iTeos Q1 2024 Financial Results and Business Updates

iTeos Therapeutics, Inc., a biopharmaceutical firm dedicated to developing innovative immuno-oncology treatments, has released its financial results for the first quarter of 2024 and provided significant business updates. The company, listed on the Nasdaq under the ticker ITOS, is at the forefront of creating new cancer therapies that harness the body’s immune system to fight tumors.

Michel Detheux, Ph.D., the president and CEO of iTeos, expressed excitement over the interim assessment results of their Phase 2 GALAXIES Lung-201 trial. The combination of belrestotug and dostarlimab has surpassed pre-defined efficacy benchmarks, showing substantial tumor reduction across all doses evaluated. These results underscore the potential of their TIGIT:PD-1 combination to yield differentiated clinical outcomes in cancer treatment. The GALAXIES clinical development remains on schedule, with further updates expected during an investor event in June. The company also plans to present detailed data at a medical congress later this year.

In addition to the promising results from the GALAXIES Lung-201 trial, the company has made progress in its TIG-006 trial, focusing on first-line recurrent/metastatic PD-L1 positive head and neck cancer. The trial completed enrollment without observing new safety signals and passed the futility analysis for efficacy. However, iTeos and GSK decided not to continue beyond stage 1 recruitment for certain cohorts, aiming instead to generate randomized, controlled data in the Phase 2 GALAXIES H&N-202 study. This decision is part of their strategy to support late-stage development in this area, with an update expected later this year.

Key highlights of the company's programs include:

1. Belrestotug (EOS-448/GSK4428859A): This IgG1 anti-TIGIT monoclonal antibody is being evaluated for non-small cell lung cancer (NSCLC) and head and neck squamous cell carcinoma (HNSCC). The GALAXIES clinical program is preparing for further evaluation of the belrestotug and dostarlimab combination, with interim data anticipated in the second half of 2024.

2. Inupadenant (EOS-850): Targeting the adenosine A2A receptor, this second-line NSCLC treatment has completed enrollment for its Phase 2 dose escalation trial. Results from this trial are expected late in 2024.

3. EOS-984: This potential first-in-class small molecule targets ENT1, crucial for reversing adenosine’s immunosuppressive effects on T and B cells. Topline data from its Phase 1 trial are anticipated in the second half of 2024.

Financially, iTeos reported a cash position of $595 million as of March 31, 2024, including $13 million in receivables. Following a $120 million registered direct offering, the company’s pro forma cash balance is expected to be $715 million. This financial runway should sustain operations through 2027, supporting numerous key milestones.

Research and Development (R&D) expenses for the quarter were $34.5 million, up from $25.6 million in the same period of 2023, reflecting increased activities in the belrestotug, inupadenant, and EOS-984 programs. General and Administrative (G&A) expenses also rose slightly to $12.7 million, primarily due to higher headcount and stock-based compensation costs.

The company recorded a net loss of $38.2 million for the quarter, equating to a loss of $1.07 per basic and diluted share, compared to a net loss of $15.6 million, or $0.44 per share, in the same quarter last year.

iTeos Therapeutics remains committed to advancing its innovative pipeline, leveraging its deep expertise in tumor immunology to develop therapies with the potential to significantly impact cancer treatment. The company's headquarters are in Watertown, MA, with a research center located in Gosselies, Belgium.

Belrestotug is a key asset in iTeos’ portfolio, designed to enhance antitumor responses by targeting TIGIT. Inupadenant, another critical program, aims to inhibit the adenosine pathway, which suppresses immune cell activity in tumors. EOS-984 targets ENT1, aiming to restore immune cell proliferation and counteract adenosine’s suppressive effects.

As iTeos continues to develop these promising treatments, it remains focused on achieving significant clinical milestones and delivering new hope for cancer patients worldwide.

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