IDEAYA Biosciences Reports $952.7M Cash Balance & $283.8M from Offering

By Bobby Samwell • Tuesday, August 06 08:09 • Permanent Link

Ideaya Biosciences, Inc. has reported its financial results for the second quarter ended June 30, 2024. The company's cash, cash equivalents, and marketable securities stood at $952.7 million as of June 30, 2024, and were further supplemented by net proceeds of $283.8 million from a public offering in July 2024.

The company has made significant advancements in its clinical programs, with darovasertib achieving triple-digit enrollment in the phase 2/3 trial in 1L HLA-A2*02:01(-) MUM and over 50 patients enrolled in the phase 2 neoadjuvant UM study. Additionally, the company provided evidence of preliminary proof-of-concept for Ide397 in MTAP urothelial and lung cancer, with one confirmed partial response and an additional partial response still awaiting confirmation.

In terms of financial developments, Ideaya raised gross proceeds of approximately $302.4 million through a public offering in July 2024, generating net proceeds of approximately $283.8 million. The company also appointed Daniel A. Simon as Chief Business Officer, bringing over 18 years of experience at leading life science and strategy consulting companies.

Moreover, the company is targeting various milestones, including the development of a registrational plan for darovasertib in neoadjuvant UM in 2025 and the initiation of phase 2 clinical trials for Ide161 in the second half of 2024. Ideaya also plans to host an investor R&D day in the fourth quarter of 2024.

In terms of clinical developments, Ide397, a small molecule inhibitor targeting methionine adenosyltransferase 2 alpha (MAT2A) in patients with solid tumors with methylthioadenosine phosphorylase (MTAP) deletion, has seen positive interim data from 18 evaluable MTAP-deletion urothelial and non-small cell lung cancer patients. The data showed a ~39% overall response rate, with one complete response and six partial responses, and a ~94% disease control rate.

Additionally, Ideaya is targeting the development of a potential first-in-class B7H3/PTK7 topo-I-payload bispecific antibody drug conjugate (B7H3/PTK7 topo-payload BSADC) with Biocytogen Pharmaceuticals and plans to host an investor R&D day in Q4 2024.

Today the company's shares have moved -7.7% to a price of $36.99. For more information, read the company's full 8-K submission here.

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