IDEAYA Biosciences's Q2 net loss widens as costs mount
Overview
IDEAYA reports Q2 net loss of $77.5 mln, vs $72.2 mln year-ago, driven by higher R&D expenses
Co has ~$992 mln cash, expected to fund operations into 2029
Phase 2/3 trial for darovasertib on track for median PFS data by year-end
Outlook
IDEAYA expects median PFS data for darovasertib by year-end 2025
Company plans three IND submissions by year-end 2025
IDEAYA anticipates cash to fund operations into 2029
Result Drivers
CLINICAL TRIAL EXPANSION - Increased R&D expenses driven by expansion of clinical trials, including darovasertib and crizotinib combination in metastatic uveal melanoma
ORGANIZATIONAL GROWTH - Higher G&A expenses attributed to scaling efforts for potential U.S. launch of darovasertib
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 EPS | -$0.88 | ||
Q2 Net Income | -$77.49 mln | ||
Q2 Operating Expenses | $88.81 mln | ||
Q2 Profit From Operations | -$88.81 mln |
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 14 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the biotechnology & medical research peer group is "buy"
Wall Street's median 12-month price target for IDEAYA Biosciences Inc is $47.00, about 46.8% above its August 4 closing price of $25.00
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