Day One Biopharmaceuticals reported fourth‑quarter 2025 net product revenue of $52.8 million, a 172% year‑over‑year increase from $29.0 million in Q4 2024. Full‑year 2025 revenue reached $155.4 million, up 172% from $57.2 million in 2024, driven largely by the rapid uptake of its pediatric low‑grade glioma therapy OJEMDA. The company’s commercial momentum for OJEMDA is evident in the steep revenue growth, which reflects expanding prescriber adoption and sustained patient demand in a niche market.
The company posted earnings per share of –$0.21 for the quarter, missing the consensus estimate of –$0.17 by $0.04. The miss is consistent with the company’s continued investment in commercialization and pipeline development, which increased operating expenses relative to revenue growth. Despite the EPS shortfall, the revenue beat of $4.6 million over analyst expectations underscores the strength of OJEMDA’s market traction.
On January 2026, Day One completed the acquisition of Mersana Therapeutics for an upfront payment of $129 million, with potential milestone payments that could bring the total transaction value to $285 million. The deal adds the emiltatug‑ledadotin ADC candidate for adenoid cystic carcinoma to Day One’s oncology portfolio, extending the company’s reach beyond pediatric low‑grade glioma and positioning it to address a broader spectrum of rare cancers.
Management reiterated its 2026 outlook, projecting U.S. net product revenue of $225 million to $250 million. The guidance reflects confidence in continued demand for OJEMDA and the anticipated impact of upcoming clinical data across the pipeline, including the mid‑2026 data release for the new ADC candidate and the second‑half 2026 data for DAY301, a PTK7‑targeted ADC. The guidance represents a 50%+ growth rate at the midpoint compared to 2025, signaling a strong growth trajectory.
"2025 was a seminal year for Day One, marked by significant achievements across every pillar of our organization. By maintaining our strong commercial execution, leveraging our expertise to extend into additional rare cancers, and steadily advancing our early‑stage pipeline, we are delivering on our mission to bring new medicines to people of all ages with life‑threatening diseases," said CEO Jeremy Bender. Bender added, "The commercial momentum we've established for OJEMDA and the important upcoming clinical data updates across our full pipeline position us for strong growth in 2026 and beyond."
CFO and COO Charles York noted, "We ended 2025 with approximately $441 million in net cash and no debt, providing a strong financial foundation to support our commercial growth and our pipeline advancement."
Investors reacted to the earnings with a focus on the EPS miss and ongoing net losses, while the revenue beat and reaffirmed guidance were viewed positively. The company’s strong cash position and debt‑free balance sheet provide a buffer for continued investment in commercialization and pipeline development, mitigating some of the concerns raised by the EPS shortfall.
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