IDEAYA Biosciences, Inc.

What they do

IDEAYA discovers and develops targeted cancer therapies based on genetic drivers of disease, integrating small-molecule drug discovery, structural biology and bioinformatics with biomarker validation capabilities. Its pipeline spans synthetic lethality and antibody-drug conjugates for molecularly defined solid tumors, including darovasertib (PKC), IDE397 (MAT2A), IDE849 (DLL3), IDE161 (PARG), IDE275 (Werner Helicase), IDE705 (Pol Theta Helicase), IDE892 (PRMT5), IDE034 and IDE574. The lead program, darovasertib, is being developed in metastatic, neoadjuvant and adjuvant uveal melanoma, including in combination with Pfizer's crizotinib.

Revenue drivers

• Collaboration and license revenue —
• Darovasertib (PKC) program —
• Early-stage pipeline programs —

Recent performance

Second quarter 2026 revenue was $8.9M and first quarter 2026 revenue was $6.6M, compared with $207.8M in the quarter ended September 30, 2025 and $7.0M in the quarter ended December 31, 2025. Full-year 2025 revenue was $218.7M with a net loss of $113.7M, versus a 2024 net loss of $274.5M. Operating cash flow was negative $71.1M in 2025, improving from negative $247.6M in 2024. As of June 30, 2026, total assets were $1.31B, total liabilities were $110.8M, shareholder equity was $1.20B, and cash and equivalents were $272.6M.

Strategy

The company is prioritizing the darovasertib combination in first-line HLA*A2:01-negative metastatic uveal melanoma, with an NDA submission underway under the FDA's Real-Time Oncology Review program and completion expected in the second half of 2026. It plans to present updated OptimUM-01 and OptimUM-09 data at ESMO and is assessing capital allocation across the portfolio, including whether OptimUM-09 data could support clinical practice guideline inclusion rather than the global Phase 3 OptimUM-10 trial. IDEAYA announced a clinical collaboration with Roche to evaluate IDE892 in combination with RG6505 in MTAP-deleted, RAS-mutant pancreatic cancer, targeting a Phase 1 combination trial start in the second half of 2026. Management cites approximately $1.24B in cash, cash equivalents and marketable securities as of June 30, 2026, with unchanged cash runway guidance into 2030.

Risks

• No approved products — The company has no approved products and no product revenue; 2025 revenue of $218.7M came from collaboration and license arrangements rather than commercial sales.
• Regulatory and launch execution — The darovasertib combination NDA submission under RTOR is expected to be completed in the second half of 2026, leaving approval and potential commercial launch unproven.
• Pipeline concentration — Darovasertib is the most advanced program, so delays or negative developments in uveal melanoma could disproportionately affect the pipeline.
• Ongoing losses and cash use — The company reported net losses of $274.5M in 2024 and $113.7M in 2025 and negative operating cash flow of $247.6M and $71.1M, respectively, and continues to fund multiple clinical programs.

Outlook

Management expects to complete the darovasertib NDA submission in the second half of 2026 under the RTOR program, with an update on overall survival from the pre-specified interim analysis expected in mid-2027. The company plans to present updated data from OptimUM-01 and OptimUM-09 at ESMO and updated IDE849 data in SCLC and NEC at ESMO. It also targets a Phase 1 combination trial of IDE892 with Roche's RG6505 in the second half of 2026 and plans an R&D Day in the fourth quarter focused on MTAP/CDKN2A, KRAS and pancreatic cancer.