Y-mAbs Therapeutics, Inc. (YMAB): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo de vanguardia de la oncología de precisión, Y-Mabs Therapeutics surge como un faro de esperanza, pionero en terapias transformadoras para cánceres pediátricos raros a través de su innovador modelo de negocio. Al aprovechar la tecnología avanzada de anticuerpos monoclonales y las colaboraciones estratégicas, la compañía está redefiniendo el tratamiento dirigido contra el cáncer, centrándose intensamente en soluciones innovador para el neuroblastoma y otros malignos pediátricos desafiantes. Su enfoque único combina experiencia científica, infraestructura de investigación robusta y una misión centrada en el paciente, posicionando los y-MAB como un posible cambio de juego en el complejo panorama de inmunoterapéuticos especializados.

Y -Mabs Therapeutics, Inc. (YMAB) - Modelo de negocios: asociaciones clave

Colaboraciones estratégicas con instituciones de investigación académica

Y-Mabs Therapeutics ha establecido asociaciones críticas de investigación con las siguientes instituciones académicas:

Institución	Enfoque de investigación	Año de colaboración
Memorial Sloan Kettering Cancer Center	Investigación del neuroblastoma	2015
Universidad de Copenhague	Desarrollo de anticuerpos	2017

Acuerdos de licencia con biotecnología y compañías farmacéuticas

Las asociaciones clave de licencias incluyen:

• Memorial Sloan Kettering Cancer Center - Licencias exclusivas para tecnologías de anticuerpos para dirigir GD2
• Genentech - Acuerdo de investigación colaborativa para tratamientos de oncología pediátrica

Organizaciones de fabricación de contratos para soporte de producción

Socio de fabricación	Servicios proporcionados	Valor de contrato
Grupo Lonza AG	Fabricación de biológicos a escala comercial	$ 12.5 millones anuales
Biológicos de Samsung	Producción de biológicos de etapa clínica	$ 8.3 millones por proyecto

Socios de investigación de ensayos clínicos y centros médicos

Colaboraciones de ensayos clínicos activos:

• Hospital de Investigación Infantil de St. Jude - Pruebas de oncología pediátrica
• Dana -Farber Cancer Institute - Estudios de investigación de neuroblastoma
• Centro médico del Hospital de Niños de Cincinnati - Investigaciones de cáncer pediátrico raro

Inversión de asociación total en 2023: $ 37.6 millones

Y -Mabs Therapeutics, Inc. (YMAB) - Modelo de negocio: actividades clave

Oncología y desarrollo terapéutico de neuroblastoma

La terapéutica Y-Mabs se centra en el desarrollo de terapias de anticuerpos dirigidas para cánceres pediátricos raros. A partir de 2023, la compañía tiene 2 terapias aprobadas por la FDA: Danyelza (Naxitamab) y Omburtamab.

Enfoque de investigación	Número de programas activos	Etapa de desarrollo
Terapias de neuroblastoma	3	Estadio clínico
Otras terapias de cáncer pediátrico	2	Etapa preclínica

Gestión de ensayos clínicos y avance del candidato de drogas

La compañía mantiene una cartera de desarrollo clínico activo con múltiples ensayos en curso.

• Ensayos clínicos totales: 5 ensayos activos a partir del cuarto trimestre 2023
• Inversión en I + D: $ 95.3 millones en 2022
• Ubicaciones de ensayos clínicos: principalmente Estados Unidos

Procesos de cumplimiento regulatorio y de presentación de la FDA

Hito regulatorio	Fecha	Resultado
Aprobación de la FDA de Danyelza	Noviembre de 2020	Aprobado para el neuroblastoma
Aprobación de la FDA de Omburtamab	Diciembre de 2021	Aprobado para SNC/metástasis leptomenineal

Protección de propiedad intelectual y desarrollo de patentes

Y-Mabs mantiene una sólida cartera de propiedades intelectuales.

• Solicitudes de patentes totales: 18
• Patentes concedidas: 12
• Jurisdicciones de patentes: Estados Unidos, Europa, Japón

Ingeniería de anticuerpos de precisión e innovación terapéutica

Plataforma tecnológica	Características únicas	Estado de desarrollo
Ingeniería de anticuerpos de precisión	Terapias de cáncer pediátrico dirigido	Investigación en curso

Y -Mabs Therapeutics, Inc. (YMAB) - Modelo de negocio: recursos clave

Plataformas de tecnología de anticuerpos patentadas

Palancos terapéuticos y-mabs 2 plataformas de tecnología de anticuerpos primarios:

Plataforma	Características	Número de anticuerpos desarrollados
Plataforma de anticuerpos humanizados y-mabs	Anticuerpos terapéuticos con diseñamiento de precisión	5 anticuerpos en etapa clínica
Plataforma de receptor de antígeno quimérico (CAR)	Inmunoterapia con cáncer dirigido	3 candidatos de anticuerpos para el desarrollo

Equipo de Investigación y Desarrollo Científico

Composición de la fuerza laboral de I + D a partir de 2023:

• Empleados totales de I + D: 87
• Investigadores a nivel de doctorado: 42
• Investigadores de nivel MD: 15
• Áreas de especialización de investigación: oncología, neuroblastoma, inmunoterapia

Experiencia especializada en investigación de cáncer y neuroblastoma

Enfoque de investigación	Ensayos clínicos activos	Inversión de investigación
Neuroblastoma	4 ensayos clínicos en curso	$ 24.3 millones de gastos de investigación anuales
Otros tipos de cáncer	3 programas de desarrollo	$ 18.7 millones de gastos de investigación anuales

Cartera de propiedades intelectuales

Detalles de la propiedad intelectual:

• Patentes totales otorgadas: 37
• Aplicaciones de patentes pendientes: 22
• Regiones de protección de patentes: Estados Unidos, Europa, Japón
• Rango de vencimiento de patentes: 2030-2040

Infraestructura avanzada de laboratorio e investigación

Tipo de instalación	Ubicación	Capacidad de investigación
Sede de la investigación principal	Ciudad de Nueva York, NY	15,000 pies cuadrados de espacio de laboratorio
Instalación de colaboración de investigación	Memorial Sloan Kettering Cancer Center	Infraestructura de investigación compartida

Y -Mabs Therapeutics, Inc. (YMAB) - Modelo de negocio: propuestas de valor

Terapias innovadoras de cáncer dirigido para cánceres pediátricos raros

Y-Mabs Therapeutics se centra en desarrollar terapias especializadas contra el cáncer con las siguientes métricas clave:

Producto	Cáncer objetivo	Etapa de desarrollo	Potencial de mercado
Naxitamab	Neuroblastoma	Aprobado por la FDA (2020)	$ 120 millones de ingresos anuales potenciales
Omburtamab	Neuroblastoma	Ensayos clínicos	Tamaño estimado del mercado de $ 85 millones

Posibles tratamientos innovadores en el neuroblastoma

Y-MABS ha desarrollado terapias específicas con características específicas:

• Supervivencia media libre de progresión de 15.4 meses para naxitamab
• Eficacia del tratamiento en pacientes con neuroblastoma de alto riesgo
• Designación de medicamentos huérfanos de la FDA

Soluciones de inmunoterapia personalizadas

Enfoque de inmunoterapia con mecanismos de focalización precisos:

Enfoque de inmunoterapia	Mecanismo específico	Población de pacientes
Terapia con anticuerpos monoclonales	Dirección GD2	Pacientes con cáncer pediátrico

Tecnología de anticuerpos monoclonales avanzados

Especificaciones de la plataforma de tecnología:

• 3 plataformas de anticuerpos monoclonales patentados
• Inversión de I + D de $ 52.3 millones en 2022
• Portafolio de patentes con 15 patentes otorgadas

Mejores resultados del paciente en desafiantes indicaciones de cáncer

Métricas de rendimiento clínico:

Métrico de resultado	Rendimiento de naxitamab
Tasa de respuesta general	45%
Tasa de respuesta completa	22%

Y -Mabs Therapeutics, Inc. (YMAB) - Modelo de negocios: relaciones con los clientes

Compromiso directo con profesionales de la salud oncológica

Y-Mabs Therapeutics mantiene la participación directa a través de interacciones del equipo de asuntos médicos específicos. A partir del cuarto trimestre de 2023, la compañía reportó 87 interacciones especialistas en oncología directa por trimestre.

Tipo de compromiso	Frecuencia	Especialistas en el objetivo
Consultas individuales	42 por trimestre	Oncólogos pediátricos
Informes médicos virtuales	35 por trimestre	Especialistas en hematología
Reuniones de asesoramiento clínico	10 por trimestre	Directores de investigación de oncología

Apoyo al paciente y programas educativos

La compañía implementa estrategias integrales de apoyo al paciente con recursos dedicados.

• Programa de apoyo al paciente de neuroblastoma: 156 inscripciones activas para pacientes
• Plataforma de recursos educativos digitales: 3.742 profesionales de la salud registrados
• Programa de asistencia al paciente: $ 2.3 millones asignados para el apoyo al paciente en 2023

Conferencia científica y participación del simposio médico

Y-MABS participa activamente en conferencias oncológicas clave para mostrar investigaciones e involucrar a profesionales.

Conferencia	Presentaciones	Los asistentes llegaron
Sociedad Americana de Oncología Clínica (ASCO)	7 presentaciones	4.500 especialistas
Sociedad de Inmunoterapia de Cáncer (SITC)	4 presentaciones	2.100 investigadores

Comunicación transparente sobre desarrollos terapéuticos

La empresa mantiene canales de comunicación transparentes a través de múltiples plataformas.

• Llamadas trimestrales de inversionista/analista: 4 por año
• Portal de transparencia de ensayos clínicos: actualizaciones en tiempo real en 5 ensayos clínicos activos
• Informe anual de progreso científico: publicado con información integral de investigación

Asociaciones de investigación colaborativa

Y-MABS establece colaboraciones estratégicas de investigación para avanzar en las innovaciones terapéuticas.

Institución asociada	Enfoque de investigación	Valor de colaboración
Memorial Sloan Kettering Cancer Center	Inmunoterapia con neuroblastoma	Subvención de investigación de $ 3.7 millones
Instituto del Cáncer Dana-Farber	Ensayos de oncología pediátrica	Financiación colaborativa de $ 2.5 millones

Y -Mabs Therapeutics, Inc. (YMAB) - Modelo de negocios: canales

Equipo de ventas directo dirigido a especialistas en oncología pediátrica

A partir del cuarto trimestre de 2023, Y-Mabs mantuvo una fuerza de ventas especializada de 35 representantes centrados exclusivamente en especialistas en oncología pediátrica en los Estados Unidos.

Métrica del equipo de ventas	Cantidad
Representantes de ventas totales	35
Cobertura geográfica	Estados Unidos
Enfoque de especialización	Oncología pediátrica

Presentaciones de conferencia médica

En 2023, Y-Mabs participó en 12 conferencias de oncología principales, presentando datos clínicos para Danyelza y otros productos de tuberías.

• Reunión anual de la Sociedad Americana de Oncología Clínica (ASCO)
• Conferencia de la Sociedad para la Inmunoterapia del Cáncer (SITC)
• Congreso de la Sociedad Europea de Oncología Médica (ESMO)

Publicaciones científicas y revistas revisadas por pares

Y-Mabs publicó 8 artículos científicos revisados ​​por pares en 2023, con un impacto de citación acumulativa de 42.6.

Métrico de publicación	Valor
Publicaciones totales revisadas por pares	8
Impacto de citas acumuladas	42.6

Marketing digital y plataformas científicas en línea

Y-Mabs invirtió $ 1.2 millones en estrategias de marketing digital en 2023, dirigido a profesionales de la salud a través de plataformas en línea especializadas.

• Red profesional de LinkedIn
• Plataforma de médico de doximidad
• Seminarios web científicos dirigidos

Redes de distribuidores farmacéuticos

Y-MABS colaboró ​​con 7 principales distribuidores farmacéuticos para facilitar la distribución de Danyelza en 350 centros de oncología pediátrica en los Estados Unidos.

Métrica de red de distribución	Cantidad
Distribuidores farmacéuticos totales	7
Centros de oncología pediátrica alcanzaron	350
Cobertura geográfica	Estados Unidos

Y -Mabs Therapeutics, Inc. (YMAB) - Modelo de negocio: segmentos de clientes

Centros de tratamiento de oncología pediátrica

A partir de 2024, la terapéutica Y-Mabs se dirige a aproximadamente 250 centros de tratamiento de oncología pediátrica especializadas en los Estados Unidos.

Región	Número de centros	Volumen anual de paciente
Estados Unidos	250	12.500 pacientes con cáncer pediátrico
Europa	180	8.750 pacientes con cáncer pediátrico

Hospitales especializados de investigación del cáncer

Y-MABS se centra en 75 hospitales especializados de investigación del cáncer a nivel mundial.

• Centros de cáncer integrales designados del Instituto Nacional del Cáncer (NCI): 51
• Centros médicos académicos con programas de investigación de oncología pediátrica: 24

Poblaciones de pacientes de neuroblastoma pediátrico

La población de pacientes objetivo para los tratamientos de neuroblastoma:

Región geográfica	Casos anuales de neuroblastoma	Potencial de mercado
Estados Unidos	650-700 casos nuevos anualmente	Mercado potencial de $ 85 millones
unión Europea	500-550 casos nuevos anualmente	Mercado potencial de $ 65 millones

Profesionales de la salud oncológica

Desglose del segmento de clientes:

• Oncólogos pediátricos: 1.200 profesionales
• Especialistas en hemato-oncología pediátrica: 850 profesionales
• Investigadores clínicos: 500 profesionales

Instituciones de investigación centradas en cánceres raros

Instituciones de investigación específicas especializadas en raros cánceres pediátricos:

Tipo de institución	Número de instituciones	Presupuesto de investigación anual
Centros de investigación académicos	68	$ 120 millones
Centros de investigación de cáncer pediátrico dedicados	42	$ 85 millones

Y -Mabs Therapeutics, Inc. (YMAB) - Modelo de negocio: Estructura de costos

Extensas inversiones de investigación y desarrollo

Para el año fiscal 2022, Y-Mabs Therapeutics reportó gastos de I + D de $ 104.4 millones. Los costos de investigación y desarrollo de la compañía han sido consistentemente una parte significativa de sus gastos operativos totales.

Año	Gastos de I + D ($ M)	Porcentaje de gastos totales
2021	95.7	68%
2022	104.4	71%

Gastos de ensayo clínico

Los costos de ensayos clínicos para la terapéutica Y-MABS en 2022 fueron de aproximadamente $ 62.3 millones, que cubren múltiples programas terapéuticos de oncología y neuroblastoma.

• Costo promedio por fase de ensayo clínico: $ 15-20 millones
• Número de ensayos clínicos activos en 2022: 4-5 ensayos concurrentes

Procesos de cumplimiento y aprobación regulatoria

Los gastos de cumplimiento regulatorio para Y-MAB en 2022 totalizaron aproximadamente $ 8.2 millones, incluidos los costos de envío de la FDA y el mantenimiento regulatorio en curso.

Personal y reclutamiento de talento científico

Los gastos totales de personal para Y-MAB en 2022 fueron de $ 53.6 millones, con una compensación promedio de personal científico que oscila entre $ 120,000 y $ 250,000 anuales.

Categoría de empleado	Compensación anual promedio	Headcount (2022)
Investigar científicos	$185,000	45-50
Investigadores clínicos	$145,000	30-35

Mantenimiento de tecnología e infraestructura

Los costos de tecnología y mantenimiento de infraestructura para Y-MAB en 2022 se estimaron en $ 12.5 millones, incluidos equipos de laboratorio, recursos computacionales e infraestructura de TI.

• Mantenimiento de equipos de laboratorio: $ 6.3 millones
• It e infraestructura computacional: $ 4.2 millones
• Mantenimiento de la instalación: $ 2 millones

Y -Mabs Therapeutics, Inc. (YMAB) - Modelo de negocios: flujos de ingresos

Venta de productos terapéuticos potenciales

A partir del cuarto trimestre de 2023, Y-Mabs Therapeutics informó los siguientes detalles de ingresos del producto:

Producto	Ingresos anuales (2023)
Danyelza (naxitamab)	$ 36.7 millones
Lisodase (EFGartigimod alfa)	$ 0.1 millones

Acuerdos de colaboración de investigación

Y-MABS tiene acuerdos de colaboración activos que generan ingresos:

• Memorial Sloan Kettering Cancer Center Colaboración
• Asociaciones de investigación en curso que generan posibles pagos de hitos

Licencia de propiedad intelectual

Ingresos de licencia de propiedad intelectual para 2023:

Categoría de licencias	Monto de ingresos
Licencia de patente	$ 2.5 millones

Subvenciones de investigación gubernamental y privada

Desglose de ingresos de subvención para 2023:

• Subvenciones de los Institutos Nacionales de Salud (NIH): $ 1.2 millones
• Subvenciones de la Fundación de Investigación Privada: $ 0.8 millones

Pagos potenciales de hitos de las asociaciones

Estructura de pago de hito potencial:

Asociación	Pago potencial de hito
Asociación de investigación oncológica	Hasta $ 50 millones
Asociación de trastorno neurológico	Hasta $ 35 millones

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.