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Investing.com -- iTeos Therapeutics, Inc. (NASDAQ:ITOS) reported a narrower-than-expected loss for the first quarter of 2025, sending its shares up 2% in response to the earnings beat.
The clinical-stage biopharmaceutical company posted a Q1 net loss of $34.6 million, or $0.80 per share, compared to a loss of $38.2 million, or $1.07 per share, in the same quarter last year. The result beat analyst estimates of a $0.93 per share loss by $0.13.
iTeos did not report any revenue for the quarter, as the company remains focused on advancing its pipeline of immuno-oncology therapeutics. Research and development expenses decreased to $29.0 million from $34.5 million YoY, primarily due to the phasing of belrestotug studies and discontinuation of the inupadenant program.
The company ended the quarter with a strong cash position of $624.3 million, which it expects will provide runway through 2027. This includes potential initiation of multiple Phase 3 registrational trials for its lead candidate belrestotug in combination with dostarlimab.
"The second quarter marks a significant inflection point for iTeos with the next interim assessment from GALAXIES Lung-201," said Michel Detheux, Ph.D., president and CEO of iTeos. "While the preliminary findings to date are encouraging, we remain focused on ensuring further investment is grounded in clear evidence of meaningful benefit in the doublet cohorts versus PD-1 monotherapy."
iTeos anticipates several key clinical readouts in the coming quarters, including topline interim data from GALAXIES Lung-201 in Q2 2025 and interim datasets from GALAXIES H&N-202 and TIG-006 HNSCC studies in 2025.
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