iTeos Q2 2024 Financial Results and Business Updates

iTeos Therapeutics, Inc., a clinical-stage biopharmaceutical company based in Watertown, Massachusetts and Gosselies, Belgium, has announced its financial results for the second quarter ending June 30, 2024, along with an update on its business activities. The company, which focuses on developing innovative immuno-oncology therapies, has seen significant progress in its pipeline, including positive interim data from the Phase 2 GALAXIES Lung-201 study, which has paved the way for the Phase 3 GALAXIES Lung-301 study. 

iTeos’ CEO, Michel Detheux, Ph.D., expressed optimism about the company's pipeline, highlighting the potential of the belrestotug and dostarlimab combination therapy. Detheux also mentioned the anticipation of data readouts for the adenosine programs, inupadenant and EOS-984, as key milestones for the company in the second half of the year.

Program Highlights:

Belrestotug (EOS-448/GSK4428859A): This IgG1 anti-TIGIT monoclonal antibody is being developed in collaboration with GSK for first-line treatment of non-small cell lung cancer (NSCLC) and head and neck squamous cell carcinoma (HNSCC). The ongoing studies include:
- GALAXIES Lung-301: A Phase 3 registrational study evaluating the combination of belrestotug and dostarlimab against a placebo and pembrolizumab in patients with advanced NSCLC.
- GALAXIES Lung-201: Interim data from this Phase 2 study assessing the belrestotug and dostarlimab combination in advanced NSCLC is expected in the second half of 2024.
- GALAXIES H&N-202: This Phase 2 study is evaluating belrestotug and dostarlimab, and a triplet therapy including GSK's investigational anti-CD96 antibody, nelistotug, in HNSCC patients.
- TIG-006 HNSCC: Topline data from the initial cohorts of this study assessing the combination therapy in advanced HNSCC is anticipated later in 2024.

Adenosine Pathway: 
- Inupadenant (EOS-850): This small molecule antagonist targets the adenosine A2A receptor in second-line NSCLC. Data from a Phase 2 trial combining inupadenant with platinum-doublet chemotherapy is expected by late 2024.
- EOS-984: A potential first-in-class small molecule inhibiting ENT1, involved in T cell metabolism and survival. Topline data from its Phase 1 trial is expected in the second half of 2024.

Financial Results:

Cash and Investment Position: iTeos reported a cash, cash equivalents, and investments balance of $679.4 million as of June 30, 2024, up from $677.5 million the previous year. Including a $35 million milestone receivable related to the GALAXIES Lung-301 trial, the pro forma balance stood at $714.4 million. This financial position is expected to sustain the company's operations through 2027, supporting several key portfolio milestones.

R&D Expenses: Research and development expenses for the quarter were $36.7 million, up from $29.2 million in the same period in 2023. This increase was primarily due to the expanded activities in the belrestotug, inupadenant, and EOS-984 programs, including the hiring of new R&D employees.

G&A Expenses: General and administrative expenses slightly decreased to $12.5 million for the quarter, compared to $13.4 million in the same period in 2023. This decrease was attributed to reduced professional fees and other administrative expenses, although partially offset by increased compensation costs for G&A employees.

Net Income/Loss: The net loss for the quarter was $7.1 million, a significant improvement from the $34.3 million loss in the same period in 2023. For the first six months of 2024, the net loss was $45.3 million, compared to $49.9 million in the first half of 2023.

About iTeos Therapeutics:

iTeos Therapeutics is dedicated to discovering and developing new immuno-oncology treatments. The company's pipeline includes promising programs such as the TIGIT/CD226 axis and the adenosine pathway. With headquarters in Watertown, MA, and a research facility in Gosselies, Belgium, iTeos aims to restore the immune system's ability to combat cancer, providing new hope for patients worldwide.

About Belrestotug and Inupadenant:

Belrestotug is an IgG1 monoclonal antibody targeting TIGIT, an inhibitory receptor that plays a role in cancer immune evasion. It is designed to enhance the antitumor response by engaging with TIGIT and FcγR, thus stimulating cytokine release and antibody-dependent cellular cytotoxicity.

Inupadenant is a small molecule antagonist targeting the adenosine A2A receptor, which when activated suppresses immune responses against tumors. This drug is optimized for potency and selectivity, offering enhanced antitumor activity compared to other A2AR antagonists in development.

About EOS-984:

EOS-984 is a pioneering small molecule that inhibits ENT1, reversing adenosine's immunosuppressive effects on T and B cells, thus promoting immune cell proliferation and function. Currently in Phase 1 development, it offers significant potential for restoring immune responses in cancer patients.

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