UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 8.01. Other Events.
IDEAYA Biosciences, Inc. (the “Company”) is aware that the Federal Deposit Insurance Corporation (the “FDIC”) has announced that Silicon Valley Bank (“SVB”) has been closed by the California Department of Financial Protection and Innovation, which appointed the FDIC as receiver.
The Company believes that there will be no material impact to its operations or cash runway guidance as a result of the FDIC action. Although the Company maintains an operating account at SVB, the amount of cash, cash equivalents or marketable securities subject to potential loss is a maximum of mid-single digit millions of dollars. The company has separate accounts at custodian banks and/or other banks, which collectively hold substantially all of the Company’s cash, cash equivalents, and marketable securities, and which are held in the Company’s name and are not directly exposed to any consequences of the SVB receivership.
Forward-Looking Statements
This current report contains forward-looking statements, including, but not limited to, statements related to the impact of the FDIC action on the Company’s operations and cash runway. Such forward-looking statements involve substantial risks and uncertainties that could cause the Company’s preclinical and clinical development programs, future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of the Company in general, see the Company’s Annual Report on Form 10-K filed on March 7, 2023 and any current and periodic reports filed with the U.S. Securities and Exchange Commission.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| IDEAYA BIOSCIENCES, INC. | ||||||
| Date: March 10, 2023 | By: | /s/ Yujiro Hata | ||||
| Yujiro Hata | ||||||
| President and Chief Executive Officer | ||||||