Company Quick10K Filing
IDEAYA Biosciences
Price9.17 EPS-1
Shares20 P/E-9
MCap186 P/FCF-18
Net Debt-109 EBIT-22
TEV77 TEV/EBIT-4
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-12
10-Q 2020-03-31 Filed 2020-05-12
10-K 2019-12-31 Filed 2020-03-24
10-Q 2019-09-30 Filed 2019-11-13
10-Q 2019-06-30 Filed 2019-08-12
S-1 2019-04-26 Public Filing
8-K 2020-08-12 Earnings, Exhibits
8-K 2020-08-03 Sale of Shares, Exhibits
8-K 2020-06-26 Officers, Exhibits
8-K 2020-06-17
8-K 2020-06-16
8-K 2020-06-15
8-K 2020-05-12
8-K 2020-04-06
8-K 2020-03-24
8-K 2020-03-11
8-K 2020-03-05
8-K 2020-01-13
8-K 2019-12-17
8-K 2019-11-20
8-K 2019-11-13
8-K 2019-09-30
8-K 2019-08-12
8-K 2019-05-28

IDYA 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements (Unaudited).
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II - Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6. Exhibits.
EX-10.3 idya-ex103_470.htm
EX-31.1 idya-ex311_7.htm
EX-31.2 idya-ex312_10.htm
EX-32.1 idya-ex321_6.htm

IDEAYA Biosciences Earnings 2020-06-30

Balance SheetIncome StatementCash Flow

10-Q 1 idya-10q_20200630.htm 10-Q idya-10q_20200630.htm

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission File Number: 001-38915

 

IDEAYA Biosciences, Inc.

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

47-4268251

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 

7000 Shoreline Court, Suite 350

South San Francisco, California

 

94080

(Address of principal executive offices)

 

(Zip Code)

 

(650) 443-6209

(telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, $0.0001 par value per share

 

IDYA

 

Nasdaq Global Select Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

Non-accelerated filer

 

 

Smaller reporting company

 

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

As of August 3, 2020, the registrant had 29,028,463 shares of common stock, $0.0001 par value per share, outstanding.

 

 

 

 

 


 

FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical facts contained in this Form 10-Q, including statements regarding our future results of operations and financial position, business strategy, prospective products, product approvals, research and development costs, timing and likelihood of success, plans and objectives of management for future operations and future results of anticipated products, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.

In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these terms or other similar expressions. The forward-looking statements in this Quarterly Report on Form 10-Q are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. These forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q and are subject to a number of risks, uncertainties and assumptions described under the sections in this Quarterly Report on Form 10-Q entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in this Quarterly Report on Form 10-Q. These forward-looking statements are subject to numerous risks, including, without limitation, the following:

our status as a development-stage company and our expectation to incur losses in the future;

our future capital needs and our need to raise additional funds;

our ability to build a pipeline of product candidates and develop and commercialize drugs;

our unproven approach to therapeutic intervention;

our ability to enroll patients and volunteers in clinical trials, timely and successfully complete those trials and receive necessary regulatory approvals;

our ability to establish our own manufacturing facilities and to receive or manufacture sufficient quantities of our product candidates;

the success of the collaboration agreement with GSK and our dependence on the development and marketing efforts of GSK for certain of our programs;

our expectations about the impact of natural disasters and public health epidemics, such as the COVID-19 pandemic, on our business, results of operations and financial condition;

our ability to protect and enforce our intellectual property rights;

federal, state, and foreign regulatory requirements, including FDA regulation of our product candidates;

the timing of clinical trials and the likelihood of regulatory filings and approvals;

our ability to obtain and retain key executives and attract and retain qualified personnel; and

our ability to successfully manage our growth.

Moreover, we operate in an evolving environment. New risk factors and uncertainties may emerge from time to time, and it is not possible for management to predict all risk factors and uncertainties.

Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and some of which are beyond our control, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not occur or be achieved, and actual results could differ materially from those projected in the forward-looking statements. We qualify all of our forward-looking statements by these cautionary statements. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.

1


 

IDEAYA Biosciences, Inc.

Form 10-Q for Quarterly Period Ended June 30, 2020

Table of Contents

 

PART I—FINANCIAL INFORMATION

3

Item 1. Financial Statements (Unaudited)

3

Condensed Balance Sheets

3

Condensed Statements of Operations and Comprehensive Loss

4

Condensed Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit)

5

Condensed Statements of Cash Flows

7

Notes to Condensed Financial Statements (Unaudited)

8

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

24

Item 3. Quantitative and Qualitative Disclosures About Market Risk

40

Item 4. Controls and Procedures

40

PART II—OTHER INFORMATION

41

Item 1. Legal Proceedings

41

Item 1A. Risk Factors

41

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

101

Item 3. Defaults Upon Senior Securities

101

Item 4. Mine Safety Disclosures

101

Item 5. Other information

101

Item 6. Exhibits

102

SIGNATURES

103

 

2


 

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements (UNAUDITED).

IDEAYA Biosciences, Inc.

Condensed Balance Sheets

(in thousands, except share and per share amounts)

(Unaudited)

 

 

 

June 30,

 

 

December 31,

 

 

 

2020

 

 

2019

 

Assets

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

147,543

 

 

$

34,067

 

Short-term marketable securities

 

 

22,871

 

 

 

64,889

 

Prepaid expenses and other current assets

 

 

3,536

 

 

 

2,698

 

Total current assets

 

 

173,950

 

 

 

101,654

 

Restricted cash

 

 

106

 

 

 

106

 

Long-term marketable securities

 

 

1,545

 

 

 

1,526

 

Property and equipment, net

 

 

4,289

 

 

 

4,642

 

Right-of-use assets

 

 

4,594

 

 

 

5,057

 

Other non-current assets

 

 

26

 

 

 

16

 

Total assets

 

$

184,510

 

 

$

113,001

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Accounts payable

 

$

952

 

 

$

709

 

Accrued liabilities

 

 

5,223

 

 

 

5,023

 

Lease liabilities

 

 

1,206

 

 

 

1,145

 

Other current liabilities

 

 

45

 

 

 

63

 

Total current liabilities

 

 

7,426

 

 

 

6,940

 

Long-term lease liabilities

 

 

5,010

 

 

 

5,627

 

Other non-current liabilities

 

 

16

 

 

 

34

 

Total liabilities

 

 

12,452

 

 

 

12,601

 

Commitments and contingencies (Note 5)

 

 

 

 

 

 

 

 

Stockholders’ equity

 

 

 

 

 

 

 

 

Preferred stock, $0.0001 par value, 10,000,000 shares authorized as of June 30,

   2020 and December 31, 2019; no shares issued and outstanding as of

   June 30, 2020 and December 31, 2019

 

 

 

 

 

 

Common stock, $0.0001 par value, 300,000,000 shares authorized as of

   June 30, 2020 and December 31, 2019; 27,184,824 and 20,339,461 shares

   issued and outstanding as of June 30, 2020 and December 31, 2019

 

 

3

 

 

 

2

 

Additional paid-in capital

 

 

288,923

 

 

 

192,824

 

Accumulated other comprehensive income

 

 

57

 

 

 

65

 

Accumulated deficit

 

 

(116,925

)

 

 

(92,491

)

Total stockholders’ equity

 

 

172,058

 

 

 

100,400

 

Total liabilities and stockholders’ equity

 

$

184,510

 

 

$

113,001

 

 

The accompanying notes are an integral part of these condensed financial statements.  

3


 

IDEAYA Biosciences, Inc.

Condensed Statements of Operations and Comprehensive Loss

(in thousands, except share and per share amounts)

(Unaudited)

 

 

 

Three Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

$

8,596

 

 

$

8,859

 

 

$

17,622

 

 

$

16,855

 

General and administrative

 

 

3,994

 

 

 

2,376

 

 

 

7,446

 

 

 

4,474

 

Total operating expenses

 

 

12,590

 

 

 

11,235

 

 

 

25,068

 

 

 

21,329

 

Loss from operations

 

 

(12,590

)

 

 

(11,235

)

 

 

(25,068

)

 

 

(21,329

)

Interest income and other income (expense), net

 

 

199

 

 

 

579

 

 

 

634

 

 

 

1,104

 

Net loss

 

$

(12,391

)

 

$

(10,656

)

 

$

(24,434

)

 

$

(20,225

)

Change in unrealized (losses) gains on marketable

    securities

 

 

57

 

 

 

29

 

 

 

(8

)

 

 

68

 

Comprehensive loss

 

$

(12,334

)

 

$

(10,627

)

 

$

(24,442

)

 

$

(20,157

)

Net loss per common share, basic and diluted

 

$

(0.59

)

 

$

(1.30

)

 

$

(1.18

)

 

$

(4.32

)

Weighted average number of common shares outstanding

    used in computing net loss per share, basic and diluted

 

 

21,001,730

 

 

 

8,218,010

 

 

 

20,626,139

 

 

 

4,679,206

 

 

The accompanying notes are an integral part of these condensed financial statements.


 

4


 

IDEAYA Biosciences, Inc.

Condensed Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit)

(in thousands, except share amounts)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

Total

 

 

 

Redeemable Convertible

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Other

 

 

 

 

 

 

Stockholders'

 

 

 

Preferred Stock

 

 

Common Stock

 

 

Paid-In

 

 

Comprehensive

 

 

Accumulated

 

 

Equity

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income (Loss)

 

 

Deficit

 

 

(Deficit)

 

Balances as of March 31, 2020

 

 

 

 

$

 

 

 

20,347,539

 

 

$

2

 

 

$

193,635

 

 

$

 

 

$

(104,534

)

 

$

89,103

 

Issuance of common stock upon follow-on public offering, net of

    issuance costs

 

 

 

 

 

 

 

 

6,666,667

 

 

 

1

 

 

 

93,623

 

 

 

 

 

 

 

 

 

93,624

 

Issuance of common stock upon exercise of stock options

 

 

 

 

 

 

 

 

154,482

 

 

 

 

 

 

694

 

 

 

 

 

 

 

 

 

694

 

Employee stock purchase plan (ESPP) purchase

 

 

 

 

 

 

 

 

 

 

18,494

 

 

 

 

 

 

132

 

 

 

 

 

 

 

 

 

132

 

Repurchase of early exercised shares

 

 

 

 

 

 

 

 

(2,358

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vesting of early exercised common stock options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

15

 

 

 

 

 

 

 

 

 

15

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

824

 

 

 

 

 

 

 

 

 

824

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

57

 

 

 

 

 

 

57

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(12,391

)

 

 

(12,391

)

Balances as of June 30, 2020

 

 

 

 

$

 

 

 

27,184,824

 

 

$

3

 

 

$

288,923

 

 

$

57

 

 

$

(116,925

)

 

$

172,058

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances as of March 31, 2019

 

 

13,139,794

 

 

$

138,391

 

 

 

1,338,860

 

 

$

 

 

$

2,015

 

 

$

8

 

 

$

(60,085

)

 

$

(58,062

)

Conversion of redeemable convertible preferred stock into common

    stock

 

 

(13,139,794

)

 

 

(138,391

)

 

 

13,139,794

 

 

 

1

 

 

 

138,390

 

 

 

 

 

 

 

 

 

138,391

 

Issuance of common stock upon initial public offering, net of

    issuance costs

 

 

 

 

 

 

 

 

5,750,000

 

 

 

1

 

 

 

50,246

 

 

 

 

 

 

 

 

 

50,247

 

Issuance of common stock upon exercise of stock options

 

 

 

 

 

 

 

 

49,219

 

 

 

 

 

 

70

 

 

 

 

 

 

 

 

 

70

 

Early exercised common stock options

 

 

 

 

 

 

 

 

2,112

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Repurchase of early exercised shares

 

 

 

 

 

 

 

 

(11,882

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vesting of early exercised common stock options and restricted stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

41

 

 

 

 

 

 

 

 

 

41

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

548

 

 

 

 

 

 

 

 

 

548

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

29

 

 

 

 

 

 

29

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(10,656

)

 

 

(10,656

)

Balances as of June 30, 2019

 

 

 

 

$

-

 

 

 

20,268,103

 

 

$

2

 

 

$

191,310

 

 

$

37

 

 

$

(70,741

)

 

$

120,608

 

 

The accompanying notes are an integral part of these condensed financial statements.

 

 

 

5


 

IDEAYA Biosciences, Inc.

Condensed Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit)(Continued)

(in thousands, except share amounts)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

Total

 

 

 

Redeemable Convertible

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Other

 

 

 

 

 

 

Stockholders'

 

 

 

Preferred Stock

 

 

Common Stock

 

 

Paid-In

 

 

Comprehensive

 

 

Accumulated

 

 

Equity

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income (Loss)

 

 

Deficit

 

 

(Deficit)

 

Balances as of December 31, 2019

 

 

 

 

$

 

 

 

20,339,461

 

 

$

2

 

 

$

192,824

 

 

$

65

 

 

$

(92,491

)

 

$

100,400

 

Issuance of common stock upon follow-on public offering, net of

    issuance costs

 

 

 

 

 

 

 

 

6,666,667

 

 

 

1

 

 

 

93,623

 

 

 

 

 

 

 

 

 

93,624

 

Issuance of common stock upon exercise of stock options

 

 

 

 

 

 

 

 

165,371

 

 

 

 

 

 

731

 

 

 

 

 

 

 

 

 

731

 

Employee stock purchase plan (ESPP) purchase

 

 

 

 

 

 

 

 

 

 

18,494

 

 

 

 

 

 

132

 

 

 

 

 

 

 

 

 

132

 

Repurchase of early exercised shares

 

 

 

 

 

 

 

 

(5,169

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vesting of early exercised common stock options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31

 

 

 

 

 

 

 

 

 

31

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,582

 

 

 

 

 

 

 

 

 

1,582

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(8

)

 

 

 

 

 

(8

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(24,434

)

 

 

(24,434

)

Balances as of June 30, 2020

 

 

 

 

$

 

 

 

27,184,824

 

 

$

3

 

 

$

288,923

 

 

$

57

 

 

$

(116,925

)

 

$

172,058

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances as of December 31, 2018

 

 

13,139,794

 

 

$

138,391

 

 

 

1,335,690

 

 

$

 

 

$

1,599

 

 

$

(31

)

 

$

(50,516

)

 

$

(48,948

)

Conversion of redeemable convertible preferred stock into common

    stock

 

 

(13,139,794

)

 

 

(138,391

)

 

 

13,139,794

 

 

 

1

 

 

 

138,390

 

 

 

 

 

 

 

 

 

138,391

 

Issuance of common stock upon initial public offering, net of

    issuance costs

 

 

 

 

 

 

 

 

5,750,000

 

 

 

1

 

 

 

50,246

 

 

 

 

 

 

 

 

 

50,247

 

Issuance of common stock upon exercise of stock options

 

 

 

 

 

 

 

 

52,389

 

 

 

 

 

 

71

 

 

 

 

 

 

 

 

 

71

 

Early exercised common stock options

 

 

 

 

 

 

 

 

2,112

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Repurchase of early exercised shares

 

 

 

 

 

 

 

 

(11,882

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vesting of early exercised common stock options and restricted stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

73

 

 

 

 

 

 

 

 

 

73

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

931

 

 

 

 

 

 

 

 

 

931

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

68

 

 

 

 

 

 

68

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(20,225

)

 

 

(20,225

)

Balances as of June 30, 2019

 

 

 

 

$

 

 

 

20,268,103

 

 

$

2

 

 

$

191,310

 

 

$

37

 

 

$

(70,741

)

 

$

120,608

 

 

The accompanying notes are an integral part of these condensed financial statements.


 

6


 

IDEAYA Biosciences, Inc.

Condensed Statements of Cash Flows

(in thousands)

(Unaudited)

 

 

 

Six Months Ended June 30,

 

 

 

2020

 

 

2019

 

Cash flows from operating activities

 

 

 

 

 

 

 

 

Net loss

 

$

(24,434

)

 

$

(20,225

)

Adjustments to reconcile net loss to net cash used in operating activities

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

673

 

 

 

591

 

Net amortization of premiums and discounts on marketable securities

 

 

31

 

 

 

(390

)

Stock-based compensation

 

 

1,582

 

 

 

931

 

Loss on sale of property and equipment

 

 

2

 

 

 

3

 

Realized gain on marketable securities

 

 

(3

)

 

 

(7

)

Changes in assets and liabilities

 

 

 

 

 

 

 

 

Prepaid expenses and other assets

 

 

(848

)

 

 

(1,743

)

Right-of-use assets

 

 

462

 

 

 

604

 

Accounts payable

 

 

191

 

 

 

(189

)

Accrued and other liabilities

 

 

(251

)

 

 

945

 

Lease liabilities

 

 

(556

)

 

 

(577