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Benzinga
Benzinga
Technology
Vandana Singh

Y-MAbs Therapeutics' CEO Exits, Expects FY22 Danyelza Sales of Up To $50M

FDA Nasdaq
  • Y-mAbs Therapeutics Inc's (NASDAQ:YMAB) CEO and Board Member, Claus Moller, has stepped down from his position effective immediately. 
  • Thomas Gad, the Company's Founder, Chairman & President, has assumed the interim CEO and Board Member role. 
  • In addition, Mr. Gad has stepped down as Chairman, and Jim Healy, current Board Member and Chair of the Compensation Committee, has been appointed as Chairman of the Board. 
  • The Company posted preliminary Q1 FY22 Danyelza sales of $10.5 million, with a $45-50 million full-year revenue guidance. 
  • The omburtamab FDA marketing application was resubmitted in March and is currently under review with the FDA. 
  • The Company held a cash balance of $156.7 million, which provides a runway to mid-2024. 
  • For 2022, Y-mAbs expects operating expenses of $162-167 million and a net cash burn of $78-83 million.
  • Price Action: YMAB shares closed at $9.35 on Wednesday.
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