Revenue scaling is supported by a strong 88.7% gross margin as of 2025Q4, though operating profitability remains elusive with margins at -51.1%.
| Sales/Revenue | 158.18M | 131.16M | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | 20.6% | - | - | - | - | - | - |
| Cost of Goods Sold | 17.21M | 5.28M | 383K | 531K | 199K | 155K | 0 |
| COGS % of Revenue | 10.88% | 4.02% | - | - | - | - | - |
| Gross Profit | 140.97M | 125.88M | -383K | -531K | -199K | -155K | 0 |
| Gross Margin % | 89.12% | 95.98% | - | - | - | - | - |
| Gross Profit Growth % | 11.99% | 32967.36% | 27.87% | -166.83% | -28.39% | - | - |
| Operating Expenses | 268.72M | 343.15M | 205.68M | 146.38M | 72.54M | 13.63M | 14.9M |
| OpEx % of Revenue | 169.88% | 261.63% | - | - | - | - | - |
| Selling, General & Admin | 120.59M | 115.45M | 75.16M | 60.76M | 28.96M | 4.53M | 1.01M |
| SG&A % of Revenue | 76.23% | 88.02% | - | - | - | - | - |
| Research & Development | 148.13M | 227.7M | 130.52M | 85.62M | 43.58M | 9.1M | 13.9M |
| R&D % of Revenue | 93.65% | 173.61% | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -127.75M | -217.27M | -206.06M | -146.91M | -72.74M | -13.78M | -14.9M |
| Operating Margin % | -80.76% | -165.65% | - | - | - | - | - |
| Operating Income Growth % | 41.2% | -5.44% | -40.27% | -101.96% | -427.81% | 7.53% | - |
| EBITDA | -124.27M | -215.24M | -205.68M | -146.38M | -72.54M | -13.63M | 0 |
| EBITDA Margin % | -78.56% | -164.1% | - | - | - | - | - |
| EBITDA Growth % | 42.26% | -4.65% | -40.51% | -101.78% | -432.35% | - | - |
| D&A (Non-Cash Add-back) | 3.48M | 2.03M | 383K | 531K | 199K | 155K | 14.9M |
| EBIT | -109.3M | -88.35M | -188.92M | -142.18M | -72.75M | -43.81M | -14.91M |
| Net Interest Income | 18.47M | 19.7M | 17.19M | 4.75M | 4K | -30K | -2.08M |
| Interest Income | 18.47M | 19.7M | 17.19M | 4.75M | 4K | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 30K | 2.08M |
| Other Income/Expense | 18.45M | 128.92M | 17.15M | 4.73M | -11K | -30.06M | -2.08M |
| Pretax Income | -109.3M | -88.35M | -188.92M | -142.18M | -72.75M | -43.84M | -16.98M |
| Pretax Margin % | -69.1% | -67.36% | - | - | - | - | - |
| Income Tax | -1.98M | 7.14M | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 1.81% | -8.09% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -107.32M | -95.5M | -188.92M | -142.18M | -70.64M | -40.51M | -12.63M |
| Net Margin % | -67.85% | -72.81% | - | - | - | - | - |
| Net Income Growth % | -12.38% | 49.45% | -32.87% | -101.26% | -74.4% | -220.62% | - |
| Net Income (Continuing) | -107.32M | -95.5M | -188.92M | -142.18M | -72.75M | -43.84M | -16.98M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 5.7M | 5.49M |
| EPS (Diluted) | -1.04 | -1.02 | -2.37 | -2.02 | -1.14 | -0.65 | -0.24 |
| EPS Growth % | -1.96% | 56.96% | -17.33% | -77.19% | -75.38% | -170.83% | - |
| EPS (Basic) | -1.04 | -1.02 | -2.37 | -2.02 | -1.14 | -0.65 | -0.24 |
| Diluted Shares Outstanding | 103.38M | 93.62M | 79.77M | 65.47M | 61.95M | 61.93M | 61.93M |
| Basic Shares Outstanding | 103.38M | 93.62M | 79.77M | 65.47M | 61.95M | 61.93M | 61.93M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Single asset commercial dependency
According to recent quarterly filings, DAWN's revenue has demonstrated a clear upward trajectory, reaching $53.7 million in 2025Q4, which suggests that the commercial rollout of Ojemda is gaining traction as the company transitions from a clinical-stage entity to a revenue-generating organization in the pediatric oncology market.
The sequential revenue growth indicates that the initial market penetration for tovorafenib is proceeding, though investors should remain cautious regarding the sustainability of this pace. Future top-line durability will likely depend on the company's ability to expand beyond the relapsed patient population and secure broader adoption in front-line treatment settings.
As reported in financial statements, DAWN maintains a robust gross margin profile of approximately 88.7% as of 2025Q4, which reflects the significant pricing power inherent in orphan drug designations and the specialized nature of the pediatric low-grade glioma market compared to broader oncology therapeutic categories.
This high gross margin suggests that the underlying unit economics of Ojemda are favorable, provided the company can manage its distribution and manufacturing costs effectively. However, the current operating margin remains deeply negative, indicating that the gross profit is currently insufficient to cover the substantial commercial infrastructure and R&D investments.
Based on the provided income statement data, DAWN's operating expenses continue to outpace gross profit generation, with operating margins fluctuating significantly and reaching -51.1% in 2025Q4, highlighting the heavy burden of scaling a specialized sales force and ongoing clinical trial commitments for the lead asset.
The lack of positive operating leverage suggests that the company is still in the early stages of its commercial lifecycle where SG&A and R&D spending are prioritized over immediate profitability. Investors should monitor whether the company can achieve a more efficient cost structure as the Ojemda launch matures and clinical trial intensity potentially stabilizes.
Analysis of the company's historical performance reveals that net income figures are heavily influenced by non-recurring events, such as the $108 million gain from a Priority Review Voucher sale in 2024Q3, which masks the underlying cash burn associated with the company's core operational activities.
The volatility in EPS, ranging from a profit of $0.38 in 2024Q3 to a loss of $0.21 in 2025Q4, warrants careful adjustment by analysts to isolate sustainable product revenue from one-time gains. The consistent reliance on stock-based compensation, which averaged over $10 million per quarter, further suggests that reported net income may not fully capture the true economic cost of talent retention.
While the recent FDA approval provides a foundation for growth, the company's financial history suggests that the transition to a self-sustaining commercial entity is fraught with risk, particularly given the high operating burn rate and the potential for competitive displacement in the pediatric oncology space.
Short-term investors should be wary of the potential for margin compression if the gross-to-net spread widens due to institutional discounting or if the FIREFLY-2 trial fails to deliver the expected expansion into front-line therapy. The current valuation appears to bake in a high degree of success that may be challenged if commercial adoption rates do not meet aggressive market expectations.
Quick answers to the most common questions about buying DAWN stock.
For fiscal year 2025, Day One Biopharmaceuticals, Inc. (DAWN) reported total revenue of $158.2M.
Day One Biopharmaceuticals, Inc. (DAWN) reported a net loss of $107.3M for the fiscal year ending 2025.
Day One Biopharmaceuticals, Inc. (DAWN) reported an operating income of $-127.8M, resulting in an operating profit margin of -80.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Day One Biopharmaceuticals, Inc. (DAWN) generated $141.0M in gross profit for the year, representing a gross profit margin of 89.1%. This demonstrates the company's core pricing power and production efficiency.