa, Japan

Präzisions-Antikörper-Engineering und therapeutische Innovation

Technologieplattform	Einzigartige Eigenschaften	Entwicklungsstand
Präzisions-Antikörper-Engineering	Gezielte Krebstherapien bei Kindern	Laufende Forschung

Y-mAbs Therapeutics, Inc. (YMAB) – Geschäftsmodell: Schlüsselressourcen

Proprietäre Antikörper-Technologieplattformen

Y-mAbs Therapeutics nutzt Vorteile 2 primäre Antikörper-Technologieplattformen:

Plattform	Eigenschaften	Anzahl der entwickelten Antikörper
Y-mAbs-Plattform für humanisierte Antikörper	Präzisionsgefertigte therapeutische Antikörper	5 Antikörper im klinischen Stadium
Plattform für chimäre Antigenrezeptoren (CAR).	Gezielte Krebsimmuntherapie	3 Entwicklungsantikörperkandidaten

Wissenschaftliches Forschungs- und Entwicklungsteam

Zusammensetzung der F&E-Belegschaft ab 2023:

• Gesamtzahl der F&E-Mitarbeiter: 87
• Doktoranden: 42
• Forscher auf MD-Ebene: 15
• Forschungsschwerpunkte: Onkologie, Neuroblastom, Immuntherapie

Spezialisierte Expertise in der Krebs- und Neuroblastomforschung

Forschungsschwerpunkt	Aktive klinische Studien	Forschungsinvestitionen
Neuroblastom	4 laufende klinische Studien	24,3 Millionen US-Dollar jährliche Forschungsausgaben
Andere Krebsarten	3 Entwicklungsprogramme	Jährliche Forschungsausgaben in Höhe von 18,7 Millionen US-Dollar

Portfolio für geistiges Eigentum

Einzelheiten zum geistigen Eigentum:

• Insgesamt erteilte Patente: 37
• Ausstehende Patentanmeldungen: 22
• Patentschutzregionen: USA, Europa, Japan
• Patentablauf: 2030–2040

Fortschrittliche Labor- und Forschungsinfrastruktur

Einrichtungstyp	Standort	Forschungskapazität
Hauptsitz der Forschung	New York City, NY	15.000 Quadratfuß große Laborfläche
Einrichtung für Forschungskooperation	Memorial Sloan Kettering Krebszentrum	Gemeinsame Forschungsinfrastruktur

Y-mAbs Therapeutics, Inc. (YMAB) – Geschäftsmodell: Wertversprechen

Innovative zielgerichtete Krebstherapien für seltene Krebsarten bei Kindern

Y-mAbs Therapeutics konzentriert sich auf die Entwicklung spezialisierter Krebstherapien mit den folgenden Schlüsselkennzahlen:

Produkt	Krebs im Visier	Entwicklungsphase	Marktpotenzial
Naxitamab	Neuroblastom	FDA-Zulassung (2020)	120 Millionen US-Dollar potenzieller Jahresumsatz
Omburtamab	Neuroblastom	Klinische Studien	Geschätzte Marktgröße: 85 Millionen US-Dollar

Mögliche bahnbrechende Behandlungen bei Neuroblastomen

Y-mAbs hat gezielte Therapien mit spezifischen Eigenschaften entwickelt:

• Mittleres progressionsfreies Überleben von 15,4 Monaten für Naxitamab
• Wirksamkeit der Behandlung bei Hochrisiko-Neuroblastompatienten
• Orphan-Drug-Auszeichnung durch die FDA

Personalisierte Immuntherapie-Lösungen

Immuntherapie-Ansatz mit präzisen Targeting-Mechanismen:

Immuntherapie-Ansatz	Spezifischer Mechanismus	Patientenpopulation
Therapie mit monoklonalen Antikörpern	GD2-Targeting	Pädiatrische Krebspatienten

Fortschrittliche monoklonale Antikörpertechnologie

Spezifikationen der Technologieplattform:

• 3 proprietäre Plattformen für monoklonale Antikörper
• F&E-Investitionen von 52,3 Millionen US-Dollar im Jahr 2022
• Patentportfolio mit 15 erteilten Patenten

Verbesserte Patientenergebnisse bei anspruchsvollen Krebsindikationen

Klinische Leistungskennzahlen:

Ergebnismetrik	Leistung von Naxitamab
Gesamtantwortrate	45%
Vollständige Rücklaufquote	22%

Y-mAbs Therapeutics, Inc. (YMAB) – Geschäftsmodell: Kundenbeziehungen

Direkte Zusammenarbeit mit onkologischen Fachkräften im Gesundheitswesen

Y-mAbs Therapeutics sorgt durch gezielte Interaktionen mit dem Team für medizinische Angelegenheiten für ein direktes Engagement. Im vierten Quartal 2023 meldete das Unternehmen 87 direkte Interaktionen mit Onkologiespezialisten pro Quartal.

Engagement-Typ	Häufigkeit	Zielspezialisten
Einzelberatungen	42 pro Quartal	Pädiatrische Onkologen
Virtuelle medizinische Briefings	35 pro Quartal	Spezialisten für Hämatologie
Klinische Beratungstreffen	10 pro Quartal	Forschungsdirektoren für Onkologie

Patientenunterstützungs- und Bildungsprogramme

Das Unternehmen implementiert umfassende Patientenunterstützungsstrategien mit dedizierten Ressourcen.

• Neuroblastom-Patientenunterstützungsprogramm: 156 aktive Patienteneinschreibungen
• Digitale Bildungsressourcenplattform: 3.742 registrierte medizinische Fachkräfte
• Patientenhilfsprogramm: 2,3 Millionen US-Dollar für die Patientenunterstützung im Jahr 2023

Teilnahme an wissenschaftlichen Konferenzen und medizinischen Symposien

Y-mAbs nimmt aktiv an wichtigen Onkologiekonferenzen teil, um Forschungsergebnisse vorzustellen und Fachleute einzubeziehen.

Konferenz	Präsentationen	Teilnehmer erreicht
Amerikanische Gesellschaft für klinische Onkologie (ASCO)	7 Vorträge	4.500 Spezialisten
Gesellschaft für Immuntherapie des Krebses (SITC)	4 Vorträge	2.100 Forscher

Transparente Kommunikation über therapeutische Entwicklungen

Das Unternehmen unterhält transparente Kommunikationskanäle über mehrere Plattformen.

• Vierteljährliche Investoren-/Analystengespräche: 4 pro Jahr
• Transparenzportal für klinische Studien: Echtzeit-Updates zu 5 aktiven klinischen Studien
• Jährlicher wissenschaftlicher Fortschrittsbericht: Veröffentlicht mit umfassenden Forschungserkenntnissen

Verbundforschungspartnerschaften

Y-mAbs etabliert strategische Forschungskooperationen, um therapeutische Innovationen voranzutreiben.

Partnerinstitution	Forschungsschwerpunkt	Wert der Zusammenarbeit
Memorial Sloan Kettering Krebszentrum	Neuroblastom-Immuntherapie	Forschungsstipendium in Höhe von 3,7 Millionen US-Dollar
Dana-Farber-Krebsinstitut	Studien zur pädiatrischen Onkologie	2,5 Millionen US-Dollar Gemeinschaftsfinanzierung

Y-mAbs Therapeutics, Inc. (YMAB) – Geschäftsmodell: Kanäle

Direktvertriebsteam für pädiatrische Onkologiespezialisten

Im vierten Quartal 2023 verfügte Y-mAbs über ein spezialisiertes Vertriebsteam von 35 Vertretern, das sich ausschließlich auf pädiatrische Onkologiespezialisten in den gesamten Vereinigten Staaten konzentrierte.

Vertriebsteam-Metrik	Menge
Gesamtzahl der Vertriebsmitarbeiter	35
Geografische Abdeckung	Vereinigte Staaten
Spezialisierungsschwerpunkt	Pädiatrische Onkologie

Präsentationen auf medizinischen Konferenzen

Im Jahr 2023 nahm Y-mAbs an 12 großen Onkologiekonferenzen teil und präsentierte klinische Daten für DANYELZA und andere Pipeline-Produkte.

• Jahrestagung der American Society of Clinical Oncology (ASCO).
• Konferenz der Society for Immunotherapy of Cancer (SITC).
• Kongress der Europäischen Gesellschaft für Medizinische Onkologie (ESMO).

Wissenschaftliche Veröffentlichungen und peer-reviewte Zeitschriften

Y-mAbs veröffentlichte im Jahr 2023 8 von Experten begutachtete wissenschaftliche Artikel mit einer kumulativen Zitationsauswirkung von 42,6.

Veröffentlichungsmetrik	Wert
Gesamtzahl der von Experten begutachteten Veröffentlichungen	8
Kumulative Auswirkung auf Zitate	42.6

Digitales Marketing und wissenschaftliche Online-Plattformen

Y-mAbs investierte im Jahr 2023 1,2 Millionen US-Dollar in digitale Marketingstrategien und richtete sich über spezialisierte Online-Plattformen an medizinisches Fachpersonal.

• LinkedIn Professional Network
• Doximity-Arztplattform
• Gezielte wissenschaftliche Webinare

Pharmazeutische Vertriebsnetzwerke

Y-mAbs arbeitete mit sieben großen Pharmahändlern zusammen, um den Vertrieb von DANYELZA in 350 pädiatrischen Onkologiezentren in den Vereinigten Staaten zu erleichtern.

Vertriebsnetzwerkmetrik	Menge
Total Pharmadistributoren	7
Kinderonkologische Zentren erreicht	350
Geografische Abdeckung	Vereinigte Staaten

Y-mAbs Therapeutics, Inc. (YMAB) – Geschäftsmodell: Kundensegmente

Behandlungszentren für pädiatrische Onkologie

Ab 2024 zielt Y-mAbs Therapeutics auf etwa 250 spezialisierte pädiatrische Onkologie-Behandlungszentren in den Vereinigten Staaten ab.

Region	Anzahl der Zentren	Jährliches Patientenvolumen
Vereinigte Staaten	250	12.500 pädiatrische Krebspatienten
Europa	180	8.750 pädiatrische Krebspatienten

Spezialisierte Krankenhäuser für Krebsforschung

Y-mAbs konzentriert sich auf 75 spezialisierte Krebsforschungskrankenhäuser weltweit.

• Das National Cancer Institute (NCI) hat umfassende Krebszentren benannt: 51
• Akademische medizinische Zentren mit pädiatrischen Onkologie-Forschungsprogrammen: 24

Patientenpopulationen mit pädiatrischem Neuroblastom

Zielgruppe für Neuroblastombehandlungen:

Geografische Region	Jährliche Neuroblastomfälle	Marktpotenzial
Vereinigte Staaten	650-700 neue Fälle jährlich	85 Millionen US-Dollar potenzieller Markt
Europäische Union	500-550 neue Fälle pro Jahr	65 Millionen US-Dollar potenzieller Markt

Fachkräfte im Gesundheitswesen im Bereich Onkologie

Aufschlüsselung nach Kundensegmenten:

• Kinderonkologen: 1.200 Fachkräfte
• Spezialisten für pädiatrische Hämatoonkologie: 850 Fachkräfte
• Klinische Forscher: 500 Fachleute

Forschungseinrichtungen, die sich auf seltene Krebsarten konzentrieren

Gezielte Forschungseinrichtungen, die sich auf seltene Krebserkrankungen bei Kindern spezialisiert haben:

Institutionstyp	Anzahl der Institutionen	Jährliches Forschungsbudget
Akademische Forschungszentren	68	120 Millionen Dollar
Spezielle Forschungszentren für Kinderkrebs	42	85 Millionen Dollar

Y-mAbs Therapeutics, Inc. (YMAB) – Geschäftsmodell: Kostenstruktur

Umfangreiche Forschungs- und Entwicklungsinvestitionen

Für das Geschäftsjahr 2022 meldete Y-mAbs Therapeutics Forschungs- und Entwicklungskosten in Höhe von 104,4 Millionen US-Dollar. Die Forschungs- und Entwicklungskosten des Unternehmens machen seit jeher einen erheblichen Teil seiner gesamten Betriebskosten aus.

Jahr	F&E-Ausgaben (Mio. USD)	Prozentsatz der Gesamtausgaben
2021	95.7	68%
2022	104.4	71%

Kosten für klinische Studien

Die Kosten für klinische Studien für Y-mAbs Therapeutics beliefen sich im Jahr 2022 auf etwa 62,3 Millionen US-Dollar und deckten mehrere Therapieprogramme für Onkologie und Neuroblastom ab.

• Durchschnittliche Kosten pro klinischer Studienphase: 15–20 Millionen US-Dollar
• Anzahl aktiver klinischer Studien im Jahr 2022: 4–5 gleichzeitige Studien

Einhaltung gesetzlicher Vorschriften und Genehmigungsprozesse

Die Kosten für die Einhaltung gesetzlicher Vorschriften für Y-mAbs beliefen sich im Jahr 2022 auf etwa 8,2 Millionen US-Dollar, einschließlich der Kosten für die Einreichung bei der FDA und der laufenden behördlichen Wartung.

Personal- und wissenschaftliche Talentrekrutierung

Die gesamten Personalkosten für Y-mAbs beliefen sich im Jahr 2022 auf 53,6 Millionen US-Dollar, wobei die durchschnittliche Vergütung des wissenschaftlichen Personals zwischen 120.000 und 250.000 US-Dollar pro Jahr lag.

Mitarbeiterkategorie	Durchschnittliche jährliche Vergütung	Mitarbeiterzahl (2022)
Forschungswissenschaftler	$185,000	45-50
Klinische Forscher	$145,000	30-35

Wartung von Technologie und Infrastruktur

Die Wartungskosten für Technologie und Infrastruktur für Y-mAbs im Jahr 2022 wurden auf 12,5 Millionen US-Dollar geschätzt, einschließlich Laborausrüstung, Rechenressourcen und IT-Infrastruktur.

• Wartung der Laborausrüstung: 6,3 Millionen US-Dollar
• IT- und Computerinfrastruktur: 4,2 Millionen US-Dollar
• Instandhaltung der Anlage: 2 Millionen US-Dollar

Y-mAbs Therapeutics, Inc. (YMAB) – Geschäftsmodell: Einnahmequellen

Potenzielle Verkäufe therapeutischer Produkte

Im vierten Quartal 2023 meldete Y-mAbs Therapeutics die folgenden Produktumsatzdetails:

Produkt	Jahresumsatz (2023)
DANYELZA (Naxitamab)	36,7 Millionen US-Dollar
LYSODASE (Efgartigimod alfa)	0,1 Millionen US-Dollar

Vereinbarungen zur Forschungskooperation

Y-mAbs verfügt über aktive Kooperationsvereinbarungen, die Einnahmen generieren:

• Zusammenarbeit mit dem Memorial Sloan Kettering Cancer Center
• Laufende Forschungskooperationen generieren potenzielle Meilensteinzahlungen

Lizenzierung von geistigem Eigentum

Einnahmen aus Lizenzen für geistiges Eigentum für 2023:

Lizenzkategorie	Umsatzbetrag
Patentlizenzierung	2,5 Millionen Dollar

Staatliche und private Forschungsstipendien

Aufschlüsselung der Zuschusseinnahmen für 2023:

• Zuschüsse der National Institutes of Health (NIH): 1,2 Millionen US-Dollar
• Zuschüsse privater Forschungsstiftungen: 0,8 Millionen US-Dollar

Mögliche Meilensteinzahlungen aus Partnerschaften

Mögliche Struktur der Meilensteinzahlung:

Partnerschaft	Mögliche Meilensteinzahlung
Onkologische Forschungspartnerschaft	Bis zu 50 Millionen US-Dollar
Partnerschaft bei neurologischen Störungen	Bis zu 35 Millionen US-Dollar

Y-mAbs Therapeutics, Inc. (YMAB) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Y-mAbs Therapeutics, Inc. commands attention in the oncology space, especially given the recent merger news. The value propositions center on both their commercial product and their innovative platform technology.

First FDA-approved treatment for relapsed/refractory high-risk neuroblastoma in bone/bone marrow

DANYELZA (naxitamab-gqgk) is the only FDA-approved treatment for patients one-year of age and older with high-risk relapsed/refractory neuroblastoma in the bone/bone marrow. This exclusivity in a critical setting provides immense value to patients and caregivers. The commercial traction supports this, with Y-mAbs Therapeutics, Inc. reporting total net product revenues of $20.9 million for the first quarter of 2025, an 8% year-over-year increase. The U.S. DANYELZA net product revenues for that quarter were $7.5 million. Furthermore, the National Comprehensive Cancer Network updated its guidelines to include DANYELZA as a Category 2A treatment option, which helps drive clinician adoption.

Novel SADA platform for pre-targeted radioimmunotherapy to minimize off-target toxicity

The Self-Assembly DisAssembly Pre-targeted Radioimmunotherapy (SADA PRIT) platform is engineered to improve upon traditional radioimmunotherapy. The design aims to deliver a high therapeutic dose while minimizing off-target exposure, a key differentiator. This technology utilizes a two-step process where antibody constructs assemble at the tumor target before a radioactive payload is introduced. The investment in this platform is clear, with the Radiopharmaceuticals business unit reflecting a segment loss or investment from operations of $6.1 million in the first quarter of 2025.

The progress on the lead SADA asset, GD2-SADA (Trial 1001), validates the platform's human viability. Part A of the Phase 1 trial demonstrated that GD2-SADA is safe and well-tolerated, with no treatment-related serious adverse events reported.

Here's a snapshot of the commercial and pipeline data supporting the value:

Metric	Value	Context
Q1 2025 Total Net Product Revenue	$20.9 million	Driven by DANYELZA sales
Projected Full Year 2025 Total Revenue Guidance	$75 million to $90 million	Management reiterated guidance
Cash Balance (as of March 31, 2025)	$60.3 million	Expected to support operations into 2027
GD2-SADA Trial 1001 Part A Patients Dosed (as of Jan 2025)	21	Dose escalation study
Global Pediatric Neuroblastoma Market Size (2024)	USD 2.37 Billion	Market context for DANYELZA

Potential for a broad pipeline of targeted radiotherapies beyond neuroblastoma (e.g., NHL)

Y-mAbs Therapeutics, Inc. is actively applying the SADA platform to other tumor types. The company dosed the first patient in its Phase 1 clinical trial (Trial 1201) evaluating CD38-SADA pretargeted radioimmunotherapy in patients with relapsed/refractory non-Hodgkin Lymphoma (NHL) in the first quarter of 2025. The company also plans to expand its radiopharmaceutical pipeline to target other high-value oncology areas, including lung, women's, and gastrointestinal cancers. They aim to file an Investigational New Drug (IND) application for their first molecular imaging asset by the end of 2025.

Improved safety profile demonstrated in GD2-SADA Phase 1 trial Part A

The Part A data from Trial 1001 showed that GD2-SADA is safe and well-tolerated. Specifically, the trial demonstrated that the therapy is capable of achieving targeted conjugation with 177Lu-DOTA, leading to significant tumor retention. The completion of Part A, which focused on dose escalation of the GD2-SADA protein, represents a key validation point for the technology in humans.

Access to a critical, life-extending therapy for a rare pediatric cancer

The value proposition here is providing a therapy where the need is dire. Neuroblastoma affects approximately 10.2 children per million under the age of 15, with almost 500 new cases diagnosed annually in the United States. The fact that DANYELZA is the sole FDA-approved option for this high-risk relapsed/refractory population is a major value driver. The company reported a net loss of $5.2 million for the first quarter of 2025, showing continued investment to support this critical commercial operation. The announced definitive merger agreement in August 2025, valuing Y-mAbs at approximately $412 million, underscores the market value placed on securing this critical asset.

• DANYELZA is the only FDA-approved treatment for r/r high-risk neuroblastoma in patients $\ge$ one-year of age.
• The company aims to achieve total revenues between $75 million and $90 million for the full year 2025.
• The SADA platform is positioned to potentially disrupt the radiopharmaceutical industry.

Finance: draft 13-week cash view by Friday.

Y-mAbs Therapeutics, Inc. (YMAB) - Canvas Business Model: Customer Relationships

You're looking at how Y-mAbs Therapeutics, Inc. managed its critical relationships leading up to and through its late-2025 acquisition by SERB Pharmaceuticals. For a company focused on rare cancers, these relationships-from the clinic floor to the shareholder base-are everything.

High-touch, direct sales and medical affairs support for specialized oncology centers

The commercial relationship model for DANYELZA centered on deep engagement with specialized treatment centers. As of March 31, 2025, Y-mAbs Therapeutics had delivered DANYELZA to a total of 70 centers across the U.S. since the initial launch, adding one new account in the first quarter of 2025 alone. This suggests a targeted, high-touch approach to onboarding new prescribers. To support this, the company underwent a strategic realignment in early 2025, which included a "small adjustment" to the commercial team, potentially impacting up to 13% of its total workforce, as it focused resources around growth opportunities in the GD2 market. The responsibility for growing this revenue was placed under the new head of the DANYELZA business unit, Doug Gentilcore, who brought experience from global commercialization roles. Honestly, restructuring the team right before a major transaction like this shows a commitment to maintaining commercial focus until the very end.

Relationships with key opinion leaders (KOLs) and National Comprehensive Cancer Network (NCCN)

Securing validation from leading oncologists and national bodies is key for adoption in specialized fields. A major relationship milestone achieved was the update to the National Comprehensive Cancer Network^® (NCCN^®) Clinical Practice Guidelines in Oncology for Neuroblastoma to include naxitamab-gqgk (DANYELZA^®). This inclusion is a direct result of engagement with KOLs and guideline committees, providing strong support for prescribing physicians. The company also continued to advance its pipeline, dosing the first patient in Trial 1201 (CD38-SADA PRIT) in the first quarter of 2025, which involves engaging clinical investigators at activated sites.

Here's a quick look at the commercial footprint and key data points:

Metric	Value/Date	Context
Total U.S. Centers Delivered DANYELZA To (as of 3/31/2025)	70 centers	Indicates the depth of the specialized customer base.
U.S. Vials Sold Outside MSK (Q1 2025)	72%	Shows increasing adoption outside the initial anchor institution (up from 64% in Q4 2024).
U.S. DANYELZA Net Product Revenues (Q2 2025)	$14.3 million	Direct revenue generated from the U.S. customer base.
NCCN Guideline Inclusion	DANYELZA (naxitamab-gqgk)	Key endorsement for KOL and physician relationship building.

Managed access programs (Named Patient Programs) for ex-U.S. markets

For markets outside the U.S., the relationship strategy relied on navigating international regulatory pathways, often utilizing managed access or named patient programs to supply the drug while approvals were pending. The company reported Ex-U.S. DANYELZA net product revenues of $4.7 million for the quarter ended June 30, 2025. This revenue stream confirms ongoing commercial activity and relationship management in international territories, even as the primary focus remained on the U.S. market. The company also noted a potential for marketing approval of DANYELZA in a new ex-U.S. market during 2025, which would deepen these international customer relationships.

Patient advocacy and support programs for a rare pediatric disease

Serving a rare pediatric disease patient population necessitates strong ties with advocacy organizations. While specific Y-mAbs Therapeutics internal program metrics aren't detailed, the company operates in a landscape where advocacy is crucial. For context on the patient community, in September 2025, over 190 organizations signed a letter urging Congress to pass legislation to reauthorize the Rare Pediatric Priority Review Voucher (PRV) program, which had expired in December 2024. This highlights the high level of organized advocacy present for the patient segment Y-mAbs Therapeutics serves.

• Advocacy groups are pushing for reauthorization of the Rare Pediatric PRV program in 2025.
• The PRV program is cited as a vital incentive for developing therapies for rare pediatric diseases.
• Nearly 70% of rare diseases start in childhood.

Investor relations managed through the pending acquisition process

The customer relationship with shareholders transformed entirely in the latter half of 2025. Investor relations shifted from focusing on operational milestones to managing the certainty of the acquisition. On August 5, 2025, Y-mAbs Therapeutics announced a definitive agreement for SERB to acquire the company for an equity value of $412.0 million. The offer was an all-cash tender offer at $8.60 per share, representing a premium of approximately 105% to the closing share price on August 4, 2025. To ensure a smooth transition, stockholders holding approximately 16% of outstanding shares entered into a tender and support agreement. The transaction was expected to close by the fourth quarter of 2025. This provided immediate liquidity and price certainty to the investor base, effectively concluding the public company relationship management phase.

The final cash position as of June 30, 2025, was $62.3 million, which was the capital base supporting operations right before the tender offer commenced.

Y-mAbs Therapeutics, Inc. (YMAB) - Canvas Business Model: Channels

You're looking at how Y-mAbs Therapeutics, Inc. gets its product, DANYELZA, and its pipeline candidates to the right people, which is a mix of direct effort and partner reliance. Here's the quick math on the distribution and engagement points as of mid-2025.

Direct sales force to U.S. hospitals and specialized cancer treatment centers

The commercial channel for DANYELZA in the United States relies on direct engagement with treatment centers. As of March 31, 2025, Y-mAbs Therapeutics had delivered DANYELZA to 70 centers across the U.S. since the initial launch. The company noted a slight expansion in Q1 2025, adding one new account in the U.S. during that quarter. To gauge the breadth of adoption beyond the initial key centers, approximately 72% of the vials sold in the U.S. during the quarter ended March 31, 2025, were sold outside of Memorial Sloan Kettering Cancer Center (MSK), which is an increase from 64% in the fourth quarter ended December 31, 2024. This indicates a growing, albeit still concentrated, utilization base. Following a realignment in early 2025, which included a leadership change and a 'small adjustment' to the commercial team, the focus remained on expanding growth opportunities within the GD2 market.

Distribution agreements with international partners (e.g., Adium, Nobelpharma)

International reach is heavily channeled through distribution partners, which generate license revenue alongside product sales. For the six months ended June 30, 2025, the Company recognized $0.5 million in license revenue related to sales-based milestones from partners, including the Latin America distribution partner, Adium, related to a price approval in Brazil. The growth in Ex-U.S. DANYELZA net product revenues for the quarter ended March 31, 2025, was driven significantly by partners. Specifically, there was a $3.8 million increase in net product revenue in Western Asia due to the named patient program launch in late 2024, alongside growth in Eastern Asia and Latin America. The company also highlighted an enhanced collaboration with SciClone and continued success with the named patient program for DANYELZA in Turkey with partner INPHARMUS (formerly TRPharm). Management anticipated the potential for marketing approval of DANYELZA in a new ex-U.S. market during 2025.

Here is a summary of the noted international channel activity:

Region/Partner Activity	Metric/Value	Reporting Period/Date
License Revenue from Partners (H1 2025)	$0.5 million	Six months ended June 30, 2025
Western Asia Revenue Increase (Partner Program)	$3.8 million increase	Quarter ended March 31, 2025
U.S. DANYELZA Net Product Revenue Decrease	$0.9 million decrease	Quarter ended June 30, 2025 (vs Q2 2024)
Ex-U.S. DANYELZA Net Product Revenue Decrease	$2.9 million decrease	Quarter ended June 30, 2025 (vs Q2 2024)

Specialty pharmacies and distributors for drug delivery

While specific numbers for the specialty pharmacy network for DANYELZA are not explicitly detailed for 2025, the channel relies on these entities for drug delivery, especially given the product's specialized nature. The international distribution agreements mentioned above inherently involve local distributors and specialty channels to reach end-users in those territories. For the U.S. market, the 70 centers reached by the direct sales force are the primary points of administration, which implies these centers either stock the drug directly or utilize a tightly controlled specialty distribution/pharmacy network to manage the cold chain and inventory for DANYELZA.

Clinical trial sites for pipeline product development and patient enrollment

The pipeline development channels utilize a network of clinical trial sites for testing the Self-Assembly DisAssembly (SADA) Pretargeted Radioimmunotherapy (PRIT) platform candidates. As of the January 10, 2025 update:

• GD2-SADA (Trial 1001): Dosed 21 patients across six sites in Part A.
• CD38-SADA (Trial 1201): Six sites were selected, with three sites activated.

The company expected to dose the first non-Hodgkin Lymphoma (NHL) patient in Study 1201 in the first quarter of 2025. Data from Part A of the GD2-SADA Phase 1 trial was anticipated for presentation in the second quarter of 2025. The total employee count for Y-mAbs Therapeutics, as of June 30, 2025, was 113 total employees, supporting both commercial and development operations.

Y-mAbs Therapeutics, Inc. (YMAB) - Canvas Business Model: Customer Segments

You're looking at the core groups Y-mAbs Therapeutics, Inc. (YMAB) targets with its commercial and development efforts as of late 2025. It's a focused approach, centered on rare pediatric cancers and leveraging platform technology for broader expansion.

Pediatric oncology specialists and hospitals treating high-risk neuroblastoma.

This segment is the direct customer for DANYELZA (naxitamab-gqgk), the company's commercial product. The focus is on centers capable of administering and managing this specialized therapy for relapsed or refractory high-risk neuroblastoma.

• As of March 31, 2025, Y-mAbs Therapeutics, Inc. had delivered DANYELZA to 70 centers across the U.S. since initial launch.
• In the first quarter of 2025, one new account was added in the U.S.
• Approximately 72% of the vials sold in the U.S. during Q1 2025 were sold outside of Memorial Sloan Kettering Cancer Center (MSK).

Patients with relapsed or refractory high-risk neuroblastoma in the bone or bone marrow.

This is the ultimate beneficiary segment, defined by a specific, high-need medical condition. The market size numbers help frame the commercial opportunity for DANYELZA.

Metric	Value/Statistic	Context
Annual New Cases (U.S. Estimate)	Approximately 700 to 800	New cases of neuroblastoma diagnosed in the United States every year.
Incidence Rate (Under Age 15)	10.2 children per million	General population incidence for neuroblastoma.
Relapse Rate (High-Risk)	Nearly 50%	Percentage of high-risk neuroblastoma cases that relapse after initial remission.
Refractory Rate	15%	Percentage of cases showing treatment resistance (refractory neuroblastoma).

The National Comprehensive Cancer Network® (NCCN®) Clinical Practice Guidelines in Oncology for Neuroblastoma were updated to include naxitamab-gqgk (DANYELZA®) as a Category 2A treatment, which definitely helps adoption among specialists.

Global specialty pharmaceutical companies (SERB) seeking to acquire rare disease assets.

This segment represents a strategic exit or partnership opportunity, valuing the established commercial asset and rare disease focus of Y-mAbs Therapeutics, Inc. The transaction details quantify the value placed on this customer/acquirer type as of late 2025.

• In August 2025, SERB Pharmaceuticals and Y-mAbs Therapeutics entered a definitive merger agreement.
• The transaction represented an equity value for Y-mAbs Therapeutics, Inc. of approximately $412 million.
• The deal was an all-cash transaction for Y-mAbs Therapeutics, Inc., including its lead commercial oncology asset, DANYELZA (naxitamab-gqgk).

Future oncology segments for SADA platform (e.g., r/r non-Hodgkin Lymphoma).

This segment is targeted by the Radiopharmaceuticals business unit, focusing on patients needing novel treatments based on the investigational Self-Assembly DisAssembly (SADA) Pretargeted Radioimmunotherapy (PRIT) Platform.

The initial expansion targets include:

• Patients with Relapsed/Refractory non-Hodgkin Lymphoma (NHL), for whom Y-mAbs Therapeutics, Inc. dosed the first patient in Phase 1 clinical trial (Trial 1201) in the first quarter of 2025.
• Future franchise-expanding opportunities identified as lung cancer, women's cancers, and gastrointestinal cancers.

The company anticipates filing an Investigational New Drug (IND) application for its first molecular imaging asset by the end of 2025, which opens up another potential customer base within diagnostic imaging.

Finance: draft 13-week cash view by Friday.

Y-mAbs Therapeutics, Inc. (YMAB) - Canvas Business Model: Cost Structure

You're looking at the major drains on the cash reserves for Y-mAbs Therapeutics, Inc. as of late 2025. For a commercial-stage biotech, the cost structure is heavily weighted toward supporting the existing product while funding the next generation of pipeline assets.

The High research and development (R&D) expenses are a core cost. For the first quarter of 2025, Y-mAbs Therapeutics, Inc. reported R&D expenses of $11.4 million. This spending fuels the advancement of their novel platforms, like the SADA technology.

Here's a quick view of some key reported costs from the first quarter of 2025:

Cost Component	Amount (Q1 2025)	Notes
Research and Development (R&D) Expenses	$11.4 million	Three months ended March 31, 2025.
Restructuring Charge	$0.5 million	Reported in Q1 2025.
Legal Expense	$0.4 million	Reported in Q1 2025.
Total Revenues	$20.9 million	Q1 2025 total revenues.
Gross Profit	$17.9 million	Q1 2025.

The Cost of goods sold (COGS) for DANYELZA manufacturing and supply chain is embedded within the gross profit calculation. Based on the Q1 2025 total revenues of $20.9 million and a gross profit of $17.9 million, the implied COGS for that quarter was $3.0 million ($20.9M - $17.9M). The gross margin for Q1 2025 settled at 86%, down slightly from 89% in the prior year period due to lower U.S. net product revenues. The gross margin for the second quarter of 2025 decreased further due to increased production costs and lower high-margin product sales to Western Europe.

Selling, General, and Administrative (SG&A) costs for the commercial team are substantial for supporting DANYELZA. While Q1 2025 SG&A isn't explicitly isolated in the same way, the latest reported figure shows the scale of these overheads. For the three months ended June 30, 2025, SG&A expenses were $11.3 million. This was a significant decrease from $17.2 million in the same period in 2024, primarily due to the net impact of litigation settlements in Q2 2024 and lower legal expenses.

Clinical trial and regulatory costs for the SADA platform advancement are part of the overall R&D spend, but the changes reflect shifting priorities. For the first quarter of 2025, the R&D decrease versus 2024 was partly due to a $0.7 million decrease in clinical trials because of the timing of completion in the GD2-SADA program. Also, for the six months ended June 30, 2025, R&D expenses saw a total $0.4 million decrease in clinical trials and outsourced research and supplies related to the GD2-SADA program and investment in the SADA PRIT programs.

The Operational restructuring costs from the shift of roles from Denmark to the US were recognized in early 2025. Y-mAbs Therapeutics, Inc. announced a realignment in January 2025, which included moving some roles from Denmark to the U.S. to better coordinate the radiopharmaceutical platform advancement. The financial impact recorded in Q1 2025 included a specific restructuring charge of approximately $0.5 million. This realignment also contributed to a decrease in R&D personnel and stock-based compensation costs, with a $0.9 million decrease noted in both Q1 and Q2 2025 R&D expenses compared to the prior year periods, which was primarily related to this realignment.

Looking at the full-year expectation, Y-mAbs Therapeutics, Inc. reiterated its full-year 2025 guidance for Total Expected Operating Costs and Expenses, which includes anticipated COGS, to be between $116 million and $121 million. Finance: draft updated cash burn projection based on Q2 actuals by next Tuesday.

Y-mAbs Therapeutics, Inc. (YMAB) - Canvas Business Model: Revenue Streams

You're looking at the core income sources for Y-mAbs Therapeutics, Inc. as of late 2025. The business model heavily relies on product sales, specifically DANYELZA, supplemented by partnership income.

The primary driver remains the net product revenues from DANYELZA (naxitamab-gqgk). For the first quarter of 2025, the company reported total revenues of $20.9 million, which was entirely comprised of net product revenues, marking an 8% year-over-year increase. Management reiterated its full-year 2025 total revenue guidance to be between $75 million and $90 million.

To give you a clearer picture of the product revenue breakdown for the first half of 2025, here's how the DANYELZA sales looked:

Metric	Q1 2025 Amount	Q2 2025 Amount
Net Product Revenues (Total)	$20.9 million	$19.5 million
U.S. Sales of DANYELZA	$13.4 million	$14.3 million
Ex-U.S. Sales of DANYELZA	$7.5 million	Data not explicitly isolated from total for Q2

The U.S. DANYELZA net product revenues for the quarter ended March 31, 2025, were $13.4 million, which represented a 28% decrease from the same period in 2024. Conversely, Ex-U.S. DANYELZA net product revenues for Q1 2025 were $7.5 million, a significant increase of $6.7 million from Q1 2024.

Regarding partnership income, license revenue was not reported for the first quarter ended March 31, 2025. However, for the second quarter ended June 30, 2025, the company recognized $0.5 million in license revenue. This amount was earned in prior periods, connected to sales-based milestone achievements by a partner in Israel. This aligns with the type of revenue stream you noted from international distribution partners.

The revenue streams can be summarized by their components as follows:

• Net product revenues from U.S. sales of DANYELZA.
• Net product revenues from ex-U.S. sales of DANYELZA.
• License revenue from international distribution partners, such as the $0.5 million recognized in Q2 2025.
• Potential future milestone payments from ex-U.S. partners.

The total revenues for the first half of 2025 (Q1 plus Q2) reached $40.4 million. The Q2 2025 total revenue was $19.5 million, which beat the high end of the company's guidance range of between $17 million and $19 million for that quarter. Finance: draft 13-week cash view by Friday.