Name: iTeos Therapeutics, Inc. Q4 2020 Earnings Call
Start: 2021-03-24T20:50:48.000Z

Executive Summary

Q4 2020 reflected disciplined execution with a strong cash balance of $336.3M, providing runway into the second half of 2023, while operating expenses increased as clinical programs progressed and public company infrastructure scaled .
Net loss widened to $14.9M and diluted EPS improved modestly to -$0.43 versus Q3 (-$0.48), driven by higher R&D and G&A spend as trials advanced and public company costs ramped; the company did not disclose revenue figures in the press release .
Operationally, EOS-448 completed dose escalation with initial clinical/safety data slated for AACR (April 10–15), and management scheduled an April 12 call to discuss results; updated single-agent inupadenant data and initial pembrolizumab combination data are expected later in 2021 .
Near-term stock catalysts include EOS-448 AACR data, mid-2021 initiation of combination trials (pembrolizumab, inupadenant, and other combinations), and inupadenant expansion cohort updates later in 2021 .

What Went Well and What Went Wrong

EOS-448: Dose escalation completed and initial clinical/safety data positioned for AACR late-breaking poster, with a management call on April 12—an important clinical milestone and potential catalyst .
Inupadenant: Company expects updated single-agent data and initial pembrolizumab combination data later in 2021, sustaining pipeline momentum through the year .
Liquidity: Cash and cash equivalents of $336.3M at year-end provide funding runway into the second half of 2023, enabling rapid advancement of programs and discovery efforts .
- Management tone: “We laid a strong foundation… solidified our cash position to support our clinical trials and operations into the second half of 2023” (Michel Detheux, PhD) .

Higher operating expenses: R&D rose to $9.2M and G&A to $5.7M in Q4, increasing net loss to $14.9M; the cost ramp reflects clinical trial activity for inupadenant and EOS-448 and public company costs .
Cash dipped modestly sequentially vs Q3 ($336.3M vs $340.0M), reflecting operating spend during the quarter .
COVID-19 headwinds persisted earlier, including enrollment delays for the EOS-850 chemotherapy cohort noted in Q3; mitigation via opening additional sites was underway .

Metric	Q2 2020	Q3 2020	Q4 2020
Cash and Cash Equivalents ($USD Millions)	$136.9	$340.0	$336.3
R&D Expenses ($USD Millions)	$6.1	$8.7	$9.2
G&A Expenses ($USD Millions)	$2.4	$4.8	$5.7
Net Loss ($USD Millions)	$10.3	$11.7	$14.9
Diluted EPS ($USD)	-$29.49	-$0.48	-$0.43

Notes:

The company did not disclose revenue figures in these press releases; margins are not meaningful for a clinical-stage, pre-revenue biotech .
EPS variance reflects changes in share count dynamics around the July 2020 IPO and ongoing operating spend as programs advance .

Metric	Period	Previous Guidance	Current Guidance	Change
Cash Runway	Multi-year	“Into 2023” (post-IPO)	“Into second half of 2023”	Clarified/maintained (narrowed timing)
EOS-448 Initial Clinical/Safety Data	1H 2021	Initial safety/efficacy data expected 1H 2021	Late-breaking poster at AACR (April 10–15); company call April 12	Firmed timing/event details
EOS-448 Combination Trials Start	Mid-2021	Plan to evaluate combinations post-RP2D	Begin trials mid-2021 (with pembrolizumab; with inupadenant; other combos)	Maintained/expanded specifics
Inupadenant Data Updates	2021	Initial single-agent and combination data 1H 2021	Updated single-agent and initial pembrolizumab combination data later in 2021	Timing refined (later in 2021)

Topic	Previous Mentions (Q2 2020 and Q3 2020)	Current Period (Q4 2020)	Trend
R&D execution	Ongoing Phase 1/2a trials for EOS-850 and EOS-448; AACR dose escalation data for EOS-850 showed preliminary benefit; enrollment continued	EOS-448 dose escalation completed; initial clinical/safety data at AACR; inupadenant updates later in 2021	Progressing to data readouts and combinations
COVID-19 impact	Enrollment delays in EOS-850 chemo cohort; adding sites across US/EU/Asia to mitigate	Not specifically updated in Q4 release; focus shifted to upcoming data events	Headwinds being mitigated; lower prominence
Cash/liquidity	Cash $136.9M pre-IPO; IPO gross proceeds $229.7M; cash $340.0M in Q3	Cash $336.3M; runway into H2 2023	Stable/ample funding runway
Clinical catalysts	Initial data readouts targeted for 1H 2021	AACR late-breaker (EOS-448) in April; inupadenant updates later in 2021; combos mid-2021	Increasing cadence of catalysts
Organizational scaling	Strengthened leadership team; public company transition	Higher G&A due to public company costs	Scaling completed; ongoing public company costs

“We laid a strong foundation, growing our leadership team and completing an IPO in July that solidified our cash position to support our clinical trials and operations into the second half of 2023… We look forward to reporting initial data for our TIGIT program at the upcoming AACR Annual Meeting in April, followed by updated data from our expansion cohorts for inupadenant later this year.” — Michel Detheux, PhD, President & CEO .
Q3 reinforced focus: advancing EOS-850 and EOS-448 toward initial readouts in 1H 2021 despite COVID-19 challenges; building team/competencies for clinical trials and discovery .

A Q4 2020 earnings call transcript was not available in the document set. The company scheduled an April 12 call to discuss EOS-448 AACR results; any Q&A clarifications will occur there .

Wall Street consensus (S&P Global) EPS and revenue estimates for Q2–Q4 2020 were unavailable due to a CIQ mapping limitation in our S&P Global feed; therefore, estimate comparisons cannot be provided at this time. Values would be retrieved from S&P Global once mapping is resolved.*

*Values retrieved from S&P Global.

Liquidity supports multi-program execution: $336.3M cash, runway into H2 2023, enabling rapid advancement of EOS-448/inupadenant and discovery pipeline without near-term financing risk .
EOS-448 is at an inflection: dose escalation complete with initial clinical/safety data at AACR and mid-2021 combinations with pembrolizumab/inupadenant; near-term data catalysts could re-rate the stock .
Inupadenant update cadence: updated single-agent and initial pembrolizumab combination data later in 2021 keeps momentum and offers multiple shots on goal .
Operating costs rising for the right reasons: higher R&D and G&A reflect trial activity and public company scaling; expect continued spend as combination trials start, with cash runway sufficient to absorb .
Trading setup: focus on AACR late-breaker and April 12 call; any signs of clinical activity/tolerability in EOS-448 or clarity on RP2D and combo strategy may drive sentiment and volatility .
Medium-term thesis: TIGIT and adenosine pathways remain validated IO targets; iTeos’ FcγR-engaging EOS-448 and insurmountable A2A antagonist design for inupadenant provide differentiated mechanistic angles for combination regimens .
Watch for execution on timelines: maintaining mid-2021 combination trial starts and 2021 data releases will be key for sustaining investor confidence .