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IT

iTeos Therapeutics, Inc. (ITOS)·Q3 2020 Earnings Summary

Executive Summary

  • iTeos reported no product revenue and a net loss attributable to common shareholders of $11.7M ($-0.48 per basic/diluted share) for Q3 2020; cash and cash equivalents were $340.0M, extending runway into 2023 .
  • R&D ($8.7M) and G&A ($4.8M) rose YoY and sequentially, driven by clinical trial activity (EOS-850/EOS-448) and public-company buildout; COVID-19 caused enrollment delays in one EOS-850 cohort but timelines remain on track .
  • Pipeline execution advanced: EOS-850 Phase 1/2a single-agent and pembrolizumab combo cohorts enrolling; EOS-448 dose escalation ongoing; initial safety/efficacy data expected 1H21—key stock catalysts in coming months .
  • Completed IPO in July 2020 (gross $229.7M; net ~$210.6M), strengthening balance sheet and enabling expanded clinical operations .
  • No Wall Street consensus EPS/revenue estimates available via S&P Global for Q3 2020; beats/misses versus estimates cannot be assessed (SPGI consensus unavailable) [SpgiEstimatesError].

What Went Well and What Went Wrong

What Went Well

  • Strong liquidity: “Strong cash position to support ongoing clinical development and operations into 2023” (cash $340.0M as of Sept 30) .
  • Pipeline momentum despite COVID-19: “We are focused on advancing our two lead candidates… toward initial data readouts in the first half of 2021” (EOS-850/EOS-448) .
  • Corporate progress and external validation: publication on anti‑TIGIT mechanisms and appointment of Matthew Roden, Ph.D., to the Board, adding strategic transactions expertise .

What Went Wrong

  • COVID-19 headwinds: enrollment delays in EOS-850 chemotherapy cohort; additional sites needed to support enrollment .
  • Higher operating spend: R&D up to $8.7M (from $5.0M YoY) and G&A to $4.8M (from $2.7M YoY), reflecting larger clinical footprint and public-company costs .
  • Loss widened YoY: net loss to common shareholders increased to $11.7M (from $8.0M YoY), though sequentially modest vs Q2’s $10.3M .

Financial Results

MetricQ3 2019Q2 2020Q3 2020
Product Revenue ($USD Millions)$0.00 $0.00 $0.00
Net Loss to Common Shareholders ($USD Millions)$8.0 $10.3 $11.7
EPS (Basic & Diluted) ($USD)$-43.03 $-29.49 $-0.48
Cash & Cash Equivalents ($USD Millions)N/A$136.9 $340.0
Operating Detail ($USD Millions)Q3 2019Q2 2020Q3 2020
R&D Expense$5.0 $6.1 $8.7
G&A Expense$2.7 $2.4 $4.8
Grant Income (Other Income)$0.85 N/A$2.30

Notes:

  • No margin metrics are meaningful due to zero product revenue .

Guidance Changes

MetricPeriodPrevious Guidance (Q2 2020)Current Guidance (Q3 2020)Change
EOS-850 initial monotherapy & combo data1H 2021Initial data expected 1H21 Initial data expected 1H21 Maintained
EOS-448 initial safety/efficacy data1H 2021Initial safety/efficacy data 1H21 Initial safety/efficacy data 1H21 Maintained
EOS-850 chemo cohort first patientQ4 2020Not specifiedFirst patient expected by end of 2020 New specificity
Site expansion (US/FR/ES/KR)2H 2020Not specifiedOpening additional sites to support enrollment New specificity
Cash runwayThrough 2023Extends runway into 2023 Funds operations into H2 2023 Clarified/maintained

Earnings Call Themes & Trends

No Q3 2020 earnings call transcript was found in our document catalog or public sources; analysis is based on the press release and investor materials .

TopicPrevious Mentions (Q2 2020)Previous Mentions (Q1 2020)Current Period (Q3 2020)Trend
R&D execution (EOS-850)AACR dose-escalation signals; expansion and combo cohorts planned; data 1H21 N/AOngoing Phase 1/2a; single-agent and pembrolizumab combo enrolling; chemo cohort to start dosing by YE20 Improving execution; timelines intact
R&D execution (EOS-448)Dose escalation initiated (Feb 2020); data 1H21 N/ADose escalation ongoing; initial safety/efficacy data expected 1H21 On plan
COVID-19 impactNoted uncertainty; operational continuity maintained N/AEnrollment delays in EOS-850 chemo combo; mitigation via site expansion Manageable headwind
Corporate capitalIPO completed July; net ~$210.6M; strengthens runway N/ACash $340.0M; runway into 2023; investing in team and capabilities Strengthened liquidity
External validationAACR presentations (EOS-850; EOS-448 preclinical) N/AMolecular Cancer Therapeutics publication on anti‑TIGIT MoA Continued validation

Management Commentary

  • “We are focused on advancing our two lead candidates, EOS-850… and EOS-448… toward initial data readouts in the first half of 2021.” — Michel Detheux, PhD, President & CEO .
  • “While we have faced some challenges due to the unpredictable nature of the evolving COVID-19 pandemic, our data readout timelines remain on track…” .
  • “We… continue to perform rigorous preclinical evaluations… and expect to nominate a new drug product candidate before the end of 2021.” .

Q&A Highlights

  • No Q3 2020 earnings call transcript identified; no Q&A available to extract guidance clarifications or tone shifts .

Estimates Context

  • Wall Street consensus EPS and revenue (S&P Global) for Q3 2020 were unavailable due to missing SPGI/CIQ mapping; as a result, beats/misses versus estimates cannot be assessed. Values would normally be retrieved from S&P Global but were not accessible this quarter (SPGI consensus unavailable) [SpgiEstimatesError].

Key Takeaways for Investors

  • Liquidity is a differentiator: $340.0M cash enables multi-cohort execution and mitigates COVID-related enrollment variability; runway into H2 2023 .
  • Near-term clinical catalysts: EOS-850 (mono + pembrolizumab) and EOS-448 dose-escalation readouts in 1H21 could re-rate the stock on safety/early activity signals; watch chemo-cohort initiation by YE20 .
  • Operating intensity rising appropriately: higher R&D/G&A reflect scaling for clinical execution and public-company operations; expect continued OpEx growth into 2021 .
  • Strategic bench strength: new board addition (Roden) enhances BD optionality ahead of data; potential for partnerships/combinations remains .
  • COVID-19 risk managed but present: site expansion across US/EU/KR is sensible mitigation; monitor any further delays or protocol changes .
  • External validation supports TIGIT thesis: peer-reviewed publication on anti‑TIGIT MoA adds confidence to EOS‑448’s design and FcγR‑engagement strategy .
  • Trading stance: expect event-driven moves around 1H21 readouts; limited estimate frameworks this quarter reduce “beat/miss” catalysts, shifting focus to qualitative data and operational execution .