Day One Q2 2025 presentation: Revenue growth continues amid pipeline advancement

Introduction & Market Context

Day One Biopharmaceuticals (NASDAQ:DAWN) presented its Q2 2025 corporate update on August 5, highlighting continued revenue growth for its flagship product OJEMDA and progress across its development pipeline. The commercial-stage biopharmaceutical company, which focuses on developing targeted therapies for both pediatric and adult cancer patients, has seen its stock trading near 52-week lows despite showing consistent quarterly growth.

DAWN shares closed at $6.74 on August 5, 2025, up 2.15% for the day, with minimal movement in after-hours trading. The stock remains significantly below its 52-week high of $16.76, reflecting broader challenges in the biotech sector despite the company’s operational progress.

Quarterly Performance Highlights

Day One reported Q2 2025 OJEMDA net product revenue of $33.6 million, representing a 10% increase from Q1 2025 and a substantial 310% growth compared to Q2 2024. This continues the company’s trend of sequential quarterly growth since the product’s launch following FDA approval in April 2024.

As shown in the following chart of quarterly revenue growth:

The company has maintained approximately 22% compounded quarterly growth since Q3 2024, with revenues steadily increasing from $18.5 million in Q3 2024 to $33.6 million in the most recent quarter. Day One expects full-year 2025 OJEMDA revenue to reach between $140 million and $150 million.

The financial results table provides a comprehensive view of the company’s performance:

OJEMDA Commercial Progress

OJEMDA prescriptions have shown consistent growth, reaching 1,062 in Q2 2025, a 15% increase from Q1 2025 and a 346% jump from Q2 2024. The prescription growth trajectory is illustrated in the following chart:

Day One attributes this growth to both strong patient demand and consistent prescriber adoption. The company has successfully expanded its prescriber base while also increasing the depth of prescribing within existing accounts.

The company’s market penetration strategy is showing results, with over 60% of prescribing accounts now treating multiple patients with OJEMDA. This trend suggests growing physician confidence in the product’s efficacy and safety profile.

OJEMDA’s market opportunity remains substantial, with an estimated 2,000-3,000 patients in the relapsed or refractory pediatric low-grade glioma (pLGG) population in the United States. The company’s comprehensive market analysis is shown below:

Pipeline Development Updates

Day One’s growth strategy extends beyond OJEMDA’s current indication, with several key development programs underway:

The FIREFLY-2 pivotal Phase 3 trial is evaluating tovorafenib (the active ingredient in OJEMDA) as a first-line treatment for BRAF-altered pLGG. This potential indication expansion represents a significant market opportunity, with enrollment completion expected in the first half of 2026.

Additionally, Day One is advancing DAY301, a PTK7-targeted antibody-drug conjugate (ADC) acquired to diversify its pipeline. The program cleared its first dose cohort in January 2025 and is being developed for both adult and pediatric solid tumors.

Financial Position and Outlook

Day One maintains a strong financial position with approximately $453 million in cash, cash equivalents, and short-term investments as of June 30, 2025. This provides runway to fund ongoing commercial activities and pipeline development without requiring additional financing in the near term.

The company’s comprehensive pipeline and development timeline is outlined below:

Looking ahead, Day One’s priorities include driving OJEMDA revenue growth, executing on clinical development for FIREFLY-2 and DAY301, and maintaining disciplined capital allocation. The company also anticipates expanding internationally through its partnership with Ipsen (EPA:IPN), with a European regulatory submission expected in Q1 2025.

While the Q2 2025 results show continued operational progress, investors should note that the stock’s performance has not yet reflected this growth, with shares down significantly from their 52-week high. This disconnect between operational execution and market valuation may present both opportunities and challenges for the company moving forward.

Full presentation:

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