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Iteos Therapeutics (ITOS) investor relations material
Iteos Therapeutics Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Announced wind-down of clinical and operational activities following termination of lead program and GSK collaboration; merger with Concentra Biosciences pending, with expected completion in Q3 2025.
Lead antibody candidate belrestotug program discontinued after failing to meet key clinical endpoints; all related trials and collaboration with GSK ended.
EOS-984 and EOS-215 programs remain as assets for potential disposition under the merger's contingent value rights (CVRs).
Substantial doubt exists about ability to continue as a going concern absent completion of the merger or alternative transaction.
Financial highlights
No revenue recognized in Q2 2025; $35.0M license and collaboration revenue recognized in Q2 2024 from GSK milestone.
Net loss of $78.7M for Q2 2025, compared to $7.1M in Q2 2024; net loss of $113.3M for six months ended June 30, 2025, up from $45.3M year-over-year.
Research and development expenses rose to $57.3M in Q2 2025 from $36.7M in Q2 2024, mainly due to GSK termination payment.
Restructuring costs of $16.3M recorded in Q2 2025 related to severance and wind-down.
Cash and cash equivalents of $207.8M and available-for-sale securities of $382.2M as of June 30, 2025.
Outlook and guidance
Merger with Concentra expected to close in Q3 2025, subject to conditions including minimum $475M net cash at closing.
If merger is not completed, company may pursue alternative strategic transaction or dissolution and liquidation.
No plans to resume R&D if merger fails; wind-down of operations expected to be substantially complete in Q3 2025.
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