IDEAYA BIOSCIENCES Reports Second Quarter Financial Results for FY2023
August 15, 2023
🌥️Earnings Overview
IDEAYA BIOSCIENCES ($NASDAQ:IDYA) reported financial results for the second quarter of FY2023, ending June 30, 2023. With total revenue of USD 3.5 million, there was a 39.5% decrease from the same period in FY2022. Net income for this quarter was USD -27.9 million compared to the prior year’s second quarter of -22.1 million.
Market Price
The financial report included its stock performance, which opened at $24.6 and closed at $25.5, resulting in a 2.8% increase from its prior closing price of 24.8. Operating expenses also increased during the same period, mainly driven by research and development costs related to new product introductions. The Company’s stock performance and strong revenue numbers demonstrate the potential of its products and services in the market. With a focus on cost control and improved financial management, IDEAYA BIOSCIENCES looks to continue to strengthen its market presence and financial performance in the coming quarters. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Ideaya Biosciences. More…
| Total Revenues | Net Income | Net Margin |
| 45.15 | -76.31 | -164.3% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Ideaya Biosciences. More…
| Operations | Investing | Financing |
| -95.37 | -33.4 | 97.17 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Ideaya Biosciences. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 527.56 | 527.56 | 5.83 |
Key Ratios Snapshot
Some of the financial key ratios for Ideaya Biosciences are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| – | – | -187.8% |
| FCF Margin | ROE | ROA |
| -218.1% | -15.9% | -10.0% |
Analysis
GoodWhale has conducted an analysis of IDEAYA BIOSCIENCES‘s financials, and have assigned them a medium risk rating in terms of financial and business aspects. Upon further investigation, we have detected two risk warnings in the company’s balance sheet and cashflow statement. Our analysis is designed to be an accessible resource for investors, to help make informed decisions about their investments. If you would like to find out more detailed information about IDEAYA BIOSCIENCES’s financials, become a registered user and access our full suite of financial analysis tools. Our goal is to give you the necessary information and tools to make smart investment decisions. More…
Peers
The company uses its proprietary Synthetic Lethality platform to identify and develop targeted cancer therapeutics. IDEAYA Biosciences Inc’s competitors include Kronos Bio Inc, Cogent Biosciences Inc, and Chinook Therapeutics Inc.
– Kronos Bio Inc ($NASDAQ:KRON)
Kronos Bio Inc is a clinical stage biopharmaceutical company focused on the discovery and development of novel cancer therapies. The company’s lead product candidate, entinostat, is an oral small molecule inhibitor of histone deacetylase (HDAC) enzymes being developed for the treatment of solid tumors and blood cancers. Kronos Bio Inc has a market cap of 141.92M as of 2022, a Return on Equity of -33.99%. The company’s products are still in development and have yet to be approved by the FDA.
– Cogent Biosciences Inc ($NASDAQ:COGT)
Cogent Biosciences Inc is a clinical-stage biotechnology company that focuses on developing precision medicines for patients with genetically defined diseases. The company’s lead product candidate, COG-102, is a first-in-class, orally-available, small molecule precision medicine for the treatment of genetic disorders caused by mutations in the JAK1 gene. COG-102 is currently being evaluated in a Phase 1/2 clinical trial in patients with JAK1-dependent myeloproliferative neoplasms.
Cogent Biosciences Inc has a market cap of 768.71M as of 2022 and a Return on Equity of -27.78%. The company’s lead product candidate, COG-102, is a first-in-class, orally-available, small molecule precision medicine for the treatment of genetic disorders caused by mutations in the JAK1 gene.
– Chinook Therapeutics Inc ($NASDAQ:KDNY)
Chinook Therapeutics Inc is a clinical-stage biopharmaceutical company focused on discovering, developing and commercializing precision medicines for serious renal diseases. The company’s lead product candidate is zilretta, an investigational extended-release formulation of triamcinolone acetonide, which is in Phase III clinical development for the treatment of osteoarthritis pain. Chinook is also developing CK-107, a novel precision medicine for the treatment of autosomal dominant polycystic kidney disease (ADPKD), with Phase I data expected in 2020.
Chinook’s market cap as of 2022 is 1.42B and its ROE is -11.14%. The company’s focus on precision medicines for serious renal diseases gives it a strong potential market in the future. However, its current ROE indicates that it is not yet profitable.
Summary
IDEAYA BIOSCIENCES reported revenue of USD 3.5 million in the second quarter of FY2023, a decrease of 39.5% from the same period in FY2022. Given the large decrease in revenue and net income, investors should assess their positions and discuss the potential risk of investing in IDEAYA BIOSCIENCES before proceeding with further investments. The company’s financial performance should be closely monitored moving forward.
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