Ideaya Biosciences Stock Price, News & Analysis

IDEAYA Biosciences (Nasdaq: IDYA) has announced the pricing for its underwritten public offering of common stock and pre-funded warrants, totaling approximately $263 million in gross proceeds.

The offering includes 7,228,572 shares of common stock at $35.00 per share and 285,715 pre-funded warrants at $34.9999 per warrant. Each pre-funded warrant has an exercise price of $0.0001 per share.

Additionally, underwriters have a 30-day option to purchase up to an extra 1,127,142 shares at the public offering price. The offering is expected to close around July 11, 2024, subject to customary closing conditions.

J.P. Morgan, Goldman Sachs, Jefferies, and RBC Capital Markets are serving as joint book-running managers.

IDEAYA Biosciences (Nasdaq: IDYA) has announced a proposed public offering of up to $200 million in common stock and pre-funded warrants.

The company will also grant underwriters a 30-day option to purchase an additional $30 million in common stock.

The offering is subject to market conditions and other factors, with no assurance of completion or specific terms.

J.P. Morgan, Goldman Sachs, Jefferies, and RBC Capital Markets are acting as joint book-running managers.

This offering will be conducted under an automatically effective shelf registration statement filed with the SEC, and will be made available via a written prospectus and a prospectus supplement.

IDEAYA Biosciences announced positive interim Phase 2 monotherapy data for IDE397, a potential first-in-class MAT2A inhibitor, in MTAP-deletion urothelial and lung cancer patients. The study showed a 39% overall response rate (ORR) with 1 complete response (CR) and 6 partial responses (PRs). Disease control rate (DCR) was 94%, with 78% of patients exhibiting tumor shrinkage. Notably, 81% of patients experienced over 50% ctDNA reduction. The drug had a favorable safety profile with 5.6% grade 3 or higher adverse events and no serious adverse events. IDE397 is being evaluated for further clinical development in various cancers with MTAP deletions, addressing a significant unmet medical need.

IDEAYA Biosciences will host an investor webcast on July 8, 2024, at 8:00 a.m. EST to report clinical data from the Phase 2 trial of IDE397 monotherapy in MTAP-deletion urothelial and non-small cell lung cancer (NSCLC). IDE397 is a MAT2A inhibitor for MTAP-deletion solid tumors. The agenda includes discussing U.S. incidence rates, patient baseline characteristics, pharmacokinetics, adverse events, clinical efficacy, and molecular response analysis. The webcast will feature CEO Yujiro S. Hata, CMO Darrin Beaupre, and CSO Michael White. Access to the webcast and updated corporate presentation will be provided on the company's website.

IDEAYA Biosciences, a precision medicine oncology company, announced on June 28, 2024, the grant of non-qualified stock options to two newly hired employees. The options, totaling 92,000 shares, were granted under the 2023 Employment Inducement Incentive Award Plan as per Nasdaq Listing Rule 5635(c)(4).

The exercise price is set at $34.37 per share, matching the closing price of IDEAYA's stock on the grant date, June 27, 2024. The options have a 10-year term and will vest over four years, with 25% vesting on the first anniversary of the commencement date and the rest vesting monthly over the subsequent three years. Vesting is contingent on ongoing employment with IDEAYA.

IDEAYA Biosciences has initiated a Phase 1 clinical trial for IDE397, its MAT2A inhibitor, in combination with Gilead's Trodelvy (sacituzumab govitecan-hziy) for treating MTAP-deletion bladder cancer. IDE397 targets methionine adenosyltransferase 2 alpha (MAT2A), while Trodelvy is a Trop-2 directed antibody-drug conjugate. This trial will assess safety, tolerability, pharmacokinetics, pharmacodynamics, and efficacy. MTAP-deletion is present in approximately 26% of bladder cancer patients. IDEAYA and Gilead will retain commercial rights to their respective compounds, and the trial is part of an ongoing IDEAYA-sponsored study. A data update for the IDE397 Phase 2 monotherapy expansion is expected in late 2024.

IDEAYA Biosciences announced updates for its IDE397, a Phase 2 MAT2A inhibitor targeting MTAP-deletion solid tumors. A clinical data update is anticipated for H2 2024, covering over 15 evaluable MTAP lung and bladder cancer patients, including efficacy and molecular response analyses. The company is expanding IDE397 Phase 2 monotherapy to include bladder cancer, in addition to squamous lung cancer. Over 35 clinical trial sites have been activated globally for rapid enrollment. IDE397 is also involved in a Phase 1/2 trial with Amgen’s AMG 193 and preclinical combinations.

IDEAYA Biosciences announced promising Phase 2 results for darovasertib in treating neoadjuvant uveal melanoma (UM). The study, presented at the ASCO 2024 Annual Meeting, showed a 75% eye preservation rate and a median 47% tumor shrinkage in enucleation patients. Company-sponsored trials enrolled over 40 patients, with an observed median tumor shrinkage of 72% after 4 months and high eye preservation rates. IDEAYA plans a Type C FDA meeting in H2 2024 to discuss a registrational trial. Darovasertib demonstrated a manageable safety profile, with mostly low-grade adverse events. The global annual incidence of UM is estimated at 8,000-10,000 patients.

On May 31, 2024, IDEAYA Biosciences, a precision medicine oncology company, announced the granting of non-qualified stock options to purchase 49,000 shares of its common stock to two new employees. The grants were made under the 2023 Employment Inducement Incentive Award Plan as per Nasdaq Listing Rule 5635(c)(4). The stock options, priced at $35.79 per share, match the closing price on the grant date. They have a 10-year term and vest over four years, with 25% vesting after one year and the remainder vesting monthly over the next three years.