iTeos Therapeutics Reports $34.6 Million Net Loss in Q1 2025, Decreased Operating Expenses

iTeos Therapeutics, Inc. reported a net loss of $34.6 million for the first quarter of 2025, a decrease from the $38.2 million loss recorded in the same period of 2024. The company's total operating expenses fell to $40.0 million, down from $47.2 million year-over-year, primarily due to reduced research and development costs, which decreased by $5.5 million to $29.0 million. This reduction was attributed to the winding down of certain clinical studies related to its lead product candidate, belrestotug, and the discontinuation of the inupadenant program. General and administrative expenses also saw a decline, dropping by $1.7 million to $11.0 million.

In terms of revenue, iTeos did not recognize any license or collaboration revenue during the first quarter of 2025 or 2024. However, the company reported grant income of $0.4 million, a decrease from $0.9 million in the prior year, reflecting the conclusion of a recent grant. Interest income also fell to $7.0 million from $7.4 million, driven by lower interest rates. The company’s cash and cash equivalents increased to $156.5 million as of March 31, 2025, compared to $142.1 million at the end of 2024, bolstered by cash flow from investing activities.

Operationally, iTeos continues to advance its clinical pipeline, which includes multiple active trials for belrestotug in collaboration with GlaxoSmithKline (GSK). The company is also progressing with its other product candidates, including EOS-984 and EOS-215, which are in various stages of clinical trials. The partnership with GSK remains significant, with the potential for up to $1.45 billion in milestone payments tied to the development of belrestotug. As of March 31, 2025, iTeos had an accumulated deficit of $44.4 million.

Looking ahead, iTeos expects to continue incurring significant expenses related to its ongoing development activities, particularly as it advances its clinical programs and seeks regulatory approvals. The company anticipates that its existing cash and cash equivalents, along with available-for-sale securities totaling $467.7 million, will be sufficient to fund its operations through at least 2027. However, iTeos may seek additional funding to support its development and commercialization objectives, which could impact shareholder rights and holdings. The company remains focused on its goal of developing innovative immuno-oncology therapeutics to improve clinical outcomes for cancer patients.