Company: DAWN
Filing Date: 2025-03-06
Form Type: 10-K/A
Source: 0000950170-25-034878
Chunk: 52

Company: Day One Biopharmaceuticals, Inc.
Filing Date: 2025-03-06
Form: 10-K/A
Chunk 52
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 2023 and 2022 were as follows (in thousands):

|                                             |     | Year Ended December 31, |    2024 |     |   |   2023 |     |   |   2022 |
|:--------------------------------------------|:----|:------------------------|--------:|:----|:--|-------:|:----|:--|-------:|
| Valuation allowance as of beginning of year |     | $                       |  94,380 |     | $ | 53,794 |     | $ | 23,778 |
| Increases recorded to income tax provision  |     |                         |  61,077 |     |   | 40,586 |     |   | 30,016 |
| Valuation allowance as of end of year       |     | $                       | 155,457 |     | $ | 94,380 |     | $ | 53,794 |

The Company has not generated taxable income since inception with the exception of the year ended December 31, 2024. Due to its history of losses, expected future losses and lack of other positive evidence, the Company determined that it is more likely than not that its net deferred tax assets will not be realized, and therefore, the net deferred tax assets are fully offset by a valuation allowance at December 31, 2024, 2023, and 2022. The Company increased the valuation allowance by $61.1million, $40.6million, and $30.0million for the years ended December 31,2024, 2023, and 2022, respectively.

As of December 31, 2024, the Company had federal net operating loss carryforwards, or NOLs, of $93.6million that donotexpire and federal tax credits of $25.3 million available to offset tax liabilities that begin to expire in2038. The Company also has gross state NOLs of $169.6million and state tax credits of $2.9million which are available to offset state tax liabilities. The state NOLs begin to expire in2038and the state tax credits donotexpire.

<div align='center'>F-33</div>

During the year ended December 31, 2024, the Company completed a Section 382 study to determine whether an ownership change per the provisions of Section 382 of the Internal Revenue Code, as well as similar state provisions, has occurred.