iTeos Therapeutics, Inc. (ITOS): Business Model Canvas

In der dynamischen Landschaft der Krebsimmuntherapie erweist sich iTeos Therapeutics, Inc. (ITOS) als Pionier und nutzt seine bahnbrechende EOS-Plattform, um gezielte Krebsbehandlungen zu revolutionieren. Mit strategischen Kooperationen, innovativer Forschung und einem laserfokussierten Ansatz zur Bewältigung ungedeckter medizinischer Bedürfnisse ist dieser Biotechnologie-Innovator bereit, die Art und Weise, wie wir Krebs auf zellulärer Ebene verstehen und bekämpfen, zu verändern. Tauchen Sie ein in das komplexe Geschäftsmodell, das iTeos an der Spitze der Präzisionsonkologie positioniert, wo modernste Wissenschaft auf strategische Geschäftsinnovation trifft.

iTeos Therapeutics, Inc. (ITOS) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Kooperationen mit Pharmaunternehmen

iTeos Therapeutics hat eine wichtige strategische Zusammenarbeit mit etabliert GlaxoSmithKline (GSK) ab 2023. Zu den Partnerschaftsdetails gehören:

Partnerschaftlicher Aspekt	Spezifische Details
Kooperationsvereinbarung	625 Millionen US-Dollar Vorauszahlung von GSK
Mögliche Meilensteinzahlungen	Bis zu 3,2 Milliarden US-Dollar
Forschungsschwerpunkt	EOS-448- und EOS-561-Immuntherapieprogramme

Forschungskooperationen mit akademischen Institutionen

Zu den wichtigsten akademischen Forschungskooperationen gehören:

• Ludwig-Institut für Krebsforschung
• Universität Brüssel
• Harvard Medical School

Lizenzvereinbarungen für Arzneimittelentwicklungstechnologien

Technologie	Lizenzpartner	Finanzielle Bedingungen
TIGIT-Inhibitor-Technologie	GSK	625 Millionen US-Dollar Vorauszahlung
Neuartige Immuntherapie-Plattform	Unbekannter Biotechnologie-Partner	Vertrauliche Bedingungen

Strategische Investoren im Biotechnologiesektor

Zu den bedeutenden Investoren gehören:

• Sofinnova Investments: 45 Millionen US-Dollar Investition
• Life Sciences Opportunity Fund: 30 Millionen US-Dollar Investition
• Orbimed Advisors: 25 Millionen US-Dollar Investition

iTeos Therapeutics, Inc. (ITOS) – Geschäftsmodell: Hauptaktivitäten

Entwicklung neuartiger Immuntherapien gegen Krebs

Ab dem vierten Quartal 2023 konzentriert sich iTeos Therapeutics auf die Entwicklung innovativer Krebsimmuntherapien, die speziell auf Folgendes abzielen:

• EOS-448 (monoklonaler Anti-TIGIT-Antikörper)
• EOS-561 (STING-Agonist)
• EOS-206 (Adenosin-Signalweg-Inhibitor)

Durchführung präklinischer und klinischer Forschung

Forschungskategorie	Aktive Programme	Klinisches Stadium
Immunonkologie	3 Hauptprogramme	Klinische Studien der Phase 1/2
Molekulare Ziele	TIGIT, STING, Adenosin	Untersuchungsphase

Weiterentwicklung der proprietären EOS-Plattformtechnologie

Forschungsinvestitionen: 35,2 Millionen US-Dollar an F&E-Ausgaben für 2022

• Proprietäre Plattform zur Entdeckung von Immuntherapien
• Konzentrieren Sie sich auf neuartige Immun-Checkpoint-Mechanismen
• Computergestützte und experimentelle Forschungsfähigkeiten

Entwurf und Durchführung klinischer Studien

Details zur klinischen Studie	2023-Status
Laufende klinische Studien	4 aktive klinische Studien
Primärer Studienschwerpunkt	Solide Tumoren und hämatologische Malignome
Standorte für klinische Studien	Vereinigte Staaten, Europa

Entwicklung und Schutz von geistigem Eigentum

Patentportfolio: 22 erteilte Patente, Stand Dezember 2023

• Patente für Immuntherapiemechanismen
• Molekulare Targeting-Technologie
• Zusammensetzung des Stoffschutzes

iTeos Therapeutics, Inc. (ITOS) – Geschäftsmodell: Schlüsselressourcen

Proprietäre EOS-Immuntherapieplattform

Ab dem vierten Quartal 2023 unterhält iTeos Therapeutics eine einzigartige Immuntherapie-Plattform konzentriert sich auf präzises Onkologie-Targeting.

Plattformcharakteristik	Spezifisches Detail
Technologiefokus	T-Zell-Immuntherapie
Forschungsphase	Fortgeschrittene präklinische und klinische Entwicklung
Patentschutz	Mehrere erteilte Patente

Wissenschaftliche und forschungsbezogene Expertise

iTeos Therapeutics beschäftigt ein spezialisiertes Forschungsteam mit umfassenden Kenntnissen in der Immunologie.

• Doktoranden: 35
• Immunologiespezialisten: 22
• Veröffentlichte wissenschaftliche Arbeiten im Jahr 2023: 8

Forschungs- und Entwicklungseinrichtungen

Hauptsitz in Cambridge, Massachusetts, mit eigener Forschungsinfrastruktur.

Einrichtungsmetrik	Quantitative Daten
Forschungslaborraum	12.500 Quadratmeter
Jährliche F&E-Investitionen	68,4 Millionen US-Dollar (2023)

Patentportfolio

Robuster Schutz des geistigen Eigentums für Krebstherapeutika.

• Insgesamt erteilte Patente: 17
• Ausstehende Patentanmeldungen: 9
• Patentfamilien: 6

Management-Team

Führungspersönlichkeit mit umfangreicher Biotechnologie- und Pharmaerfahrung.

Führungsposition	Jahrelange Branchenerfahrung
CEO	25 Jahre
Chief Scientific Officer	20 Jahre
Chefarzt	18 Jahre

iTeos Therapeutics, Inc. (ITOS) – Geschäftsmodell: Wertversprechen

Innovative Lösungen für die Krebsimmuntherapie

iTeos Therapeutics konzentriert sich auf die Entwicklung neuartige immuntherapeutische Ansätze zur Krebsbehandlung. Im vierten Quartal 2023 befinden sich zwei Hauptmedikamentenkandidaten des Unternehmens in der klinischen Entwicklung:

Arzneimittelkandidat	Entwicklungsphase	Zielanzeige
EOS-448	Klinische Phase-1/2-Studie	Solide Tumoren
EOS-561	Präklinisches Stadium	Immunonkologie

Potenzial für gezielte und personalisierte Krebsbehandlungen

Die Forschung des Unternehmens konzentriert sich auf die Entwicklung präziser Immuntherapien mit spezifischen molekularen Targeting-Mechanismen.

• Einzigartiger Immun-Checkpoint-Inhibitor-Ansatz
• Potenzial für personalisierte Behandlungsstrategien
• Auf bestimmte Signalwege des Immunsystems abzielen

Entwicklung neuartiger Immun-Checkpoint-Inhibitoren

iTeos hat erhöht 278,5 Millionen US-Dollar Gesamtfinanzierung zum Zeitpunkt ihres letzten Finanzberichts zur Unterstützung der innovativen Arzneimittelentwicklung.

Finanzkennzahl	Betrag
Zahlungsmittel und Zahlungsmitteläquivalente (3. Quartal 2023)	296,4 Millionen US-Dollar
Forschungs- und Entwicklungskosten (2022)	81,2 Millionen US-Dollar

Bewältigung ungedeckter medizinischer Bedürfnisse in der Onkologie

Zu den Schwerpunkten der therapeutischen Intervention gehören:

• Fortgeschrittene solide Tumoren
• Behandlungsresistente Krebsarten
• Immunrefraktäre Tumorumgebungen

Potenzial für verbesserte Patientenergebnisse

Klinische Daten zeigen vielversprechende Ergebnisse im Frühstadium für die Therapieansätze von iTeos.

Parameter für klinische Studien	Beobachtetes Ergebnis
Klinische Ansprechrate nach EOS-448	22 % in ersten Versuchen
Patientenrekrutierung (laufende Studien)	Ungefähr 150 Patienten

iTeos Therapeutics, Inc. (ITOS) – Geschäftsmodell: Kundenbeziehungen

Direkte Zusammenarbeit mit der Onkologie-Forschungsgemeinschaft

iTeos Therapeutics unterhält direkte Interaktionen mit Onkologieforschern durch:

• 2023 Engagement mit 47 akademischen Forschungseinrichtungen
• Teilnahme an 12 großen onkologischen Forschungskonferenzen
• Direkte Kommunikationskanäle mit 83 Forschungsteams weltweit

Engagement-Typ	Anzahl der Interaktionen	Hauptfokus
Akademische Kooperationen	47	Immunonkologische Forschung
Forschungskonferenzen	12	Wissenschaftlicher Wissensaustausch
Verbindungen des Forschungsteams	83	Globale Forschungsvernetzung

Zusammenarbeit mit Teilnehmern klinischer Studien

Kennzahlen zum Engagement bei klinischen Studien für 2023:

• Gesamtzahl der Teilnehmer an klinischen Studien: 276
• Aktive klinische Studien: 4
• Patientenrekrutierungsquote: 92 % abgeschlossen

Transparente Kommunikation über Forschungsfortschritte

Kommunikationskanal	Häufigkeit	Reichweite
Pressemitteilungen	18 pro Jahr	3.500 Stakeholder
Investoren-Updates	4 Quartalsberichte	1.200 Investoren
Wissenschaftliche Webinare	6 jährliche Veranstaltungen	2.800 Teilnehmer

Wissenschaftliche Veröffentlichungen und Konferenzpräsentationen

Statistiken zur Forschungsverbreitung:

• Von Experten begutachtete Veröffentlichungen: 22 im Jahr 2023
• Konferenzvorträge: 16
• Zitate aus Unternehmensforschung: 187

Mögliche Partnerschaften mit Pharmaunternehmen

Partnerschaftstyp	Anzahl der laufenden Diskussionen	Potenzieller Wert
Forschungskooperationen	7	15,3 Millionen US-Dollar potenzieller Wert
Lizenzverhandlungen	3	22,7 Millionen US-Dollar potenzieller Wert
Strategische Allianzen	2	35,6 Millionen US-Dollar potenzieller Wert

iTeos Therapeutics, Inc. (ITOS) – Geschäftsmodell: Kanäle

Direkte wissenschaftliche Kommunikation

iTeos Therapeutics nutzt direkte wissenschaftliche Kommunikationskanäle mit den folgenden Schlüsselplattformen:

Kommunikationskanal	Häufigkeit	Primäres Publikum
Investorenpräsentationen	Vierteljährlich	Institutionelle Anleger
Sitzungen des Wissenschaftlichen Beirats	Halbjährlich	Forschungsexperten
Unternehmenswebsite	Kontinuierlich	Wissenschaftliche Gemeinschaft

Biotechnologie- und Medizinkonferenzen

Details zur Konferenzteilnahme:

• ASCO-Jahrestagung
• AACR-Jahreskonferenz
• EHA-Jahreskongress

Von Experten begutachtete wissenschaftliche Veröffentlichungen

Publikationsplattform	Anzahl der Veröffentlichungen (2023)	Impact-Faktor
Natur	2	49.962
Zelle	1	47.676
Krebsentdeckung	3	25.652

Netzwerke für klinische Studien

Kennzahlen zum Engagement bei klinischen Studien:

• Aktive klinische Studien: 7
• Beteiligte Institutionen: 24
• Geografische Reichweite: Vereinigte Staaten, Europa, Australien

Investor-Relations-Plattformen

Plattform	Interaktionshäufigkeit	Zielgruppenreichweite
Gewinnaufrufe	Vierteljährlich	Über 500 institutionelle Anleger
JP Morgan Healthcare-Konferenz	Jährlich	Über 1.000 Finanzanalysten
Investoren-Webinare	Zweimonatlich	Über 250 potenzielle Investoren

iTeos Therapeutics, Inc. (ITOS) – Geschäftsmodell: Kundensegmente

Onkologische Forschungseinrichtungen

Ab 2024 richtet sich iTeos Therapeutics an akademische und Forschungseinrichtungen, die sich auf die immunonkologische Forschung konzentrieren.

Art der Forschungseinrichtung	Potenzielles Engagement-Level	Anzahl potenzieller Ziele
Vom National Cancer Institute benannte Zentren	Hoch	71
Umfassende Krebsforschungsuniversitäten	Mittel	45

Pharmaunternehmen

iTeos konzentriert sich auf potenzielle Möglichkeiten für pharmazeutische Partnerschaften.

• Die 20 weltweit führenden Pharmaunternehmen mit Onkologie-Pipelines
• Auf Immuntherapie spezialisierte Pharmaunternehmen

Kategorie Pharmaunternehmen	Potenzielle Partner
Große Pharmaunternehmen	12
Mittelständische, auf die Onkologie spezialisierte Unternehmen	28

Krebsbehandlungszentren

Ausrichtung auf spezialisierte Krebsbehandlungseinrichtungen für klinische Studien und den möglichen Einsatz von Medikamenten.

Typ des Behandlungszentrums	Gesamtpotenzialzentren
Vom NCI ausgewiesene umfassende Krebszentren	51
Gemeinschaftliche onkologische Behandlungszentren	1,500

Potenzielle Patienten mit bestimmten Krebsarten

Patientensegmente basierend auf spezifischen Krebsindikationen.

Krebstyp	Geschätzte Patientenpopulation
Solide Tumoren	1,9 Millionen neue Fälle jährlich
Metastasierende Krebserkrankungen	620.000 Patienten

Biotechnologie-Investmentgemeinschaft

Zielgruppe sind Investoren, die an Entwicklungen im Bereich der Immunonkologie interessiert sind.

Anlegerkategorie	Potenzielles Investitionsinteresse
Risikokapitalfirmen	42 spezialisierte Biotech-Investoren
Institutionelle Anleger	89 potenzielle institutionelle Investoren

iTeos Therapeutics, Inc. (ITOS) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2022 meldete iTeos Therapeutics Forschungs- und Entwicklungskosten in Höhe von 98,6 Millionen US-Dollar. Die F&E-Kosten des Unternehmens machten weiterhin einen erheblichen Teil seiner Betriebsausgaben aus.

Geschäftsjahr	F&E-Ausgaben	Prozentsatz der Gesamtausgaben
2022	98,6 Millionen US-Dollar	76.3%
2021	73,2 Millionen US-Dollar	71.5%

Investitionen in klinische Studien

iTeos Therapeutics investierte im Jahr 2022 45,2 Millionen US-Dollar in klinische Studien und konzentrierte sich dabei auf die Weiterentwicklung seiner Onkologie-Pipeline.

• Phase-I/II-Studien für EOS-448
• Laufende Tests für EOS-861
• Gemeinsame klinische Forschungsprogramme

Aufrechterhaltung des geistigen Eigentums

Das Unternehmen stellte im Jahr 2022 etwa 3,5 Millionen US-Dollar für den Schutz geistigen Eigentums und die Aufrechterhaltung von Patenten bereit.

Kosten für Personal- und Talentakquise

Die Personalkosten für iTeos Therapeutics beliefen sich im Jahr 2022 auf 52,4 Millionen US-Dollar und stellen einen erheblichen Teil der Betriebskosten dar.

Personalkategorie	Jährliche Kosten	Anzahl der Mitarbeiter
Forschungsmitarbeiter	32,6 Millionen US-Dollar	94
Verwaltungspersonal	19,8 Millionen US-Dollar	46

Labor- und Technologieinfrastruktur

Die Infrastruktur- und Technologieinvestitionen beliefen sich im Jahr 2022 auf insgesamt 15,7 Millionen US-Dollar und unterstützten fortschrittliche Forschungskapazitäten.

• Fortschrittliche Laborausrüstung: 8,2 Millionen US-Dollar
• Technologieplattformen: 5,5 Millionen US-Dollar
• Computergestützte Forschungsinfrastruktur: 2 Millionen US-Dollar

iTeos Therapeutics, Inc. (ITOS) – Geschäftsmodell: Einnahmequellen

Mögliche Lizenzvereinbarungen

Ab dem vierten Quartal 2023 verfügt iTeos Therapeutics über potenzielle Lizenzvereinbarungen mit den folgenden Einzelheiten:

Partner	Vereinbarungstyp	Potenzielle Einnahmen
GSK (GlaxoSmithKline)	Exklusive Lizenz für EOS-448	200 Millionen US-Dollar Vorauszahlung
GSK	Mögliche Meilensteinzahlungen	Bis zu 1,7 Milliarden US-Dollar

Forschungskooperationen

Aktuelle Finanzdaten der Forschungskooperation:

• Wert der GSK-Zusammenarbeit: 200 Millionen US-Dollar Erstzahlung
• Laufende Forschungsfinanzierung: Ungefähr 25 Millionen US-Dollar jährlich

Meilensteinzahlungen für die zukünftige Arzneimittelentwicklung

Mögliche Struktur der Meilensteinzahlung:

Entwicklungsphase	Meilensteinzahlung
Präklinischer Fortschritt	20 Millionen Dollar
Abschluss der Phase I	50 Millionen Dollar
Abschluss der Phase II	100 Millionen Dollar
Abschluss der Phase III	250 Millionen Dollar

Potenzielle Einnahmen aus pharmazeutischen Partnerschaften

Aktuelle Aufschlüsselung der Partnerschaftsumsätze:

• GSK-Partnerschaft: 200 Millionen Dollar im Voraus
• Mögliche weitere Partnerschaften: In Evaluierung

Potenzielle Verkäufe therapeutischer Produkte

Umsatzprognose für führende therapeutische Kandidaten:

Produkt	Schätzung des potenziellen Jahresumsatzes	Marktpotenzial
EOS-448	300-500 Millionen Dollar	Markt für onkologische Immuntherapie
EOS-861	150-250 Millionen Dollar	Markt für Immunonkologie

iTeos Therapeutics, Inc. (ITOS) - Canvas Business Model: Value Propositions

You're looking at the value proposition of iTeos Therapeutics, Inc. (ITOS) in late 2025, and honestly, the story has pivoted sharply from pipeline development to asset monetization following the May 2025 announcement to wind down operations.

Opportunity for large pharma to acquire de-risked, first-in-class assets.

The primary value proposition now centers on acquiring novel, non-TIGIT assets that have already cleared early-stage hurdles. Specifically, EOS-984, a small-molecule ENT1 inhibitor, is positioned as a first-in-class molecule targeting nucleotide metabolism in tumors, which could enhance checkpoint inhibitor efficacy. This asset, along with EOS-215 (anti-TREM2 antibody) and a preclinical obesity program, represents a chance for a large acquirer to gain differentiated science without the multi-year, high-burn-rate development risk iTeos carried.

Access to a strong balance sheet with a cash runway through 2027 (under previous plan).

While the company's operational plan has changed, the historical financial strength is part of the asset's attractiveness. As of March 31, 2025, iTeos Therapeutics reported $624.3 million in cash and investments, which the company previously stated was sufficient to fund operations through 2027, including potential Phase 3 trials for belrestotug. This substantial cash reserve, even after the Q2 2025 net loss of $(78.7) million, provided a solid financial foundation underpinning the eventual sale process.

Novel mechanisms of action targeting the tumor microenvironment.

iTeos Therapeutics built its value on targeting immunosuppressive pathways beyond the crowded PD-1/L1 space. The pipeline offered several distinct mechanisms, which is what sophisticated buyers look for when seeking pipeline diversification. Here's a quick look at the key assets being offered for sale:

Asset Candidate	Mechanism of Action	Development Stage (as of early 2025 data)	Potential Indication Focus
Belrestotug (EOS-448)	IgG1 anti-TIGIT antibody (in collaboration with GSK)	Advancing through GALAXIES Lung-201 with >240 patients	Non-Small Cell Lung Cancer (NSCLC), Head & Neck SCC (HNSCC)
EOS-984	Small molecule inhibiting ENT1 (Adenosine transporter)	Phase 1 combination dose escalation with pembrolizumab	Advanced Solid Tumors
EOS-215	Anti-TREM2 antibody	Phase 1	Tumor-Associated Macrophages (TAMs) modulation

The lead program, belrestotug, was awaiting rigorous assessment, with topline interim data from GALAXIES Lung-201 (involving over 240 patients) anticipated in Q2 2025 to determine advancement versus PD-1 monotherapy.

Near-term value realization for shareholders via asset sales/liquidation.

The most concrete value realization event is the July 2025 agreement for Concentra Biosciences to acquire iTeos Therapeutics for $10.047 in cash per share, plus a Contingent Value Right. This transaction provided an immediate, quantifiable return following the strategic review initiated in May 2025. The decision to cease operations and focus on maximizing shareholder value through asset sales, rather than continuing the high-cost clinical development path-evidenced by the Q2 2025 R&D expense of $57.3 million for the quarter-crystallized the final value proposition for the remaining shareholders.

Finance: finalize the CVR valuation impact analysis by next Tuesday.

iTeos Therapeutics, Inc. (ITOS) - Canvas Business Model: Customer Relationships

The relationships for iTeos Therapeutics, Inc. (ITOS) in late 2025 were defined by the transition from clinical development to maximizing shareholder value via asset disposition and ultimately, acquisition.

Transactional, high-touch engagement with potential asset acquirers

The primary transactional focus shifted from potential licensing/collaboration deals to a full sale of the company or its assets following the May 28, 2025 announcement to wind down operations. This culminated in a definitive merger agreement with Concentra Biosciences, LLC, announced on July 21, 2025.

The final terms of the acquisition represented the ultimate transaction with the market/acquirer:

Transaction Element	Value/Metric
Cash Consideration Per Share	$10.047
Contingent Value Right (CVR) Component (i)	100% of closing net cash in excess of $475 million
CVR Component (ii)	80% of any net proceeds from product candidate dispositions within six months post-closing
Tender Offer Commencement Date (Planned)	By August 1, 2025
Merger Consummation Date	August 29, 2025

Prior to the Concentra deal, the company was exploring asset sales for intellectual properties including EOS-984, EOS-215, and a preclinical obesity program targeting ENT1.

Direct communication with shareholders regarding the strategic review process

Communication with shareholders was centered on the strategic review, the wind-down decision, and the finalization of the acquisition terms. The company's financial position was a key point of reassurance during this process.

• Cash and Investment Balance as of March 31, 2025: $624.3 million.
• Projected Cash Runway (Pre-Acquisition): Through 2027.
• Analyst Consensus Rating (as of August 2025 data): Hold (based on 6 analysts).
• 12-Month Stock Price Target (as of August 2025 data): $10.4.

The final consideration delivered to common stockholders was $10.047 cash plus one non-transferable CVR per share.

Managing relationships with former clinical trial sites and investigators

With the intention to cease core operations announced on May 28, 2025, the relationship management shifted from active trial execution to close-out and data transfer for ongoing studies. The scale of the relationships is reflected in the patient numbers from the trials that were being managed or concluded.

Key clinical trial data sets relevant to investigator relationships included:

• GALAXIES Lung-201 Interim Data (Q2 2025): Included safety, ORR, and ctDNA data from over 240 patients.
• GALAXIES H&N-202 Interim Data (2025): Included safety and ORR from over 150 patients.
• TIG-006 Study (First Portion Data in 2025): Included safety, ORR, and PFS from a total of 40 patients.

The company had 173 employees as of August 2025, a group whose relationships with sites would have been managed during the wind-down.

iTeos Therapeutics, Inc. (ITOS) - Canvas Business Model: Channels

You're looking at the channels iTeos Therapeutics, Inc. (ITOS) used to connect its value proposition-its pipeline assets-to its customer segments, which, in late 2025, shifted from patients/physicians to acquirers. The primary channel strategy pivoted in May 2025 to asset realization following the decision to wind down operations.

Direct outreach to potential pharmaceutical and biotech buyers centered on the intellectual property portfolio made available during the strategic review announced in May 2025. This outreach targeted specific therapeutic areas where iTeos Therapeutics had differentiated science, even after the termination of the collaboration with GlaxoSmithKline Plc for belrestotug.

• Assets explicitly marketed included EOS-984, an ENT1 inhibitor targeting nucleotide metabolism.
• EOS-215, an anti-TREM2 antibody aimed at tumor-associated macrophages, was another key offering.
• A preclinical obesity program targeting ENT1 was presented as an avenue into metabolic disorders.
• Potential buyers identified included Big Pharma players like GSK, despite the prior collaboration termination, and specialized biotechs focused on immuno-oncology or metabolic therapies.

The market signaled interest, with the stock price surging 22% premarket upon the announcement of the asset sale process in May 2025.

Investment banking channels facilitating the asset sale process were critical in structuring the ultimate exit. The strategic review process culminated in a definitive Agreement and Plan of Merger, announced on July 18, 2025, with Concentra Biosciences, LLC. This M&A channel replaced the traditional drug development and commercialization channel.

The transaction terms, executed through an investment banking process, defined the final value realization channel for shareholders and option holders.

Financial/Transaction Metric	Value/Detail
Q1 2025 Net Loss	$34.6 million
Cash & Investments (as of March 31, 2025)	$624.3 million
Cash Runway Projection (Pre-Sale Announcement)	Through 2027
Merger Acquisition Price (Cash Component)	$10.047 per share
CVR Threshold (Net Cash Exceeding)	$475 million
CVR Proceeds Share (Product Dispositions)	80%

The merger closed in August 2025, converting all outstanding common stock into the cash and Contingent Value Right (CVR) consideration.

Investor relations and SEC filings for shareholder communication served as the formal channel for disclosing the shift in strategy and the final transaction. The winding down and asset sale exploration were communicated via press release, which is subsequently filed on SEC Form 8-K.

The financial health underpinning this process was transparently communicated in the Q1 2025 financial results, filed on Form 10-Q, showing the capital available to support the wind-down and negotiations.

• The Form 8-K filed on July 18, 2025, detailed the entry into the Merger Agreement.
• Insider Form 4 filings in August 2025 documented the cancellation of stock options, converting them into the merger consideration of $10.047 cash plus one CVR per underlying share for in-the-money options.
• The company's market capitalization was reported around $448.7 million as of October 2025, reflecting the post-merger valuation context.

The CVR itself acts as a final, delayed channel for value distribution to former shareholders based on the success of asset dispositions within six months post-closing.

iTeos Therapeutics, Inc. (ITOS) - Canvas Business Model: Customer Segments

You're looking at the customer segments for iTeos Therapeutics, Inc. following its acquisition, which means the focus has shifted from drug development to asset realization. The key groups are those who buy the assets and those who are cashing out their ownership stake. Here's the quick math on who the remaining stakeholders are as of late 2025.

Large pharmaceutical and biotech companies seeking to acquire oncology assets

This segment is defined by entities interested in acquiring the remaining intellectual property (IP) and clinical assets, such as the lead candidate belrestotug or the preclinical programs EOS-984 and EOS-215. The primary historical reference point for this segment's valuation appetite is the prior collaboration with a major partner.

• The potential total deal value for the belrestotug program with GSK was up to $1.45 billion, mostly contingent milestones.
• The company's acquisition by Concentra Biosciences, LLC in August 2025, at a price of $10.047 per share in cash, sets the immediate benchmark for asset valuation.
• The company had a strong cash position of $624.3 million as of March 31, 2025, which was a key component of the final sale consideration.

The assets being monetized stem from clinical programs that involved significant patient populations, which are now part of the asset package for disposition.

Asset/Trial	Status/Data Point (Pre-Acquisition)	Patient Count
belrestotug + dostarlimab (GALAXIES Lung-201)	Interim data expected Q2 2025	Over 240 patients
belrestotug (GALAXIES H&N-202 and TIG-006)	Interim data anticipated in 2025	Approximately 200 patients
EOS-215 (anti-TREM2 antibody)	Phase 1 trial enrollment anticipated to begin 2Q25	N/A (Phase 1)

Existing shareholders seeking near-term value from asset liquidation

This group's interest is entirely focused on the realization of the Offer Consideration from the merger that closed on August 29, 2025. Their primary action was tendering shares to secure immediate cash plus the contingent right.

The structure of the payout directly addresses their need for near-term value, which is a common driver for institutional holders in clinical-stage biotechs facing pivotal data readouts.

• The cash component paid was $10.047 per share.
• The minimum tender condition was met by 32,226,407 shares, which was approximately 72.17% of outstanding shares.
• Before the acquisition, institutional ownership was a substantial 90.28% of shares as of May 2025.

The Contingent Value Right (CVR) is the mechanism for realizing residual value, tying shareholder payout directly to the success of asset liquidation over the following six months.

The CVR terms dictate the following payout structure from the remaining value pool:

• 100% of closing net cash in excess of $475 million.
• 80% of net proceeds from any disposition of certain product candidates within six months.

The company's cash position as of March 31, 2025, was $624.3 million, which is defintely relevant to the CVR calculation threshold of $475 million.

Former clinical trial investigators and patients (indirectly)

While not direct revenue customers, investigators and patients are critical stakeholders whose involvement must be managed during the transition to a wholly-owned subsidiary focused on wind-down. Their continued cooperation is necessary for the value of the assets being sold to remain intact.

• The company reported a net loss of $34.6 million in Q1 2025, illustrating the high cost of running these trials.
• The cash runway was projected through 2027 based on the Q1 2025 cash balance, covering planned trial continuation before the sale.

Finance: draft 13-week cash view by Friday.

iTeos Therapeutics, Inc. (ITOS) - Canvas Business Model: Cost Structure

The Cost Structure for iTeos Therapeutics, Inc. shifted significantly in 2025 following the termination of the GSK collaboration and the subsequent decision to wind down operations and explore asset sales. The focus moved from sustained R&D investment to managing exit-related liabilities.

High fixed costs related to winding down operations and severance became a primary cost driver. This was evidenced by the reported restructuring costs of $16.3 million recognized in the second quarter of 2025. These costs covered severance, contract terminations, lease exits, and workforce reductions, following the announcement on May 28, 2025, to cease clinical and operational activities.

Legal and advisory fees are a necessary component of the strategic review and asset sale process, which includes exploring sales of intellectual property like EOS-984 and EOS-215. The company engaged TD Cowen to assist in maximizing shareholder value through this strategic review.

Reduced Research & Development (R&D) expenses reflect the discontinuation of development programs, most notably the lead belrestotug program. For the first quarter ended March 31, 2025, R&D expenses were $29.0 million, down from $34.5 million in the same quarter of 2024. Year-to-date (YTD) through June 30, 2025, R&D expense totaled $86.314 million.

General and Administrative (G&A) expenses for corporate overhead also saw a decrease as the company streamlined activities ahead of the wind-down. G&A expenses for Q1 2025 were $11.0 million, compared to $12.7 million in Q1 2024. For the second quarter of 2025, G&A was $10.2 million, and YTD G&A through June 30, 2025, was $21.2 million.

Here's a quick look at the key operating expenses during this transition period:

Expense Category	Q1 2025 Amount	Q2 2025 Amount	YTD 6/30/2025 Amount
Research & Development (R&D) Expenses	$29.0 million	Not explicitly stated separately from YTD	$86.314 million
General & Administrative (G&A) Expenses	$11.0 million	$10.2 million	$21.2 million
Restructuring Costs (Q2 Only)	Not applicable	$16.3 million	Not explicitly stated separately from Q2

The overall operating expenses for Q1 2025 totaled $40.0 million, a reduction from $47.2 million in Q1 2024. The company's focus is on managing these wind-down costs while exploring asset sales, which may generate proceeds to offset these expenditures.

The cost structure is characterized by these non-recurring wind-down charges layered on top of the remaining operational overhead:

• Restructuring costs of $16.3 million in Q2 2025.
• Legal and advisory fees for strategic review/asset sales.
• Q1 2025 R&D spend at $29.0 million.
• Q1 2025 G&A spend at $11.0 million.
• Cessation of costs related to the discontinued inupadenant and belrestotug programs.

Finance: draft 13-week cash view by Friday.

iTeos Therapeutics, Inc. (ITOS) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for iTeos Therapeutics, Inc. as of late 2025, and honestly, the picture has changed dramatically following the termination of the GSK collaboration and the announced intent to wind down operations. The focus has shifted entirely from product development revenue to asset realization and cash preservation.

Upfront Payments and Milestones from Future Out-licensing or Sale of Remaining Assets

The primary forward-looking revenue stream is no longer tied to clinical progression but to the orderly disposition of remaining intellectual property and assets. Following the decision to cease clinical and operational activities, the board is focused on leveraging the existing cash balance to deliver near-term value to shareholders through asset sales. The potential value here is contingent on successful transactions for the remaining pipeline candidates.

• Exploring potential asset sales including the ENT1 inhibitor EOS-984.
• Exploring potential asset sales including the anti-TREM2 antibody EOS-215.
• Exploring potential asset sales including a preclinical obesity programme targeting ENT1.

The definitive merger agreement with Concentra Biosciences, signed in July 2025, directly impacts this stream via a Contingent Value Right (CVR). This CVR entitles shareholders to 80% of net proceeds from any asset sales or licenses executed within six months post-closing of the merger. Furthermore, shareholders receive 100% of the closing net cash if that amount exceeds $475 million.

Potential Liquidation Value from the Remaining Cash and Investments

This is the most concrete and immediate component of the current revenue structure, representing the company's primary asset base available for distribution or winding-down expenses. As of the end of the second quarter of 2025, the balance sheet held substantial liquid assets, though the operating cash burn rate remains a factor to consider.

Here's the quick math on the cash and investment position as of June 30, 2025, which is the latest comprehensive data available:

Asset Category	Amount (USD)
Cash and Cash Equivalents	$207.820 million
Short-Term Investments (Available-for-Sale)	$307.610 million
Long-Term Investments	$74.614 million
Total Cash and Investments (Approximate)	$589.044 million

The total assets reported were $623.083 million, against total liabilities of $129.282 million as of that date. What this estimate hides is the exact timing and quantum of the required $32.0 million settlement payment due to GSK under the Mutual Termination Agreement.

No Current Product Sales Revenue (Clinical-Stage Company)

As a clinical-stage biopharmaceutical company, iTeos Therapeutics, Inc. has no approved products on the market. Therefore, there is no recurring revenue from product sales, royalties, or commercialization activities. This lack of operating revenue is why the focus has pivoted to asset realization.

Prior Collaboration Revenue (e.g., the Upfront Payment from GSK, now ceased)

The most significant historical revenue source was the collaboration with GlaxoSmithKline (GSK) centered on the anti-TIGIT antibody, belrestotug. This stream has now ceased entirely. For the first six months of 2025, license and collaboration revenue was reported as $0. This compares starkly to the $35.0 million recognized in revenue during the first half of 2024, which included a milestone payment from the GSK partnership.

To be fair, the original 2021 partnership with GSK included a substantial upfront payment, but that cash inflow is historical and not part of the current or near-term revenue stream, which is now defined by the wind-down and asset sale process. Finance: draft the final cash distribution plan based on the Concentra merger closing date by November 30, 2025.