IDEAYA Biosciences, Inc. (IDYA) Bundle
A Brief History of IDEAYA Biosciences, Inc.
IDEAYA Biosciences, Inc. is a biotechnology company focused on the development of targeted therapeutics for cancer. As of 2024, the company has made significant strides in its research and development efforts, primarily through collaborations and advancements in its clinical programs.
Company Overview
Founded in 2015, IDEAYA focuses on precision medicine, particularly the targeting of DNA damage response and other pathways involved in cancer. The company is publicly traded on NASDAQ under the ticker symbol IDYA.
Financial Performance
As of September 30, 2024, IDEAYA reported total assets of $1.239 billion, up from $649 million at the end of 2023. The balance sheet reflects cash, cash equivalents, and marketable securities totaling approximately $1.2 billion, sufficient to fund operations for at least 12 months.
| Financial Metric | September 30, 2024 | December 31, 2023 | Change (%) |
|---|---|---|---|
| Total Assets | $1,239 million | $649 million | 90.7% |
| Cash and Cash Equivalents | $400.3 million | $157 million | 154.4% |
| Net Loss | $144.2 million (9 months) | $79 million (9 months) | 82.5% |
| Accumulated Deficit | $492.5 million | $348.4 million | 41.2% |
Revenue Generation
IDEAYA has not yet generated revenue from product sales. The company's revenue consists solely of collaboration agreements, primarily with GlaxoSmithKline (GSK). In the nine months ending September 30, 2024, IDEAYA recognized no collaboration revenue, compared to $19.5 million in the previous year. This significant decrease is attributed to the completion of all performance obligations under the GSK Collaboration Agreement by December 31, 2023.
Research and Development Expenses
Research and development (R&D) expenses for the nine months ended September 30, 2024, totaled $154.5 million, a 70% increase from $90.7 million in the same period of 2023. This increase is primarily due to heightened activity in advancing lead product candidates through preclinical and clinical studies.
| Expense Category | 9 Months Ended September 30, 2024 | 9 Months Ended September 30, 2023 | Change (%) |
|---|---|---|---|
| Research and Development | $154.5 million | $90.7 million | 70% |
| General and Administrative | $28.3 million | $21.2 million | 33% |
Strategic Collaborations
IDEAYA's strategic partnership with GSK has been pivotal in its development strategy. The collaboration focuses on several key programs, including MAT2A, Pol Theta, and WRN, which are in various stages of research and clinical trials. IDEAYA aims to leverage these collaborations to enhance its product pipeline and accelerate its development timelines.
Market Position and Future Outlook
As of 2024, IDEAYA remains committed to advancing its clinical programs while managing a substantial cash reserve to support its operations. The company's focus on precision medicine and collaborations positions it favorably within the competitive landscape of biotechnology.
A Who Owns IDEAYA Biosciences, Inc. (IDYA)
Major Shareholders
As of September 30, 2024, the following table outlines the major shareholders of IDEAYA Biosciences, Inc. (IDYA):
| Shareholder | Shares Owned | Percentage Ownership |
|---|---|---|
| BlackRock, Inc. | 8,500,000 | 9.8% |
| Vanguard Group, Inc. | 7,200,000 | 8.3% |
| State Street Corporation | 5,600,000 | 6.5% |
| GSK plc | 4,500,000 | 5.2% |
| Other Institutional Investors | 20,000,000 | 23.2% |
| Insider Ownership | 3,000,000 | 3.5% |
Stock Performance and Market Capitalization
As of September 30, 2024, IDEAYA Biosciences, Inc. had a market capitalization of approximately $1.8 billion, with its stock trading at $20.90 per share during the last week of September. The stock has seen a year-to-date increase of 35%, reflecting positive investor sentiment.
Financial Overview
The financial performance for the nine months ended September 30, 2024, shows the following:
| Financial Metric | Value (in thousands) |
|---|---|
| Net Loss | (144,165) |
| Total Revenue | 0 |
| Research and Development Expenses | 154,490 |
| General and Administrative Expenses | 28,347 |
| Cash and Cash Equivalents | 400,283 |
| Current Assets | 932,214 |
Recent Capital Raises
IDEAYA has engaged in significant fundraising efforts, including:
- Follow-on public offering completed in July 2024, raising approximately $283.8 million.
- At-the-market offering program with up to $350 million available for further capital raises.
Ownership Changes
Over the past year, there have been notable changes in ownership:
- BlackRock increased its stake by 1.2 million shares.
- Vanguard Group has consistently maintained its position as a significant shareholder.
- GSK's stake has been stable as they continue their collaboration efforts.
Conclusion on Ownership Structure
As of September 30, 2024, IDEAYA Biosciences maintains a diversified ownership structure with significant institutional investment from prominent firms, alongside a stable insider ownership base. This structure supports the company's strategic initiatives and ongoing research and development efforts.
IDEAYA Biosciences, Inc. (IDYA) Mission Statement
IDEAYA Biosciences, Inc. is a precision medicine oncology company committed to the discovery and development of targeted therapeutics for patient populations selected using molecular diagnostics. The company integrates small molecule drug discovery with extensive capabilities in identifying and validating translational biomarkers to develop targeted therapies for select patient populations that are most likely to benefit from these therapies.
Financial Overview
As of September 30, 2024, IDEAYA Biosciences reported the following financial metrics:
| Metric | Value (in thousands) |
|---|---|
| Cash and Cash Equivalents | $400,283 |
| Short-term Marketable Securities | $519,746 |
| Accounts Receivable | $20 |
| Total Current Assets | $932,214 |
| Total Assets | $1,239,873 |
| Accounts Payable | $12,567 |
| Accrued Liabilities | $28,092 |
| Total Current Liabilities | $40,659 |
| Total Liabilities | $59,455 |
| Common Stock Outstanding | 86,357,856 shares |
| Accumulated Deficit | $(492,529) |
| Total Stockholders’ Equity | $1,180,418 |
Revenue and Expenses
For the nine months ended September 30, 2024, IDEAYA reported:
| Metric | Value (in thousands) |
|---|---|
| Collaboration Revenue | $0 |
| Research and Development Expenses | $154,490 |
| General and Administrative Expenses | $28,347 |
| Total Operating Expenses | $182,837 |
| Net Loss | $(144,165) |
Research and Development Focus
IDEAYA is focused on multiple product candidates, including:
- Darovasertib
- IDE397
- IDE161
For the nine months ended September 30, 2024, external clinical development expenses were:
| Product Candidate | Expense (in thousands) |
|---|---|
| Darovasertib | $28,112 |
| IDE397 | $9,126 |
| IDE161 | $4,493 |
Funding and Capital Resources
As of September 30, 2024, IDEAYA had cash, cash equivalents, and marketable securities totaling $1.2 billion. The company has primarily funded its operations through:
- Sale and issuance of common stock
- Upfront payments and milestone payments from GSK
The company has incurred net losses since inception, with an accumulated deficit of $492.5 million as of September 30, 2024. Management expects operating losses to continue as clinical development activities for its product candidates progress.
Collaboration Agreements
IDEAYA has a collaboration agreement with GSK for the development of IDE705 and other oncology programs. The company has achieved various milestone payments, including:
- $3.0 million for IND-enabling studies in October 2023
- $7.0 million for IND clearance of IDE275 (GSK959) in October 2024
- Potential additional milestones of up to $465.0 million for future development
Future revenue recognition will be contingent on milestone payments and royalties upon commercialization of any product candidates developed under these collaborations.
How IDEAYA Biosciences, Inc. (IDYA) Works
Company Overview
IDEAYA Biosciences, Inc. is a precision medicine oncology company focused on developing targeted therapeutics based on molecular diagnostics. The company was founded in June 2015 and is headquartered in South San Francisco, California.
Financial Performance
As of September 30, 2024, IDEAYA reported a net loss of $144.2 million for the nine months ending September 30, 2024, compared to a net loss of $79.0 million for the same period in 2023. The increase in losses is attributed to rising research and development costs.
| Financial Metrics | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Net Loss | $51.8 million | $27.4 million | +89% |
| Research and Development Expenses | $154.5 million | $90.7 million | +70% |
| General and Administrative Expenses | $28.3 million | $21.2 million | +33% |
| Collaboration Revenue | $0 | $19.5 million | -100% |
Cash and Securities
As of September 30, 2024, IDEAYA had cash, cash equivalents, and marketable securities totaling $1.2 billion. This portfolio primarily consists of money market funds, U.S. government securities, commercial paper, and corporate bonds.
Research and Development Focus
IDEAYA's primary focus is on the development of its lead product candidates, including:
- Darovasertib
- IDE397
- IDE161
As of September 30, 2024, external clinical development expenses for these candidates were as follows:
| Product Candidate | Q3 2024 Expenses | Q3 2023 Expenses |
|---|---|---|
| Darovasertib | $13.2 million | $14.9 million |
| IDE397 | $5.1 million | $4.1 million |
| IDE161 | $2.4 million | $2.1 million |
Stock Performance
IDEAYA's stock experienced fluctuations in 2024, with significant capital raised through follow-on public offerings. The latest offering on July 11, 2024, raised approximately $283.8 million in net proceeds. The company also has an at-the-market offering program with approximately $182.1 million remaining available for sale as of September 30, 2024.
Collaboration Agreements
IDEAYA has entered into strategic collaborations, notably with GSK. As of September 30, 2024, the company completed all performance obligations under the GSK Collaboration Agreement, resulting in no revenue recognized for the current quarter.
Future Expectations
The company anticipates continuing to incur substantial losses as it progresses with clinical development activities. As of September 30, 2024, IDEAYA had an accumulated deficit of $492.5 million.
Summary of Key Financial Data
| Metric | Value |
|---|---|
| Cash, Cash Equivalents, and Marketable Securities | $1.2 billion |
| Net Loss (Nine Months Ended September 30, 2024) | $144.2 million |
| Accumulated Deficit | $492.5 million |
| Research and Development Expenses (Nine Months Ended September 30, 2024) | $154.5 million |
| General and Administrative Expenses (Nine Months Ended September 30, 2024) | $28.3 million |
Operating Activities
For the nine months ended September 30, 2024, cash flows from operating activities included:
- Net loss: $(144.2 million)
- Adjustments for stock-based compensation: $25.3 million
- Cash used in operating activities: $(125.9 million)
Market Outlook
IDEAYA's future revenue generation is contingent upon the successful clinical development and regulatory approval of its product candidates. The company is focused on advancing its clinical programs while managing its capital resources effectively to sustain operations.
How IDEAYA Biosciences, Inc. (IDYA) Makes Money
Revenue Streams
As of 2024, IDEAYA Biosciences, Inc. has primarily generated revenue through collaboration agreements, particularly with GlaxoSmithKline (GSK). However, for the nine months ended September 30, 2024, the company recognized no collaboration revenue, a significant decline from $19.5 million for the same period in 2023. This decline is attributed to the completion of all performance obligations related to the GSK collaboration agreement as of December 31, 2023.
Collaboration Agreements
IDEAYA's collaboration revenue comes from milestone payments and reimbursements related to research and development services performed under the GSK agreement. Specific milestones achieved include:
- $3.0 million milestone for IND-enabling studies in October 2023.
- $7.0 million milestone for IND clearance of IDE275 (GSK959) in October 2024.
- Potential additional milestones up to $475.0 million upon commercialization.
Research and Development Expenses
The company incurred significant operating expenses, primarily in research and development, which totaled $154.5 million for the nine months ended September 30, 2024, compared to $90.7 million in the same period of 2023. The breakdown of these expenses includes:
| Expense Category | 2024 (in thousands) | 2023 (in thousands) | Change (%) |
|---|---|---|---|
| Research and Development | $154,490 | $90,738 | 70% |
| General and Administrative | $28,347 | $21,237 | 33% |
| Total Operating Expenses | $182,837 | $111,975 | 63% |
Interest Income
For the nine months ended September 30, 2024, IDEAYA reported interest income of $38.7 million, a substantial increase from $13.5 million in 2023, reflecting a 186% rise due to higher investment balances and interest rates.
Financial Position
As of September 30, 2024, IDEAYA had cash, cash equivalents, and marketable securities totaling $1.2 billion. This includes:
- Cash and cash equivalents: $400.3 million
- Short-term marketable securities: $519.7 million
- Long-term marketable securities: $280.1 million
The company reported an accumulated deficit of $492.5 million.
Future Revenue Potential
Future revenues will depend on the successful commercialization of their product candidates, particularly through ongoing collaborations. The company has the potential to earn up to $465 million in additional development milestones and 50% of U.S. net profits from their collaboration with GSK.
Operating Losses
IDEAYA's net losses for the nine months ended September 30, 2024, were $144.2 million, compared to $79.0 million in 2023. The company expects losses to continue as it advances its clinical programs and seeks regulatory approvals.
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Resources:
- IDEAYA Biosciences, Inc. (IDYA) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of IDEAYA Biosciences, Inc. (IDYA)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View IDEAYA Biosciences, Inc. (IDYA)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.