IDEAYA Biosciences: Focus On ESMO 2026 Updates - Key Takeaways from Our 2026 Biotech Conference Call Series

We recently hosted Ideaya as part of our 2026 J.P. Morgan Biotech Conference Call Series. While the spectrum of pipeline programs was discussed on the call, the Street's near-term focus has been on the upcoming ESMO updates for the company (for both darovasertib and IDE849). There are no Street expectations for the darovasertib / IDE849 ESMO updates; broadly speaking, we see the ESMO updates having the potential to be additive to the emerging clinical profile / underscore differentiation of both products. We continue to see IDYA shares as undervalued on probability-adjusted darovasertib (metastatic / neoadjuvant) into the mid-to-high ~$4-handle / share range, and the broader pipeline at current levels can be viewed as more long-term upside drivers. The darovasertib OptimUM-01 update (metastatic HLA-A2 positive uveal melanoma) will be from ~100+ patients, with no mechanistic rationale for why darovasertib would perform differently in HLA-A2 positive versus negative patients;