Financial Data and Key Metrics Changes - In Q2 2025, Coherus Oncology reported net revenue of $10 million, representing a 36% increase quarter-over-quarter and a 65% increase year-over-year [29][37] - The company ended Q2 with $238 million in cash and investments, projecting sufficient cash to provide runway through 2026 [37][38] - Cost savings are expected to reach approximately $30 million on an annualized basis due to headcount reductions [38] Business Line Data and Key Metrics Changes - Lactorsi's net revenue grew 36% over Q1 2025, driven by strong demand from new patients and a positive impact from wholesaler inventory rebuild [29][30] - The number of new purchasing accounts for Lactorsi increased by 20%, indicating broader adoption among physicians [30] Market Data and Key Metrics Changes - The nasopharyngeal cancer market opportunity for Lactorsi is estimated to be between $150 million and $200 million [29][34] - The U.S. market opportunity for casdozoketog in hepatocellular carcinoma is approximately $4 billion, while the potential for CHS-114 in second-line head and neck cancer is about $4.5 billion [34] Company Strategy and Development Direction - Coherus Oncology aims to establish Lactorsi as the standard of care for nasopharyngeal cancer, focusing on educating physicians and expanding market presence [28][30] - The company is pursuing strategic partnerships to enhance its pipeline and expand indications cost-effectively [9][20] - The development strategy includes advancing combination studies across prioritized indications and leveraging collaborations for indication expansion [9][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving revenue goals of $40 million to $50 million for 2025, with a focus on maximizing the nasopharyngeal cancer indication [28][34] - The company anticipates key data readouts in the first half of 2026, which are expected to validate their pipeline and support future growth [41][44] Other Important Information - Coherus Oncology completed a strategic repositioning and renamed the company to better reflect its mission in oncology [5] - The company is the only independent U.S. biotech developing a CCR8 Treg depleter, which is expected to have significant market potential [14] Q&A Session Summary Question: Importance of identifying a partner for the CCRA program - Management indicated that they are actively seeking partners to accelerate progress and offset development costs, with data readouts expected in the first half of next year [46][47][49] Question: Confidence in reaching revenue goals for Lactorsi - Management expressed confidence in achieving peak revenues by 2028, supported by strong uptake following NCCN guideline updates [52][54] Question: Competitive landscape for anti CCR8 and anti IL-27 programs - Management noted that there are currently no known competitors in clinical development for anti IL-27, while the anti CCR8 program is seeing robust development activity [58][60][61] Question: Community engagement strategy - The company is focusing on a multi-pronged approach to engage community oncologists, anticipating that peak sales will take three to four years due to the dispersed nature of patient management [66][67] Question: Enrollment progress for casdozoketog trials - Management confirmed that recruitment is going well in both the U.S. and Asia Pacific regions, with data expected in the first half of next year [74][75] Question: Impact of guidelines on community adoption - Management highlighted that while academic centers have adopted the guidelines quickly, community oncologists require ongoing education to integrate the guidelines into practice [96][98]

Financial Data and Key Metrics Changes - Total company revenues for Q2 2025 were approximately $12.3 billion, reflecting strong demand across the business [20] - The growth portfolio saw a 17% year-over-year increase in sales, primarily driven by demand for key brands [7][21] - Diluted earnings per share was reported at $1.46, which includes a charge of approximately $1.5 billion related to the BioNTech partnership [30] Business Line Data and Key Metrics Changes - Opdivo global sales were approximately $2.6 billion, up 7%, driven by demand in the U.S. and international markets [21] - REBLOZYL global sales reached $568 million in the quarter, with a 30% growth in the U.S. and a 46% increase outside the U.S. [24] - BRYANZI revenues grew 122% globally, reflecting strong demand across all indications [25] - Kamsiyos global sales were $260 million, growing 86% due to robust demand [26] - Eliquis global sales were $3.7 billion, growing 6% [27] Market Data and Key Metrics Changes - The U.S. market saw strong launches for both Opdivo and KEVANTIC, with the latter receiving a permanent J code to support reimbursement [22][23] - The company expects the legacy portfolio to decline approximately 15% to 17% for the year, a more moderate rate than previously anticipated [32] Company Strategy and Development Direction - The company is focused on reshaping for long-term sustainable growth, with strategic partnerships announced with BioNTech and PhiloChem to enhance its oncology and radiopharmaceutical capabilities [8][12] - The company is entering a data-rich period with seven registration assets and seven lifecycle management opportunities expected in the next 12 to 24 months [14] - The company aims to drive improved growth in the outer years and attractive returns for shareholders through strategic business development initiatives [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential despite some studies not meeting expectations, emphasizing the importance of upcoming data readouts [39] - The company is optimistic about the performance of its growth portfolio and has raised its full-year revenue guidance by $700 million [32] - Management highlighted the importance of maintaining a strong pipeline and the potential for new therapies to address unmet medical needs [100] Other Important Information - The company is committed to returning capital to shareholders through dividends while also focusing on debt reduction, aiming to pay down $10 billion by 2026 [31] - A new Executive Vice President, Chief Medical Officer, and Head of Development will join the company, indicating a focus on advancing the pipeline [19] Q&A Session Summary Question: Insights on Phase III results and potential for line extensions - Management noted that while some studies did not yield expected results, they do not foresee significant long-term impacts on growth and are optimistic about future opportunities [39][40] Question: Context on direct-to-consumer offering with Pfizer - The partnership aims to increase patient access and affordability, cutting out middlemen in the healthcare system [48][51] Question: Launch dynamics and hurdles for COBENFI - The launch is tracking as expected, with positive physician feedback and plans to expand into hospital settings [59][60] Question: Rationale for partnering with BioNTech - The partnership is seen as a strategic move to enhance the growth profile and leverage both companies' strengths in immuno-oncology [68][71] Question: Competitive dynamics for KAMZIOS - The company remains confident in KAMZIOS's growth potential despite upcoming competition, emphasizing its established efficacy and safety profile [89] Question: Insights on MILVEXIAN's potential - Management believes there is an underappreciation of MILVEXIAN's differentiated dosing and its potential to address significant unmet needs in various indications [99][100]

Financial Data and Key Metrics Changes - Total company revenues for Q2 2025 were approximately $12.3 billion, reflecting strong demand across the business [19] - The growth portfolio saw a 17% year-over-year increase in sales, primarily driven by demand for key brands [5][19] - Gross margin was approximately 73%, primarily due to product mix, with operating expenses down by approximately $260 million compared to the same period last year [29][30] - Diluted earnings per share was $1.46, which includes a $1.5 billion charge related to the BioNTech strategic partnership [30][34] Business Line Data and Key Metrics Changes - Opdivo global sales were approximately $2.6 billion, up 7%, driven by demand in the U.S. and international markets [20] - REBLOZYL global sales were $568 million in the quarter, with U.S. revenue growth up 30% year-over-year [22] - BRYANZI revenues were $344 million, reflecting a 122% increase due to strong demand across all indications [25] - Kamsiyos global sales were $260 million, growing 86% due to robust demand [26] - Eliquis global sales were $3.7 billion, growing 6% primarily due to strong demand [27] Market Data and Key Metrics Changes - In the U.S., Opdivo revenues were approximately $1.5 billion, largely driven by a strong launch in MSI high colorectal cancer [20] - Outside the U.S., Opdivo revenues grew 7%, driven by volume growth and one-time favorable adjustments [20] - REBLOZYL sales outside the U.S. grew 46%, reflecting continued demand across newly launched markets [23] Company Strategy and Development Direction - The company is focused on reshaping for long-term sustainable growth, optimizing its cost structure, and enhancing its growth portfolio [5][19] - Strategic partnerships with BioNTech and Philochem aim to strengthen immuno-oncology and radiopharmaceutical capabilities [6][11] - The company is prioritizing investments in areas with the strongest potential for high-value assets [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential despite some studies not meeting expectations, emphasizing the importance of upcoming data readouts [39] - The company is entering a data-rich period with seven registration assets and seven lifecycle management opportunities expected in the next 12 to 24 months [13] - Management raised full-year revenue guidance by $700 million, reflecting strong performance and better-than-expected legacy sales [32][34] Other Important Information - The company announced a direct-to-consumer offering for Eliquis in partnership with Pfizer, aimed at increasing patient access and affordability [45][49] - A new Executive Vice President, Chief Medical Officer, and Head of Development will join the company, indicating a focus on pipeline advancements [17] Q&A Session Summary Question: Upcoming data-heavy period and Phase III results - Management acknowledged the importance of upcoming studies and their limited impact on long-term growth, emphasizing confidence in future opportunities [39] Question: Macro pressures and direct-to-consumer offering - The direct-to-consumer offering was implemented to cut out middlemen and provide patients with lower costs and increased transparency [46][49] Question: Launch dynamics for COBENFI - COBENFI is performing in line with expectations, with steady growth anticipated as the company expands its prescriber base [56] Question: Competitive dynamics for Kamsiyos - Management remains confident in Kamsiyos' growth despite upcoming competition, citing strong real-world data and positive feedback on label changes [86] Question: Differentiation of MILVEXIAN - Management believes there is an underappreciation of MILVEXIAN's differentiated dosing and its potential in multiple indications [90][92]

Financial Data and Key Metrics Changes - As of March 31, 2025, the company had approximately $103.7 million in cash, cash equivalents, total bank deposits, and investments in marketable securities [16] - Revenues for Q1 2025 were approximately $2.3 million, a decrease from approximately $2.6 million in Q1 2024 [17] - R&D expenses for Q1 2025 were approximately $5.8 million, down from approximately $6.4 million in Q1 2024 [17] - The net loss for Q1 2025 was approximately $7.2 million, or $0.08 per basic and diluted share, compared to a net loss of approximately $7.3 million in the same period of 2024 [17] Business Line Data and Key Metrics Changes - The company is advancing its clinical immunotherapy pipeline, particularly focusing on the anti-PVRIG antibody COM701, with a sub-trial initiated for patients with relapsed platinum-sensitive ovarian cancer [7][8] - The study aims to demonstrate a three-month improvement over the median progression-free survival compared to placebo, which would be clinically meaningful [9] Market Data and Key Metrics Changes - AstraZeneca has initiated multiple Phase III trials in the TIGIT space, with significant potential revenue opportunities estimated at over $5 billion in lung cancer alone [11] - The eligible lung cancer patient population across G7 countries is estimated to exceed 500,000 patients based on 2025 epidemiological data [11] Company Strategy and Development Direction - The company is focused on advancing its early-stage and clinical immuno-oncology pipeline while ensuring a cash runway into 2027 [5][14] - The leadership transition aims to provide a solid foundation for the company's next growth phase [5][6] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential impact of their clinical trials on cancer patients' lives and emphasized the importance of their innovative pipeline [14][15] - The company is committed to advancing its clinical assets and early-stage research pipeline while maintaining a solid balance sheet with no debt [16] Other Important Information - The company has established strategic collaborations and built a robust management team to support its growth initiatives [5] - The clinical trial landscape is evolving, with a focus on the potential advantages of COM701 in the maintenance setting of platinum-sensitive ovarian cancer [9] Q&A Session Summary Question: Impact of Merck's KEYNOTE B96 trial success on the company's strategy in ovarian cancer - Management noted that while Merck's trial is in platinum-resistant ovarian cancer, their study focuses on platinum-sensitive patients, and positive results could open up additional opportunities for COM701 [21][22] Question: Interpretation of Roche's Skyscraper one data regarding TIGIT - Management discussed the challenges faced in the trial and emphasized the importance of patient population and statistical design in interpreting the results [24][26] Question: Data collection on tumor microenvironment features from the COM701 study - The company confirmed that it will collect data to evaluate the tumor microenvironment, with a focus on PVRIG expression and IFN signatures [31] Question: Activity in PD-L1 positive patients and potential combinability with other treatments - Management indicated that they have seen activity in both PD-L1 positive and negative patients, suggesting potential for COM701 in various settings [36][38]

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]