IDEAYA Biosciences Announces Q3 2024 Financial Results and Business Update

IDEAYA Biosciences, Inc., a precision medicine oncology firm based in South San Francisco, recently shared a business update and announced its financial results for the third quarter ending September 30, 2024. The company is advancing its efforts in the discovery and development of targeted cancer therapies.

One of the highlights is the enrollment progress in the darovasertib + crizotinib first-line HLA-A2+ MUM trial, which has surpassed 150 patients, moving ahead of schedule. Additionally, a Phase 3 trial for darovasertib in neoadjuvant uveal melanoma (UM) is targeted to begin in the first half of 2025. This follows a successful FDA Type C meeting, and recent Phase 2 results showed significant ocular tumor shrinkage and eye preservation rates in patients.

IDEAYA's IDE397 program, targeting MTAP-deletion solid tumors, continues to progress. The late-breaking oral presentation at the ENA 2024 showcased IDE397's efficacy in urothelial and non-small cell lung cancer (NSCLC) with confirmed response rates. Current efforts include ongoing Phase 1 dose escalation and targeting study expansions in NSCLC and urothelial cancer. The combination study of IDE397 with AMG 193 and Trodelvy® (sacituzumab govitecan-hziy) is also set to expand.

Moreover, IDEAYA's IDE161 program aims to address tumors with homologous recombination deficiency. Phase 1/2 expansion for IDE161 is planned in the fourth quarter of 2024, including a combination study with Merck's KEYTRUDA® (pembrolizumab) for MSI-High and MSS endometrial cancer.

The company received IND clearance for IDE275 (GSK959), a Werner Helicase inhibitor, marking a milestone with $7.0 million from GSK. This program will evaluate IDE275 in a Phase 1 trial for patients with MSI-High tumors.

IDEAYA is also targeting several development candidate nominations in MTAP-deletion, KAT6 pathway, and B7H3/PTK7 Topo-Payload Bispecific-ADC programs, anticipated in the fourth quarter of 2024.

Financially, IDEAYA reported $1.2 billion in cash, cash equivalents, and marketable securities as of September 30, 2024, enough to fund operations at least until 2028. This financial strength was bolstered by an oversubscribed public offering in July 2024, raising approximately $302.4 million.

During the third quarter, IDEAYA's research and development expenses amounted to $57.2 million, reflecting an increase due to clinical trials and external services. General and administrative expenses slightly decreased to $9.7 million. The company's net loss for the quarter was $51.8 million.

As a precision medicine oncology company, IDEAYA integrates translational biomarkers with drug discovery to identify patient populations most likely to benefit from targeted therapies. The firm is focused on synthetic lethality, an emerging class of precision medicine targets.