Ideaya Biosciences Shares Crash Despite Leadership Optimism

By Bobby Samwell • Tuesday, February 20 10:48 • Permanent Link

Ideaya Biosciences, Inc. (NASDAQ: IDYA) has reported its fourth-quarter and full-year 2023 financial results along with a business update. The precision medicine oncology company is targeting multiple clinical and regulatory milestones in 2024. Yujiro S. Hata, President, and CEO of Ideaya Biosciences, commented, "We believe the ongoing clinical advancement of darovasertib in neoadjuvant uveal melanoma, ide397 and amg 193 clinical combination in mtap solid tumors, and ide161 and gsk101 both in hrd solid tumors, represent important clinical initiatives for Ideaya in 2024 as potential first-in-class opportunities that address high unmet medical needs."

The company is targeting two independent phase 2 clinical efficacy updates for darovasertib in neoadjuvant uveal melanoma in mid-2024, including from the phase 2 IST and phase 2 company-sponsored study, as well as FDA regulatory guidance on darovasertib in neoadjuvant uveal melanoma indication in 2024. Ideaya also aims to establish a clinical study collaboration with Gilead Sciences to evaluate ide397 and trodelvy® combo in mtap bladder cancer, with the first-patient-in targeted for mid-year 2024.

Dr. Darrin Beaupre, M.D., Ph.D., Chief Medical Officer of Ideaya Biosciences, added, "We have seen compelling results from our phase 2 darovasertib and crizotinib program in patients with mum and are targeting two clinical efficacy updates from our phase 2 company sponsored neoadjuvant um study and phase 2 IST in mid-year 2024. Our ide397 program trials remain on track, and we established a new clinical trial collaboration with Gilead Sciences to evaluate ide397 in combination with trodelvy® in patients with bladder cancer, with trial initiation activities now underway."

Key financial information includes a cash balance of $632.6 million as of December 31, 2023, supplemented by net proceeds of $342.3 million from January 2024 ATM offerings, expected to fund operations into 2028.

Ideaya Biosciences' shares have moved -4.9% and are currently trading at a price of $44.84.

The company's full 8-K submission is available here.

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