Start here if you're new
what it is
Day One sells targeted cancer drugs, led by OJEMDA for a rare brain tumor.
how it gets paid
Last year Day One Bio made $158M in revenue.
why it's growing
Revenue grew 20.6% last year. Revenue grew 163% vs. prior year on OJEMDA demand.
what just happened
Revenue hit $104M, but EPS still sat at -$0.83.
At a glance
B balance sheet — gets the job done, barely
-$2.18 fy2024 eps est
$131M fy2024 rev est
80.8% operating margin
0.7 beta
xvary composite: 40/100 — below average
What they do
Day One sells targeted cancer drugs, led by OJEMDA for a rare brain tumor.
You are not buying a broad drug shop. You are buying one FDA-approved brain-cancer drug with 188 employees behind it. OJEMDA is approved for relapsed or refractory low-grade glioma in patients six months and older, so your downside is not competition from 20 rivals. It is whether one narrow label keeps paying.
How they make money
$158M
annual revenue · their business grew +20.6% last year
total revenue
$158M
+20.6%
The products that matter
commercial pediatric brain cancer therapy
OJEMDA (tovorafenib)
$155.4M · +172% growth
it generated $155.4M in 2025 revenue and remains the company's only commercial product. That makes it the engine, the valuation anchor, and the biggest single risk.
only commercial asset
clinical-stage oncology pipeline asset
emiltatug ledadotin (Emi-Le)
added jan 2026
this asset was acquired in January 2026 to expand the pipeline into adenoid cystic carcinoma. Right now it adds optionality, not revenue.
pipeline only
everything else
Collaboration & other revenue
$2.6M · 1.6% of mix
the rest of the revenue base is just $2.6M. That's useful context because it shows how little diversification exists beneath the headline growth.
not a cushion
Key numbers
-$2.18
fy2024 eps est
$131M
fy2024 rev est
n/a
trailing p/e
n/a
dividend yield
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 4 — safer than 20% of stocks
- price stability 5 / 100
- long-term debt $3M (0% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for DAWN right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Revenue hit $104M, but EPS still sat at -$0.83.
Revenue grew 163% vs. prior year on OJEMDA demand. The company is still spending heavily, so losses stayed wide.
$104M
revenue
-$0.83
eps
n/a
n/a
revenue
The $104M print mattered most. It showed OJEMDA is scaling fast, even while earnings stay negative.
-
Servier announced an acquisition of Day One on March 6, 2026, and the stock jumped 66% the same day.That move changed the frame. Before the deal, DAWN traded as a launch-stage biotech. After the deal, it trades as a closing-risk situation with OJEMDA execution still running underneath.
-
Day One added emiltatug ledadotin in January 2026 to expand beyond OJEMDA.Good strategic logic, thin immediate financial impact. You are not buying pipeline revenue today. You are buying the chance that the company becomes more than one approved asset over time.
source: company earnings report, 2026
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What could go wrong
the #1 risk is the Servier acquisition failing to close. That would take DAWN back to being judged almost entirely on OJEMDA's launch curve.
med
deal break risk
The announced acquisition still depends on approvals and closing conditions. Until cash is in your account, the premium is conditional.
If the deal breaks, the stock likely stops trading like a merger arb setup and starts trading like a one-product biotech again. The current page itself already tells you what event risk looks like: a 66% move in a day.
med
OJEMDA guidance miss
Management's 2026 U.S. OJEMDA target is $225M–$250M versus $155.4M in 2025. That's a big step up for a company with one commercial asset.
Missing that range would pressure credibility immediately because roughly 98% of the revenue shown on this page comes from OJEMDA. This risk touches almost the entire business.
med
single-product concentration
OJEMDA is the only commercial product. Collaboration and other revenue totaled just $2.6M, which is not enough to diversify anything.
Any reimbursement issue, adoption slowdown, or competitive pressure on OJEMDA would flow straight through the income statement. There is no second engine yet.
med
pipeline does not bail you out soon
Emi-Le expands the pipeline, but it was added in January 2026 and remains a clinical-stage asset. Pipeline breadth sounds good. Clinical timelines are slower than headlines.
If pipeline programs disappoint, DAWN remains a one-drug company for longer. That compresses strategic upside and keeps valuation tied to OJEMDA alone.
A failed close plus an OJEMDA slowdown would leave investors staring at the same company, just without the takeover cushion. Since OJEMDA is about 98% of the revenue shown here, that is not a small detail.
source: institutional data · regulatory filings · risk analysis
Pay attention to
deal timeline
Servier closing updates
This is the main catalyst now. Once a biotech agrees to be acquired, the market shifts from debating upside to pricing the odds and timing of the close.
sales
quarterly progress toward $225M–$250M
OJEMDA did $155.4M in 2025. You want to see quarterly numbers that make the 2026 guide feel conservative, not heroic.
concentration
anything that dents OJEMDA adoption
Because OJEMDA is about 98% of the revenue mix shown here, even small commercial stumbles matter more than they would at a diversified biotech.
pipeline
whether Emi-Le becomes more than optionality
The January 2026 asset addition matters strategically, but not yet financially. Watch for concrete development progress, not just portfolio-sounding language.
Analyst rankings
risk profile
below average
risk rank 4 — more volatile than most — brace for bigger swings.
chart momentum
below average
momentum rank 4 — analysts see underperformance risk in the near term.
source: institutional data
Institutional activity
institutional ownership data for DAWN is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$9
current price
n/a
target midpoint · n/a from current
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