Shares of Y-mAbs Therapeutics, Inc. (YMAB) plummeted over 11% in pre-market trading on Wednesday, November 8, 2024, after the biopharmaceutical company reported disappointing third-quarter financial results, weighed down by higher-than-expected operating expenses.

For the quarter ended September 30, 2024, Y-mAbs reported total net revenues of $18.5 million, a 10% decline from $20.5 million in the same period last year. The company's lead product, DANYELZA, generated net product revenues of $18.5 million, with $15.3 million coming from the U.S. market and $3.1 million from ex-U.S. markets. The decline in total net revenues was primarily driven by lower international sales.

However, the company's operating costs and expenses for the quarter rose to $27 million, compared to $28.2 million a year ago. The increase was primarily driven by higher selling, general, and administrative expenses, which jumped to $13.6 million from $10.2 million in the third quarter of 2023. The higher SG&A expenses were attributable to factors such as increased personnel costs, professional and consulting fees, and severance charges related to the former Chief Financial Officer's separation.