Earnings ·
IDEAYA Biosciences reports Q3 net loss of $125.7M; closes Phase 3 uveal melanoma trial to save up to $125M
IDYAIDEAYA Biosciences, Inc.
IDEAYA Biosciences reported a third-quarter net loss of $125.7 million, an increase from the prior quarter's $112.5 million, driven by higher research and development expenses totaling $121.6 million. The company announced it is stopping enrollment in its Phase 3 OptimUM-010 trial for primary uveal melanoma due to site activation challenges, a move expected to yield cost savings of $100 million to $125 million that will be reallocated to other pipeline programs. IDEAYA also submitted a new drug application (NDA) to the FDA for darovasertib plus crizotinib in metastatic uveal melanoma and plans to initiate Phase 3 trials for its ADC candidate IDE849 by year-end. The company holds $1.15 billion in cash, maintaining its runway guidance into 2030. IDEAYA Biosciences is a precision medicine oncology company focused on discovering and developing targeted cancer therapies.