Executive Summary

Q2 2020 reflected accelerated R&D execution as iTeos advanced two lead programs (EOS-850 and EOS-448) and prepared for expansion cohorts; net loss to common stockholders was $10.3M with diluted EPS of $(29.49), driven by higher clinical activity and payroll costs .
Cash was $136.9M at June 30, 2020, then further strengthened post-quarter by July IPO net proceeds ($184.0M) and an August underwriter option ($26.6M), extending runway into 2023; the press release cited $210.6M net proceeds consistent with the combined amounts .
No product revenue and no formal financial guidance; consensus EPS/revenue estimates for Q2 2020 were unavailable via S&P Global (no CIQ mapping), limiting beat/miss analysis .
Management guided to a “data-rich” 2021 with first-half readouts across EOS-850 monotherapy/combination and EOS-448 safety/efficacy, positioning upcoming trial milestones as the primary stock catalysts .

What Went Well and What Went Wrong

What Went Well

Progress in both lead programs: EOS-850 showed preliminary single-agent clinical benefit (2 confirmed partial responses, 5 stable diseases in 21 patients) and was generally well tolerated; EOS-448 dose escalation initiated with initial data expected 1H21 .
Balance sheet strengthening: Cash increased to $136.9M at Q2-end (from $19.9M at YE19) prior to the July IPO; IPO and greenshoe added ~$210.6M net, extending runway into 2023 .
Management tone emphasized differentiation and upcoming catalysts: “the successful IPO… supports advancement of our highly differentiated immunotherapy pipeline… we anticipate 2021 will be a data-rich year” — Michel Detheux, PhD, CEO .

What Went Wrong

Higher quarterly losses as clinical activity scaled: R&D rose to $6.1M (from $3.9M in Q2 2019) and G&A to $2.4M (from $2.1M), reflecting trial-related spending and hiring; net loss to common widened to $10.3M versus $6.8M year-ago .
Lack of product revenue persists; business remains dependent on external financing and grants as the company advances early-stage programs .
COVID-19 introduced uncertainty to timelines and site operations (travel restrictions, potential delays); management flagged possible impacts to development schedules .

Financial Results

Metric	Q2 2019	Q1 2020	Q2 2020
Product Revenue ($USD Millions)	$0.00	$0.00	$0.00
Diluted EPS ($USD)	$(36.49)	$(25.53)	$(29.49)
Research & Development Expense ($USD Millions)	$3.90	$5.83	$6.14
General & Administrative Expense ($USD Millions)	$2.09	$2.42	$2.39
Grant Income ($USD Millions)	$0.68	$1.59	$1.08
Net Loss to Common ($USD Millions)	$6.78	$6.55	$10.30

KPIs and balance sheet highlights:

KPI	Q2 2019	Q1 2020	Q2 2020
Cash & Restricted Cash ($USD Millions)	—	$147.85	$136.99
Cash ($USD Millions)	—	$147.73	$136.87
Accrued Clinical Trial Costs ($USD Millions)	—	—	$1.99
Grants Repayable ($USD Millions)	—	—	$4.16

Notes: “—” indicates not disclosed for that specific quarter in available filings.

Consensus vs actual (Q2 2020):

Metric	Consensus (S&P Global)	Actual
Diluted EPS ($USD)	Unavailable	$(29.49)
Product Revenue ($USD Millions)	Unavailable	$0.00

Consensus data were unavailable via S&P Global for ITOS in Q2 2020 due to missing CIQ mapping.

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Financial guidance (Revenue, EPS, OpEx, margins)	FY 2020	None provided	None provided	Maintained (no formal guidance)
Clinical milestones	1H 2021	Initial data expected 1H21 for EOS-850 and EOS-448	Reiterated data-rich 2021 with 1H21 readouts	Maintained/clarified

Earnings Call Themes & Trends

No public earnings call transcript located for Q2 2020; transcripts appear from 2021 onward .

Topic	Previous Mentions (Q4 2019)	Previous Mentions (Q1 2020)	Current Period (Q2 2020)	Trend
R&D execution (EOS-850)	Advancing to Phase 1/2a; strategy to show differentiation	Increased clinical activities; spending rising	Preliminary single-agent benefit; initial data 1H21	Positive momentum
TIGIT program (EOS-448)	TIGIT rationale; FcγR engagement for ADCC	First patients dosed (Feb 2020)	Dose escalation ongoing; initial safety/efficacy expected 1H21	Building
COVID-19 impact	Pandemic risk introduced late-2019/early-2020	Monitoring impacts; safety measures	Potential timeline uncertainty; continued precautions	Ongoing risk
Financing/runway	Pre-IPO capital strategy	Series B-2 financing closed; strong cash	IPO + greenshoe net ~$210.6M; runway into 2023	Strengthened
Regulatory/legal	Standard early-stage uncertainties	Unchanged risk disclosure	Unchanged; no approvals expected near-term	Stable

Management Commentary

“The completion of our successful IPO in July was a major milestone for iTeos and further supports the advancement of our highly differentiated immunotherapy pipeline… With trials ongoing for our two lead product candidates, we anticipate that 2021 will be a data-rich year…” — Michel Detheux, PhD, President & CEO .
Corporate updates: CFO Matthew Gall appointment; leadership additions in R&D and HR to scale operations .
EOS-850 AACR data: generally well tolerated; preliminary single-agent benefit observed in dose escalation (2 confirmed partial responses; 5 stable diseases) .
EOS-448: FcγR-enabled anti-TIGIT with encouraging preclinical therapeutic index; dose escalation initiated in Feb 2020 .

Q&A Highlights

No Q2 2020 earnings call transcript identified; the company did not furnish a call transcript in this period. Transcripts are available beginning in 2021 .

Estimates Context

Wall Street consensus (S&P Global) for Q2 2020 EPS and revenue was unavailable due to missing CIQ mapping for ITOS at the time of retrieval, preventing beat/miss quantification. Actual diluted EPS was $(29.49); product revenue was $0 .
Implication: With no product revenue and early-stage trials, near-term consensus frameworks are limited; investor focus remains on clinical milestones and capital runway.

Key Takeaways for Investors

Strong balance sheet and extended runway into 2023 (cash $136.9M at Q2-end plus ~$210.6M net IPO/greenshoe) reduce near-term financing risk and enable aggressive clinical execution .
Pipeline differentiation is central: EOS-850 adenosine pathway inhibition and EOS-448 TIGIT antagonism (with FcγR engagement) target immunosuppression mechanisms with early signs of activity and tolerability .
Near-term catalysts: initial safety/efficacy and combination data in 1H21 (monotherapy and combinations for EOS-850; dose-escalation outcomes for EOS-448) likely drive stock narrative and risk/reward recalibration .
Operating loss trajectory is tied to trial ramp; Q/Q and Y/Y increases in R&D/G&A suggest continued investment in clinical and corporate infrastructure; monitor OpEx discipline versus milestone delivery .
COVID-19 remains a timeline risk; continued monitoring of site operations and enrollment is warranted given management’s cautions .
With no product revenue and limited consensus coverage in Q2 2020, trading catalysts hinge on data releases, partnership dynamics, and financing updates rather than quarterly P&L beats/misses .

Citations:

iTeos Therapeutics, Inc. (ITOS)·Q2 2020 Earnings Summary