Executive Summary

Q4 2024 was operationally active but financially noisy: collaboration revenue rose to $7.0M (from $3.9M in Q4’23), while net loss expanded to $130.3M and EPS to -$1.49, driven largely by a $75M upfront payment to Hengrui for IDE849 that flowed through R&D expense; year-end cash was ~$1.1B with runway “into at least 2028.”
Pipeline momentum: >230 patients enrolled in the potential registration‑enabling 1L HLA‑A2(-) MUM trial with median PFS readout targeted by YE 2025; neoadjuvant UM enrollment reached 95 with Phase 3 initiation still targeted for H1 2025; IDE275 IND cleared (GSK) with $7M milestone; IDE849 licensed (global ex‑Greater China) with promising Phase 1 ORR (~73% in SCLC, preliminary) and U.S. IND targeted H1 2025.
Combo strategy pivot: IDEAYA plans to enable wholly owned IDE397 (MAT2A) + IDE892 (PRMT5) in H2 2025; Amgen and IDEAYA mutually agreed to wind down the IDE397 + AMG 193 combo and not pursue dose expansion—an important narrative shift for MTAP-deletion strategy.
Estimates context: S&P Global consensus could not be retrieved at this time (API limit). Third‑party trackers showed Q4 EPS of -$1.49 vs an estimate near -$0.67 (miss) and revenue $7.0M vs ~$2.5M (beat); treat non‑SPGI figures as directional only.

What Went Well and What Went Wrong

What Went Well

Cash and runway: ~$1.1B cash, cash equivalents and marketable securities at 12/31/24; management reiterates funding into at least 2028.
Clinical execution: >230 patients enrolled in 1L HLA‑A2(-) MUM; PFS readout targeted by YE 2025; neoadjuvant UM enrollment at 95 with Phase 3 initiation targeted H1 2025.
Strategic BD and early clinical signals: IDE849 license from Hengrui (global ex‑Greater China); preliminary Phase 1 SCLC data show ~73% ORR (8/11 PRs, confirmed/unconfirmed) with mostly Grade 1–2 TRAEs; U.S. IND targeted H1 2025, with combination plans with IDE161 in H2 2025.

Management quotes:

“We are excited to be targeting multiple clinical data readouts and program updates across our clinical pipeline in 2025… and we believe the clinical profile observed supports a potential monotherapy regulatory path in SCLC.” — CEO Yujiro S. Hata.
“We believe we have generated important proof‑of‑concept preclinically and preliminary clinical data for the MAT2A and PRMT5 combination… excited to advance IDEAYA’s wholly‑owned IDE397 and IDE892 combination… in H2 2025.” — CMO Darrin Beaupre, CSO Michael White.

What Went Wrong

Operating loss widened: Net loss in Q4 increased to $130.3M (vs $34.0M in Q4’23), primarily due to the $75M IDE849 upfront, expanded clinical trial spend, and higher personnel costs; EPS fell to -$1.49.
Combination program reset: IDEAYA and Amgen agreed to wind down the IDE397 + AMG 193 clinical combo and not pursue dose expansion—reducing one near‑term MTAP combo path; IDEAYA pivots to an internal PRMT5 (IDE892) combo in H2’25.
Timing slippage in combos: Q3 guided IDE397 + Trodelvy expansion in Q4’24; Q4 update pushes expansion to Q1’25 with a 2025 data update, extending timelines for combination read‑through.

Financial Results

Metric ($USD Millions, except per‑share)	Q2 2024	Q3 2024	Q4 2024
Collaboration Revenue	$0.0	$0.0	$7.0
Research & Development Expense	$54.5	$57.2	$140.2
General & Administrative Expense	$10.4	$9.7	$11.0
Interest & Other Income (net)	$12.2	$15.1	$13.8
Net Loss	$(52.8)	$(51.8)	$(130.3)
Net Loss per Share (basic & diluted)	$(0.68)	$(0.60)	$(1.49)

Notes:

Q4’24 R&D included a $75.0M upfront payment to Hengrui for IDE849, a major driver of the quarter’s loss.
Q4 collaboration revenue reflects a $7.0M milestone from GSK tied to IDE275 (Werner Helicase) IND clearance.

KPI & Balance Sheet

KPI	Q2 2024	Q3 2024	Q4 2024
Cash, Cash Equivalents & Marketable Securities	$952.7	$1,200.2	$1,082.2
Total Assets	$973.7	$1,239.9	$1,124.1
Total Liabilities	$42.0	$59.5	$64.9
Weighted Avg. Shares (basic & diluted)	78.0M	86.2M	87.3M

YoY context (Q4’24 vs Q4’23): Collaboration revenue $7.0M vs $3.9M; net loss $(130.3)M vs $(34.0)M; stock‑based comp $9.5M vs $4.8M.

Estimates vs Actuals (non‑SPGI source; directional only):

EPS: Actual -$1.49 vs est. ~-$0.67 (miss). Revenue: $7.0M vs est. ~$2.5M (beat).

S&P Global disclaimer: S&P Global consensus estimates were unavailable at the time of request due to API limits.

Guidance Changes

Metric/Program	Period	Previous Guidance (Q3’24)	Current Guidance (Q4’24)	Change
Darovasertib + crizotinib in 1L HLA‑A2(-) MUM	Readout	Enrollment >150; protocol progress; no explicit PFS timing	Median PFS readout targeted by YE 2025; >230 pts enrolled	New specificity/expanded enrollment
Darovasertib Neoadjuvant UM	Phase 3 start	Initiation targeted H1 2025	Initiation still targeted H1 2025	Maintained
IDE397 + Trodelvy (UC)	Expansion start	Targeting Q4 2024 expansion	Targeting Q1 2025 expansion; 2025 data update	Slipped ~1 quarter
IDE397 + AMG193 (NSCLC)	Dose expansion	Targeting expansion late 2024 to early 2025	Mutually agreed to wind down; no expansion	Withdrawn/pivot
IDE397 + IDE892 (PRMT5)	Combo enablement	Preclinical combo rationale highlighted (no date)	Targeting H2 2025 clinic	New timing commitment
IDE849 (DLL3 TOP1i ADC)	IND (US)	Not previously guided (agreement not closed)	Targeting H1 2025 IND; combo with IDE161 H2 2025	New program added
IDE275 (Werner Helicase, GSK)	IND & update	IND targeted H2 2024	IND cleared; $7M milestone; data at H1 2025 conference	Achieved/adding data timing
IDE161 (PARG)	Combo with KEYTRUDA	FPI targeted Q4 2024	FPI achieved Dec 2024; expansion in 2025	Achieved/ongoing
Cash runway	Funding horizon	Into at least 2028	Into at least 2028	Maintained

Earnings Call Themes & Trends

Transcript for the Q4 2024 earnings call was not available in our document system; themes below reflect management’s prepared remarks in the 8‑K press release and company press updates.

Topic	Q-2 (Q2’24) Mentions	Q-1 (Q3’24) Mentions	Current (Q4’24)	Trend
1L MUM (darovasertib + crizotinib)	Triple‑digit enrollment; Fast Track; IND discussions (neoadjuvant)	>150 enrolled; Phase 3 neoadjuvant UM targeted H1’25	>230 enrolled; PFS readout by YE’25	Strengthening momentum
Neoadjuvant UM (darovasertib)	Interim data and Type C meeting planned	Successful Type C; Phase 3 targeted H1’25	Phase 3 initiation targeted H1’25; 95 enrolled	Consistent; enrollment up
IDE397 (MAT2A)	POC in UC/NSCLC; Trodelvy combo FPI	ENA LBA with ORR; expansion plans; AMG193 combo ongoing	Pivot from AMG193; enable IDE892 combo H2’25; Trodelvy combo expands Q1’25	Strategy shift to internal combo
IDE849 (DLL3 TOP1i ADC)	Not in place	Not in place	License signed; ~73% ORR prelim in SCLC; US IND H1’25	New asset; positive early signals
IDE275 Werner (GSK)	IND targeted H2’24	IND cleared; $7M milestone	IND confirmed; H1’25 data at conference	On track
IDE161 (PARG)	Monotherapy expansion and KEYTRUDA combo targeted H2’24	Select expansion dose; KEYTRUDA FPI targeted Q4’24	KEYTRUDA combo FPI achieved Dec’24; expansions in 2025	Executing combos

Management Commentary

“We are excited to be targeting multiple clinical data readouts and program updates across our clinical pipeline in 2025… we believe the clinical profile observed supports a potential monotherapy regulatory path in SCLC.” — Yujiro S. Hata, CEO.
“We believe we have generated important proof‑of‑concept… for the MAT2A and PRMT5 combination in the MTAP‑deletion setting and are excited to advance IDEAYA’s wholly‑owned IDE397 and IDE892 combination in the second half of 2025.” — Darrin Beaupre, M.D., Ph.D., CMO; Michael White, Ph.D., CSO.
On 1L MUM: IDMC recommended a move‑forward dose; >230 enrolled; PFS readout targeted by YE 2025.

Q&A Highlights

The Q4 2024 earnings call transcript was not available in our document system; no Q&A highlights or tonal shifts can be verified from a transcript. (We searched for “earnings‑call‑transcript” and found none for Q4’24.)

Estimates Context

S&P Global consensus estimates could not be retrieved due to API limitations at the time of request; therefore, we cannot provide SPGI‑anchored comparisons for Q4 2024.
Directional, non‑SPGI reference: MarketBeat tracked Q4 EPS actual of -$1.49 vs est. ~-$0.67 (miss) and revenue $7.0M vs est. ~$2.5M (beat). Treat as third‑party context, not S&P.

Key Takeaways for Investors

Financials were dominated by a one‑time $75M IDE849 upfront, inflating Q4 R&D and widening EPS loss; underlying cash runway remains robust into 2028.
1L HLA‑A2(-) MUM program is enrolling rapidly with a clear PFS readout catalyst by YE 2025—this is a central medium‑term stock driver.
The combo strategy pivot—winding down AMG193 with Amgen and prioritizing the wholly owned IDE397 + IDE892—shifts future optionality toward internal economics but may extend timelines for combo validation.
IDE849 adds a high‑potential regulatory path in SCLC (early ~73% ORR prelim) and near‑term IND in H1’25; this diversifies late‑stage optionality beyond darovasertib and IDE397.
Multiple 2025 milestones (IDE849 IND; IDE397+Trodelvy expansion/data; IDE397+IDE892 enablement; IDE275 data; neoadjuvant UM Phase 3 start) create a busy catalyst calendar—position sizing should reflect binary read‑through risk.
Revenue recognition remains milestone‑driven and lumpy; collaboration revenue upside can continue around partnered milestones (e.g., GSK), but operating losses will scale with pipeline investment.

Appendix: Source Documents Reviewed

Q4 2024 8‑K and press release (financials, pipeline update).
Q3 2024 8‑K and press release.
Q2 2024 8‑K and press release.
Q4 2024 press releases (Oct–Dec): IDE397 ENA 2024 data; IDE275 IND clearance; IDE161 + KEYTRUDA first patient; Hengrui/IDE849 license.