IDEAYA Biosciences, Inc. (IDYA): Business Model Canvas [Dec-2025 Updated]

You're trying to map out the financial engine of a clinical-stage precision oncology firm, and honestly, the Business Model Canvas for IDEAYA Biosciences, Inc. reveals a strategy heavily reliant on de-risked, high-value partnerships powering a deep pipeline of synthetic lethality assets. They have the financial runway, sitting on about $1.14 billion in cash as of September 30, 2025, but the real action is in the deal flow, evidenced by collaboration revenue hitting $207.8 million in Q3 2025, largely from Servier. So, if you want to see precisely how this model balances significant R&D costs against the potential upside from assets like darovasertib and their MTAP-deletion focus, you need to look at the full nine building blocks detailed below.

IDEAYA Biosciences, Inc. (IDYA) - Canvas Business Model: Key Partnerships

You're looking at the core alliances that fuel IDEAYA Biosciences, Inc.'s pipeline, which is heavily weighted toward precision oncology and synthetic lethality targets. These partnerships are critical for sharing development costs, accessing established commercial infrastructure, and validating their science through combination trials.

Synthetic Lethality Programs with GSK

IDEAYA Biosciences and GlaxoSmithKline (GSK) had a broad strategic partnership focused on synthetic lethality, covering the MAT2A, Pol Theta, and Werner Helicase programs. This collaboration was designed to leverage GSK's expertise in the field, where synthetic lethality exploits cancer cell vulnerabilities from combined genetic deficiencies.

However, a significant late-2025 development is that GlaxoSmithKline Intellectual Property (No. 4) elected to terminate the Collaboration, Option and License Agreement dated June 15, 2020, with the termination becoming effective 90 days after written notice in December 2025. During the transition period, GSK will transfer the Werner Helicase (IDE275) and Pol Theta (IDE705) clinical programs back to IDEAYA Biosciences.

Under the original terms for the Werner Helicase (IDE275) program, GSK held the global, exclusive license, covered 80% of global research and development costs, and IDEAYA was eligible to receive up to $465 million in future late-stage development and regulatory milestone payments, plus a $10.0 million milestone upon Phase 1 dose expansion initiation. For the Pol Theta program, IDEAYA was entitled to worldwide royalties. The aggregate potential cash milestones across both programs were up to approximately $2 billion. IDEAYA plans to evaluate its strategic options for these two programs in 2026.

Darovasertib License with Servier

On September 2, 2025, IDEAYA Biosciences entered into an exclusive license agreement with Servier for regulatory and commercial rights to darovasertib outside of the United States. IDEAYA retains all rights for darovasertib in the U.S.. This deal is valued at up to $530 million in total potential payments.

The financial structure of this ex-US license is concrete:

Servier is responsible for ex-US regulatory and commercial activities, and both companies will collaborate on development, sharing associated costs.

Clinical Trial Collaboration with Pfizer

IDEAYA Biosciences has a Clinical Trial Collaboration and Supply Agreement with Pfizer to evaluate the combination of darovasertib (PKC inhibitor) and crizotinib (cMET inhibitor). This combination is being tested in patients with metastatic uveal melanoma (mUM) in the registration-enabling Phase 2/3 trial, OptimUM-02. Pfizer provided a defined quantity of crizotinib at no cost, as well as an additional defined quantity at a lump-sum cost for the combination therapy evaluation. First reported median overall survival (OS) results from the Phase 1/2 trial (OptimUM-01) were presented on October 26, 2025. Median progression-free survival (PFS) data from the OptimUM-02 trial is targeted by year-end 2025 to Q1 2026.

Partnership with Gilead for IDE397 Combination

IDEAYA has an ongoing clinical study collaboration and supply agreement with Gilead Sciences to evaluate IDE397 (MAT2A inhibitor) in combination with Gilead's Trodelvy® (Trop-2 directed ADC). IDEAYA is the study sponsor, and Gilead provides the supply of Trodelvy®. Both companies retain commercial rights to their respective compounds. The combination targets MTAP-deletion solid tumors, which has an estimated prevalence of approximately 15% in NSCLC and approximately 26% in urothelial cancer (UC). The first patient was dosed in the NSCLC cohort in September 2025.

ADC and Pipeline Partnerships

The company's strategy includes licensing in assets to complement its internal synthetic lethality pipeline. You should note the following key details:

• IDE034 (ADC) from Biocytogen: IDEAYA exercised its option for an exclusive worldwide license for this B7H3/PTK7 bispecific TOP1 ADC program. The total potential value is $406.5 million, which includes up to $100 million in development and regulatory milestone payments. IDEAYA received IND clearance on December 5, 2025, and expects to begin patient enrollment in Q1 2026. B7H3/PTK7 co-expression prevalence is reported at approximately 30% in lung, 46% in colorectal, and 27% in head and neck cancers.
• IDE849 Partnership with Hengrui Pharma: In December 2024, Hengrui Pharma granted IDEAYA an exclusive worldwide license to develop and commercialize IDE849 (SHR-4849) outside of Greater China. Phase 1 data was presented in September 2025 at WCLC. As of a June 20, 2025 cut-off date, median PFS was 6.7 months across all lines of treatment at certain doses in SCLC patients (n=86).

The IDEAYA Biosciences balance sheet as of September 30, 2025, held approximately $1.14 billion in cash, cash equivalents, and marketable securities. Finance: draft 13-week cash view by Friday.

IDEAYA Biosciences, Inc. (IDYA) - Canvas Business Model: Key Activities

The core of IDEAYA Biosciences, Inc. (IDYA) operations revolves around intensive, data-driven drug discovery and the rigorous management of a growing clinical pipeline, all underpinned by a strong financial base to support these long-term activities.

Precision oncology drug discovery focused on synthetic lethality.

IDEAYA Biosciences, Inc. (IDYA) focuses its discovery efforts on synthetic lethality and antibody-drug conjugates (ADCs) for molecularly defined solid tumor indications. This requires continuous internal capability in small-molecule drug discovery, structural biology, and bioinformatics to identify and validate new targets.

• Pipeline includes potential first-in-class candidates like IDE849 (DLL3 TOP1i ADC), IDE397 (MAT2A Inhibitor), IDE161 (PARG inhibitor), IDE892 (PRMT5), IDE034, and IDE574 (KAT6/7).
• The company plans to enable its wholly-owned IDE397 + IDE892 (PRMT5) clinical combination in MTAP-deletion non-small cell lung cancer (NSCLC) in the second half of 2025.

Managing and executing multiple global registrational clinical trials (e.g., darovasertib).

Managing clinical execution is a major activity, demanding significant operational and financial resources. The darovasertib program, targeting metastatic uveal melanoma (mUM) and primary uveal melanoma (UM), is central to this effort.

For the darovasertib and crizotinib combination in first-line (1L) HLAA2-negative metastatic uveal melanoma (mUM) via the registration-enabling Phase 2/3 trial (OptimUM-02), IDEAYA Biosciences, Inc. (IDYA) is targeting to report median progression-free survival (PFS) data by year-end 2025 to Q1 2026. Enrollment for this trial is on track to complete by year-end 2025. Separately, the single-arm Phase 1/2 OptimUM-01 trial reported a median Overall Survival (OS) of 21.1 months and a median PFS of 7.0 months across 44 1L mUM patients, with an Overall Response Rate (ORR) of 34% (14/41).

The Phase 3 registration-enabling trial for darovasertib in neoadjuvant primary UM (OptimUM-10) was initiated during the second quarter of 2025. Interim data from the Phase 2 OptimUM-09 trial showed that 83% (78/94) of patients demonstrated ocular tumor shrinkage.

The IDE849 (DLL3 TOP1i ADC) Phase 1 trial achieved First Patient In (FPI) in the United States in May 2025, with plans to expand into neuroendocrine tumors (NETs) by the end of 2025. Phase 1 data for IDE849 in Small Cell Lung Cancer (SCLC) patients was reported at the World Conference on Lung Cancer.

Here's a look at the clinical trial execution metrics as of late 2025:

Identifying and validating translational biomarkers for patient selection.

The company's strategy involves aligning targeted therapies to genetic drivers, which includes identifying the prevalence of target proteins for patient selection. For the potential first-in-class bispecific B7H3/PTK7 TOP1 ADC, IDE034, the co-expression prevalence in key solid tumors is a critical validation point:

• B7H3/PTK7 co-expression in Lung Cancers: approximately 30%
• B7H3/PTK7 co-expression in Colorectal Cancers: approximately 46%
• B7H3/PTK7 co-expression in Head and Neck Cancers: approximately 27%

Securing regulatory approvals (e.g., FDA IND clearance for IDE034 in late 2025).

A key late-2025 milestone was securing Investigational New Drug (IND) clearance from the U.S. Food and Drug Administration (FDA) for IDE034 on December 1, 2025, allowing for the initiation of a Phase 1 clinical trial. Enrollment for this IDE034 study is expected to begin in the first quarter of 2026. Furthermore, IND clearance for IDE892 (PRMT5) was received in the third quarter of 2025. Darovasertib already holds U.S. FDA Breakthrough Therapy Designation for the neoadjuvant setting of primary uveal melanoma for enucleation (EN) eligible patients.

Intellectual property generation and patent defense.

Sustaining these discovery and development activities requires substantial capital, which IDEAYA Biosciences, Inc. (IDYA) has secured through financing and strategic deals. As of September 30, 2025, the company reported cash, cash equivalents, and marketable securities of approximately $1.14 billion. This was up from approximately $991.9 million as of June 30, 2025. This financial position is expected to fund operations into 2030. The R&D expenses for the three months ended September 30, 2025, totaled $83.0 million, while General and administrative (G&A) expenses were $16.4 million for the same period. The company also secured an exclusive license agreement with Servier for darovasertib rights outside the United States, receiving $210 million upfront and being eligible for up to $320 million in milestone payments. The net income for the three months ended September 30, 2025, was $119.2 million.

IDEAYA Biosciences, Inc. (IDYA) - Canvas Business Model: Key Resources

You're looking at the core assets IDEAYA Biosciences, Inc. (IDYA) relies on to drive its precision oncology pipeline forward. These aren't just ideas; they are tangible financial backing and late-stage clinical assets.

The financial foundation is substantial. As of September 30, 2025, IDEAYA Biosciences, Inc. reported cash, cash equivalents, and marketable securities totaling approximately $1.14 billion. This level of capital is projected to fund planned operations into at least 2029.

The deep pipeline is centered on synthetic lethality targets, with several programs in advanced clinical stages. The company is targeting 8 clinical programs, with 3 IND submissions on track by year-end 2025.

Here's a look at the key clinical-stage assets and their associated patient populations or trial status:

The proprietary scientific expertise is rooted in synthetic lethality and structural biology, which informs the development of these targeted therapies. This expertise is being applied across the portfolio, including programs targeting Pol Theta and Werner Helicase (WRN).

The darovasertib program has achieved a significant regulatory milestone: Breakthrough Therapy Designation (BTD) from the U.S. FDA for its use as neoadjuvant therapy in primary Uveal Melanoma (UM). This designation was supported by Phase 2 data showing an 82% rate of ocular tumor reduction and a 61% rate of eye preservation in patients for whom enucleation was recommended. For patients eligible for plaque brachytherapy, the treatment showed a 70% reduction in predicted radiation dose to critical eye structures.

Global licensing agreements provide access to both technology and ex-US markets, de-risking commercialization outside the U.S. and providing upfront payments or milestone potential.

Key strategic collaborations include:

• Servier: Exclusive license agreement for darovasertib; IDEAYA retains all U.S. commercial rights.
• Pfizer: Clinical trial collaboration for Darovasertib + Crizotinib combination.
• Gilead: Clinical Study Collaboration and Supply Agreement for IDE397 + Trodelvy®.
• Merck: Collaboration for IDE161 expansion with KEYTRUDA®.
• Jiangsu Hengrui Pharmaceuticals Co., Ltd: Exclusive global license agreement for IDE849 outside Greater China.
• GlaxoSmithKline (GSK): Collaboration for Werner Helicase program (IDE275/GSK959) with a 50/50 U.S. Profit Share.

IDEAYA Biosciences, Inc. (IDYA) - Canvas Business Model: Value Propositions

You're looking at the core reasons why a patient, physician, or payer would choose IDEAYA Biosciences, Inc. (IDYA)'s approach over the standard of care. It's all about delivering targeted efficacy where current options fall short.

Potential first-in-class/best-in-class targeted therapies for solid tumors

IDEAYA Biosciences, Inc. is building a pipeline focused on precision oncology, leveraging synthetic lethality and antibody-drug conjugates (ADCs) to hit molecularly defined targets. This focus aims to deliver therapies that are more selective and effective than broad-spectrum treatments.

The company has several programs advancing, with three IND submissions on track by year-end 2025, potentially bringing their clinical-stage precision oncology programs to nine.

Addressing high unmet needs in genetically-defined cancers (e.g., GNAQ/11-mutant Uveal Melanoma)

For GNAQ or GNA11 mutations, which activate PKC signaling in greater than 90% of uveal melanoma (UM) cases, there are currently no approved systemic therapies for the primary UM setting. This represents a critical unmet need where the standard of care often involves organ removal.

The value proposition here is demonstrated by the Phase 2 OptimUM-09 trial data for neoadjuvant darovasertib in primary UM, presented at ESMO 2025:

Organ preservation strategy via neoadjuvant therapy (darovasertib in primary UM)

The strategy with darovasertib is to provide systemic tumor control before definitive local treatment, aiming to reduce the need for enucleation (EN) or high-dose radiation, which often leads to vision loss. This is a paradigm shift from the current standard.

For patients eligible for plaque brachytherapy (PB), the therapy showed a potential to reduce long-term risk:

• 70% achieved a reduction in predicted radiation dose to key eye structures.
• 65% showed a decreased predicted risk of legal blindness 3-years post-PB treatment.
• Approximately 55% of EN eligible patients demonstrated an improvement in baseline visual acuity scores (VAS), with a mean gain of 17 letters.

The U.S. FDA granted Breakthrough Therapy Designation to darovasertib in this neoadjuvant setting, underscoring its potential to be the first systemic therapy to meaningfully prevent eye removal.

Exploiting synthetic lethality to target historically undruggable oncogenic pathways

IDEAYA Biosciences, Inc. is building a deep pipeline based on synthetic lethality, which targets specific vulnerabilities created by the loss of a tumor suppressor gene. This approach is designed to be highly selective.

Key synthetic lethality programs include:

• PKC inhibition (Darovasertib) for GNAQ/GNA11 mutations in UM.
• MAT2A inhibition (IDE397) for tumors with MTAP gene deletion.
• Pol Theta inhibition for tumors with double-strand break repair defects, such as BRCA1 or BRCA2 mutations, in collaboration with GSK.

Providing molecularly-defined treatment options for patients with MTAP deletion (approx. 15% of solid tumors)

The MTAP deletion biomarker defines a patient population that is vulnerable to inhibition of the MAT2A enzyme, a synthetic lethality target. This deletion occurs in approximately 15% of all solid tumors.

The prevalence of MTAP homozygous deletion varies, but significant frequencies are seen in specific tumor types:

• Glioblastoma: 26% to 60%.
• Bladder cancer: 16.9%.
• Mesothelioma: 17.7%.

IDEAYA Biosciences, Inc. is advancing IDE397, a MAT2A inhibitor, for this molecularly-defined group, which is associated with a poor prognosis in cancers like pancreatic ductal adenocarcinoma, NSCLC, gastric cancer, and glioblastoma.

The company's financial footing supports this development, with approximately $991.9 million in cash, cash equivalents, and marketable securities as of June 30, 2025, which is anticipated to fund operations into 2029.

IDEAYA Biosciences, Inc. (IDYA) - Canvas Business Model: Customer Relationships

High-touch, collaborative relationships with major pharmaceutical partners are central to IDEAYA Biosciences, Inc.'s development strategy, de-risking assets and expanding geographic reach.

The exclusive license agreement with Servier for darovasertib rights outside the United States brought in $210 million upfront cash as of the third quarter of 2025, with an additional potential of up to $320 million in milestone payments. IDEAYA Biosciences, Inc. also has ongoing collaborations, such as the one with GSK for IDE705 (Pol Theta inhibitor). However, in December 2025, GlaxoSmithKline Intellectual Property elected to terminate the Collaboration, Option and License Agreement for the Werner Helicase (IDE275) and Pol Theta (IDE705) clinical programs. Furthermore, Hengrui Pharma is a partner conducting a Phase 1 clinical trial for IDE849 in China.

Direct engagement with key opinion leaders and clinical investigators is evidenced by the cadence of clinical data presentations at major medical conferences throughout 2025.

• Phase 2 data from over 90 primary uveal melanoma (UM) patients treated with darovasertib in the neoadjuvant setting were shared at ESMO in 4Q 2025.
• First-in-human Phase 1 data from over 70 SCLC patients treated with IDE849 were presented at the IASLC 2025 World Conference on Lung Cancer on September 7th, 2025.
• The single-arm Phase 2 trial (OptimUM-01) evaluating darovasertib/crizotinib in 1L mUM reported median overall survival (OS) of 21.1 months among 44 patients.
• The randomized Phase 2 trial (OptimUM-09) data included a total of 95 patients (56 enucleation-recommended and 39 plaque brachytherapy-eligible).

Proactive communication with the investment community is structured around regular financial updates and participation in key industry forums.

IDEAYA Biosciences, Inc. reported its third quarter 2025 financial results on November 4, 2025. As of September 30, 2025, the company held approximately $1.14 billion in cash, cash equivalents, and marketable securities. This position provided an expected cash runway into 2030 following the Servier deal. The President and Chief Executive Officer participated in the Citi's 2025 Global Healthcare Conference on December 2nd, 2025, and the Evercore Healthcare Conference on December 3rd, 2025.

Regulatory management and interaction with health authorities, primarily the U.S. Food and Drug Administration (FDA), drive key development timelines.

• The darovasertib program received U.S. FDA Breakthrough Therapy Designation for neoadjuvant use in UM patients facing enucleation.
• A successful FDA Type D meeting was completed to finalize the darovasertib Phase 3 registrational trial design.
• The company targeted three IND submissions in 2025.
• IND clearance for IDE892 (PRMT5) was received in 3Q 2025.
• IND clearance for IDE034 was announced on December 1, 2025.
• The IND filing for IDE034 was complete, with the IND filing for IDE574 (KAT6/7) on track for year-end 2025.

IDEAYA Biosciences, Inc. (IDYA) - Canvas Business Model: Channels

You're looking at how IDEAYA Biosciences, Inc. gets its therapies and data out to the world, which is a mix of direct engagement and strategic partnerships. It's not just about the lab; it's about the agreements and the data dissemination that drive the business forward.

Out-licensing agreements to partners (e.g., Servier) for ex-US commercialization

IDEAYA Biosciences, Inc. uses out-licensing for global reach, especially outside the US. A key example is the agreement for darovasertib.

• Entered into an exclusive license agreement with Servier for rights to darovasertib outside the United States in the third quarter of 2025.
• The Servier deal provided IDEAYA Biosciences, Inc. with $210 million upfront cash.
• IDEAYA Biosciences, Inc. is eligible to receive up to $320 million in milestone payments from Servier.
• IDEAYA Biosciences, Inc. also has an exclusive global license agreement for IDE849 outside of Greater China with Hengrui Pharma, established in December 2024.

Global network of clinical trial sites and investigators for drug delivery to patients

The delivery of investigational drugs to patients relies on a network of ongoing clinical trials across different geographies and indications. This is how the data gets generated.

The Phase 3 registration-enabling trial for darovasertib, OptimUM-10, initiated in Q3 2025, is planned to enroll approximately 520 patients in total. That's a significant commitment to patient access for this channel.

Presentations at major medical conferences (e.g., ESMO, WCLC) to disseminate clinical data

Disseminating clinical data at top-tier conferences is a primary channel for validating the science and informing the medical community.

• Positive Phase 2 data for darovasertib in neoadjuvant UM were presented in a Proffered Paper oral presentation at ESMO 2025 in October 2025.
• Data from the single-arm, Phase 2 trial (OptimUM-01) of darovasertib/crizotinib were presented at the Society for Melanoma Research (SMR) Congress in October 2025, covering 44 1L mUM patients.
• Phase 1 data for IDE849 (DLL3 TOP1i ADC) were reported at the 2025 World Conference on Lung Cancer (WCLC).
• Initial Phase 1 safety and efficacy data from the IDE397 and Trodelvy® combination trial in MTAP-deletion UC patients were shared at IDEAYA Biosciences, Inc.'s R&D Day on September 8th.

Direct regulatory submissions (IND, NDA) to the FDA and other agencies

Direct engagement with the FDA via regulatory submissions is the critical path to eventual commercialization for wholly-owned assets.

IDEAYA Biosciences, Inc. was on track to submit three Investigational New Drug (IND) applications by the end of 2025:

• IDE892 (PRMT5): Received IND clearance in 3Q 2025.
• IDE034 (B7H3/PTK7 bispecific TOP1i ADC): IND filing was complete as of Q3 2025, with IND clearance received in the third quarter.
• IDE574 (KAT6/7 dual inhibitor): IND filing was on track for year-end 2025.

The company also advanced its darovasertib program by initiating the randomized Phase 3 trial, OptimUM-10, in the third quarter of 2025, following a successful FDA Type D meeting in April 2025. Finance: draft 13-week cash view by Friday.

IDEAYA Biosciences, Inc. (IDYA) - Canvas Business Model: Customer Segments

You're looking at the core groups IDEAYA Biosciences, Inc. (IDYA) targets to drive value from its precision medicine pipeline, as of late 2025. These aren't just patient groups; they are distinct commercial and financial entities that interact with the business model at different stages.

Oncology patients with molecularly-defined solid tumors (e.g., Uveal Melanoma, MTAP-deletion cancers).

This segment represents the ultimate end-user, defined by specific genetic alterations that make them candidates for IDEAYA Biosciences, Inc. (IDYA)'s targeted therapies. For instance, the population with MTAP gene deletion is estimated to represent approximately 15% of all solid tumors. Specifically for IDEAYA Biosciences, Inc. (IDYA)'s IDE397 program, the estimated U.S. MTAP-deletion annual incidence in Urothelial Cancer (UC) and Non-Small Cell Lung Cancer (NSCLC) is approximately 48,000 patients. For the darovasertib program targeting Metastatic Uveal Melanoma (MUM), the patient population harboring GNAQ or GNA11 mutations occurs in greater than 90% of cases. As of August 4, 2025, over 350 patients were enrolled in the combination trial for 1L HLA-A2-negative MUM, with enrollment targeted to complete around 400 patients by year-end 2025. Furthermore, Phase 2 data for neoadjuvant Uveal Melanoma (UM) treatment included over 90 patients treated with darovasertib.

Global pharmaceutical and biotechnology companies seeking late-stage oncology assets.

These are strategic partners who provide validation, funding, and potential commercial reach. IDEAYA Biosciences, Inc. (IDYA) has established Pharma Strategic Partnerships and Collaborations with Pfizer, Gilead, Merck, Hengrui Pharma, Servier, and GSK. A concrete example of a transaction is the exclusive license agreement with Servier for darovasertib rights outside the United States, for which IDEAYA Biosciences, Inc. (IDYA) received $210 million upfront and is eligible for up to $320 million in milestone payments. The collaboration with GSK on Pol Theta and Werner Helicase carries potential for IDEAYA Biosciences, Inc. (IDYA) to earn up to approximately $2 billion in aggregate cash milestones. Hengrui Pharma, a partner, presented clinical data from over 70 Small Cell Lung Cancer (SCLC) patients in their Phase 1 trial for IDE849.

Clinical investigators and oncologists treating rare and common genetically-altered cancers.

These professionals are crucial for executing clinical trials and adopting new standards of care. IDEAYA Biosciences, Inc. (IDYA) is actively driving data readouts that directly inform their practice. For instance, median Progression-Free Survival (PFS) data for the darovasertib/crizotinib combination in 1L HLA-A2-negative MUM is targeted for year-end 2025 or 1Q 2026. Also, clinical program updates for IDE397 in MTAP-deleted UC and NSCLC are planned for the first half of 2026. The company is also advancing IDE849, with partner Hengrui Pharma targeting a clinical data update in over 40 SCLC patients in Q3 2025.

Institutional and individual investors focused on high-growth, clinical-stage biotech.

This segment provides the necessary capital to fund the long-term development of the pipeline. As of September 30, 2025, IDEAYA Biosciences, Inc. (IDYA) reported cash, cash equivalents, and marketable securities of approximately $1.14 billion, with guidance to fund operations into 2030. This follows a cash position of approximately $991.9 million as of June 30, 2025, with a runway into 2029. The company's investor visibility is supported by analyst coverage from firms including JP Morgan, Goldman Sachs, Citi, and Wedbush.

You can see the key intersections of these segments below:

The company's engagement with clinical investigators is often formalized through collaborations, such as the one with Gilead for IDE397 in combination with Trodelvy®.

• Oncology patients are defined by biomarkers like GNAQ/GNA11 mutations or MTAP deletion.
• Partnerships are structured to include milestone payments and profit-sharing arrangements.
• The investor base is tracked through analyst coverage from at least 12 firms.
• IND clearances, such as for IDE034 in late 2025, expand the pipeline targeting patients with B7H3/PTK7 expression.

The focus on specific genetic drivers means IDEAYA Biosciences, Inc. (IDYA) is not targeting the entire cancer market, but rather defined subsets, such as the 48,000 estimated annual incidence of MTAP-deletion in UC/NSCLC in the U.S..

IDEAYA Biosciences, Inc. (IDYA) - Canvas Business Model: Cost Structure

You're looking at where IDEAYA Biosciences, Inc. is putting its capital to work, and honestly, it's all about the science right now. For a precision medicine oncology company, the cost structure is heavily weighted toward the front end of drug development.

The single biggest driver of spend is definitely Research and Development (R&D). This is where the heavy lifting happens-preclinical work, running trials, and getting those complex Antibody-Drug Conjugates (ADCs) manufactured.

Here are the key components that make up the cost structure:

• Dominantly Research and Development (R&D) expenses (Q3 2025: $83.0 million).
• Significant clinical trial and CMC manufacturing costs.
• General and Administrative (G&A) expenses, including legal and patent costs (Q1 2025: $13.5 million).
• Personnel and stock-based compensation expenses (Q3 2025 stock comp: $12.2 million).
• Upfront and milestone payments for in-licensed intellectual property.

The R&D spend is not static; it scales with pipeline activity. For example, the R&D expenses for the three months ended September 30, 2025, totaled $83.0 million, up from $74.2 million for the three months ended June 30, 2025. That increase was primarily driven by higher clinical trial and CMC manufacturing expenses to support their programs. That's the cost of moving multiple assets forward.

You can see the breakdown of some of these major cost categories across the first three quarters of 2025 in the table below. Note that G&A includes the necessary overhead to run a growing clinical-stage company, like legal work to protect the intellectual property.

The upfront payments for IP are lumpy but significant, representing major strategic investments. You saw a one-time $75.0 million upfront payment under the license agreement for IDE849 with Hengrui Pharma that occurred in December 2024, which hit R&D that quarter. More recently, in October 2025, IDEAYA Biosciences received a $210 million upfront payment from Servier for the rights to darovasertib outside the United States. That cash inflow helps offset the ongoing operational burn, but the underlying R&D spend remains high.

To be fair, the G&A line item also reflects growth. For the three months ended March 31, 2025, G&A was $13.5 million, up from $11.0 million in the prior quarter, primarily due to higher personnel-related, consulting, and legal patent expenses supporting that pipeline growth. That's the cost of building out the team to prepare for potential commercialization down the line.

Here's a quick look at the key financial events impacting the cost structure:

• $75.0 million upfront payment for IDE849 license (December 2024).
• G&A expenses for Q1 2025 were $13.5 million.
• Stock compensation for Q3 2025 was $12.2 million.
• $210 million upfront payment received from Servier for darovasertib rights (October 2025).

Finance: review the Q4 2025 projected R&D spend against the Q3 actuals by next Tuesday.

IDEAYA Biosciences, Inc. (IDYA) - Canvas Business Model: Revenue Streams

You're looking at how IDEAYA Biosciences, Inc. (IDYA) brings in cash right now, and it's heavily weighted toward partnerships, which is common for an oncology company deep in development. The revenue streams are built on upfront cash, services rendered, and the promise of future payments from those deals.

The most significant recent inflow comes from collaboration revenue, which totaled $207.8 million for the three months ended September 30, 2025. This was a big jump from zero in the prior quarter, Q2 2025. This revenue recognition is tied directly to the performance obligations satisfied under the Servier exclusive license agreement for darovasertib, which included the upfront payment received.

Another crucial component is the reimbursement for R&D services. As of September 30, 2025, IDEAYA Biosciences, Inc. had a remaining performance obligation balance of $143.1 million. This amount represents anticipated reimbursements for clinical development cost services that IDEAYA Biosciences, Inc. will perform over time under the Servier license agreement. You can expect this to convert into collaboration revenue as those research and development services are completed.

Here's a quick look at the key financial components related to the Servier deal that drive current and near-term revenue recognition:

Future royalties and commercial milestones represent the long-term upside from these partnerships. For the darovasertib ex-US rights licensed to Servier, IDEAYA Biosciences, Inc. is eligible for up to $320 million in regulatory approval-based and commercial milestone payments. On top of that, IDEAYA Biosciences, Inc. will receive double-digit royalties on net sales in all territories outside the United States. This is a defintely important stream to track.

IDEAYA Biosciences, Inc.'s revenue structure also includes milestones from other collaborations, like the one with GSK. While the upfront payment obligations for the GSK Collaboration Agreement were completed as of December 31, 2023, future collaboration revenue is still possible from earned milestones. For instance, a $7.0 million payment was earned from GSK in August 2023 based on IND acceptance for IDE705 (GSK101).

The final, and potentially largest, revenue stream is tied to IDEAYA Biosciences, Inc.'s retained US rights for darovasertib. This stream is purely potential revenue post-regulatory approval in the US. The company is advancing the drug through multiple Phase 3 registrational trials, aiming for improved patient outcomes in various settings. Success here would lead to direct product sales revenue for IDEAYA Biosciences, Inc. in the US market.

You should keep an eye on these potential US sales revenue drivers:

• Darovasertib + crizotinib in first-line HLA-A2-negative metastatic UM (mPFS readout anticipated late 2025 to Q1 2026).
• Neoadjuvant darovasertib as monotherapy in primary UM (Phase 3 trial planned for 2026).
• Future global Phase 3 adjuvant study for primary UM planned for 2026.

Finance: draft 13-week cash view by Friday.