Pub­lic biotechs can still raise mon­ey, but it comes with a big caveat: The clin­i­cal da­ta must im­press.

It ap­pears the mar­ket re­act­ed so with Day One Bio­phar­ma­ceu­ti­cals, as the biotech plans to se­cure $150 mil­lion this week in a pub­lic of­fer­ing. The four-year-old com­pa­ny is fol­low­ing a trend of biotechs go­ing straight to the mar­ket hours or days af­ter re­leas­ing re­sults that out­per­form ex­pec­ta­tions and pad the case for a drug’s po­ten­tial reg­u­la­to­ry path.

The fig­ure was orig­i­nal­ly $125 mil­lion, but the biotech seems to have gar­nered enough in­ter­est from in­vestors over the course of Tues­day on the back of a Sun­day night re­lease of clin­i­cal da­ta show­ing a for­mer Take­da drug worked well in treat­ing kids with a cer­tain form of brain can­cer.

The South San Fran­cis­co biotech had al­ready seen its shares $DAWN more than dou­ble since Fri­day’s clos­ing price, go­ing from $6.62 be­fore the week­end to $16 apiece be­fore Wednes­day’s open­ing bell. The com­pa­ny went pub­lic 54 weeks ago at an ini­tial price of $16, though that fig­ure surged on day one.

Day One’s drug, known as tovo­rafenib and in-li­censed from Take­da, had an ef­fect on many pa­tients in a mid-stage study, the biotech said Sun­day. An over­all re­sponse rate of 64% was record­ed among the first 22 evalu­able pa­tients who have a brain tu­mor known as re­cur­rent or pro­gres­sive low-grade glioma (pLGG).

The re­sults come from FIRE­FLY-1, which in­cludes a reg­is­tra­tion co­hort among three arms. That co­hort has en­rolled all pa­tients and will read out in 2023. A fil­ing is ex­pect­ed in the first half of next year, Cowen an­a­lysts not­ed. The an­a­lysts pre­dict­ed $675 mil­lion in peak sales in the R/R set­ting.

A Phase III study will be­gin in front­line pLGG, Day One de­cid­ed based on the new da­ta.

Oth­er biotechs have gone down this path in re­cent months. De­spite mas­sive head­winds and a shut­tered en­try on­to Wall Street for near­ly every am­bi­tious biotech, some list­ed com­pa­nies have been able to pull in new funds af­ter re­leas­ing da­ta that ex­cite in­vestors and throw some weight be­hind their the­ses.

Three com­pa­nies got the ball rolling in late March, over the span of 24 hours. As­cendis Phar­ma, ar­genx and Apel­lis Phar­ma­ceu­ti­cals reeled in a to­tal of $1.5 bil­lion in new monies af­ter late-stage and long-term da­ta on var­i­ous drugs.

More biotechs have fol­lowed suit since April show­ers be­gan. An­oth­er drug out of Take­da spurned a sim­i­lar fol­low-on of­fer­ing for Phath­om Phar­ma­ceu­ti­cals, which looked to the mar­ket for an­oth­er $260 mil­lion af­ter se­cur­ing FDA ap­proval to treat adults in­fect­ed by H. py­lori bac­te­ria. Re­zo­lute nabbed $130 mil­lion af­ter a Phase II da­ta drop in May, and Tar­sus sought about $75 mil­lion the same week af­ter a Phase III win for an eye drop.

A lack of diversity in clinical trials has persisted despite decades of initiatives to try to turn the tide.

In a recent review of 17 years of clinical trials, drugmaker GSK found that there were some mismatches between the demographics of its US-based trials and how prevalent diseases were in those populations.

The results, the company says, will help GSK and others design studies that better represent epidemiological rates within races and ethnicities.

Following a promise last year to go “big and fast in breast cancer,” Gilead has secured a win for Trodelvy in the most common form.

The drug was approved to treat HR-positive, HER2-negative breast cancer patients who’ve already received endocrine-based therapy and at least two other systemic therapies for metastatic cancer, Gilead announced on Friday.

Trodelvy won its first indication in metastatic triple-negative breast cancer back in 2020, and has since added urothelial cancer to the list. HR-positive HER2-negative breast cancer accounts for roughly 70% of new breast cancer cases worldwide per year, according to senior VP of oncology clinical development Bill Grossman, and many patients develop resistance to endocrine-based therapies or worsen on chemotherapy.