IDEAYA Biosciences Reports $274.5 Million Net Loss and Significant Revenue Decline in 2024

IDEAYA Biosciences, Inc. reported a net loss of $274.5 million for the year ended December 31, 2024, compared to a net loss of $113.0 million in 2023. Collaboration revenue decreased significantly, falling from $23.385 million in 2023 to $7,000 in 2024. This decrease is attributed to the completion of performance obligations related to the upfront payment under the GSK Collaboration Agreement by the end of 2023. Research and development expenses increased by $165.2 million (128%), primarily due to upfront payments for licensing agreements and increased fees paid to CROs and CMOs. General and administrative expenses also rose by $11.0 million (39%), mainly due to increased personnel and consulting costs. Interest income increased by $31.0 million (145%) due to higher interest rates and investment balances.

The company's cash, cash equivalents, and marketable securities totaled $1.1 billion as of December 31, 2024. This substantial increase is largely due to proceeds from follow-on offerings and an at-the-market offering program. Specifically, the company raised approximately $283.8 million in net proceeds from a July 2024 public offering, $134.6 million from an October 2023 offering, and $188.7 million from an April 2023 offering. Additionally, the at-the-market offering program generated $164.0 million in net proceeds during 2024 and a further $25.1 million in early 2025. The company anticipates that these funds will support operations for at least the next 12 months.

Significant strategic developments during the year included entering into a license agreement with Hengrui Pharma for IDE849 (SHR-4849), a DLL3-targeting ADC, granting IDEAYA exclusive worldwide rights outside of Greater China. The company also exercised its option under a license agreement with Biocytogen for IDE034, a B7H3/PTK7 BsADC. Furthermore, IDEAYA Biosciences expanded its clinical collaboration with Gilead Sciences to include the evaluation of IDE397 in combination with Trodelvy in MTAP-deletion NSCLC. The company also selected IDE892 and IDE251 as development candidates, targeting IND filings in mid-2025 and the second half of 2025, respectively. As of December 31, 2024, IDEAYA had 131 employees.

Operational developments included the enrollment of over 230 patients in a Phase 2/3 trial for darovasertib and the announcement of a move-forward dose for the trial. The company also reported interim clinical data for IDE397, showing preliminary clinical efficacy in MTAP-deletion UC and NSCLC patients. Hengrui Pharma reported promising Phase 1 data for IDE849 in China. The company also received Fast Track Designations from the FDA for IDE161 in specific ovarian and breast cancer indications.

The company anticipates continued losses for the foreseeable future, with expenses expected to increase as clinical trials progress and commercialization efforts begin. The company plans to continue funding operations through equity and debt financings, collaborations, and other strategic transactions. The 10-K filing also details numerous risk factors associated with the company's business, including those related to clinical development, regulatory approvals, competition, and intellectual property.