On August 11, 2022 iTeos Therapeutics, Inc. (Nasdaq: ITOS), a clinical-stage biopharmaceutical company pioneering the discovery and development of a new generation of immuno-oncology therapeutics for patients, reported financial results for the second quarter ended June 30, 2022 and provided corporate highlights (Press release, iTeos Therapeutics, AUG 11, 2022, View Source [SID1234618157]).

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"In the second quarter of 2022, we have remained focused expanding our late-stage development efforts for both of our differentiated immunotherapy programs, EOS-448, our FcγR-engaging anti-TIGIT antibody, and inupadenant, our adenosine A2A receptor antagonist," said Michel Detheux, Ph.D., president and chief executive officer of iTeos. "We’re pleased to be enrolling non-small cell lung cancer patients in a Phase 2 trial for inupadenant in combination with chemotherapy, which we described in a trial in progress poster at ASCO (Free ASCO Whitepaper) in June. We also continue to further advance our immunotherapy combinations with EOS-448, with the initiation of the Phase 2 expansion trial evaluating GSK’s anti-PD-1, Jemperli and EOS-448 in patients with head and neck squamous cell carcinoma. Notably, we have multiple clinical trials underway for EOS-448, which will help provide a comprehensive understanding of the treatment potential of TIGIT as an immunotherapy target."

Program Highlights
EOS-448/GSK4428859A: IgG1 anti-TIGIT monoclonal antibody designed to engage the Fc gamma receptor (FcγR) and to enhance the anti-tumor response through multifaceted mechanisms.

In collaboration with GSK, iTeos is evaluating the optimal development pathway to assess EOS-448 as a potential next-generation immune-oncology agent through multiple combination studies and emerging data in the field. Recent highlights include:
The companies have begun enrolling patients with 1L advanced or metastatic head and neck squamous cell carcinoma (HNSCC) in the Phase 2 expansion part of a trial assessing the doublet of GSK’s anti-PD-1, Jemperli (dostarlimab), with EOS-448.
The companies have initiated the Phase 1b trial evaluating the novel triplet of EOS-448 with Jemperli and GSK’s investigational anti-CD96 antibody. The companies also plan to initiate a Phase 1b trial with EOS-448, Jemperli, and inupadenant in the coming months.
Enrollment continues in the monotherapy dose escalation part of the Phase 1/2 trial evaluating EOS-448 as both a monotherapy and in combination with Bristol Myers Squibb’s iberdomide in patients with multiple myeloma.
Inupadenant (EOS-850): Designed as an insurmountable and highly selective small molecule antagonist of the adenosine A2A receptor, the only high-affinity adenosine receptor expressed on different immune cells found in the tumor micro-environment.

iTeos is enrolling patients in a randomized Phase 2 trial in post-IO metastatic non-squamous NSCLC to evaluate the combination of inupadenant with platinum-doublet chemotherapy compared to standard platinum-doublet chemotherapy. The company presented a description of this trial in a Trial in Progress poster at the 2022 American Society of Clinical Oncology (ASCO) (Free ASCO Whitepaper) Annual Meeting in June.
Enrollment is ongoing for the biomarker-high cohort of IO-001, the ongoing Phase 1b/2a trial, evaluating inupadenant as a monotherapy in patients with solid tumors selected for high biomarker expression in four cohorts: NSCLC, endometrial cancer, head and neck squamous cell carcinoma and other solid tumors.
Preclinical programs: iTeos continues to focus its research programs on novel targets that address pathways of immunosuppression. This includes its candidate targeting a first-in-class mechanism in the adenosine pathway which is under evaluation in Investigational New Drug-enabling studies.

Second Quarter 2022 Financial Results

Cash Position: The company’s cash and cash equivalent position was $791.9 million as of June 30, 2022, as compared to $302.9 million as of June 30, 2021. Cash balance is expected to provide the company runway into 2026.
Research and Development (R&D) Expenses: R&D expenses were $26.9 million for the quarter ended June 30, 2022, as compared to $14.2 million for the same quarter of 2021. The increase was primarily due to an increase in activities related to EOS-448 and inupadenant clinical trials along with increased spending related to the company’s preclinical programs.
General and Administrative (G&A) Expenses: G&A expenses were $11.5 million for the quarter ended June 30, 2022, as compared to $15.1 million for the same quarter of 2021. The decrease was primarily due to one-time legal and advisory fees incurred by the Company in 2021 associated with the Collaboration and License Agreement with GSK. This decrease was partially offset by additional costs related to increased headcount.
Net Income/Loss: Net income attributable to common shareholders was $5.6 million, or net income of $0.16 per basic share and $ 0.15 per diluted share, for the quarter ended June 30, 2022, as compared to a net loss of $ 26.5 million, or a net loss of $ 0.75 per basic and diluted share, for the same quarter of 2021.