Y-mAbs Therapeutics Q1 2025: Unpacking Contradictory Insights on Revenue, Studies, and Medicaid Dynamics

Revenue dynamics and seasonality, CD38-SADA study and timelines, gross to net dynamics, Medicaid reimbursement and sales dynamics, GD2-SADA study design and dose escalation are the key contradictions discussed in Y-mAbs Therapeutics' latest 2025Q1 earnings call.



Revenue Growth and DANYELZA Performance:
- Y-mAbs Therapeutics reported total DANYELZA net product revenues of $20.9 million for Q1 2025, aligning with the higher-end of their guidance range and representing an 8% increase from the previous year.
- The increase was driven by strong performance in international markets, particularly in Western Asia and Eastern Asia, and a strategic focus on enhancing share of voice and market penetration in the U.S.

Radiopharmaceutical R&D Progress:
- The company completed Part A of its GD2-SADA Phase I clinical trial and dosed the first patient in its CD38-SADA Phase I trial.
- These advancements are part of the company's ongoing efforts to accelerate the development of its novel SADA PRIT platform and high-value target programs, supported by significant funding and research investments.

U.S. Market Dynamics and Financial Adjustments:
- U.S. revenues for DANYELZA decreased by 28% year-over-year, attributed to competitive pressures and slower patient enrollment.
- The company remains committed to improving financial messaging around DANYELZA, focusing on the benefits of outpatient treatment and expanding global market presence to drive long-term growth.

Cash Position and Financial Stability:
- Y-mAbs ended the quarter with $60.3 million in cash, maintaining an anticipated runway into 2027.
- The company attributes its strong financial position to prudent spending and efficient operations, despite a challenging market environment.