YMAB - Y-mAbs Therapeutics laying off 35% of workforce as part of strategic restructuring
- Y-mAbs Therapeutics ( NASDAQ: YMAB ) will let go of 35% of its workforce and prioritize its efforts of the commercialization of Danyelza (naxitamab) for neuroblastoma as part of a strategic restructuring .
- Annual operating expenses are expected to decline by 28% -- $115M-$120M -- as a result.
- Total cash burn for fiscal 2023 is expected to be $50M-55M.
- Shares are unchanged in after-hours trading Wednesday.
- Y-mAbs ( YMAB ) said that market growth and a potential label expansion could mean $400M in US sales for Danyelza for high-risk neuroblastoma and osteosarcoma alone.
- The biotech's woes began in late October 2022 after an FDA advisory panel declined to endorse omburtamab for neuroblastoma . The agency subsequently r ejected the biologic in early December .
- Y-mAbs said its plans to discuss omburtamab at an upcoming Type A meeting with the FDA.
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Y-mAbs Therapeutics laying off 35% of workforce as part of strategic restructuring