IDEAYA Biosciences Announces 2024 Guidance and Updates

SOUTH SAN FRANCISCO, Calif. – IDEAYA Biosciences Precision Medicine Oncology, Inc. (NASDAQ: IDYA) has outlined the company’s guidance for 2024, including an update on financial forecasts and clinical programs.

The company’s financial position is strong, with its balance sheet showing $511.1 million in cash, cash equivalents and marketable securities as of September 30, 2023. Additionally, net proceeds from recent financing activities are expected to be $134.7 million, and GlaxoSmithKline has $10 million in accounts receivable, which is expected to fund operations through 2028.

In its clinical program, IDEAYA achieved international site activation and substantial patient enrollment in a Phase 2/3 clinical trial that resulted in the first treatment of the combination of daroversertib and crizotinib for the treatment of patients with HLA-A2(-) metastatic HLA Membranous melanoma (MUM). The company expects to provide a clinical efficacy update from the Phase 2 neoadjuvant uveal melanoma study as well as an update on regulatory guidance in mid-2024.

Additional goals for 2024 include continued enrollment and co-publication strategies for the combined Phase 1 study of IDE397 and AMG 193 in MTAP-deficient solid tumors. IDEAYA also expects to have the first patient in its Phase 1 clinical combination study of IDE397 and Trodelvy® for the treatment of MTAP-cleared bladder cancer by mid-year. Preliminary clinical efficacy of IDE397 was observed, including complete responses in patients with bladder cancer and tumor shrinkage in patients with non-small cell lung cancer (NSCLC).

An update of HRD’s solid tumor treatment drug IDE161 is also planned for 2024. Preliminary efficacy results showed partial responses in several solid tumor types and significant PSA reductions in prostate cancer patients. The company aims to continue recruiting the Phase 1 expansion of IDE161 in priority HRD solid tumor types.

In addition, IDEAYA is advancing a Phase 1 dose escalation of GSK101 and targeting an IND submission for its Werner helicase inhibitor development candidate, with a potential $7 million milestone in collaboration with GSK upon IND approval.

The company also plans to nominate multiple wholly-owned next-generation development drug candidates by 2024 based on its MTAP deletion strategy and AI/ML and structure-assisted drug discovery platforms.

The company’s most recent presentation reflecting IDEAYA’s 2024 guidance can be viewed on the investor relations page of the company’s website. This article is based on a press release from IDEAYA Biosciences.

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