NEW YORK - Y-mAbs Therapeutics, Inc. (NASDAQ:YMAB), a commercial-stage biopharmaceutical company, today announced the resignation of Chief Financial Officer Bo Kruse. The company has initiated the search for his successor. Kruse will continue in his role until a new CFO is appointed and will remain as a non-executive employee to assist with the transition through July 31, 2024.
Kruse has been with Y-mAbs since its inception in April 2015 and has played a significant role in the company's growth. Michael Rossi, President and CEO, expressed gratitude for Kruse's contributions and responsible capital management, which leaves the company in a strong position. Thomas Gad, Founder and Chief Business Officer, also acknowledged Kruse's dedication and impact on building Y-mAbs into a financially independent company.
Kruse stated that serving as Y-mAbs CFO has been an honor, and he is confident in the company's future, particularly in the continued development of its products such as DANYELZA® and its novel pretargeted radioimmunotherapy technology platform.
Y-mAbs focuses on developing and commercializing innovative radioimmunotherapy and antibody-based cancer therapies. Its product pipeline includes DANYELZA®, an FDA-approved treatment for high-risk neuroblastoma. The company's technologies also feature the investigational Self-Assembly DisAssembly (SADA) Pretargeted Radioimmunotherapy Platform (PRIT) and bispecific antibodies generated using the Y-BiClone platform.
The information is based on a press release statement from Y-mAbs Therapeutics, Inc.
InvestingPro Insights
As Y-mAbs Therapeutics (NASDAQ:YMAB) navigates the transition period following the resignation of CFO Bo Kruse, the company's financial health remains a point of interest for investors. With a market capitalization of $661.47 million, Y-mAbs holds a strong cash position, which is one of the key InvestingPro Tips highlighting the company's ability to manage its financial obligations effectively.
Another notable InvestingPro Tip is the company's impressive gross profit margin. The latest data shows a gross profit of $73.4 million with a gross profit margin of 86.54% for the last twelve months as of Q4 2023. This indicates efficient operations and a strong pricing power for Y-mAbs' products, which is particularly relevant as the company continues to invest in the development and commercialization of its cancer therapies.
Investors should also be aware of the stock's recent performance. Despite a significant hit over the last week with a price total return of -10.2%, Y-mAbs has experienced a strong return over the last three months, with a 129.23% increase. This volatility may be of interest to those looking at short-term investment opportunities.
For those considering a deeper dive into Y-mAbs' financials and future outlook, there are an additional 10 InvestingPro Tips available at https://www.investing.com/pro/YMAB. These tips provide further insights into the company's valuation metrics, such as its high Price / Book multiple of 6.87, and its performance forecasts, including analysts' expectations that the company will not be profitable this year.
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