Skip to main content
Premium Trial:

Request an Annual Quote

Day One Seeks to Raise $125M in Common Stock Offering

NEW YORK – Day One Biopharmaceuticals on Tuesday announced that it will commence a public offering of approximately $125 million worth of common stock.

The South San Francisco, California-based company expects to sell around 8,355,615 shares at an assumed offering price of $14.96 per share, which was the last reported sale price of Day One's common stock on the Nasdaq on June 13. Underwriters can also purchase an additional $18.75 million in common stock for up to 30 days after the public offering closes.

JP Morgan, Cowen, and Piper Sandler are the joint bookrunning managers for the proposed offering, and Wedbush PacGrow is the lead manager.

Day One said it will use the proceeds to fund its ongoing clinical trials, including the Phase II FIREFLY-1 study, evaluating its lead candidate pan-RAF inhibitor tovorafenib in pediatric low-grade glioma, and its Phase II FIRELIGHT-1 trial, evaluating its MEK inhibitor pimasertib plus tovorafenib in RAF-altered solid tumors. The proceeds will also go toward initiating its recently announced Phase III FIREFLY-2 trial, which will compare tovorafenib to standard chemotherapy in pediatric low-grade glioma, according to a prospectus for the offering filed with the US Securities and Exchange Commission.

The funding will also be used for research and development costs, potential strategic acquisitions or licensing deals, working capital, capital expenditures, and other general corporate purposes. Day One expects the proceeds will fund its activities into 2025.

In May 2021, Day One went public in a $160 million initial public offering.