Company: DAWN
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0000950170-25-026654
Chunk: 351

Company: Day One Biopharmaceuticals, Inc.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 7
Chunk 351
---
71,294

    MabCare license agreement upfront payment

    55,000

    —

    MabCare license agreement milestone payment

    20,000

    —

    Viracta license agreement payment

    5,000

    5,000

    Sprint license agreement upfront payment

    —

    3,000

    Other research and development costs

    8,949

    8,465

    Internal costs:

    Employee related expenses

    49,353

    42,762

    Total research and development expenses
     
    $
    227,702

    $
    130,521

(1)Third-party CRO, CMO and other clinical trial costs for the tovorafenib, pimasertib, DAY301, and VRK1 programs were $74.8 million, $3.8 million, $4.2 million, and $6.6 million, respectively, for the year ended December 31, 2024 compared to $65.5 million, $4.0 million, $0, and $1.8 million, respectively, for the year ended December 31, 2023.

Selling, general and administrative expenses 

Selling, general and administrative expenses increased $39.9 million, from $75.6 million for the year ended December 31, 2023 to $115.5 million for the year ended December 31, 2024. The increase in selling, general and administrative expenses was primarily due to an increase of $21.4 million in personnel related expenses driven by headcount growth, an increase of $13.1 million in professional services driven by commercial launch activities, and an increase of $5.4 million in other selling, general and administrative costs.

Income tax expense

Income tax expense for the year ended December 31, 2024, was $7.1 million resulting in an effective tax rate of (8.1)% compared to 0.0% in 2023. The increase in income tax expense (and resulting negative 8.1% effective tax rate) is driven primarily by current US federal and state income tax expense recognized after considering available net operating losses and credits while we continue to maintain a valuation allowance against the full amount of our net deferred tax assets. We did not record an income tax provision for the year ended December 31, 2023 as it generated tax losses during the period.

Liquidity