IDYA earnings analysis
What we found in IDYA's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
IDEAYA delivered $8.857 million of Q2 collaboration revenue, up 35% sequentially, but its EPS loss widened to $1.22 from $1.11 in Q1 2026 and $0.88 in Q2 2025. Operating costs continued to rise, producing a $112.452 million quarterly net loss and negative 1,380.7% implied operating margin. The balance sheet is well funded at approximately $1.24 billion following $323.4 million of net follow-on proceeds, while the key near-term catalyst is a planned second-half 2026 darovasertib NDA submission.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Collaboration revenue rose 35% sequentially
- Q2 collaboration revenue was $8.857 million, up $2.297 million, or 35%, from $6.560 million in Q1 2026, driven by recognition under the Servier License Agreement.
- Darovasertib advances toward NDA filing
- Darovasertib's OptimUM-02 study met its primary endpoint, showing a statistically significant improvement in median progression-free survival; management plans to complete an NDA submission in the second half of 2026.
- Liquidity strengthened by equity financing
- Cash, cash equivalents and marketable securities totaled approximately $1.24 billion at June 30, 2026. A June follow-on offering generated $323.4 million of net proceeds, while ATM sales added $33.1 million in the first half.
- Investment accelerated in lead pipeline
- Total R&D spending increased to $108.689 million in Q2 from $95.726 million in Q1, supporting pipeline advancement. Darovasertib external clinical-development spending increased to $32.123 million from $23.332 million.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Losses widened as development spending increased
- The Q2 net loss widened 14% sequentially to $112.452 million from $98.539 million, while the six-month net loss increased 41% year over year to $210.991 million from $149.669 million.
- Business remains highly unprofitable
- Q2 operating loss was $122.291 million on $8.857 million of collaboration revenue, an implied operating margin of negative 1,380.7%. The company has generated no product revenue since inception.
- Cash burn increased materially
- Six-month operating cash use increased to $163.381 million from $122.816 million a year earlier. With $1.8 million of property-and-equipment purchases, calculated six-month free cash flow was negative $165.181 million.
- Equity financing creates dilution
- The company issued 7,222,225 common shares and pre-funded warrants for 5,555,576 underlying shares in its June 2026 offering, alongside 1,196,423 ATM shares sold during the first six months of 2026, creating dilution risk.
- No material risk-factor updates reported
- There were 0 material changes to the risk factors disclosed in the February 17, 2026 Form 10-K, according to the 10-Q; however, management still expects significant future losses and says additional capital will be required for the foreseeable future.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-1.22
- Operating margin
- -1380.7%
- Segment
- Collaboration revenue: $8.857 million
What they said about what is next.
No quantitative revenue or EPS guidance was provided in the 10-Q. Management stated that $1.24 billion of cash, cash equivalents and marketable securities as of June 30, 2026 is sufficient to fund planned operations for at least 12 months from the August 4, 2026 filing date; it plans an NDA submission for darovasertib in the second half of 2026.
The filing reads about the same as the one before it.
What came before.
- 10-Q · May 5, 2026
- IDEAYA Biosciences reported Q1 2026 results with revenue of $6.56 million, surpassing prior estimates but reflects a loss of $98.5 million. The company's clinical pipeline is advancing ahead of an NDA filing for…
- 10-K · February 17, 2026
- Ideaya positions itself as a precision-medicine oncology company with a nine‑candidate clinical pipeline focused on darovasertib (uveal melanoma), ADC/DDR combinations and synthetic‑lethality programs. The company…
- 10-Q · November 4, 2025
- IDEAYA reported a material quarter driven by collaboration revenue recognition: total revenue of $207.8M in Q3 2025 and GAAP net income of $119.2M (diluted EPS $1.33), reversing prior-year quarter losses. Operating…
- 10-Q · August 5, 2025
- IDEAYA reported no product revenue for Q2; GAAP net loss was $77,491 (three months) and loss per share was $(0.88), wider versus $(0.68) in Q2 2024. Operating expense growth (total operating expenses $88,806 vs $64,927…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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