iTeos Therapeutics Reports No Revenue and $78.7 Million Net Loss for Q2 2025

iTeos Therapeutics, Inc. reported significant financial challenges in its latest 10-Q filing for the quarter ending June 30, 2025. The company recorded no revenue during the quarter, a stark contrast to the $35 million generated in the same period last year from its collaboration with GlaxoSmithKline (GSK). This decline in revenue contributed to a net loss of $78.7 million for the quarter, compared to a loss of $7.1 million in the prior year. For the first half of 2025, iTeos reported a net loss of $113.3 million, up from $45.3 million in the same period of 2024.

The increase in losses was primarily driven by a substantial rise in operating expenses, which totaled $83.8 million for the quarter, compared to $49.2 million a year earlier. This increase included $57.3 million in research and development expenses, up from $36.7 million, largely due to restructuring costs associated with the termination of the belrestotug development program and the GSK collaboration. The company also incurred $16.3 million in restructuring costs during the quarter, reflecting its strategic decision to wind down operations and focus on maximizing shareholder value.

In terms of operational metrics, iTeos reported a significant increase in accrued clinical trial costs, which rose to $36.5 million from $17.9 million in the previous period. The company’s cash and cash equivalents stood at $207.8 million as of June 30, 2025, a notable increase from $142.1 million at the end of 2024. However, the company also reported an accumulated deficit of $123.1 million, highlighting ongoing financial pressures.

Strategically, iTeos announced its intention to wind down clinical and operational activities following the termination of its collaboration with GSK, which was formalized on May 13, 2025. The decision to cease operations was influenced by the results of clinical trials that did not meet the necessary endpoints for further development. The company is currently in the process of executing this wind-down, which is expected to be substantially complete by the third quarter of 2025. Additionally, iTeos entered into a merger agreement with Concentra Biosciences, which includes a cash offer for shareholders and contingent value rights related to future product candidates.

Looking ahead, iTeos faces substantial uncertainty regarding its ability to continue as a going concern. The company has indicated that if the merger does not proceed, it may pursue dissolution and liquidation. The management has emphasized the need to manage discretionary spending and explore strategic alternatives to navigate the current financial landscape.