Shares of Y-mAbs Therapeutics, Inc. (YMAB) plummeted 7.33% in pre-market trading on Wednesday, November 8, 2024, after the biopharmaceutical company reported disappointing third-quarter financial results, largely due to higher-than-expected operating expenses.

Y-mAbs reported total net revenues of $18.5 million for the third quarter of 2024, 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.

However, Y-mAbs' 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.