Day One Biopharmaceuticals, Inc. (NASDAQ: DAWN) has released its second quarter 2024 financial results and corporate progress, showcasing impressive achievements and financial highlights.
Financial Highlights: The company's cash, cash equivalents, and short-term investments totaled $361.9 million as of June 30, 2024. Ojemda net product revenues were $8.2 million for the second quarter of 2024, marking the first partial quarter of the U.S. launch. Research and development expenses were $92.1 million for the second quarter of 2024 compared to $32.2 million for the second quarter of 2023. Selling, general, and administrative expenses were $30.2 million for the second quarter of 2024 compared to $17.1 million for the second quarter of 2023. * Net loss totaled $4.4 million for the second quarter of 2024, a significant improvement from the $45.9 million reported in the second quarter of 2023.
Corporate Progress: Day One achieved $8.2 million in Ojemda (Tovorafenib) net product revenues in the initial two months of its launch, following the FDA accelerated approval in April 2024. The company expanded its pipeline with Day301, a potential first-in-class antibody drug conjugate (ADC) targeting PTK7. A definitive agreement was reached for an oversubscribed private placement of its securities for total gross proceeds of approximately $175 million in July 2024. The company entered into an exclusive licensing agreement with Ipsen to commercialize Tovorafenib outside of the U.S. for approximately $111 million upfront in cash and equity investment at a premium. * John Stubenrauch joined Day One in July 2024 as Chief Technology Officer, bringing more than 25 years of experience in developing and commercializing medicines, including ADCs.
Pipeline and Program Highlights: Ojemda, the first and only FDA-approved therapy for the treatment of patients 6 months of age and older with relapsed or refractory pediatric low-grade glioma (PLGG) harboring a BRAF fusion or rearrangement, or BRAF V600 mutation, saw strong early launch performance. Updated duration of treatment data from the registrational Phase 2 Firefly-1 trial investigating Tovorafenib in patients with BRAF-altered, relapsed, or progressive PLGG was provided, with a median duration of treatment of 23.7 months for the 77 patients enrolled on arm 1. Day One made the decision to close the Pimasertib program in July 2024 and redirected resources to the Day301 program. The pivotal Phase 3 Firefly-2/LOGGIC clinical trial evaluating Tovorafenib as a front-line therapy in patients aged 6 months to 25 years with PLGG continues to enroll patients in multiple regions.
The company is set to host a conference call and webcast today, July 30, at 8:00 a.m. Eastern Time to discuss these results and corporate achievements.
Day One's progress and financial performance in the second quarter of 2024 underscore its dedication to developing and commercializing targeted therapies for life-threatening diseases, setting the stage for potential growth and continued innovation in the biopharmaceutical space. The market has reacted to these announcements by moving the company's shares 0.2% to a price of $15.38. If you want to know more, read the company's complete 8-K report here.
