IDYA IDEAYA Biosciences, Inc.
Price Chart
Executive Summary
IDEAYA Biosciences filed a 424B5 prospectus supplement for a $300M underwritten public offering of common stock and pre-funded warrants, with an additional $45M greenshoe option. The offering comes on the heels of positive Phase 2/3 data for darovasertib in uveal melanoma presented at ASCO on June 1, a newly announced Roche collaboration for IDE892 in pancreatic cancer, and an NDA acceptance for review under the FDA's Real-Time Oncology Review program. The massive dilution (~12%+ at current share count, more with warrants exercised) is the dominant near-term factor, offsetting the positive pipeline catalysts and potentially capping upside.
Actionable Insight
The $300M offering is being conducted shortly after strong pipeline catalysts (ASCO data, Roche deal, NDA acceptance), suggesting the company is opportunistically raising capital at a premium to cash value. The immediate dilution pressure is the key near-term risk. Monitor the pricing of the offering relative to the $28.29 close on June 5 — a discount greater than 5% would be particularly bearish. Watch for any insider participation as a mitigating signal.
Key Facts
- $300 million offering of common stock and pre-funded warrants
- Underwriters have option to purchase up to an additional $45 million of common stock
- Last reported stock price: $28.29 on June 5, 2026
- Net tangible book value as of March 31, 2026: $937.3 million, or $10.67 per share
- 87,856,154 shares outstanding as of March 31, 2026
- Proceeds for continued clinical development and potential commercialization of darovasertib for uveal melanoma, advancement of pipeline, and general corporate purposes
- Positive OptimUM-02 Phase 2/3 data presented June 1, 2026: darovasertib combination met primary endpoint with median PFS 6.9 months vs 3.1 months (HR: 0.42; p<0.0001)
- FDA agreed to review NDA for darovasertib under Real-Time Oncology Review program in April 2026; NDA filing expected H2 2026
- Roche clinical collaboration announced June 3, 2026 for IDE892 in MTAP-deleted pancreatic cancer
Financial Impact
$300M offering (plus up to $45M greenshoe) representing approximately 12-17% dilution to existing shareholders at the current ~88M share count, with additional dilution from pre-funded warrants
Risk Factors
- Immediate and substantial dilution to existing shareholders
- Dilution could be 12-17%+ depending on exercise of greenshoe and pre-funded warrants
- Proceeds use is at management's broad discretion with no specific M&A target identified
- Biotech market volatility may amplify the share price impact of a large secondary
- Pre-funded warrants have no public trading market and limited liquidity
Market Snapshot
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 424B5 Filing (Primary) | 0001193125-26-261756 |
| Document: 0001193125-26-261756-index-headers.html | 0001193125-26-261756 |
| Document: 0001193125-26-261756-index.html | 0001193125-26-261756 |
| Document: 0001193125-26-261756.txt | 0001193125-26-261756 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
Jun 10, 2026
2d ago
|
8-K
| $27.58 awaiting T+1 | awaiting T+1 | — | $28.98 (−5.10%) |
|
Jun 9, 2026
3d ago
|
424B5
| $28.09 awaiting T+1 | awaiting T+1 | — | $28.98 (−3.19%) |
|
Jun 8, 2026
4d ago
|
424B5
| $31.54 awaiting T+1 | awaiting T+1 | — | $28.98 (+8.12%) |
|
Jun 3, 2026
10d ago
|
8-K
| $28.40 $29.22 | ▲ +2.89% | ▲ +2.49% | $28.98 (+2.04%) |
|
May 5, 2026
5w ago
|
8-K
| $28.74 $28.24 | ▼ −1.74% | ▼ −1.41% | $28.98 (+0.84%) |
|
May 5, 2026
5w ago
|
424B5
| $28.74 $28.24 | ▼ −1.74% | ▼ −1.41% | $28.98 (+0.84%) |
|
Apr 13, 2026
8w ago
|
8-K
| $32.82 $32.35 | ▼ −1.43% | ▼ −2.64% | $28.98 (−11.70%) |
|
Apr 9, 2026
9w ago
|
8-K
| $31.00 $30.50 | ▼ −1.61% | ▼ −1.55% | $28.98 (−6.52%) |
US Market Status
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