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iTeos Therapeutics, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing outlines that iTeos is a clinical-stage biopharmaceutical company focused on the development of immuno-oncology therapeutics. The company is advancing its lead product candidate, belrestotug, in collaboration with GSK (GSK+1.95%), with ongoing Phase 3 and Phase 2 clinical trials.
iTeos reported a net loss of $45.4 million for the three months ended September 30, 2024, compared to a net loss of $32.2 million in the same period the previous year. The increase in net loss is attributed to higher research and development expenses.
Research and development expenses increased to $36.7 million from $30.6 million in the prior year quarter, driven by higher clinical trial costs and increased payroll expenses.
General and administrative expenses slightly decreased to $12.1 million from $12.6 million, primarily due to lower stock-based compensation and commercial-related expenses.
The company recognized $35.0 million in license and collaboration revenue during the nine months ended September 30, 2024, related to a milestone payment from GSK for the initiation of a Phase 3 trial.
iTeos had cash and cash equivalents of $123.7 million and available-for-sale securities of $525.2 million as of September 30, 2024. The company believes its current financial resources will fund operations through 2027.
iTeos continues to face risks and uncertainties, including the need for additional financing, competition from other biopharmaceutical companies, and reliance on third-party manufacturers and collaborators.
The company is subject to various risks related to the development and commercialization of its product candidates, including regulatory approval processes and potential adverse effects in clinical trials.
iTeos has identified certain material weaknesses in its internal controls over financial reporting, which it is working to address.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the iTeos Therapeutics Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.