IDEAYA Biosciences, Inc. Reports Fourth Quarter and Full Year 2024 Financial Results and Provides Business Update

Core Insights - IDEAYA Biosciences, Inc. reported financial results for Q4 and the full year ended December 31, 2024, highlighting significant advancements in its clinical pipeline and financial position [1][9]. Financial Performance - As of December 31, 2024, IDEAYA had approximately $1.1 billion in cash, cash equivalents, and marketable securities, an increase from$632.6 million as of December 31, 2023, primarily due to $379.9 million in net proceeds from common stock sales and$283.8 million from an underwritten public offering [9]. - Collaboration revenue for Q4 2024 was $7.0 million, up from$3.9 million in Q4 2023, driven by a milestone payment from GSK for IND clearance of IDE275 [11]. - Research and development expenses for Q4 2024 totaled $140.2 million, significantly higher than$38.8 million in Q4 2023, mainly due to a $75.0 million upfront payment for IDE849 and increased clinical trial expenses [12]. - The net loss for Q4 2024 was$130.3 million, compared to a net loss of $34.0 million in Q4 2023 [13]. Clinical Pipeline Updates - The company is targeting multiple clinical data readouts in 2025, including updates on darovasertib for neoadjuvant UM and IDE275 at major medical conferences [2][3]. - Over 230 patients have been enrolled in a registration-enabling trial for darovasertib in 1L HLA-A2-negative MUM, with a median PFS readout expected by year-end 2025 [5][7]. - IDEAYA plans to advance its IDE397 and IDE892 combination into clinical trials in the second half of 2025, following promising results in MTAP-deletion cancers [3][5]. - The company has made significant progress with the in-licensing of IDE849 and received FDA clearance for the Phase 1 trial of IDE275, with updates expected in 2025 [3][5]. Corporate Developments - IDEAYA appointed Joshua Bleharski as Chief Financial Officer and Stu Dorman as Chief Commercial Officer, both bringing extensive experience in the biopharmaceutical sector [14]. - The company is advancing three programs into IND-enabling studies, targeting IND filings for IDE892, IDE034, and IDE251 in the second half of 2025 [5][14].