IDEAYA Biosciences Inc. (NASDAQ:IDYA) reported a strong profit for the third quarter, fueled by revenue from its exclusive licensing deal with Servier for the development and commercialization of its lead cancer drug candidate, darovasertib, outside the U.S.
Shares of the precision oncology company dipped 0.35% following the announcement.
For the quarter ended September 30, IDEAYA posted adjusted earnings of $1.33 per share and revenue of $207.83 million, with most of the total coming from the $210 million upfront payment tied to the Servier agreement.
IDEAYA ended the period with roughly $1.14 billion in cash, cash equivalents, and marketable securities, up from $991.9 million as of June 30. The company said this cash position is expected to fund operations through 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 confirmed that its Phase 2/3 trial of darovasertib combined with crizotinib in first-line metastatic uveal melanoma remains on schedule, with median progression-free survival data expected between late 2025 and early 2026, and full enrollment anticipated by year-end.
IDEAYA also pointed to encouraging results from its single-arm Phase 2 trial of the same combination, which demonstrated median overall survival of 21.1 months and median progression-free survival of 7.0 months.
Research and development spending rose to $83.0 million from $74.2 million in the prior quarter, mainly due to higher clinical and manufacturing costs. General and administrative expenses also climbed, reaching $16.4 million, compared to $14.6 million in the previous period.