ITeos Therapeutics, Inc. (ITOS) came out with a quarterly loss of $0.18 per share versus the Zacks Consensus Estimate of a loss of $1.04. This compares to loss of $0.96 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 82.69%. A quarter ago, it was expected that this company would post a loss of $1.02 per share when it actually produced a loss of $1.07, delivering a surprise of -4.90%. Over the last four quarters, the company h ...

Financial Performance - Total revenue for the three months ended June 30, 2024, was $35,000,000, compared to $12,595,000 for the same period in 2023, representing a significant increase[15]. - The net loss for the three months ended June 30, 2024, was $7,128,000, compared to a net loss of $34,300,000 for the same period in 2023, showing a reduction in losses[15]. - The company reported a basic net loss per common share of $0.18 for the three months ended June 30, 2024, compared to $0.96 for the same period in 2023[15]. - The net loss for the six months ended June 30, 2024, was $45,344,000, compared to a net loss of $49,851,000 for the same period in 2023, showing a decrease in losses[21]. - The Company reported a net loss of $7.1 million and $45.3 million for the three and six months ended June 30, 2024, respectively[25]. - Net cash used in operating activities was $66.3 million for the six months ended June 30, 2024, compared to $56.1 million for the same period in 2023[109]. - Loss before income taxes improved by $28.2 million to $(4.9) million for the three months ended June 30, 2024, from $(33.1) million for the same period in 2023[92]. Research and Development - Research and development expenses for the three months ended June 30, 2024, were $36,709,000, up from $29,186,000 in the same period last year, indicating a 25.5% increase[15]. - The company expects significant increases in research and development costs as current programs progress and new programs are added[1]. - Total allocated research and development expenses for the product candidate Belrestotug were $11.6 million for the three months ended June 30, 2024, compared to $9.6 million in the same period of 2023[1]. - Research and development expenses for the six months ended June 30, 2024, increased by $16.4 million to $71.2 million from $54.9 million for the same period in 2023[101]. - The company expects to continue incurring significant expenses related to ongoing development activities, including clinical trials and regulatory approvals[1]. - The lead product candidate, belrestotug, is currently in multiple clinical trials, including a Phase 3 trial (GALAXIES Lung-301) assessing its efficacy in combination with GSK's anti-PD-1 therapy[22]. Assets and Liabilities - Total current assets increased to $626,605,000 as of June 30, 2024, from $550,652,000 as of December 31, 2023, reflecting a growth of 13.8%[14]. - Total assets reached $751,841,000 as of June 30, 2024, compared to $667,588,000 as of December 31, 2023, marking an increase of 12.6%[14]. - Total liabilities decreased to $87,973,000 as of June 30, 2024, from $92,360,000 as of December 31, 2023, indicating a reduction of 4.1%[14]. - The total fair value of the Company's financial instruments as of June 30, 2024, was $609.684 million, with significant holdings in money market funds and U.S. government securities[27]. - As of June 30, 2024, the total amortized cost of fixed income securities was $433.853 million, with a fair value of $432.984 million, reflecting a $5.0 million difference due to a short-term debt security classified as a cash equivalent[32]. Collaboration and Funding - The Company is focused on maintaining collaborations and strategic relationships to enhance the development of its product candidates[8]. - Under the GSK Collaboration Agreement, the company is eligible to receive up to $1.45 billion in milestone payments contingent upon the belrestotug program achieving certain development and commercial milestones[39]. - The Company recognized $35.0 million in revenue for the three months ended June 30, 2024, related to the dosing of the first patient in the Phase 3 study for GALAXIES-301 in collaboration with GSK[42]. - The Company raised $120.0 million from a Securities Purchase Agreement with RA Capital and Boxer Capital, with $100.0 million from a pre-funded warrant and $20.0 million from common stock sales[48]. - The Company has received grants totaling $10.5 million from the Walloon Region and the European Union to fund research and development activities, reimbursing 55-100% of qualifying expenditures[45]. Stock and Compensation - The Company issued 1,142,857 shares of common stock and pre-funded warrants, net of offering costs, raising $119,574,000[21]. - Total stock-based compensation expense for the three months ended June 30, 2024, was $8.1 million, up from $7.0 million for the same period in 2023, with stock options accounting for $7.2 million[53]. - The weighted average exercise price of stock options outstanding as of June 30, 2024, was $16.44, with an aggregate intrinsic value of $29.8 million[54]. - The Company granted 2,119,270 stock options during the six months ended June 30, 2024, with a weighted average grant-date fair value of $8.70 per share[54]. - The 2020 Employee Stock Purchase Plan (ESPP) had 580,443 shares reserved for issuance as of June 30, 2024, with no increase on January 1, 2024[52]. Tax and Regulatory Matters - The effective tax rate for the three months ended June 30, 2024, was (46.4)%, significantly impacted by investment income from marketable investments[58]. - The Company had accrued interest and penalties relating to uncertain tax positions of $6.0 million as of June 30, 2024[59]. - The Company has recorded a full valuation allowance on net deferred tax assets as of June 30, 2024, due to expectations that these assets will not be realized[124]. Market and Operational Risks - The Company faces risks related to clinical trial outcomes, regulatory approvals, and market acceptance of its product candidates[25]. - The company has not generated any revenue from product sales and does not expect to do so in the foreseeable future[106]. - The company anticipates ongoing expenses to increase as it continues clinical stage programs and seeks marketing approval for product candidates[114].

Core Insights - iTeos Therapeutics has appointed Dr. David Feltquate as Chief Medical Officer to oversee clinical development and regulatory strategies [1][2] - The company aims to become a leading oncology firm, leveraging Dr. Feltquate's extensive experience in immuno-oncology [2][3] - iTeos is focused on advancing its pipeline, particularly the TIGIT franchise, to develop innovative therapies for cancer patients [3][4] Company Overview - iTeos Therapeutics is a clinical-stage biopharmaceutical company specializing in immuno-oncology therapeutics [4] - The company utilizes its understanding of tumor immunology to create novel product candidates targeting immunosuppressive pathways [4] - iTeos has three clinical-stage programs aimed at improving clinical outcomes through optimized pharmacologic properties [4] Product Development - Belrestotug (EOS-448/GSK4428859A) is an anti-TIGIT monoclonal antibody designed to enhance antitumor responses [5] - The therapeutic candidate is in development for multiple indications in collaboration with GSK [5]

Core Insights - iTeos Therapeutics has appointed Dr. David Feltquate as Chief Medical Officer to oversee clinical development and regulatory strategies [1][2] - The company aims to become a leading oncology firm, leveraging Dr. Feltquate's extensive experience in immuno-oncology [2][3] - iTeos is focused on advancing its pipeline, particularly the TIGIT franchise, to develop innovative therapies for cancer patients [3][4] Company Overview - iTeos Therapeutics is a clinical-stage biopharmaceutical company specializing in immuno-oncology therapeutics [4] - The company utilizes its understanding of tumor immunology to create novel product candidates targeting immunosuppressive pathways [4] - iTeos has three clinical-stage programs aimed at improving clinical outcomes through optimized pharmacologic properties [4] Product Information - Belrestotug (EOS-448/GSK4428859A) is an anti-TIGIT monoclonal antibody designed to enhance antitumor responses [5] - The therapeutic candidate is in development for multiple indications in collaboration with GSK [5]

Pipeline Updates Financial Overview The balance sheet of ITOS is highly enviable, commanding strong interest income that has helped to offset some of the costs incurred by their rapid expansion into different tumor areas, as well as opening and conducting the GALAXIES-Lung-301 study. They have upwards of 4 years of cash and assets to fund operations, which should be more than enough time to reach a critical milestone, and that's assuming no other momentous developments. I did not touch on the inupadenant pr ...

iTeos Therapeutics is a clinical-stage biopharmaceutical company pioneering the discovery and development of a new generation of immuno-oncology therapeutics for patients. iTeos Therapeutics leverages its deep understanding of tumor immunology and immunosuppressive pathways to design novel product candidates with the potential to restore the immune response against cancer. The Company's innovative pipeline includes three clinical-stage programs targeting novel, validated immunosuppressive pathways designed ...

WATERTOWN, Mass. and GOSSELIES, Belgium, June 17, 2024 (GLOBE NEWSWIRE) -- iTeos Therapeutics, Inc. (NASDAQ:ITOS) ("iTeos"), a clinical-stage biopharmaceutical company pioneering the discovery and development of a new generation of immuno-oncology therapeutics for patients, and its development partner GSK, have initiated the first, global Phase 3 registration study of belrestotug + dostarlimab doublet versus placebo + pembrolizumab in patients with previously untreated, unresectable, locally advanced or met ...

iTeos Therapeutics Inc (NASDAQ: ITOS) is up 30% today after announcing plans of a registered direct offering. Are you looking for signals & alerts from pro-traders? Sign-up to Invezz Signals™ for FREE. Takes 2 mins.iTeos Therapeutics stock pops on Q1 earningsCopy link to sectionThe biotechnology company will sell a total of 1,142,857 shares at $17.50 each which translates to a 44% premium on its previous close.  The offering will also include “pre-funded warrants to purchase up to 5,714,285 shares”, as per ...

(Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________________ to ___________________ Commission File Number: 001-39401 iTeos Therapeutics, Inc. (Exact Name of Registrant as Specified in its Charter) Del ...

- Led by existing investors RA Capital Management and Boxer Capital- Purchase price of $17.50 represents a premium of approximately 44% to last close- Further strengthens balance sheet with pro forma cash position of $715 million, extending anticipated runway through 2027 WATERTOWN, Mass. and GOSSELIES, Belgium, May 10, 2024 (GLOBE NEWSWIRE) -- iTeos Therapeutics, Inc. (NASDAQ:ITOS) ("iTeos"), a clinical-stage biopharmaceutical company pioneering the discovery and development of a new generation of immuno-o ...