Ideaya Biosciences Inc. (IDYA): Taking stock of pipeline programs as daro advances to commercialization

研报英文原文证据摘录

Ideaya Biosciences Inc. (IDYA): Taking stock of pipeline programs as daro advances to commercialization

Goldman Sachs Ideaya Biosciences Inc. (IDYA)

Evaluating the pipeline: near-term de-risking opportunities for ADC portfolio

Exhibit 1: Summary of clinical programs beyond darovasertib

GS estimates

Drug Study Event Indication Timing

(unadjusted)

Ph1 (Hengrui) Data update SCLC, NEC 2H26 $700M

IDE849 Ph1/2 Data update SCLC, NEC 2H26

Pivotal study Trial Initiation DLL3+ tumors YE26

IDE034 Ph1 (monotherapy) Ph1 update Solid tumors YE26

IDE397

Ph1 (combination) Trial Initiation Solid tumors 1Q26

IDE892 Ph1 (monotherapy) Trial Initiation NSCLC, PDAC mid-26

Ph1 (+ RG6505) Trial Initiation PDAC TBD

IDE574 Ph1 (monotherapy) Trial Initiation Solid tumors 1Q26

Source: Goldman Sach Global Investment Research, Company data

IDE849: DLL3 targeting antibody drug conjugate

We estimate peak sales of $700M for IDE849, currently in Ph2 development for SCLC

with potential for label expansion into other lines of therapy and NECs. Upcoming data

could incrementally de-risk the profile in 2H26, with durability of response in 2L the

focus of these data.

Background and mechanism of action

DLL3 is an established target for cancer therapy, particularly in the context of small cell

lung cancer where it is expressed at 80-85%; it is also expressed at similarly high rates in

neuroendocrine tumors (NECs). By contrast, DLL3 is expressed on a limited basis on

healthy tissues, primarily the brain and pituatary glands, making it an attractive target

for drug development with potential for a wide therapeutic index. However, we note

that the goal of therapies against this target is not to restore normal signaling, but rather

to use DLL3 as a homing device for drug delivery.