Exhibit 99.1
Day One Reports Second Quarter 2022 Financial Results and Corporate Progress
Reported positive initial data from ongoing pivotal FIREFLY-1 study with tovorafenib (DAY101) in relapsed pediatric low-grade glioma (pLGG); topline results for full pivotal study population expected in the first quarter of 2023
Expanded development of tovorafenib with initiation of pivotal Phase 3 FIREFLY-2/LOGGIC clinical trial evaluating tovorafenib as a front-line therapy in pLGG
Completed $172.5 million upsized public offering providing funding into 2025
SOUTH SAN FRANCISCO, Calif., August 4, 2022 – Day One Biopharmaceuticals (Nasdaq: DAWN), a clinical-stage biopharmaceutical company dedicated to developing and commercializing targeted therapies for people of all ages with life-threatening diseases, today announced financial results for the second quarter of 2022 and highlighted recent corporate achievements.
“Day One continues to deliver on our mission. During this past quarter we announced positive initial data from the ongoing pivotal FIREFLY-1 study with tovorafenib in relapsed pLGG and raised $172.5 million in a follow-on public offering, which will fund the company into 2025,” said Jeremy Bender, Ph.D., chief executive officer of Day One. “We look forward to the topline results from the full FIREFLY-1 pivotal study population in the first quarter of 2023. We are also excited to have recently expanded the development of tovorafenib into newly-diagnosed pLGG patients (FIREFLY-2/LOGGIC), and we continue to enroll patients in our Phase 2 FIRELIGHT-1 trial evaluating tovorafenib both as a monotherapy and in combination with pimasertib in adolescent and adult patients with solid tumors harboring MAPK alterations.”
Program Highlights
Corporate Highlights and Upcoming Milestones
Second Quarter 2022 Financial Highlights
Upcoming Events
About Tovorafenib
Tovorafenib is an investigational, oral, brain-penetrant, highly selective type II pan-RAF kinase inhibitor designed to target a key enzyme in the MAPK signaling pathway, which is being investigated in primary brain tumors and solid tumors harboring activating RAF alterations. Tovorafenib has been studied in over 325 patients to date. Currently tovorafenib is under evaluation in a pivotal Phase 2 clinical trial (FIREFLY-1) among pediatric, adolescent and young adult patients with relapsed pediatric low-grade glioma (pLGG), which is an area of considerable unmet need with no approved therapies for the majority of patients. Day One has also initiated a pivotal Phase 3 study (FIREFLY-2/LOGGIC) in newly-diagnosed patients with pLGG. Beyond pLGG, tovorafenib is being evaluated alone or as a combination therapy for adolescent and adult patient populations with recurrent or progressive solid tumors with MAPK pathway aberrations (FIRELIGHT-1). Tovorafenib has been granted Breakthrough Therapy and Rare Pediatric Disease designations by the U.S. Food and Drug Administration (FDA) for the treatment of patients with pLGG harboring an activating RAF alteration. Tovorafenib has also received Orphan Drug designation from the FDA for the treatment of malignant glioma, and from the European Commission (EC) for the treatment of glioma.
About Pimasertib
Pimasertib is an investigational, oral, highly selective, small molecule inhibitor of mitogen‐activated protein kinases 1 and 2 (MEK-1/-2) within the MAPK signaling pathway. Pimasertib has been dosed in over 850 patients to date for various tumor types. Preclinical data indicates that the combination of a MEK inhibitor, such as pimasertib, and a type II RAF inhibitor, such as tovorafenib, has synergistic anti-tumor activity.
Day One is conducting a Phase 1b/2 study (FIRELIGHT-1) to evaluate the safety, tolerability, and preliminary efficacy of combining pimasertib with tovorafenib in adolescent and adult patients (≥12 years of age) with recurrent, progressive, or refractory solid tumors with MAPK pathway aberrations.
About Day One Biopharmaceuticals
Day One Biopharmaceuticals is a clinical-stage biopharmaceutical company that believes when it comes to pediatric cancer, we can do better. We put kids first and are developing targeted therapies that deliver to their needs. Day One was founded to address a critical unmet need: the dire lack of therapeutic development in pediatric cancer. The Company’s name was inspired by the “The Day One Talk” that physicians have with patients and their families about an initial cancer diagnosis and treatment plan. Day One aims to re-envision cancer drug development and redefine what’s possible for all people living with cancer—regardless of age—starting from Day One.
Day One partners with leading clinical oncologists, families, and scientists to identify, acquire, and develop important emerging cancer treatments. The Company’s lead product candidate, tovorafenib (DAY101), is an investigational, oral, brain-penetrant, highly-selective type II pan-RAF kinase inhibitor. The Company’s pipeline also includes pimasertib, an investigational, oral, highly-selective small molecule inhibitor of mitogen‐activated protein kinases 1 and 2 (MEK-1/-2). Day One is based in South San Francisco. For more information, please visit www.dayonebio.com or find the company on LinkedIn or Twitter.
Cautionary Note Regarding Forward-Looking Statements
This press release contains “forward-looking” statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to: Day One’s plans to develop cancer therapies, expectations from current clinical trials, the execution of the Phase 2 and Phase 3 clinical trial for DAY101 as designed, any expectations about safety, efficacy, timing and ability to complete clinical trials, release data results and to obtain regulatory approvals for DAY101 and other candidates in development, and the ability of DAY101 to treat pLGG or related indications.
Statements including words such as “believe,” “plan,” “continue,” “expect,” “will,” “develop,” “signal,” “potential,” or “ongoing” and statements in the future tense are forward-looking statements. These forward-looking statements involve risks and uncertainties, as well as assumptions, which, if they do not fully materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements.
Forward-looking statements are subject to risks and uncertainties that may cause Day One’s actual activities or results to differ significantly from those expressed in any forward-looking statement, including risks and uncertainties in this press release and other risks set forth in our filings with the Securities and Exchange Commission, including Day One’s ability to develop, obtain regulatory approval for or commercialize any product candidate, Day One’s ability to protect intellectual property, the potential impact of the COVID-19 pandemic and the sufficiency of Day One’s cash, cash equivalents and investments to fund its operations. These forward-looking statements speak only as of the date hereof and Day One specifically disclaims any obligation to update these forward-looking statements or reasons why actual results might differ, whether as a result of new information, future events or otherwise, except as required by law.
Contacts:
Media:
1AB
Dan Budwick
dan@1abmedia.com
Investors:
LifeSci Advisors
Hans Vitzthum
hans@lifesciadvisors.com
Day One Biopharmaceuticals, Inc.
Consolidated Statements of Operations and Comprehensive Loss
(unaudited)
(In thousands)
|
| Three Months Ended |
|
| Six Months Ended |
| ||||||||||
|
| 2022 |
|
| 2021 |
|
| 2022 |
|
| 2021 |
| ||||
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
| ||||
Research and development |
| $ | 22,560 |
|
| $ | 9,914 |
|
| $ | 37,563 |
|
| $ | 22,547 |
|
General and administrative |
|
| 14,159 |
|
|
| 5,525 |
|
|
| 26,904 |
|
|
| 8,990 |
|
Total operating expenses |
|
| 36,719 |
|
|
| 15,439 |
|
|
| 64,467 |
|
|
| 31,537 |
|
Loss from operations |
|
| (36,719 | ) |
|
| (15,439 | ) |
|
| (64,467 | ) |
|
| (31,537 | ) |
Interest income (expense), net |
|
| 189 |
|
|
| (7 | ) |
|
| 191 |
|
|
| (14 | ) |
Other expense, net |
|
| — |
|
|
| (27 | ) |
|
| (1 | ) |
|
| (24 | ) |
Net loss |
|
| (36,530 | ) |
|
| (15,473 | ) |
|
| (64,277 | ) |
|
| (31,575 | ) |
Net loss attributable to redeemable convertible noncontrolling interest |
|
| — |
|
|
| (1,191 | ) |
|
| — |
|
|
| (2,109 | ) |
Exchange of redeemable noncontrolling interest shares – deemed dividend |
|
| — |
|
|
| (99,994 | ) |
|
| — |
|
|
| (99,994 | ) |
Net loss attributable to common stockholders/members |
| $ | (36,530 | ) |
| $ | (114,276 | ) |
| $ | (64,277 | ) |
| $ | (129,460 | ) |
Net loss per share, basic and diluted |
| $ | (0.60 | ) |
| $ | (5.04 | ) |
| $ | (1.08 | ) |
| $ | (10.81 | ) |
Weighted-average number of common shares used in computing net loss per share, basic and diluted |
|
| 60,760,527 |
|
|
| 22,661,889 |
|
|
| 59,586,529 |
|
|
| 11,976,577 |
|
Day One Biopharmaceuticals, Inc.
Selected Consolidated Balance Sheet Data
(unaudited)
(In thousands)
|
| June 30, |
|
| December 31, |
| ||
Cash, cash equivalents, and short-term investments |
| $ | 394,864 |
|
| $ | 284,309 |
|
Total assets |
|
| 404,047 |
|
|
| 289,821 |
|
Total liabilities |
|
| 13,416 |
|
|
| 8,673 |
|
Accumulated deficit |
|
| (191,764 | ) |
|
| (127,487 | ) |
Total stockholders’ equity |
|
| 390,631 |
|
|
| 281,148 |
|