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Sep 30, 2023
IDEAYA Q3 2023 Earnings Report
Announced financial results for the third quarter ended September 30, 2023 and provided a business update.
Key Takeaways
IDEAYA Biosciences reported a strong balance sheet with $511.1 million in cash, cash equivalents, and marketable securities as of September 30, 2023, supplemented by $134.7 million in estimated net proceeds from a subsequent follow-on financing and $10.0 million receivable from GSK milestones. The company is advancing its clinical pipeline with multiple ongoing trials for darovasertib, IDE397, and IDE161, and has achieved IND clearance for GSK101, triggering a $7.0 million milestone payment from GSK.
Strong balance sheet with $511.1 million in cash, cash equivalents, and marketable securities as of September 30, 2023, supplemented by $134.7 million from follow-on financing and $10.0 million receivable from GSK milestones.
Multiple patients dosed in Phase 2/3 trial evaluating darovasertib and crizotinib combination in 1L HLA-A2-negative MUM, with oral presentation at ESMO 2023.
Enrollment ongoing in Phase 1/2 study with IDE397 (MAT2A) and AMG 193 (PRMT5MTA) in MTAP-deletion solid tumors.
IND clearance for GSK101 (IDE705) Pol Theta Helicase inhibitor ($7.0 million milestone), and selected Werner Helicase Inhibitor Development Candidate ($3.0 million milestone).
Revenue by Segment
Forward Guidance
IDEAYA is targeting multiple wholly-owned next-generation development candidate nominations in 2024 and clinical program updates in the fourth quarter of 2023.
Positive Outlook
- Targeting multiple wholly-owned next generation development candidate nominations in 2024, including in MTAP-deletion, further advancing IDEAYA’s multi-pronged strategy
- Targeting first-in-human studies for GSK101 in the fourth quarter of 2023
- Targeting IDE161 clinical program updates in the fourth quarter of 2023
- IND submission is targeted in 2024 to enable clinical evaluation of the Werner Helicase Inhibitor DC in patients having tumors that are microsatellite instability, or MSI, high.
- IDEAYA Investor R&D Day will include participation from GSK and a key opinion leader
Historical Earnings Impact
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Avg. Return Before/After Earnings
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