iTeos Reports First Quarter 2025 Financial Results and Provides Business Updates

Core Insights - iTeos Therapeutics is advancing its clinical-stage immuno-oncology therapeutics, with significant interim data expected from multiple studies in 2025, including GALAXIES Lung-201 and GALAXIES H&N-202 [1][2][4] - The company reported a cash balance of $624.3 million as of March 31, 2025, which is anticipated to support operations through 2027 [1][9] - iTeos is focused on generating differentiated clinical data to support the advancement of its product candidates, particularly the belrestotug + dostarlimab combination therapy [2][3] Financial Performance - For Q1 2025, iTeos reported R&D expenses of $29.0 million, a decrease from $34.5 million in Q1 2024, attributed to the phasing of belrestotug studies and the discontinuation of the inupadenant program [9] - General and Administrative (G&A) expenses were $11.0 million for Q1 2025, down from $12.7 million in Q1 2024, primarily due to reduced stock-based compensation and professional fees [9] - The net loss for Q1 2025 was $34.6 million, or $0.80 per share, compared to a net loss of $38.2 million, or $1.07 per share, in Q1 2024 [9] Product Development - The belrestotug (EOS-448/GSK4428859A) is being developed for first-line treatment of advanced non-small cell lung cancer (NSCLC) and head and neck squamous cell carcinoma (HNSCC) in collaboration with GSK [3][8] - EOS-984 is a potential first-in-class small molecule targeting ENT1, aimed at inhibiting adenosine's immunosuppressive effects [4][10] - EOS-215 is a monoclonal antibody targeting TREM2, designed to reprogram the tumor microenvironment [5][11] Upcoming Milestones - Topline interim data from the GALAXIES Lung-201 study, involving over 240 patients, is expected in Q2 2025, with data to be presented at a scientific congress in the second half of 2025 [4][9] - Interim data from the GALAXIES H&N-202 study, assessing belrestotug + dostarlimab in HNSCC, is anticipated in 2025 [4][9] - The company is also progressing with the EOS-984 and EOS-215 programs, with data expected in the latter half of 2025 [9]