iTeos Therapeutics, Inc. reported its financial results for the nine months ended September 30, 2024, highlighting significant changes in revenue, expenses, and overall financial position compared to the previous fiscal period. The company, focused on developing immuno-oncology therapeutics, recorded total revenue of $35.0 million, a substantial increase from $12.6 million in the same period of 2023. This growth was primarily driven by a milestone payment of $35.0 million recognized from the GSK Collaboration Agreement related to the initiation of the GALAXIES-301 Phase 3 clinical trial.

Despite the increase in revenue, iTeos experienced a net loss of $90.7 million for the nine months ended September 30, 2024, compared to a loss of $82.1 million for the same period in 2023. The net loss for the third quarter alone was $45.4 million, up from $32.2 million in the prior year. The increase in losses was attributed to higher operating expenses, which rose to $145.2 million for the nine months, compared to $123.6 million in 2023. Research and development expenses accounted for a significant portion of this increase, totaling $107.9 million, up from $85.5 million in the previous year.

The company's cash and cash equivalents decreased to $123.7 million as of September 30, 2024, down from $251.2 million at the end of 2023. However, available-for-sale securities increased to $525.2 million, compared to $381.3 million at the end of 2023. The total assets of iTeos rose to $723.1 million, up from $667.6 million at the end of the previous fiscal year, while total stockholders' equity increased to $631.7 million from $575.2 million.

In terms of strategic developments, iTeos has continued its collaboration with GSK, which includes shared responsibilities for the global development of belrestotug. The company also made milestone payments to Adimab, totaling $4.0 million for the nine months ended September 30, 2024. Additionally, iTeos raised $120.0 million through a Securities Purchase Agreement in May 2024, which contributed to its financing activities.

Overall, while iTeos Therapeutics has seen growth in revenue and assets, it continues to face significant operating losses and cash utilization as it advances its clinical programs. The company remains focused on its product development pipeline, which includes belrestotug and inupadenant, as it seeks to achieve future profitability.