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Dec 31, 2025
Day One Q4 2025 Earnings Report
Day One Biopharmaceuticals reported its fourth quarter and full year 2025 financial results, highlighting significant growth for OJEMDA and the acquisition of Mersana Therapeutics' ADC pipeline.
Key Takeaways
Day One achieved strong commercial momentum with OJEMDA net product revenue reaching $52.8 million in Q4 2025, contributing to a full-year total of $155.4 million. The company significantly reduced its net loss compared to the prior year and ended 2025 with a solid cash position of $441.1 million while expanding its oncology pipeline.
OJEMDA Q4 net product revenue reached $52.8 million, showing consistent double-digit sequential quarterly growth.
Full-year 2025 OJEMDA revenue grew 172% year-over-year to $155.4 million.
Q4 net loss narrowed significantly to $21.3 million compared to $65.7 million in Q4 2024.
Strategic expansion through the January 2026 acquisition of Mersana Therapeutics, adding the B7-H4-directed ADC Emi-Le to the pipeline.
Revenue by Segment
Forward Guidance
Day One reaffirmed its 2026 outlook, focusing on continued OJEMDA growth and pipeline advancement.
Positive Outlook
- Reaffirmed 2026 U.S. OJEMDA net product revenue guidance of $225 million to $250 million.
- FIREFLY-2 Phase 3 trial enrollment on track for completion in first half of 2026.
- Updated Phase 1 clinical data for Emi-Le expected in mid-2026.
- Initial clinical data for DAY301 expected in the second half of 2026.
- Strong cash position of $441.1 million to fund ongoing operations and pipeline development.
Challenges Ahead
- Company continues to operate at a net loss.
- R&D and SG&A expenses remain significant as the pipeline matures.
- Potential risks associated with the integration of the Mersana Therapeutics acquisition.
- Dependence on regulatory approvals for expanding product indications.
Historical Earnings Impact
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