Why IDEAYA Biosciences (IDYA) Shares Plunging Today? - IDEAYA Biosciences (NASDAQ:IDYA)

Earlier today, IDEAYA Biosciences Inc IDYA reported Q2 results, and shares have plunged 30% after the update.
Investors are probably reacting as the company retained worldwide rights to IDE397 following GSK Plc GSK waiver of its option to an exclusive license to further develop and commercialize IDE397.
Related: Ideaya Nominates Potential First-In-Class Pol Theta Helicase Inhibitor In Collaboration With GSK.
The company retained and fully own all right, title, and interest in and to IDE397 and the MAT2A Program, following receipt of notice from GSK waiving its rights to exercise its option to obtain an exclusive license for IDE397, as well as other IDEAYA compounds, if any, directly targeting MAT2A.
IDYA says that wholly-owned Phase 2 clinical asset IDE397 provides the company with additional strategic optionality as monotherapy and combination therapies advance.
Also See: IDEAYA's Cancer Candidate Shows Early Tumor Modulation.
IDEAYA also says that the strategic rationale of the IDE397 collaboration with GSK became less compelling for IDEAYA following GSK's termination of its internal PRMT5 and Type 1 PRMT clinical programs.
IDEAYA is sufficiently capitalized to execute the IDE397 Phase 2 clinical program.
Price Action: IDYA shares are down 34.80% at $10.20 during the market session on the last check Monday.

Why IDEAYA Biosciences Shares Plunging Today