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Exhibit 99.1
IDEAYA Biosciences, Inc. Reports Fourth Quarter 2020
Financial Results and Provides Business Update
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Initiated Phase 1 clinical trial for IDE397, a potential best-in-class MAT2A inhibitor for patients having tumors with MTAP-deletion |
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Planning to present data at AACR in April 2021 for IDE397 (monotherapy efficacy in over forty PDX models with homozygous MTAP deletions across tumor types) and for PARG (monotherapy efficacy in CDX and PDX models based on defined biomarker) |
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Hosting inaugural IDEAYA Synthetic Lethality Investor Day April 20, 2021 at 1:00 pm ET |
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Targeting Development Candidates for PARG and Pol Theta programs in 2021 |
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Initiated dose expansion in the Phase 1/2 study of IDE196 / binimetinib combination in metastatic uveal melanoma (MUM) based on early clinical activity |
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Targeting interim data for IDE196 / binimetinib combination in MUM and for IDE196 monotherapy in MUM and GNAQ/11-mutation skin melanoma in 2021, including tolerability, clinical efficacy, and survival data for IDE196 monotherapy |
South San Francisco, CA, March 23, 2021 – IDEAYA Biosciences, Inc. (Nasdaq:IDYA), a synthetic lethality focused precision medicine oncology company committed to the discovery and development of targeted therapeutics, provided a business update and announced financial results for the fourth quarter ended December 31, 2020.
“In the last quarter, we have made important progress towards our goal to build a preeminent synthetic lethality-focused precision medicine oncology company, including advancing IDE397 into Phase 1 as a potential best-in-class MAT2A inhibitor to treat patients with MTAP-deletion, which represents approximately 15% of all solid tumors. We are also poised to expand our synthetic lethality pipeline, targeting Development Candidate nominations in 2021 for each of our potential first-in-class PARG and Pol Theta programs. Lastly, IDE196 has reached a key inflection point as we initiated dose expansion in our Phase 1/2 study evaluating the IDE196 / binimetinib combination in the GNAQ/11 mutation-driven cancer of metastatic uveal melanoma,” said Yujiro S. Hata, Chief Executive Officer and President of IDEAYA Biosciences.
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Ideaya Biosciences, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:
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Net cash provided by financing activities was $128.8 million for the year ended December 31, 2020, which consisted primarily of $100.7 million of net proceeds from our follow-on offering, $20.0 million of net proceeds from our private placement of common stock, $6.6 million of proceeds from ATM offering, $1.2 million of proceeds from exercise of common stock options, and $0.3 million of proceeds from ESPP purchase.
In July 2020, the GSK Collaboration Agreement became effective, and we started recognizing collaboration revenue, which consists of revenue from preclinical and Phase 1 monotherapy clinical research and development services under the MAT2A program as well as preclinical research services and the related license under the Pol Theta and WRN programs.
If a contract modification is not accounted for as a separate contract, we account for the promised goods or services not yet transferred at the date of the contract modification (the remaining promised goods or services) prospectively, as if it were a termination of the existing contract and the creation of a new contract, if the remaining goods or services are distinct from the goods or services transferred on or before the date of the contract modification.
We realized aggregate gross proceeds of $107.5 million from the Offering, including gross proceeds from the sale of shares in the base Offering and the sale of shares from exercise of the overallotment option, and before deducting underwriting discounts and commissions and other offering expenses payable by us.
In such case the effect that the contract modification has on the transaction price, and on the entity's measure of progress toward complete satisfaction of the performance obligation, is recognized as an adjustment to revenue (either as an increase in or a reduction of revenue) at the date of the contract modification (the adjustment to revenue is made on a cumulative catch-up basis).
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Ideaya Biosciences, Inc. provided additional information to their SEC Filing as exhibits
Ticker: IDYA
CIK: 1676725
Form Type: 10-K Annual Report
Accession Number: 0001564590-21-014676
Submitted to the SEC: Tue Mar 23 2021 6:30:49 AM EST
Accepted by the SEC: Tue Mar 23 2021
Period: Thursday, December 31, 2020
Industry: Pharmaceutical Preparations