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SOUTH SAN FRANCISCO - IDEAYA Biosciences Inc (NASDAQ:IDYA) reported a significant third-quarter profit, driven by revenue from its exclusive licensing agreement with Servier for its lead drug candidate darovasertib outside the United States.
The company’s stock edged down 0.35% following the announcement.
The precision medicine oncology company posted adjusted earnings of $1.33 per share for the quarter ended September 30, with revenue reaching $207.83 million. The revenue primarily stemmed from the $210 million upfront payment received from Servier for the darovasertib licensing deal.
IDEAYA ended the quarter with approximately $1.14 billion in cash, cash equivalents, and marketable securities, compared to $991.9 million as of June 30. The company expects these funds to support operations into 2030.
"This quarter we continued to make significant progress across the pipeline and broader business, including the partnership with Servier that extends our runway into 2030 and enables potential commercialization of darovasertib outside of the United States," said Yujiro S. Hata, President and Chief Executive Officer of IDEAYA Biosciences.
The company reported that its Phase 2/3 trial of darovasertib in combination with crizotinib in first-line metastatic uveal melanoma is on track to report median progression-free survival data between year-end 2025 and Q1 2026, with enrollment expected to complete by year-end.
IDEAYA also highlighted positive data from its single-arm Phase 2 trial of the darovasertib/crizotinib combination, which showed a 21.1-month median overall survival and 7.0-month median progression-free survival.
Research and development expenses for the quarter increased to $83.0 million from $74.2 million in the previous quarter, primarily due to higher clinical trial and manufacturing expenses. General and administrative expenses rose to $16.4 million from $14.6 million.
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