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Subsequent Events
6 Months Ended
Jun. 30, 2022
Subsequent Events [Abstract]  
Subsequent Events

12. Subsequent Events

 

From July 1, 2022 through August 12, 2022, the Company sold an aggregate of 599,671 shares of its common stock for aggregate net proceeds of $9.0 million at a weighted average sales price of approximately $15.53 per share under the at-the-market offering pursuant to the January 2021 Sales Agreement with Jefferies as sales agent.

 

In July 2022, the Company entered into a Clinical Trial Collaboration and Supply Agreement, or Amgen CTCSA, with Amgen Inc., or Amgen, to clinically evaluate IDE397, the Company's investigational MAT2A inhibitor, in combination with AMG 193, Amgen’s investigational small molecule MTA-cooperative inhibitor of PRMT5, in patients having MTAP-null solid tumors, in a Phase 1/2 clinical trial. Under the mutually non-exclusive Amgen CTCSA, the Company will provide IDE397 drug supply to Amgen, who will be the sponsor of the Phase 1 clinical combination trial evaluating IDE397 and AMG 193. The Company and Amgen will jointly share external costs of the study and will jointly oversee clinical development of the combination therapy through a Joint Oversight Committee responsible for coordinating all regulatory and other activities under the Amgen CTCSA. The parties will jointly own collaboration data and combination-related intellectual property, if any, arising from the combination clinical trial. The Company and Amgen each retain commercial rights to their respective compounds, including with respect to use as a monotherapy agent or as combination agent.

 

On August 12, 2022, the Company received notice from GSK waiving its rights to exercise its option to obtain an exclusive license to further develop and commercialize IDE397, as well as other IDEAYA compounds, if any, directly targeting MAT2A pursuant to the GSK Collaboration Agreement. As such, the Company has recaptured and fully owns all right, title and interest in and to IDE397 and the MAT2A program, including all worldwide commercial rights thereto.