Day One Biopharmaceuticals (DAWN) Q4 2025 earnings summary

Executive summary

• Achieved $155.4 million in net product revenue for 2025, up 172% year-over-year, driven by OJEMDA's commercial success in pediatric low-grade glioma (PLGG) and strong commercial execution.

• OJEMDA prescriptions totaled 4,635 in 2025, up 181% year-over-year, with double-digit sequential quarterly growth.

• Ended 2025 with over $441 million in cash and no debt, supporting ongoing pipeline and commercial investments.

• Closed the acquisition of Mersana Therapeutics, integrating Emi-Le, a promising antibody-drug conjugate for adenoid cystic carcinoma (ACC), and advancing DAY301 clinical programs.

• Reiterated 2026 OJEMDA net product revenue guidance of $225 million-$250 million.

Financial highlights

• Q4 2025 net product revenue reached $52.8 million, a 37% sequential increase over Q3.

• Total revenue for 2025 was $158.2 million, compared to $73.9 million in 2024.

• Full year 2025 operating expenses were $286 million, down from $348 million in 2024, reflecting the absence of prior one-time in-licensing costs.

• Net loss for 2025 was ($107.3 million), compared to ($95.5 million) in 2024.

• Cash, cash equivalents, and short-term investments totaled $441.1 million as of December 31, 2025.

Outlook and guidance

• 2026 OJEMDA net product revenue expected between $225 million and $250 million, implying over 50% year-over-year growth at the midpoint.

• FIREFLY-2 trial enrollment to complete in first half of 2026, with top-line readout in mid-2027.

• Anticipated global expansion for OJEMDA, with ex-U.S. regulatory approvals targeted and EMA decision expected in 1H 2026.

• Additional clinical data on Emi-Le and DAY301 expected in mid and late 2026, respectively.

• Continued focus on driving new patient starts and optimizing persistence to fuel growth.