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Tag: iTeos Therapeutics

  • Riding High: iTeos Therapeutics’ (ITOS) Stock Surges Amid Market Activity

    Riding High: iTeos Therapeutics’ (ITOS) Stock Surges Amid Market Activity

    Following the dissemination of a corporate update and financial appraisal, the stock of iTeos Therapeutics, Inc. (NASDAQ: ITOS) has experienced a surge in value during the present trading session. At the latest market evaluation, ITOS shares demonstrated an increase of 46.31% on the US stock exchanges, reaching $17.83.

    Clinical Advancements: Promising Developments In GALAXIES Lung-201

    The corporate update disclosed that subsequent to the evaluation of primary data for an interim evaluation of GALAXIES Lung-201, iTeos Therapeutics (ITOS) proclaimed that belrestotug + dostarlimab surpassed its predefined efficacy benchmarks by showcasing clinically significant activity with noteworthy tumor reduction across varying dosages. The findings also affirm an acceptable safety profile aligned with the TIGIT:PD-1 therapeutic class.

    This preliminary interim evaluation reinforces ITOS’ stance on the significance of component quality and underscores the potential of its TIGIT:PD-1 combination to furnish distinctive clinical outcomes. iTeos Therapeutics remains steadfast in its GALAXIES clinical development trajectory, eagerly anticipating GSK’s forthcoming update on the GALAXIES program in June. Furthermore, the company intends to present findings from GALAXIES Lung-201 at a medical symposium later in 2024.

    Strategic Shift: Refocusing Efforts In TIG-006 Trial

    Moreover, iTeos Therapeutics achieved full enrollment in the TIG-006 trial’s initial phase for first-line recurrent/metastatic PD-L1 positive head and neck cancer, with no emergence of new safety indicators, and successfully cleared the futility analysis for efficacy in both combined positive score (CPS) cohorts. iTeos and GSK have mutually agreed to discontinue recruitment beyond stage 1 in the open-label TIG-006 cohorts 2C & 2D, redirecting focus towards generating randomized, controlled data in the ongoing Phase 2 GALAXIES H&N-202 platform study to bolster the pathway to advanced development in this domain.

    Financial Snapshot: iTeos Therapeutics’ Fiscal Position

    On the financial front, iTeos Therapeutics’ cash, cash equivalents, and investment holdings stood at $595.0 million as of March 31, 2024, in contrast to $706.6 million as of March 31, 2023, inclusive of $13.0 million receivables from matured investments recorded under prepaid expenses and other current assets on the balance sheet.

    Pro forma cash, cash equivalents, and investments totaled $715.0 million as of May 10, 2024, encompassing approximately $120 million proceeds from the May 2024 registered direct offering. The company anticipates that its cash reserves will sustain operations through 2027, encompassing the potential commencement of multiple Phase 3 registrational trials evaluating the belrestotug + dostarlimab combination.

  • iTeos Therapeutics Inc. (ITOS) stock Rallied After Hours. Here’s why?

    iTeos Therapeutics Inc. (ITOS) stock Rallied After Hours. Here’s why?

    On December 31, news emerged that iTeos Therapeutics Inc. (ITOS) is set to join S&P SmallCap 600. Consequently, the stock rallied and became bullish in the after-hours on Friday.

    In the previous regular session, the stock fluctuated between $46.36 and $49.00 at 345.94K shares. ITOS closed the session with a loss of 2.94% at $46.56 on Friday. Following the news, the stock became bullish in the after-hours to reach $49.79 with a 6.94% increase.

    Currently, the 35.27 million outstanding shares of the company trade at a market capitalization of $1.64 billion.

    S&P SmallCap 600

    As per December 31’s news, Magellan Health Inc. will be replaced by ITOS in the S&P SmallCap 600. Moreover, this change will be effective before the opening of the market on Wednesday, January 05. In addition, Magellan Health will be deleted from S&P SmallCap600 due to its acquisition by Centene Corp. Furthermore, the acquisition process is expected to be complete soon after the final conditions. Centene Corp is a constituent of S&P 500.

    ITOS’s Recent Developments

    On December 09, the company announced new preclinical data for its anti-TIGIT monoclonal antibody, EOS-448. The data was presented at the 63rd American Society of Hematology (ASH) Annual Meeting & Exposition as well as TIGIT Therapies Digital Summit 2021.

    The new data which was presented at the TIGIT Summit showed evidence of the multifaceted mechanism of the EOS-448. Moreover, the data presented a strong rationale for supporting the Phase1/2 trial of multiple myeloma which is ongoing. Furthermore, ITOS plans to proceed with the clinical development of the product in both multiple myeloma and solid tumors in 2022.

    In addition, the ASH 2021 presentation demonstrated the efficacy of EOS-448 both as a single agent and in combination with IMiD in multiple myeloma (preclinical model). In addition, the data from EOS-448’s study as monotherapy and in combination with Bristol Myers Squibb’s IMiD (with/without dexamethasone) also provided a strong rationale.

    ITOS Q3 Financials

    On November 10, the company announced its financial results for the third quarter of 2021.

    In the third quarter of 2021, ITOS generated a net income of $69.6 million against a net loss of $11.6 million in Q3 of 2020. Consequently, the Q3 2021 net income was $1.98 and $1.86 per basic and diluted share, respectively. This compares to a net loss of $0.48 per basic and diluted share in the year-ago quarter.

    Moreover, the company ended the third quarter of 2021, with cash and cash equivalents of $899.9 million.

  • Why Is iTeos (ITOS) Stock Rising In Premarket Today?

    The shares of iTeos Therapeutics Inc. (ITOS) were up 51.37% in premarket trading at $30.32. iTeos stock closed at $20.03 last session, up 0.86% or $0.17. ITOS stock fluctuated throughout the day between $19.50 and $20.19 on Friday. ITOS stock has been rising due to a collaboration deal with Glaxo.

    What is the collaboration about?

    iTeos is a biopharmaceutical firm that pioneers the discovery and development of novel immunooncology therapies for patients. ITOS’s pipeline includes two clinical-stage programs focusing on novel, validated immuno-oncology therapies: EOS-448, an antibody product candidate, and inupadenant, an insurmountable antagonist of the adenosine A2A receptor.

    iTeos and GlaxoSmithKline (GSK) today announced an agreement to co-develop and co-commercialize EOS-448, a monoclonal anti-TIGIT antibody that is currently in phase I development for cancer therapy.

    A phase II randomised clinical trial and compelling preclinical data argue that TIGIT is a promising target for the next generation of immuno-oncology therapies. This collaboration between GSK and ITOS will put GSK in a unique position since it has access to antibodies that target all three known CD226 checkpoints: TIGIT, CD96, and PVRIG.

    As part of the collaboration agreement:

    • iTeos (ITOS) will receive an upfront payment of $625 million as part of the collaboration agreement.
    • In the event that the EOS-448 program achieves certain development and commercial milestones, ITOS may receive an additional $1.45 billion in milestone payments.
    • GSK and ITOS will jointly develop EOS-448 and will equally split profits in the US.
    • The collaboration will mean GSK and ITOS share the responsibility and costs for the global development of the drug.
    • A commercialization license will be provided exclusively to GSK outside the US, whereas ITOS will receive tiered royalties.