Daiichi Sankyo and Merck report phase 2 trial results for lung cancer drug
SOUTH SAN FRANCISCO - IDEAYA Biosciences, Inc. (NASDAQ:IDYA), a $2.23 billion market cap precision medicine company with strong liquidity metrics, has submitted an investigational new drug (IND) application to the U.S. Food and Drug Administration for IDE892, a PRMT5 inhibitor targeting MTAP-deleted cancers, the company announced Wednesday. According to InvestingPro data, IDEAYA maintains a healthy balance sheet with more cash than debt and a current ratio of 12.39.
The precision medicine oncology company plans to begin a Phase 1 dose escalation trial of IDE892 in MTAP-deleted lung cancer in the fourth quarter of 2025, with aims to advance into combination trials with its proprietary MAT2A inhibitor, IDE397, in the first half of 2026. While analysts maintain a bullish stance with an average price target suggesting significant upside potential, InvestingPro subscribers can access 8 additional key insights about IDEAYA’s financial health and growth prospects.
According to the company, approximately 15-20% of non-small cell lung cancer cases are MTAP-deleted, creating a specific vulnerability that IDE892 is designed to target. The drug works as an MTA-cooperative inhibitor of PRMT5. Despite recording a 33% stock price gain over the past six months, the company’s development stage status is reflected in its financials, with no profits recorded in the last twelve months.
"We are excited to advance IDE892 into clinical studies for patients with MTAP-deleted lung cancer, where we believe the inhibition of PRMT5 in combination with MAT2A could have synergistic anti-tumor activity," said Michael White, Chief Scientific Officer at IDEAYA Biosciences.
Beyond lung cancer, the company plans to evaluate the drug in other MTAP-deleted solid tumors, both as a monotherapy and in combination with IDE397.
IDEAYA will present the preclinical profile of IDE892 and its combination rationale with IDE397 at the company’s 10-Year Anniversary R&D Day on September 8.
The announcement was made in a press release statement from the company. For detailed analysis of IDEAYA’s financial health, growth prospects, and comprehensive valuation metrics, investors can access the full Pro Research Report available exclusively on InvestingPro.
In other recent news, Ideaya Biosciences announced a significant licensing agreement with Servier, granting the French pharmaceutical group exclusive rights to market the eye cancer treatment darovasertib outside the United States. This deal includes a $210 million upfront payment to Ideaya, with potential additional earnings of up to $320 million based on regulatory and commercial milestones, alongside double-digit royalties on sales outside the U.S. Additionally, Ideaya is set to present important Phase 2 data on darovasertib at the European Society of Medical Oncology meeting, focusing on its application in primary uveal melanoma. Another key development involves Ideaya’s collaboration with Jiangsu Hengrui Pharmaceuticals, with plans to present Phase 1 data on the lung cancer drug IDE849 at the World Conference on Lung Cancer. Meanwhile, Mizuho has adjusted its price target for Ideaya Biosciences, lowering it to $43 from $55, while maintaining an Outperform rating, following a detailed review of Ideaya’s pipeline. The company is also preparing for its upcoming Research and Development Day, which will showcase new clinical data from several oncology programs.
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