iTeos Therapeutics, a clinical-stage biopharmaceutical company, has recently released its 10-Q report, detailing its financial performance and operations for the quarter. The company, headquartered in Watertown, Massachusetts, focuses on the discovery and development of immuno-oncology therapeutics for cancer patients. Its lead product candidate, belrestotug, is in a Phase 1b clinical trial and is designed to engage the immune system to fight cancer.
In the 10-Q report, iTeos Therapeutics discussed its financial condition and results of operations. The company reported an aggregate of $210.6 million in net proceeds from its Initial Public Offering (IPO) and $177.1 million from the sale of preferred stock. As of March 31, 2024, the company's principal sources of liquidity were cash and cash equivalents totaling $146.6 million, along with available-for-sale securities totaling $435.1 million. The report also highlighted that iTeos has raised an upfront payment of $625.0 million from the GSK Collaboration Agreement.
The report further detailed the company's research and development expenses, which primarily consist of costs related to the development of its product candidates. iTeos emphasized that it expects research and development costs to increase significantly in the foreseeable future as its current development programs progress and new programs are added. It also noted that the outcome of various factors, such as successful enrollment in clinical trials and receipt of marketing approvals from regulatory authorities, could significantly impact the costs and timing associated with the development of its product candidates.
As a result of these announcements, the company's shares have moved 43.0% on the market, and are now trading at a price of $17.43. For the full picture, make sure to review iTeos Therapeutics's 10-Q report.
