YmAbs Therapeutics, Inc. (NASDAQ:YMAB) Q3 2019 Earnings Conference Call - Final Transcript
Nov 13, 2019 • 04:30 pm ET
Good day, and welcome to the Y-mAbs Therapeutics, Inc., 2019 Third Quarter Earnings Conference Call. [Operator Instructions]
Let me quickly remind you that the following discussion contains certain statements that are considered forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Because forward-looking statements involve risks and uncertainties, they are not guarantees of future performance, and actual results may differ materially from those expressed or implied by these forward-looking statements due to a variety of factors, including those risk factors discussed in the company's prospectus supplement dated October 29th, 2019, and filed with the SEC on October 31st, 2019, and the company's Annual Report on Form 10-K for the fiscal year ended December 31st, 2018, as filed with the SEC on March 22nd, 2019.
At this time, I would like to turn the conference over to Thomas Gad, the Company's Founder, Chairman, and President. Please go ahead, sir.
Thank you, Doug. Hello, everyone, and welcome to our third quarter earnings call. Today, we're going to hear remarks from our Chief Executive Officer, Dr. Claus Moller, and as well as our Chief Financial Officer, Bo Kruse.
We ended the third quarter with $98.2 million in cash. As you all know, in late October, we completed an oversubscribed secondary offering, which was led by Morgan Stanley, J.P. Morgan, and BAML, in which we sold approximately 5.1 million shares of our common stock, which included the full exercise of the over-allotment option at $28 per share, raising approximately $135 million in net proceeds to the Company.
At the end of the third quarter, this would bring our pro forma cash position to $233 million. The transaction produced a very high quality demand enabling us to further expand our excellent shareholder base. The proceeds from the offering further strengthens our balance sheet sufficiently to potentially launch both naxitamab and omburtamab next year. And at the same time, we can advance our pipeline and carrying us through the end of 2022. This doesn't take into consideration any potential product sales or partnership income.
Naxitamab and omburtamab, have both received rare pediatric disease designation from the FDA. We believe that our overall timelines for submission and potential approval for both naxitamab and omburtamab are on track for completing first quarter BLA filings with potential approvals in 2020. Overall, we are very pleased with our current financial position.
Naxitamab and omburtamab continue to readout very encouraging data, addressing clear unmet medical needs from neuroblastoma patients, and we have now -- we are able to reproduce very encouraging results for both antibodies in multi-center trials. We think this is a very encouraging sign for patients waiting to get access from naxitamab and omburtamab. At this point, we are -- and then naxitamab and omburtamab are being used in clinical trials in Europe, the US and in Hong Kong, and this is a major achievement for Y-mAbs.
For the first nine months in '19, we spent $49.7 million. Taking into consideration our achievements, this is a