Annonce • Sep 02
iTeos Therapeutics, Inc.(NasdaqGM:ITOS) dropped from NASDAQ Composite Index iTeos Therapeutics, Inc. has been dropped from the NASDAQ Composite Index . Annonce • Jul 21
Concentra Biosciences, LLC agreed to acquire iTeos Therapeutics, Inc. (NasdaqGM:ITOS) from a group of shareholders for approximately $470 million in a tender offer transaction. Concentra Biosciences, LLC agreed to acquire iTeos Therapeutics, Inc. (NasdaqGM:ITOS) from a group of shareholders for approximately $470 million in a tender offer transaction on July 18, 2025. A cash consideration valued at $3 per share and valued at $10.47 per share will be paid by Concentra Biosciences, LLC. As part of consideration, $11.6 million is paid towards Company Restricted Stock Units common equity, $462 million is paid towards common equity and $12 million is paid towards options of iTeos Therapeutics, Inc. In case of termination of transaction, Concentra Biosciences, LLC will pay a termination fee of $0.50 million and iTeos Therapeutics, Inc will pay a termination fee of $8.40 million.
Pursuant and subject to the terms of the merger agreement, Concentra will commence a tender offer by August 1, 2025.
TD Securities LLC acted as financial advisor for iTeos Therapeutics, Inc. TD Securities LLC acted as fairness opinion provider for iTeos Therapeutics, Inc. William Michener of Ropes & Gray LLP acted as legal advisor for iTeos Therapeutics, Inc. Ryan A. Murr of Gibson, Dunn & Crutcher LLP acted as legal advisor for Concentra Biosciences, LLC. Annonce • Jun 06
iTeos Therapeutics, Inc. Announces Resignation of Tim Van Hauwermeiren from the Board of Directors, Effective from June 1, 2025 On June 1, 2025, Tim Van Hauwermeiren resigned from the Board of Directors of iTeos Therapeutics, Inc. effective immediately. Mr. Van Hauwermeiren’s resignation was not as a result of any disagreement between him and the Company, its management, the Board or any committee of the Board. Annonce • May 29
iTeos Therapeutics, Inc. Announces Its Intention to Wind Down Operations iTeos Therapeutics, Inc. announced the intention to wind down its operations as part of a comprehensive review of strategic alternatives aimed at maximizing shareholder value. Following a thorough assessment of the company’s development pipeline, business prospects, and financial position, the company’s board of directors intends to wind down clinical and operational activities and focus on leveraging the Company’s cash balance to deliver near-term value to shareholders, including any proceeds from the potential sale of the company’s intellectual property and assets such as EOS-984, EOS-215, and a preclinical obesity program targeting ENT1. Annonce • May 15
iTeos Therapeutics, Inc. Reports Topline Interim Results from Galaxies Lung-201 Study of Belrestotug + Dostarlimab in First-Line, Pd-L1 High Non-Small Cell Lung Cancer Patients iTeos Therapeutics, Inc. reported topline results from an updated interim analysis of GALAXIES Lung-201, the Phase 2 platform study sponsored by iTeos' development partner GSK assessing the belrestotug + dostarlimab doublet in previously untreated, unresectable, locally advanced or metastatic PD-L1 high non-small cell lung cancer (NSCLC). The GALAXIES lung-201 data continued to demonstrate clinically meaningful improvements in the trial's primary endpoint of objective response rate (ORR), however the analysis did not meet established criteria for clinically meaningful improvements in the secondary endpoint of progression free survival in the belrestotug + Dostarlimab combination cohorts versus dostarlimab monotherapy. Additionally, an interim analysis of the GALAXIES H&N-202 Phase 2 trial showed a trend below the meaningful threshold for ORR in the belrestotug combination cohorts vs. dostarlimab mon monotherapy in PD-L1 positive head and neck squamous cell carcinoma. However, given current market conditions and its appreciation of the responsibility to its valued shareholders, its believe the best path forward is to promptly evaluate a full range of strategic alternatives to unlock the value of its assets. Annonce • Apr 28
iTeos Therapeutics, Inc., Annual General Meeting, Jun 17, 2025 iTeos Therapeutics, Inc., Annual General Meeting, Jun 17, 2025. Location: meetnow.global/msrgnnn, United States Annonce • Mar 06
iTeos Therapeutics, Inc. Completes Enrollment of Second Dose Cohort of EOS-984 + Pembrolizumab Combination in Ongoing Phase 1 Trial iTeos Therapeutics, Inc. announced that its team's strong focus and execution over the last twelve months lay the groundwork for a potential breakthrough year for iTeos in 2025. TIG-006 HNSCC; Topline data from the TIG-006 study in cohorts 2C & 2D assessing belrestotug + dostarlimab doublet in first-line PD-L1 positive advanced /metastatic HNSCC anticipated in 2025 to include safety, ORR, and PFS from a total of 42 patients. EOS-984: Potential first-in-class small molecule in oncology inhibiting ENT1, a dominant transporter of adenosine involved in T cell metabolism, expansion, effector function, and survival; APT-008; Completed enrollment of the second dose cohort of the EOS-984 + pembrolizumab combination portion and continued advancement in the combination dose escalation of the Phase 1 trial in advanced malignancies; Topline data assessing EOS-984 as a monotherapy and in combination with pembrolizumab in patients with advanced solid tumors anticipated in 2H25; TRM-010; Investigative New Drug (IND) application was submitted and allowed to proceed for a Phase 1 of EOS-215. Annonce • Dec 13
iTeos Therapeutics, Inc. Presents Interim A2A-005 Clinical Trial Data, Translational, and Preclinical Data from Inupadenant at ESMO Immuno-Oncology Congress iTeos Therapeutics, Inc. announced the presentation of clinical, translational, and preclinical data from its adenosine A2A receptor (A2AR) antagonist program, inupadenant, including interim data from the dose escalation portion of A2A-005, the Phase 2 trial assessing inupadenant and platinum-doublet chemotherapy in post-immunotherapy metastatic non-small cell lung cancer (NSCLC) patients, at the European Society for Medical Oncology Immuno-Oncology (ESMO IO) Congress 2024. The company remain committed to focusing its resources on developing differentiated, first- or best-in-class therapies and look forward to providing updates on pipeline in 2025. Summary: As of the October 29, 2024 data cutoff, the topline data from the dose escalation portion the A2A-005 presented at the ESMO IO Congress were based on 36 patients eligible for safety and efficacy evaluation. Annonce • Aug 07
iTeos Therapeutics, Inc. Appoints David Feltquate as Chief Medical Officer iTeos Therapeutics, Inc. announced the appointment of David Feltquate, M.D., Ph.D., as Chief Medical Officer. In this role, Dr. Feltquate will be responsible for overseeing the Company's clinical development and regulatory strategies. Dr. Feltquate brings to iTeos nearly 20 years of immuno-oncology clinical development, translational medicine, and diagnostic assay advancement experience. Prior to joining iTeos, he was Chief Medical Officer at Palleon Pharmaceuticals where he oversaw the clinical strategy and development of its glyco-immunology therapeutics pipeline. Before that, Dr. Feltquate was the Global Head of Hematology Development and Chair of the Precision Medicine Leadership Team at Novartis. Previously, he held numerous leadership positions at Bristol Myers Squibb including Head of Oncology Early Clinical Development and Development Leader for Ipilimumab /Nivolumab Life Cycle Management. As the Nivolumab Clinical Head, Dr. Feltquate was responsible for the clinical development of the first PD-1 inhibitor from proof of concept through initial registrations in non-small cell lung cancer, melanoma, and renal cell carcinoma. Dr. Feltquate earned a B.S. in Biology from the Massachusetts Institute of Technology and an M.D./Ph.D. in Immunology from the University of Massachusetts Medical School. He completed internal medicine training at Dartmouth Hitchcock Medical Center and medical oncology training at Memorial Sloan Kettering Cancer Center. Annonce • Jul 03
iTeos Therapeutics, Inc.(NasdaqGM:ITOS) dropped from Russell 2000 Value-Defensive Index iTeos Therapeutics, Inc.(NasdaqGM:ITOS) dropped from Russell 2000 Value-Defensive Index Annonce • Jun 18
iTeos Therapeutics, Inc. and GSK Initiate GALAXIES Lung-301 Phase 3 Study, Assessing Belrestotug and Dostarlimab in Previously Unresectable Locally Advanced / Metastatic PD-L1 Selected Non-Small Cell Lung Cancer iTeos Therapeutics, Inc. and its development partner GSK, have initiated the first, global Phase 3 registration study of belrestotug + dostarlimab doublet versus placebo + pembrolizumab in patients with previously untreated, unresectable, locally advanced or metastatic PD-L1 selected non-small cell lung cancer (NSCLC). In May 2024, iTeos announced an interim assessment of the Phase 2 GALAXIES Lung-201 study of the belrestotug + Dostarlimab doublet in previously untreated, locally advanced, or metastatic PD-L 1 selected NSCLC exceeded pre-defined efficacy criteria for clinically relevant activity and showed an acceptable safety profile in line with the TIGIT:PD-1 class. Clinically meaningful tumor reduction was observed at every belrestotug + dosterarlimab dose vs dostarlimab monotherapy. Belrestotug is an Fc active human immunoglobulin G1, or IgG1, monoclonal antibody (mAb) targeting T cell immunoglobulin and immunoreceptor tyrosine-based inhibitory motif domains (TIGIT), an important inhibitory receptor which contributes to the suppression of innate immune responses against cancer. As an optimized high-affinity, potent anti-TIGIT mAb, belrestotug is designed to enhance the antitumor response through a multifaceted immune modulatory mechanism by engaging with TIGIT and Fc?R, a key regulator of immune responses which induces cytokine release and antibody dependent cellular cytotoxicity (ADCC). The therapeutic candidate is progressing in multiple indications in collaboration with GSK. New Risk • May 13
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 4.2% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (15% average weekly change). Shareholders have been diluted in the past year (4.2% increase in shares outstanding). Annonce • May 12
iTeos Therapeutics, Inc. has filed a Follow-on Equity Offering in the amount of $119.994271 million. iTeos Therapeutics, Inc. has filed a Follow-on Equity Offering in the amount of $119.994271 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 1,142,857
Price\Range: $17.5
Security Name: Pre-Funded Warrant
Security Type: Equity Warrant
Securities Offered: 5,714,285
Price\Range: $17.499
Transaction Features: Registered Direct Offering New Risk • May 10
New major risk - Revenue size The company makes less than US$1m in revenue. This is considered a major risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risk Share price has been volatile over the past 3 months (15% average weekly change). Board Change • May 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 11 experienced directors. 1 highly experienced director. Independent Director Tony W. Ho was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Annonce • Apr 27
iTeos Therapeutics, Inc., Annual General Meeting, Jun 11, 2024 iTeos Therapeutics, Inc., Annual General Meeting, Jun 11, 2024, at 08:30 US Eastern Standard Time. Agenda: To elect two Class I director nominees to board of directors each to serve until the Company’s 2027 annual meeting of stockholders and until his or her successor has been duly elected and qualified, or until his or her earlier death, resignation or removal; to ratify the appointment of Deloitte Bedrijfsrevisoren / Réviseurs d’Entreprises BV/SRL as independent registered public accounting firm for the fiscal year ending December 31, 2024; and to transact any other business properly brought before the Annual Meeting or any adjournment or postponement of the Annual Meeting. Reported Earnings • Mar 08
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: US$3.15 loss per share (down from US$2.72 profit in FY 2022). Revenue: US$12.6m (down 95% from FY 2022). Net loss: US$112.6m (down 217% from profit in FY 2022). Revenue missed analyst estimates by 37%. Earnings per share (EPS) exceeded analyst estimates by 7.5%. Revenue is forecast to grow 59% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Biotechs industry in the US. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 33% per year, which means it is performing significantly worse than earnings. New Risk • Mar 07
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.5% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Annonce • Mar 06
iTeos Therapeutics, Inc. Appoints Jill DeSimone to its Board of Directors, Effective March 7, 2024 iTeos Therapeutics, Inc. announced the appointment of Jill DeSimone to its Board of Directors, effective March 7, 2024, where she will serve on the Company’s audit committee. With over 40 years of global business expertise in life sciences, Ms. DeSimone is recognized for her role as President of U.S. Oncology at Merck & Co., Inc., where she established the company’s oncology division, growing it from less than $500 million in annual revenue to $9 billion in eight years. Additionally, she led three key product launches and more than 45 indication launches, including Keytruda, the fastest growing product in the company’s history. Prior to joining Merck, Ms. DeSimone was Senior Vice President of Global Women’s Health at Teva Pharmaceutical Industries Ltd. She began her career at Bristol Myers Squibb and held roles of increasing responsibility culminating as the Senior Vice President of U.S. Oncology, a role in which she helped launch the first FDA-approved CTLA-4 immune checkpoint inhibitor, Yervoy. Ms. DeSimone currently serves as a board member for Affini-T Therapeutics, Inc., Kinnate Biopharma Inc., Oncternal Therapeutics, Inc., Praxis Precision Medicine, Inc., as well as the Florida Cancer Specialists Foundation, a nonprofit organization that delivers non-medical aid for individuals undergoing treatment for cancer, and Swim Across America, a foundation that awards grants to cancer research and patient programs. She earned a B.S. in Pharmacy from Northeastern University and completed a fellowship with the Wharton School of the University of Pennsylvania. Annonce • Jan 09
Iteos Therapeutics, Inc. Announces Business Updates and Strategic Priorities for 2024 iTeos Therapeutics, Inc. outlined business updates and strategic priorities for 2024. Program Highlights:Belrestotug (EOS-448/GSK4428859A): IgG1 anti-TIGIT monoclonal antibody targeting first-line non-small cell lung cancer (NSCLC) and head and neck squamous cell carcinoma (HNSCC) in collaboration with GSK. Preparation underway for Phase 3 registrational studies that will evaluate the belrestotug + dostarlimab doublet. GALAXIES Lung-201: topline data from Phase 2 platform trial assessing belrestotug + dostarlimab doublet in first-line advanced/metastatic non-small cell lung cancer anticipated in 2024. GALAXIES H&N-202: enrollment ongoing in Phase 2 platform study assessing belrestotug + dostarlimab doublet and a triplet with GSK’s investigational anti-CD96 antibody (GSK’608) in first-line patients with PD-L1 positive recurrent /metastatic HNSCC. TIG-006 HNSCC: topline data from Phase 2 expansion trial assessing belrestotug + dostarlimab doublet in first-line PD-L1 positive advanced or metastatic HNSCC anticipated in 2024. TIG-006 mNSCLC: enrollment ongoing in Phase 2 expansion trial assessing belrestotug, dostarlimab, and chemotherapy triplet in first-line advanced or metastatic NSCLC. TIG-007: the Company has deprioritized the Phase 1/2 TIG-007 trial assessing belrestotug and in combination with Bristol Myers Squibb’s iberdomide due to the evolving treatment landscape in relapsed/refractory multiple myeloma (r/r MM). Continued advancement of Phase 1b trials exploring two novel triplets in advanced solid tumors: belrestotug + dostarlimab and GSK’s investigational anti-CD96 antibody (GSK’608), and belrestotug + dostarlimab and GSK’s investigational anti-PVRIG antibody (GSK’562). Adenosine Pathway: Inupadenant (EOS-850): insurmountable small molecule antagonist targeting adenosine A2A receptor in second-line NSCLC. A2A-005: topline data from the dose escalation portion of the Phase 2 trial with inupadenant and platinum-doublet chemotherapy in post-IO metastatic non-squamous NSCLC anticipated in late 2024 IO-001: completed enrollment of the Phase 2 IO-001 monotherapy high biomarker trial in advanced solid tumors. The Company plans to integrate IO-001 biomarker knowledge into the development strategy of future inupadenant clinical trials. EOS-984: first-in-class small molecule targeting equilibrative nucleoside transporter 1 (ENT1), a dominant transporter of adenosine on lymphocytes involved in T cell metabolism, expansion, effector function, and survival Preclinical mechanism of action data anticipated in the second quarter of 2024. Topline data from the Phase 1 dose escalation trial in advanced malignancies anticipated in the second half of 2024. Annonce • Dec 08
Iteos Therapeutics, Inc. Announces Board Changes On December 5, 2023, Derek DiRocco, a member of the Board of Directors of iTeos Therapeutics, Inc. resigned from the Board, effective immediately. Dr. DiRocco’s resignation was not as a result of any disagreement between him and the Company, its management, the Board or any committee of the Board. Also on December 5, 2023, the Board appointed David K. Lee to fill the vacancy on the Board resulting from Dr. DiRocco’s resignation. Mr. Lee will serve as a Class I director with a term expiring at the Company’s 2024 annual meeting of stockholders, until his successor is duly elected or qualified, or until his earlier death, resignation or removal. The Board determined that Mr. Lee is independent under the listing standards of Nasdaq. Further, in connection with his appointment to the Board, the Board appointed Mr. Lee to serve on the audit committee of the Board. Mr. Lee has leadership experience in the biotechnology and pharmaceutical industry. He currently serves as Chief Executive Officer at Servier Pharmaceuticals, where he leads Servier Pharmaceuticals’ efforts to leverage Servier Group’s global portfolio and seek acquisitions, licensing deals and partnerships in the United States. Prior to joining Servier Pharmaceuticals, Mr. Lee held leadership positions at several companies, including Shire, Baxalta and Novartis. Prior to joining Servier Pharmaceuticals, Mr. Lee served as Shire’s Head of the Global Genetic Disease and Oncology franchises. Early in his career, Mr. Lee spent time working at Partners in Health in Rwanda, the World Health Organization in Geneva and the Boston Medical Library. Mr. Lee earned his Master of Business Administration from Harvard Business School and his B.S. in Biochemistry from Harvard University. New Risk • Nov 12
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 7.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 7.3% per year for the foreseeable future. Minor Risk Share price has been volatile over the past 3 months (9.9% average weekly change). Reported Earnings • Nov 09
Third quarter 2023 earnings released: US$0.90 loss per share (vs US$0.028 profit in 3Q 2022) Third quarter 2023 results: US$0.90 loss per share (down from US$0.028 profit in 3Q 2022). Net loss: US$32.2m (down US$33.2m from profit in 3Q 2022). Revenue is forecast to grow 35% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Biotechs industry in the US. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings. New Risk • Oct 18
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 9.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 9.0% per year for the foreseeable future. Minor Risk Share price has been volatile over the past 3 months (9.3% average weekly change). Price Target Changed • Aug 13
Price target decreased by 11% to US$35.75 Down from US$40.12, the current price target is an average from 4 analysts. New target price is 197% above last closing price of US$12.05. Stock is down 52% over the past year. The company is forecast to post a net loss per share of US$3.38 compared to earnings per share of US$2.72 last year. Reported Earnings • Aug 08
Second quarter 2023 earnings released: US$0.96 loss per share (vs US$0.16 profit in 2Q 2022) Second quarter 2023 results: US$0.96 loss per share (down from US$0.16 profit in 2Q 2022). Net loss: US$34.3m (down US$39.9m from profit in 2Q 2022). Revenue is forecast to grow 40% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Biotechs industry in the US. Over the last 3 years on average, earnings per share has increased by 141% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • May 27
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to US$18.05, the stock trades at a trailing P/E ratio of 56x. Average forward P/E is 10x in the Biotechs industry in the US. Total returns to shareholders of 5.6% over the past year. Major Estimate Revision • May 17
Consensus revenue estimates increase by 46% The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from US$15.3m to US$22.3m. EPS estimate unchanged from -US$2.63 at last update. Biotechs industry in the US expected to see average net income decline 85% next year. Consensus price target broadly unchanged at US$40.12. Share price rose 4.4% to US$14.81 over the past week. Price Target Changed • Apr 02
Price target decreased by 8.9% to US$40.27 Down from US$44.20, the current price target is provided by 1 analyst. New target price is 196% above last closing price of US$13.61. Stock is down 57% over the past year. The company is forecast to post a net loss per share of US$4.48 compared to earnings per share of US$2.72 last year. Recent Insider Transactions Derivative • Mar 30
Chief Operating Officer exercised options to buy US$531k worth of stock. On the 28th of March, Matthew Call exercised options to buy 40k shares at a strike price of around US$2.95, costing a total of US$119k. This transaction amounted to 75% of their direct individual holding at the time of the trade. Since June 2022, Matthew has owned 53.67k shares directly. Company insiders have collectively sold US$686k more than they bought, via options and on-market transactions in the last 12 months. Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to US$13.02, the stock trades at a trailing P/E ratio of 4.8x. Average forward P/E is 10x in the Biotechs industry in the US. Total loss to shareholders of 59% over the past year. Board Change • Feb 08
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Tony W. Ho was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Annonce • Feb 04
iTeos Therapeutics, Inc. Announces Resignation of Matthew Roden from the Board On February 3, 2023, Matthew Roden, a member of the Board of Directors (the “Board”) of iTeos Therapeutics, Inc. (the “Company”), notified the Company of his decision to resign from the Board, effective immediately. Dr. Roden’s resignation is not as a result of any disagreement between him and the Company, its management, the Board or any committee of the Board. Valuation Update With 7 Day Price Move • Jan 25
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to US$22.62, the stock trades at a trailing P/E ratio of 3.1x. Average forward P/E is 11x in the Biotechs industry in the US. Total loss to shareholders of 36% over the past year. Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment deteriorated over the past week After last week's 15% share price decline to US$17.77, the stock trades at a trailing P/E ratio of 2.4x. Average forward P/E is 12x in the Biotechs industry in the US. Total loss to shareholders of 61% over the past year. Board Change • Nov 16
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Tony W. Ho was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Aug 17
Consensus revenue estimates fall by 23% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from US$358.2m to US$277.2m. EPS estimate fell from US$4.38 to US$2.42 per share. Net income forecast to shrink 105% next year vs 57% decline forecast for Biotechs industry in the US. Consensus price target broadly unchanged at US$45.20. Share price fell 14% to US$23.33 over the past week. Seeking Alpha • Jul 27
iTeos Therapeutics: Too Many Unknowns Today, we put clinical stage oncology concern iTeos Therapeutics, Inc. in the spotlight for the first time.
The company has two main oncology assets in development and a big partnership with GlaxoSmithKline.
An investment analysis follows in the paragraphs below.
Dandelions spring up where cities have been destroyed.”― Marty Rubin
Today, we put iTeos Therapeutics, Inc. (ITOS) in the spotlight for the first time. This small cap oncology concern has a major partnership with a large drug maker and has two primary drug candidates under development. An analysis follows below.
Seeking Alpha
Company Overview
iTeos Therapeutics, Inc. is a clinical-stage biopharmaceutical company headquartered just outside of Boston in Watertown, MA. The company also has a research center in Gosselies, Belgium. The firm is focused on the discovery and development of immuno-oncology therapeutics for patients. The stock currently trades around $25.00 a share and came public in the summer of 2020. It was founded in 2013. Its shares have an approximate market value of $900 million.
iTeos Therapeutics has two clinical-stage product candidates, EOS-448 and Inupadenant, in development. Both target a key mechanism that inhibits an effective antitumor immune response.
March Company Presentation
EOS-448:
This is an anti-TIGIT human immunoglobulin G1, or IgG1, antibody that the company is developing to inhibit the immunosuppressive activity of TIGIT. TIGIT is a cell surface receptor expressed on multiple immune cells, including CD8+ T cells, natural killer, or NK, cells and T regulatory cells. EOS-448 binds with high affinity to TIGIT, thereby breaking the immunosuppressive interaction between TIGIT and its ligands. It can also activate FcγR on macrophages, dendritic cells and NK cells in the tumor microenvironment.
March Company Presentation
According to the company website:
This activation of these cells augments the anti-tumor immune response but also triggers Antibody Dependent Cellular Cytotoxicity or ADCC response to those cells which expressed the highest levels of TIGIT, the Tregs."
EOS-448 is being developed jointly with GlaxoSmithKline (GSK) under a collaboration arrangement reached last Spring (see below section for details). This is the largest of several developmental partnerships the company has sealed. iTeos has initiated several 1b/2a studies around EOS-448 involving four combo therapies and targeting three indications.
March Company Presentation
It should be noted that Glaxo and iTeos are working together to evaluate how best to proceed with additional clinical development of EOS-448 in light of the recent release regarding the Roche (RHHBY) SKYSCRAPER-01 study which came out in Mid-May and did not meet its primary endpoint. This trial involved another anti-TIGIT program.
Enrollment is also underway in a clinical trial evaluating EOS-448 as both a monotherapy and in combination with Bristol Myers Squibb’s (BMY) iberdomide in patients with multiple myeloma, one of several efforts outside the joint development program with Glaxo.
The second compound in development is Inupadenant. This compound is designed to inhibit the ATP-adenosine pathway by specifically targeting A2AR. This is the primary adenosine receptor on immune cells with a high affinity for adenosine. This pathway is recognized as a key pathway that modulates immune responses in pathological conditions.
March Company Presentation
This candidate is in a much earlier stage of development. The company is in the process of initiating a randomized Phase 2 trial mid-year in metastatic non-small cell lung cancer (mNSCLC) to evaluate the combination of inupadenant with chemotherapy compared to standard of care. iTeos is also enrolling patients in a Phase 2a trial evaluating inupadenant in combination with pembrolizumab in PD-1 resistant melanoma.
Analyst Commentary & Balance Sheet
Four analyst firms including JPMorgan and Wedbush have reissued Buy ratings on the stock since Mid-May. Price targets proffered range from $34 to $52 a share. Valuation Update With 7 Day Price Move • Jul 13
Investor sentiment improved over the past week After last week's 18% share price gain to US$25.70, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 10x in the Biotechs industry in the US. Total returns to shareholders of 5.9% over the past year. Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment improved over the past week After last week's 16% share price gain to US$21.53, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 9x in the Biotechs industry in the US. Total loss to shareholders of 9.6% over the past year. Recent Insider Transactions Derivative • Jun 12
Independent Chairman of the Board notifies of intention to sell stock David Hallal intends to sell 50k shares in the next 90 days after lodging an Intent To Sell Form on the 8th of June. If the sale is conducted around the recent share price of US$20.00, it would amount to US$1.0m. Company insiders have collectively sold US$6.5m more than they bought, via options and on-market transactions in the last 12 months. Valuation Update With 7 Day Price Move • Jun 06
Investor sentiment improved over the past week After last week's 18% share price gain to US$20.16, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 9x in the Biotechs industry in the US. Total returns to shareholders of 7.3% over the past year. Board Change • Jun 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Tony Ho was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Price Target Changed • May 13
Price target decreased to US$46.20 Down from US$50.20, the current price target is an average from 5 analysts. New target price is 149% above last closing price of US$18.58. Stock is down 24% over the past year. The company is forecast to post earnings per share of US$3.64 for next year compared to US$6.10 last year. Valuation Update With 7 Day Price Move • May 11
Investor sentiment deteriorated over the past week After last week's 36% share price decline to US$18.00, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 9x in the Biotechs industry in the US. Total loss to shareholders of 20% over the past year. Major Estimate Revision • May 10
Consensus revenue estimates increase by 30% The consensus outlook for revenues in 2022 has improved. 2022 revenue forecast increased from US$233.4m to US$302.6m. EPS estimate increased from US$2.55 to US$3.64 per share. Net income forecast to shrink 34% next year vs 49% decline forecast for Biotechs industry in the US. Consensus price target up from US$50.20 to US$51.40. Share price fell 8.9% to US$25.63 over the past week. Price Target Changed • Apr 27
Price target increased to US$50.20 Up from US$46.60, the current price target is an average from 5 analysts. New target price is 80% above last closing price of US$27.86. Stock is up 16% over the past year. The company is forecast to post earnings per share of US$2.55 for next year compared to US$6.10 last year. Recent Insider Transactions Derivative • Apr 27
President notifies of intention to sell stock Michel Detheux intends to sell 12k shares in the next 90 days after lodging an Intent To Sell Form on the 18th of April. If the sale is conducted around the recent share price of US$31.20, it would amount to US$359k. For the year to December 2019, Michel's total compensation was 3% salary and 97% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since June 2021, Michel's direct individual holding has decreased from 148.94k shares to 16.26k. Company insiders have collectively sold US$6.6m more than they bought, via options and on-market transactions in the last 12 months. Annonce • Apr 26
iTeos Therapeutics, Inc., Annual General Meeting, Jun 09, 2022 iTeos Therapeutics, Inc., Annual General Meeting, Jun 09, 2022, at 11:00 US Eastern Standard Time. Agenda: To elect four Class II director nominees to board of directors, to serve until the company’s 2025 annual meeting of stockholders and until his or her successor has been duly elected and qualified, or until his or her earlier death, resignation or removal; to approve the Amended and Restated 2020 Stock Option and Incentive Plan; to ratify the appointment of Deloitte Bedrijfsrevisoren / Réviseurs d’Entreprises BV/SRL (“Deloitte”) as independent registered public accounting firm for the fiscal year ending December 31, 2022; and to transact any other business properly brought before the Annual Meeting or any adjournment or postponement of the Annual Meeting. Recent Insider Transactions Derivative • Apr 21
President exercised options and sold US$318k worth of stock On the 18th of April, Michel Detheux exercised 12k options at a strike price of around US$4.23 and sold these shares for an average price of US$31.87 per share. This trade did not impact their existing holding. For the year to December 2019, Michel's total compensation was 3% salary and 97% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since June 2021, Michel's direct individual holding has decreased from 148.94k shares to 16.26k. Company insiders have collectively sold US$6.6m more than they bought, via options and on-market transactions in the last 12 months. Price Target Changed • Mar 31
Price target increased to US$50.20 Up from US$46.60, the current price target is an average from 5 analysts. New target price is 56% above last closing price of US$32.18. Stock is down 8.9% over the past year. The company is forecast to post earnings per share of US$2.95 for next year compared to US$6.10 last year. Major Estimate Revision • Mar 30
Consensus revenue estimates fall by 29% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from US$329.5m to US$233.4m. EPS estimate fell from US$3.87 to US$2.55 per share. Net income forecast to shrink 55% next year vs 46% decline forecast for Biotechs industry in the US. Consensus price target of US$49.25 unchanged from last update. Share price was steady at US$33.50 over the past week. Recent Insider Transactions Derivative • Mar 17
Chief Medical Officer exercised options and sold US$111k worth of stock On the 11th of March, Joanne Lager exercised 4k options at a strike price of around US$4.30 and sold these shares for an average price of US$36.01 per share. This trade did not impact their existing holding. Since June 2021, Joanne has not owned shares directly. Company insiders have collectively sold US$6.3m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions Derivative • Mar 04
Chief Scientific Officer exercised options and sold US$325k worth of stock On the 1st of March, Yvonne McGrath exercised 10k options at a strike price of around US$4.24 and sold these shares for an average price of US$36.76 per share. This trade did not impact their existing holding. As of today, Yvonne currently holds no shares directly. Company insiders have collectively sold US$6.1m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions Derivative • Feb 16
Chief Medical Officer exercised options and sold US$110k worth of stock On the 11th of February, Joanne Lager exercised 4k options at a strike price of around US$4.30 and sold these shares for an average price of US$35.85 per share. This trade did not impact their existing holding. Since March 2021, Joanne has not owned shares directly. Company insiders have collectively sold US$5.8m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions Derivative • Jan 30
President notifies of intention to sell stock Michel Detheux intends to sell 29k shares in the next 90 days after lodging an Intent To Sell Form on the 25th of January. If the sale is conducted around the recent share price of US$36.31, it would amount to US$1.1m. For the year to December 2020, Michel's total compensation was 3% salary and 97% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since March 2021, Michel's direct individual holding has decreased from 177.94k shares to 49.20k. Company insiders have collectively sold US$5.7m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions Derivative • Jan 21
Chief Medical Officer exercised options and sold US$123k worth of stock On the 14th of January, Joanne Lager exercised 4k options at a strike price of around US$4.30 and sold these shares for an average price of US$39.32 per share. This trade did not impact their existing holding. Since March 2021, Joanne has not owned shares directly. Company insiders have collectively sold US$5.7m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions Derivative • Jan 07
Chief Medical Officer exercised options and sold US$333k worth of stock On the 3rd of January, Joanne Lager exercised 7k options at a strike price of around US$4.30 and sold these shares for an average price of US$51.90 per share. This trade did not impact their existing holding. Since March 2021, Joanne has not owned shares directly. Company insiders have collectively sold US$5.6m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions • Dec 31
Chief Financial Officer recently sold US$232k worth of stock On the 27th of December, Matthew Gall sold around 5k shares on-market at roughly US$46.45 per share. This was the largest sale by an insider in the last 3 months. Matthew has been a seller over the last 12 months, reducing personal holdings by US$102k. Price Target Changed • Dec 14
Price target increased to US$50.00 Up from US$46.60, the current price target is an average from 5 analysts. New target price is 35% above last closing price of US$37.11. Stock is up 25% over the past year. The company is forecast to post earnings per share of US$2.09 next year compared to a net loss per share of US$2.88 last year. Recent Insider Transactions Derivative • Dec 13
Chief Medical Officer exercised options and sold US$106k worth of stock On the 10th of December, Joanne Lager exercised 4k options at a strike price of around US$4.30 and sold these shares for an average price of US$34.50 per share. This trade did not impact their existing holding. Since March 2021, Joanne has not owned shares directly. Company insiders have collectively sold US$1.4m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions Derivative • Nov 20
Chief Medical Officer exercised options and sold US$846k worth of stock On the 18th of November, Joanne Lager exercised 28k options at a strike price of around US$4.30 and sold these shares for an average price of US$34.50 per share. This trade did not impact their existing holding. Since March 2021, Joanne has not owned shares directly. Company insiders have collectively sold US$1.0m more than they bought, via options and on-market transactions in the last 12 months.