Day One Biopharmaceuticals, Inc. (NASDAQ: DAWN) shares are experiencing a significant pre-market rise on the charts, climbing 9.88% to $15.90 after announcing its third-quarter financial results for 2024. DAWN’s strong performance reflects continued patient demand for OJEMDA, a therapy addressing pediatric low-grade glioma (pLGG), highlighting the need for innovative treatments in pediatric oncology.
Impressive Revenue and Prescription Growth
Day One Biopharmaceuticals’ third-quarter financial statistics demonstrate strong growth driven by OJEMDA’s accomplishments. DAWN recorded $20.1 million in net sales, a significant 145% rise over the previous year. Additionally, it made $73.7 million in licensing fees from the sale of the ex-U.S. commercial rights for its experimental medication, tovorafenib.
The third quarter saw a 159% rise in OJEMDA prescriptions, reaching 619, indicating growing patient and physician acceptance of the medication. With a net income of $37 million as of September 30, 2024, Day One had a healthy financial reserve of $558.4 million in cash, cash equivalents, and short-term investments.
International Clinical Developments and Strategic Alliances
DAWN continues to expand its pivotal Phase 3 FIREFLY-2/LOGGIC clinical trial, which tests tovorafenib as a first-line treatment for patients aged 6 months to 25 years with pLGG. With over 100 sites activated across the United States, Canada, Europe, Australia, and Asia, the study is enrolling patients globally.
Day One and Ipsen signed an exclusive license deal in July 2024 for the sale of tovorafenib outside of the US. Tiered royalties on net sales and an upfront payment of $111 million are included in this arrangement, with milestone payments of up to $350 million possible.
Outlook and Upcoming Presentations
Looking ahead, Day One plans to maintain its growth momentum by advancing its product pipeline, including DAY301, a promising antibody-drug conjugate (ADC) targeting PTK7, which is anticipated to enter clinical testing soon.
At the Society for Neuro-Oncology Annual Meeting in November 2024, Day One will also share results from its Phase 2 FIREFLY-1 trial on treatment regimens and quality of life. These advancements demonstrate the company’s dedication to improving treatment alternatives for young glioma patients and solidifying its place in the pediatric cancer market.