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IDEAYA Biosciences raises $324 million as lead cancer drug nears FDA filing

IDEAYA Biosciences raises $324 million as lead cancer drug nears FDA filing

Money Moves

A precision-oncology developer banks fresh capital weeks after positive pivotal trial data for its uveal melanoma drug

Yesterday: IDEAYA closes $324 million stock offering

Overview

IDEAYA Biosciences closed a $323.6 million stock sale on June 10, 2026. The cash lands as the company prepares to file its first drug with the U.S. Food and Drug Administration (FDA).

The money buys time. IDEAYA's lead drug, darovasertib, hit its main goal in a late-stage trial for a rare eye cancer in April. The raise funds the path to a filing and beyond, lowering the risk that the company runs short of cash before it can sell a product.

Why it matters

A cancer-drug developer with no approved products just locked in funding through 2030, removing money worries as it races toward its first FDA submission.

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Key Indicators

$323.6M
Net proceeds
Raised after fees once underwriters used their full purchase option.
$27.00
Price per share
Set for both the common shares and the pre-funded warrants.
~$1.3B
Cash after the raise
Adds to the $972.9 million IDEAYA held at the end of March.
Into 2030
Cash runway
How long the company says its funds will last.
6.9 vs 3.1 mo
Trial result (PFS)
Median time before the cancer worsened, drug arm versus standard care.

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People Involved

Organizations Involved

Timeline

December 2025 June 2026

6 events Latest: Yesterday
Tap a bar to jump to that date
  1. IDEAYA closes $324 million stock offering

    Latest Financial

    The company sells about 7.2 million shares at $27 plus pre-funded warrants for 5.6 million more shares, netting roughly $323.6 million after underwriters used their full option.

  2. Full trial data shown at ASCO

    Clinical

    IDEAYA and Servier present complete OptimUM-02 results in a late-breaking talk at the 2026 ASCO meeting in Chicago.

  3. Q1 results show deep cash reserves

    Financial

    IDEAYA reports about $972.9 million in cash as of March 31 and reaffirms a runway into 2030.

  4. FDA opens fast-track review

    Regulatory

    The FDA agrees to review darovasertib under its Real-time Oncology Review program, letting IDEAYA submit application pieces early.

  5. Trial hits its main goal

    Clinical

    Topline results show the darovasertib combination delayed cancer progression longer than standard care. The data clear the way for an FDA filing.

  6. Pivotal trial fully enrolled

    Clinical

    IDEAYA finishes enrolling patients in OptimUM-02, the late-stage trial testing darovasertib plus crizotinib in metastatic uveal melanoma.

Historical Context

3 moments from history that rhyme with this story — and how they unfolded.

January 2019

Loxo Oncology bought by Eli Lilly (2019)

Loxo, a precision-oncology firm, raised money from public investors to fund targeted cancer drugs. After its first drug won FDA approval, Eli Lilly bought the company for about $8 billion.

Then

Loxo shareholders got a large premium, and Lilly absorbed the pipeline and approved drug.

Now

The deal became a template for big pharma buying small precision-oncology firms once their lead drug clears regulatory risk.

Why this matters now

It shows the path IDEAYA could follow: raise capital, win approval, then attract a buyer. Scenario 4 turns on this pattern.

October 2023

Mirati Therapeutics bought by Bristol Myers Squibb (2023)

Mirati spent years selling stock to fund its targeted cancer drugs. After the FDA approved its lung-cancer drug adagrasib, Bristol Myers Squibb agreed to buy the company for up to $5.8 billion.

Then

Mirati investors were paid out, ending the company's reliance on repeated equity raises.

Now

It reinforced that approval-stage precision-oncology firms tend to be acquired rather than scale up alone.

Why this matters now

Mirati's repeated stock sales mirror IDEAYA's funding model and show where it often ends.

December 2022

Clovis Oncology bankruptcy (2022)

Clovis raised heavily from investors and won FDA approval for its cancer drug Rubraca. Weak sales and mounting debt then forced the company into bankruptcy.

Then

Clovis sold its assets in bankruptcy, and shareholders were largely wiped out.

Now

It became a warning that funding and approval do not guarantee commercial success.

Why this matters now

It is the cautionary side of IDEAYA's story: cash and a filing lower one risk, but selling the drug is a separate test.

Sources

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