Ideaya Biosciences updates on IDE397 development

17 August 2022

Ideaya Biosciences (Nasdaq: IDYA) has announced its financials for second-quarter 2022, saying it has a strong balance sheet of ~$324 million cash, cash equivalents and marketable securities as of June 30, 2022, which is anticipated to fund planned operations into 2025.

It also noted that it has retained worldwide rights to IDE397, following GSK’s (LSE: GSK) waiver of its option to an exclusive license to further develop and commercialize IDE397.

Californian based Ideaya in June 2020 agreed a strategic partnership with then still called GlaxoSmithKline in synthetic lethality, an emerging field in oncology, under which the UK pharma major paid $100 million upfront.

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