Business
IDEAYA Biosciences, Inc. Reports Second Quarter 2020 Financial Results and Provides Business Update
- Established strategic partnership with GlaxoSmithKline on Synthetic Lethality programs MAT2A, Pol Theta and Werner Helicase - Enhanced balance sheet through
About this update from Ideaya Biosciences, Inc.
[{"type":"text","content":"- Established strategic partnership with GlaxoSmithKline on Synthetic Lethality programs MAT2A, Pol Theta and Werner Helicase\n - Enhanced balance sheet through non-dilutive up-front cash payment and follow-on financing, extending cash runway into 2024\n - IDE397, a potential best-in-class MAT2A inhibitor, on-track for an IND-filing in Q4 2020\n - IDE196 demonstrated early clinical efficacy in GNAQ/11 skin melanoma; dosed first patient for IDE196/binimetinib clinical combination through Pfizer collaboration and supply agreement\n\n\nSOUTH SAN FRANCISCO, Calif., Aug. 12, 2020 /PRNewswire/ -- IDEAYA Biosciences, Inc. (Nasdaq: IDYA), an oncology-focused precision medicine company committed to the discovery and development of targeted therapeutics, provided a business update and announced financial results for the second quarter ended June 30, 2020.\n\n \n \n \n \n \n \n\n \n\"This quarter was transformational for IDEAYA. We have cash runway into 2024, with quarter-end cash, cash equivalents and marketable securities of $172.0 million supplemented by $127.5 million aggregate gross proceeds received subsequently, including $100 million non-dilutive upfront cash and $20 million private placement equity investment from GSK. In addition, through our GSK strategic partnership and our Pfizer collaboration and supply agreement, we have established an attractive cost structure and retained significant future upside across our pipeline, while also creating opportunities for non-dilutive cash milestones of approximately $3 billion across three programs with GSK. We also nominated MAT2A development candidate IDE397, initiated the IDE196 and binimetinib Phase 1 combination, and met the criteria for IDE196 Phase 2 expansion in skin melanoma. As we celebrate our five-year anniversary, we have built a strong foundation to create the industry leading Synthetic Lethality-focused precision medicine oncology company,\" said Yujiro S. Hata, Chief Executive Officer and President of IDEAYA Biosciences. \nGlaxoSmithKline Strategic Partnership\nIDEAYA and GSK entered into a strategic partnership in Synthetic Lethality focused on IDEAYA's MAT2A, Pol Theta, and Werner Helicase programs – each of which has a strong rationale for collaborating, including potential clinical combinations with GSK precision medicine therapeutics. The strategic partnership include...