DAWN · CIK 0001845337
What Day One Biopharmaceuticals, Inc. told the SEC could break it.
Day One Biopharmaceuticals is concentrated at both ends of its only commercial product, OJEMDA. Nearly all of its revenue flows through just two customers — a specialty pharmacy and a specialty distributor that together were 97.6% of 2025 net product revenue — so losing either would sharply cut sales. On the supply side, it depends on a limited number of suppliers, some sole-source and some based in China, for the raw materials and API behind OJEMDA and its pipeline; those complex materials are hard to substitute, and the China-based supply is exposed to U.S. tariffs on Chinese and pharmaceutical imports that could raise its costs and compress margins.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- two customers = 97.6% of net product revenuehigh
Day One's OJEMDA sales flow through a highly concentrated channel — two individual (unnamed) customers (its specialty pharmacy and specialty distributor) were 97.6% of total net product revenue in 2025 (66.7% and 30.9%); loss of either would sharply cut revenue.
“for the year ended December 31, 2025, two individual customers accounted for 97.6% of our total net product revenue, with these individual customers representing 66.7% and 30.9% of total net product revenue.”
SEC filing →As of 2026
Sole-source dependency
- China-based sole-source API/material suppliershigh
Day One relies on a limited number of suppliers — some sole-source and some based in China — for raw materials/API to make OJEMDA and its candidates; complex materials are hard to substitute and China-based supply is exposed to disruption, sanctions and policy shifts.
“We rely on a limited number of suppliers, some of whom are our sole source for certain materials, and some of whom are based in foreign jurisdictions.”
SEC filing →As of 2026
Regulatory & policy
- US tariffs on China imports & pharmaceuticalsmedium
With China-based manufacturers and imported API/intermediates, Day One is exposed to US tariffs on Chinese imports and on pharmaceutical products, which could raise its API/input costs and compress margins.
“The Company is sensitive to increased U.S. tariffs and other trade restrictions, including tariffs specifically on imports from China and tariffs on imports of pharmaceutical products from other jurisdictions. If such tariffs are expanded in scope, increased, or become permanent, the Company could experience higher costs on imported raw materials and product intermediates, which may compress margins.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
Ipsen S.A.
“We generate license revenue from the Ipsen License Agreement”
Cited →
Its suppliers
MabCare Therapeutics (Shanghai)
“we entered into a license agreement, or the MabCare License Agreement, with MabCare Therapeutics, or MabCare, a pharmaceutical corporation located in Shanghai, China. Under the MabCare License Agreement, MabCare granted to us an exclusive worldwide license, excluding Greater China, with the right to grant sublicenses through multiple tiers”
Cited →“OJEMDA was launched in the second quarter of 2024, and we expect income from related royalties to increase in future periods based on projections reported by Day One.”
Cited →
In the MyPRIA app, this is checked against the companies you actually own.
← World Watch