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Dec 31, 2024
iTeos Therapeutics Q4 2024 Earnings Report
iTeos Therapeutics reported its fourth quarter and full year 2024 financial results, highlighting a net loss of $43.7 million and providing business updates.
Key Takeaways
iTeos Therapeutics reported a net loss of $43.7 million for the fourth quarter of 2024, compared to a net loss of $30.6 million in the same period of 2023. The company's cash and investments position stood at $655.0 million as of December 31, 2024, and is expected to provide runway through 2027.
Net loss for Q4 2024 was $43.7 million, an increase from $30.6 million in Q4 2023.
R&D expenses increased to $37.5 million in Q4 2024, up from $27.9 million in Q4 2023, driven by the GALAXIES Lung-301 Phase 3 trial and other programs.
G&A expenses decreased slightly to $11.8 million in Q4 2024 from $12.4 million in Q4 2023.
Cash and investment position was $655.0 million as of December 31, 2024, providing a projected runway through 2027.
Forward Guidance
iTeos Therapeutics anticipates a breakthrough year in 2025, with key milestones including topline interim data from GALAXIES Lung-201 and continued advancement of its clinical-stage programs, supported by a strong cash position.
Positive Outlook
- Topline interim data from GALAXIES Lung-201 with >240 patients anticipated in 2Q25.
- Interim datasets from GALAXIES H&N-202 and TIG-006 HNSCC with ~200 patients anticipated in 2025.
- Completed enrollment of second dose cohort of EOS-984 + pembrolizumab combination in ongoing Phase 1 trial.
- EOS-215 Phase 1 trial TRM-010 patient enrollment anticipated to begin in 2Q25.
- Cash balance and investment balance of $655.0 million as of December 31, 2024 expected to provide runway through 2027.
Challenges Ahead
- Expected benefits and opportunities related to the agreement between iTeos and GSK may not be realized or may take longer to realize.
- Success in preclinical testing and early clinical trials does not ensure that later clinical trials will be successful.
Historical Earnings Impact
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