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Iteos Therapeutics (ITOS) investor relations material

Iteos Therapeutics Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary6 Aug, 2025

Executive summary

  • Announced wind-down of clinical and operational activities following termination of lead program and GSK collaboration; merger with Concentra Biosciences pending, with expected completion in Q3 2025.

  • Lead antibody candidate belrestotug program discontinued after failing to meet key clinical endpoints; all related trials and collaboration with GSK ended.

  • EOS-984 and EOS-215 programs remain as assets for potential disposition under the merger's contingent value rights (CVRs).

  • Substantial doubt exists about ability to continue as a going concern absent completion of the merger or alternative transaction.

Financial highlights

  • No revenue recognized in Q2 2025; $35.0M license and collaboration revenue recognized in Q2 2024 from GSK milestone.

  • Net loss of $78.7M for Q2 2025, compared to $7.1M in Q2 2024; net loss of $113.3M for six months ended June 30, 2025, up from $45.3M year-over-year.

  • Research and development expenses rose to $57.3M in Q2 2025 from $36.7M in Q2 2024, mainly due to GSK termination payment.

  • Restructuring costs of $16.3M recorded in Q2 2025 related to severance and wind-down.

  • Cash and cash equivalents of $207.8M and available-for-sale securities of $382.2M as of June 30, 2025.

Outlook and guidance

  • Merger with Concentra expected to close in Q3 2025, subject to conditions including minimum $475M net cash at closing.

  • If merger is not completed, company may pursue alternative strategic transaction or dissolution and liquidation.

  • No plans to resume R&D if merger fails; wind-down of operations expected to be substantially complete in Q3 2025.

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Frequently asked questions

Iteos Therapeutics Inc. is a clinical-stage biopharmaceutical company focused on the discovery and development of a new generation of immuno-oncology therapeutics for patients living with cancer. The company is engaged in pioneering the development of highly differentiated immunotherapies, including two clinical-stage programs targeting novel, validated immuno-oncology pathways. These efforts aim to advance the treatment landscape for cancer patients by focusing on innovative therapeutic approaches that harness the body's immune system to fight cancer more effectively. Iteos Therapeutics is headquartered in Watertown, MA, and its shares are listed on the NASDAQ.

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