iTeos Therapeutics, Inc. reported a significant increase in revenue for the fiscal year ending December 31, 2024, with total revenue reaching $35 million, compared to $12.6 million in the previous year. This growth was primarily driven by a milestone payment of $35 million related to the initiation of the Phase 3 GALAXIES-301 clinical trial for its lead product candidate, belrestotug. The company’s operating expenses also rose, totaling $194.5 million, up from $163.7 million in 2023, largely due to increased clinical activities associated with belrestotug and other product candidates.
The company’s research and development expenses increased by $32.1 million to $145.4 million, reflecting heightened clinical activities, particularly for belrestotug, which is being developed to target the TIGIT/CD226 pathway in cancer treatment. General and administrative expenses saw a slight decrease, totaling $49.1 million, attributed to reduced insurance and recruiting costs. iTeos also reported a net loss of $134.4 million for 2024, compared to a net loss of $112.6 million in 2023, indicating ongoing financial challenges as the company continues to invest heavily in its clinical programs.
iTeos Therapeutics has made strategic advancements in its clinical pipeline, including partnerships with GlaxoSmithKline (GSK) under a collaboration agreement that grants GSK exclusive rights to develop and commercialize belrestotug outside the U.S. The collaboration has the potential to yield up to $1.45 billion in milestone payments, contingent upon the success of the belrestotug program. The company is also advancing other product candidates, including EOS-984 and EOS-215, which target different cancer resistance mechanisms.
As of December 31, 2024, iTeos had cash and cash equivalents of $142.1 million and available-for-sale securities totaling $512.9 million, which the company believes will fund its operations through 2027. However, the company anticipates needing additional financing to support its ongoing clinical trials and commercialization efforts. The financial outlook remains uncertain, as iTeos has not yet generated revenue from product sales and continues to rely on collaboration agreements and funding to sustain its operations.
Looking ahead, iTeos plans to continue its focus on advancing its clinical candidates and expanding its research and development efforts. The company aims to leverage its collaboration with GSK to expedite the development of belrestotug and explore additional partnerships to enhance its product pipeline. However, the company faces significant risks, including competition from other biopharmaceutical firms, regulatory challenges, and the need for substantial capital to support its ambitious development plans.
About iTeos Therapeutics, Inc.
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