Brief: Y-Mabs Estimates 35% Reduction Of Workforce As Part Of Restructuring

Y-mAbs Therapeutics

04/01/2023 21:19

Jan 4 (Reuters) - Y-mAbs Therapeutics Inc  YMAB.O :
    * Y-MABS ANNOUNCES RESTRUCTURING PLAN AND PROVIDES FINANCIAL
OUTLOOK FOLLOWING COMPLETE RESPONSE LETTER FROM FDA
    * Y-MABS THERAPEUTICS - ESTIMATED 28% REDUCTION IN ANNUAL
OPERATING EXPENSES FOR 2023 COMPARED TO PREVIOUSLY ANNOUNCED
GUIDANCE FOR 2022 OF $162-167 MILLION
    * Y-MABS THERAPEUTICS INC - ESTIMATED 2023 DANYELZA NET
PRODUCT
REVENUES EXPECTED TO BE $60-65 MILLION
    * Y-MABS THERAPEUTICS INC - ESTIMATED TOTAL CASH BURN FOR
2023,
INCLUDING RESTRUCTURING EXPENSES, EXPECTED TO BE $50-55 MILLION
    * Y-MABS THERAPEUTICS INC - ESTIMATED 35% REDUCTION OF
Y-MABS
WORKFORCE AS PART OF RESTRUCTURING IN ADDITION TO
REPRIORITIZATION OF PIPELINE PROGRAMS
    * Y-MABS THERAPEUTICS INC - OPERATING EXPENSES, INCLUDING
RESTRUCTURING COSTS WHICH ARE EXPECTED TO BE RECOGNIZED IN Q1
2023
    * Y-MABS THERAPEUTICS- CASH,CASH EQUIVALENTS SHOULD SUPPORT
OUR
OPERATIONS AS CURRENTLY PLANNED, TAKING INTO ACCOUNT
RESTRUCTURING PLAN, INTO Q1 OF 2026

Source text for Eikon:  ID:nGNX1JJstZ 
Further company coverage:  YMAB.O 
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