Check-Cap to merge with MBody AI in embodied AI workforce push
SHANGHAI/SOUTH SAN FRANCISCO - Ideaya Biosciences Inc. (NASDAQ:IDYA), a $2.38 billion market cap biotechnology company, and Hengrui Pharma presented encouraging initial data from a Phase 1 trial of their experimental cancer drug IDE849 at the World Conference on Lung Cancer in Barcelona on Sunday. The company’s stock has shown strong momentum, gaining over 47% in the past six months, according to InvestingPro data.
The drug, a DLL3-targeting Topoisomerase-1 antibody drug conjugate, showed a 77.1% overall response rate and 60% confirmed response rate in second-line small cell lung cancer patients. Across all treatment lines at the expansion dose of 2.4 mg/kg, the drug achieved a 73.7% overall response rate.
The trial included 100 patients who received IDE849 at various doses, with 87 having small cell lung cancer and 13 with other neuroendocrine carcinomas. All patients had progressed after front-line therapy.
Notably, in patients with brain metastases treated at the 2.4 mg/kg dose, the confirmed response rate was 83.3%. The median progression-free survival was 6.7 months across all treatment lines at doses of 2.4 mg/kg or higher, while median progression-free survival was not yet reached in second-line patients.
The companies reported that 14.1% of patients are still awaiting confirmation of response, suggesting the final efficacy results may improve as the data matures. Analysts maintain a bullish stance on IDYA, with price targets ranging from $25 to $74 per share, reflecting confidence in the company’s pipeline potential.
On the safety front, grade 3 or higher treatment-related adverse events occurred in 48% of patients, with the most common being reductions in white blood cells and neutropenia. The treatment-related discontinuation rate was 2% with no treatment-related deaths reported.
In December 2024, Hengrui granted Ideaya an exclusive worldwide license to develop and commercialize IDE849 outside of Greater China. The companies plan to advance the drug’s development in small cell lung cancer, neuroendocrine tumors, and other DLL3-expressing solid tumors.
The information in this article is based on a company press release statement. While IDYA maintains a strong balance sheet with more cash than debt and a healthy current ratio of 12.39, InvestingPro analysis indicates the company remains unprofitable, with a -$381.76 million EBITDA in the last twelve months. For deeper insights into IDYA’s financial health, growth prospects, and 12+ additional ProTips, explore the comprehensive Pro Research Report available on InvestingPro.
In other recent news, IDEAYA Biosciences has made significant strides in its clinical trials and drug development efforts. The company enrolled its first non-small cell lung cancer patient in a Phase 1/2 trial, testing the combination of its MAT2a inhibitor IDE397 with Gilead’s Trodelvy. Additionally, IDEAYA has submitted an investigational new drug application to the U.S. Food and Drug Administration for IDE892, a PRMT5 inhibitor targeting MTAP-deleted cancers. This submission marks the beginning of a Phase 1 dose escalation trial planned for late 2025.
In terms of analyst activity, Barclays initiated coverage on IDEAYA Biosciences with an Overweight rating and a price target of $40. Citizens JMP also started coverage with a Market Outperform rating and a $41 price target. Furthermore, JPMorgan raised its price target for the company to $74, maintaining an Overweight rating, citing the de-risked status of IDEAYA’s lead asset, darovasertib, in metastatic uveal melanoma. These developments highlight IDEAYA’s ongoing efforts in advancing oncology therapies and the positive outlook from analysts regarding its potential growth.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.