iTeos Therapeutics, Inc. (ITOS): Modelo de Negocio Canvas [Actualizado en Ene-2025]

En el panorama dinámico de la inmunoterapia contra el cáncer, ITEOS Therapeutics, Inc. (ITOS) emerge como una fuerza pionera, aprovechando su innovadora plataforma EOS para revolucionar los tratamientos de cáncer específicos. Con colaboraciones estratégicas, investigación innovadora y un enfoque centrado en el láser para abordar las necesidades médicas no satisfechas, este innovador biotecnología está listo para transformar cómo entendemos y combatemos el cáncer a nivel celular. Sumérgete en el intrincado modelo de negocio que posiciona ITEO a la vanguardia de la oncología de precisión, donde la ciencia de vanguardia cumple con la innovación empresarial estratégica.

ITEOS Therapeutics, Inc. (ITOS) - Modelo de negocio: asociaciones clave

Colaboraciones estratégicas con compañías farmacéuticas

ITEOS Therapeutics ha establecido una colaboración estratégica crítica con GlaxoSmithKline (GSK) A partir de 2023. Los detalles de la asociación incluyen:

Aspecto de asociación	Detalles específicos
Acuerdo de colaboración	$ 625 millones de pago por adelantado de GSK
Pagos potenciales de hitos	Hasta $ 3.2 mil millones
Enfoque de investigación	Programas de inmunoterapia EOS-448 y EOS-561

Asociaciones de investigación con instituciones académicas

Las colaboraciones clave de la investigación académica incluyen:

• Instituto Ludwig para la Investigación del Cáncer
• Universidad de Bruselas
• Escuela de Medicina de Harvard

Acuerdos de licencia para tecnologías de desarrollo de fármacos

Tecnología	Socio de licencia	Términos financieros
Tecnología de inhibidores de Tigit	Gsk	$ 625 millones de pago por adelantado
Nueva plataforma de inmunoterapia	Socio de biotecnología no revelada	Términos confidenciales

Inversores estratégicos en sector de biotecnología

Los inversores significativos incluyen:

• Sofinnova Investments: $ 45 millones de inversión
• Fondo de Oportunidad de Ciencias de la Vida: inversión de $ 30 millones
• Orbimed Advisors: inversión de $ 25 millones

ITEOS Therapeutics, Inc. (ITOS) - Modelo de negocio: actividades clave

Desarrollo de nuevas inmunoterapias dirigidas al cáncer

A partir del cuarto trimestre de 2023, ITEOS Therapeutics se enfoca en desarrollar inmunoterapias innovadoras de cáncer específicamente dirigida:

• EOS-448 (anticuerpo monoclonal anti-tígito)
• EOS-561 (agonista Sting)
• EOS-206 (inhibidor de la vía de adenosina)

Realización de investigaciones preclínicas y clínicas

Categoría de investigación	Programas activos	Estadio clínico
Inmuno-oncología	3 programas primarios	Ensayos clínicos de fase 1/2
Objetivos moleculares	Tigit, picadura, adenosina	Etapa de investigación

Avance de la tecnología de plataforma EOS patentada

Inversión de investigación: $ 35.2 millones en gastos de I + D para 2022

• Plataforma de descubrimiento de inmunoterapia patentada
• Centrarse en nuevos mecanismos de punto de control inmune
• Capacidades de investigación computacionales y experimentales

Diseño y ejecución de ensayos clínicos

Detalles del ensayo clínico	Estado 2023
Ensayos clínicos en curso	4 Estudios clínicos activos
Enfoque de ensayo primario	Tumores sólidos y neoplasias hematológicas
Ubicaciones de ensayos clínicos	Estados Unidos, Europa

Desarrollo y protección de la propiedad intelectual

Portafolio de patentes: 22 patentes otorgadas a diciembre de 2023

• Patentes de mecanismo de inmunoterapia
• Tecnología de orientación molecular
• Composición de la protección de la materia

ITEOS Therapeutics, Inc. (ITOS) - Modelo de negocio: recursos clave

Plataforma de inmunoterapia con EOS patentada

A partir del cuarto trimestre de 2023, ITEOS Therapeutics mantiene un plataforma de inmunoterapia única centrado en la orientación oncológica de precisión.

Característica de la plataforma	Detalle específico
Enfoque tecnológico	Inmunoterapia con células T
Etapa de investigación	Desarrollo preclínico y clínico avanzado
Protección de patentes	Múltiples patentes otorgadas

Experiencia científica e de investigación

ITEOS Therapeutics emplea un equipo de investigación especializado con un profundo conocimiento de inmunología.

• Investigadores a nivel de doctorado: 35
• Especialistas en inmunología: 22
• Documentos científicos publicados en 2023: 8

Investigaciones y instalaciones de desarrollo

Con sede en Cambridge, Massachusetts con infraestructura de investigación dedicada.

Métrica de la instalación	Datos cuantitativos
Espacio de laboratorio de investigación	12,500 pies cuadrados
Inversión anual de I + D	$ 68.4 millones (2023)

Cartera de patentes

Protección de propiedad intelectual robusta para la terapéutica del cáncer.

• Patentes totales otorgadas: 17
• Aplicaciones de patentes pendientes: 9
• Familias de patentes: 6

Equipo de gestión

Liderazgo con extensa biotecnología y experiencia farmacéutica.

Puesto ejecutivo	Años de experiencia en la industria
CEO	25 años
Oficial científico	20 años
Director médico	18 años

ITEOS Therapeutics, Inc. (ITOS) - Modelo de negocio: propuestas de valor

Soluciones innovadoras de inmunoterapia con cáncer

Iteos Therapeutics se centra en desarrollar nuevos enfoques inmunoterapéuticos para el tratamiento del cáncer. A partir del cuarto trimestre de 2023, la compañía tiene dos candidatos de drogas principales en el desarrollo clínico:

Candidato a la droga	Etapa de desarrollo	Indicación objetivo
EOS-448	Ensayo clínico de fase 1/2	Tumores sólidos
EOS-561	Etapa preclínica	Inmuno-oncología

Potencial para tratamientos para el cáncer dirigidos y personalizados

La investigación de la compañía se centra en desarrollar inmunoterapias de precisión con mecanismos específicos de orientación molecular.

• Enfoque único del inhibidor del punto de control inmune
• Potencial para estrategias de tratamiento personalizadas
• Dirigir vías específicas del sistema inmune

Desarrollo de nuevos inhibidores del punto de control inmune

Iteos ha criado $ 278.5 millones en fondos totales a partir de su último informe financiero para apoyar el desarrollo innovador de medicamentos.

Métrica financiera	Cantidad
Equivalentes de efectivo y efectivo (tercer trimestre de 2023)	$ 296.4 millones
Gastos de investigación y desarrollo (2022)	$ 81.2 millones

Abordar las necesidades médicas no satisfechas en oncología

Las áreas de enfoque clave para la intervención terapéutica incluyen:

• Tumores sólidos avanzados
• Cánceres resistentes al tratamiento
• Ambientes tumorales inmunes-refractarios

Potencial para mejorar los resultados del paciente

Los datos clínicos demuestran resultados prometedores en la etapa temprana para los enfoques terapéuticos de ITEOS.

Parámetro de ensayo clínico	Resultado observado
Tasa de respuesta clínica EOS-448	22% en los ensayos iniciales
Inscripción del paciente (ensayos en curso)	Aproximadamente 150 pacientes

ITEOS Therapeutics, Inc. (ITOS) - Modelo de negocio: relaciones con los clientes

Comunidad directa de compromiso con la investigación de oncología

ITEOS Therapeutics mantiene interacciones directas con investigadores de oncología a través de:

• 2023 compromiso con 47 instituciones de investigación académica
• Participación en 12 principales conferencias de investigación de oncología
• Canales de comunicación directa con 83 equipos de investigación a nivel mundial

Tipo de compromiso	Número de interacciones	Enfoque principal
Colaboraciones académicas	47	Investigación de inmuno-oncología
Conferencias de investigación	12	Intercambio de conocimiento científico
Conexiones del equipo de investigación	83	Redes de investigación global

Colaboración con participantes de ensayos clínicos

Métricas de participación de ensayos clínicos para 2023:

• Participantes totales de ensayos clínicos: 276
• Ensayos clínicos activos: 4
• Tasa de reclutamiento de pacientes: 92% de finalización

Comunicación transparente sobre el progreso de la investigación

Canal de comunicación	Frecuencia	Alcanzar
Comunicados de prensa	18 por año	3.500 partes interesadas
Actualizaciones de inversores	4 informes trimestrales	1.200 inversores
Seminarios web científicos	6 eventos anuales	2.800 participantes

Publicaciones científicas y presentaciones de conferencias

Estadísticas de difusión de investigación:

• Publicaciones revisadas por pares: 22 en 2023
• Presentaciones de conferencias: 16
• Citas de investigación de la empresa: 187

Posibles asociaciones con compañías farmacéuticas

Tipo de asociación	Número de discusiones en curso	Valor potencial
Colaboraciones de investigación	7	$ 15.3 millones de valor potencial
Discusiones de licencia	3	$ 22.7 millones de valor potencial
Alianzas estratégicas	2	$ 35.6 millones de valor potencial

ITEOS Therapeutics, Inc. (ITOS) - Modelo de negocio: canales

Comunicación científica directa

ITEOS Therapeutics aprovecha los canales de comunicación científica directa con las siguientes plataformas clave:

Canal de comunicación	Frecuencia	Audiencia principal
Presentaciones de inversores	Trimestral	Inversores institucionales
Reuniones de la junta asesora científica	Semestral	Expertos en investigación
Sitio web de la empresa	Continuo	Comunidad científica

Biotecnología y conferencias médicas

Detalles de participación de la conferencia:

• Reunión anual de ASCO
• Conferencia anual de AACR
• Congreso anual de EHA

Publicaciones científicas revisadas por pares

Plataforma de publicación	Número de publicaciones (2023)	Factor de impacto
Naturaleza	2	49.962
Celúla	1	47.676
Descubrimiento de cáncer	3	25.652

Redes de ensayos clínicos

Métricas de compromiso de ensayos clínicos:

• Ensayos clínicos activos: 7
• Instituciones participantes: 24
• Alcance geográfico: Estados Unidos, Europa, Australia

Plataformas de relaciones con los inversores

Plataforma	Frecuencia de compromiso	Alcance de la audiencia
Llamadas de ganancias	Trimestral	500+ inversores institucionales
Conferencia de atención médica de JP Morgan	Anual	Más de 1,000 analistas financieros
Seminarios web de inversores	Bimensual	Más de 250 inversores potenciales

ITEOS Therapeutics, Inc. (ITOS) - Modelo de negocio: segmentos de clientes

Instituciones de investigación de oncología

A partir de 2024, ITEOS Therapeutics se dirige a las instituciones académicas y de investigación centradas en la investigación de inmuno-oncología.

Tipo de institución de investigación	Nivel de compromiso potencial	Número de objetivos potenciales
Centros designados por el Instituto Nacional del Cáncer	Alto	71
Universidades integrales de investigación del cáncer	Medio	45

Compañías farmacéuticas

ITEOS se centra en las posibles oportunidades de asociación farmacéutica.

• Las 20 principales compañías farmacéuticas globales con tuberías oncológicas
• Empresas farmacéuticas centradas en la inmunoterapia

Categoría de la empresa farmacéutica	Socios potenciales
Grandes compañías farmacéuticas	12
Empresas centradas en la oncología de tamaño mediano	28

Centros de tratamiento del cáncer

Dirigido a las instalaciones especializadas de tratamiento del cáncer para ensayos clínicos y un posible despliegue de medicamentos.

Tipo de centro de tratamiento	Centros potenciales totales
Centros de cáncer integrales designados por NCI	51
Centros de tratamiento de oncología comunitaria	1,500

Pacientes posibles con tipos de cáncer específicos

Segmentos de pacientes basados ​​en indicaciones específicas de cáncer.

Tipo de cáncer	Población de pacientes estimada
Tumores sólidos	1.9 millones de casos nuevos anualmente
Cánceres metastásicos	620,000 pacientes

Comunidad de inversión en biotecnología

Dirigidos a inversores interesados ​​en desarrollos inmuno-oncológicos.

Categoría de inversionista	Interés de inversión potencial
Empresas de capital de riesgo	42 inversores especializados de biotecnología
Inversores institucionales	89 inversores institucionales potenciales

ITEOS Therapeutics, Inc. (ITOS) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2022, ITEOS Therapeutics reportó gastos de I + D de $ 98.6 millones. Los costos de I + D de la compañía continuaron siendo una parte significativa de sus gastos operativos.

Año fiscal	Gastos de I + D	Porcentaje de gastos totales
2022	$ 98.6 millones	76.3%
2021	$ 73.2 millones	71.5%

Inversiones de ensayos clínicos

ITEOS Therapeutics invirtió $ 45.2 millones en actividades de ensayos clínicos durante 2022, centrándose en avanzar en su tubería oncológica.

• Ensayos de fase I/II para EOS-448
• Pruebas en curso para EOS-861
• Programas de investigación clínica colaborativa

Mantenimiento de la propiedad intelectual

La Compañía asignó aproximadamente $ 3.5 millones para protección de propiedad intelectual y mantenimiento de patentes en 2022.

Costos de adquisición de personal y talento

Los gastos de personal para ITEOS Therapeutics fueron de $ 52.4 millones en 2022, lo que representa un componente significativo de los costos operativos.

Categoría de personal	Costo anual	Número de empleados
Personal de investigación	$ 32.6 millones	94
Personal administrativo	$ 19.8 millones	46

Infraestructura de laboratorio y tecnología

Las inversiones en infraestructura y tecnología totalizaron $ 15.7 millones en 2022, apoyando las capacidades de investigación avanzadas.

• Equipo de laboratorio avanzado: $ 8.2 millones
• Plataformas tecnológicas: $ 5.5 millones
• Infraestructura de investigación computacional: $ 2 millones

ITEOS Therapeutics, Inc. (ITOS) - Modelo de negocio: flujos de ingresos

Posibles acuerdos de licencia

A partir del cuarto trimestre de 2023, ITEOS Therapeutics tiene posibles acuerdos de licencia con los siguientes detalles:

Pareja	Tipo de acuerdo	Ingresos potenciales
GSK (GlaxoSmithKline)	Licencia exclusiva para EOS-448	Pago por adelantado de $ 200 millones
Gsk	Pagos potenciales de hitos	Hasta $ 1.7 mil millones

Colaboraciones de investigación

Detalles financieros de colaboración de investigación actual:

• Valor de colaboración GSK: pago inicial de $ 200 millones
• Financiación de la investigación continua: aproximadamente $ 25 millones anuales

Pagos de hitos de desarrollo de medicamentos futuros

Estructura de pago de hito potencial:

Etapa de desarrollo	Pago por hito
Avance preclínico	$ 20 millones
Fase I finalización	$ 50 millones
Finalización de la fase II	$ 100 millones
Finalización de fase III	$ 250 millones

Ingresos potenciales de asociación farmacéutica

Desglose de ingresos de asociación actual:

• Asociación GSK: $ 200 millones por adelantado
• Posibles asociaciones adicionales: bajo evaluación

Venta de productos terapéuticos potenciales

Proyección de ingresos para candidatos terapéuticos principales:

Producto	Estimación de ventas anual potencial	Potencial de mercado
EOS-448	$ 300-500 millones	Mercado de inmunoterapia oncológica
EOS-861	$ 150-250 millones	Mercado de inmuno-oncología

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.