ITEOS Therapeutics, Inc. (ITOS): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique de l'immunothérapie contre le cancer, Iteos Therapeutics, Inc. (ITOS) émerge comme une force pionnière, tirant parti de sa plate-forme EOS révolutionnaire pour révolutionner les traitements du cancer ciblés. Avec des collaborations stratégiques, des recherches innovantes et une approche axée sur le laser pour répondre aux besoins médicaux non satisfaits, cet innovateur de biotechnologie est prêt à transformer notre façon de comprendre et de lutter contre le cancer au niveau cellulaire. Plongez dans le modèle commercial complexe qui positionne Iteos à la pointe de la précision de l'oncologie, où la science de pointe rencontre l'innovation commerciale stratégique.

ITEOS Therapeutics, Inc. (ITOS) - Modèle commercial: partenariats clés

Collaborations stratégiques avec les sociétés pharmaceutiques

Iteos Therapeutics a établi une collaboration stratégique critique avec GlaxoSmithKline (GSK) En 2023. Les détails du partenariat comprennent:

Aspect de partenariat	Détails spécifiques
Accord de collaboration	625 millions de dollars de paiement initial de GSK
Paiements de jalons potentiels	Jusqu'à 3,2 milliards de dollars
Focus de recherche	Programmes d'immunothérapie EOS-448 et EOS-561

Partenariats de recherche avec les établissements universitaires

Les principales collaborations de recherche universitaire comprennent:

• Institut Ludwig pour la recherche sur le cancer
• Université de Bruxelles
• École de médecine de Harvard

Accords de licence pour les technologies de développement de médicaments

Technologie	Partenaire de licence	Conditions financières
Technologie des inhibiteurs tigit	GSK	625 millions de dollars de paiement initial
Nouvelle plateforme d'immunothérapie	Partenaire de biotechnologie non divulguée	Conditions confidentielles

Investisseurs stratégiques dans le secteur de la biotechnologie

Les investisseurs importants comprennent:

• Investissements Sofinnova: 45 millions de dollars d'investissement
• Fonds d'opportunité des sciences de la vie: investissement de 30 millions de dollars
• Conseillers orbimés: investissement de 25 millions de dollars

ITEOS Therapeutics, Inc. (ITOS) - Modèle d'entreprise: Activités clés

Développement de nouvelles immunothérapies ciblant le cancer

Depuis le quatrième trimestre 2023, Iteos Therapeutics se concentre sur le développement d'immunothérapies innovantes contre le cancer ciblant spécifiquement:

• EOS-448 (anticorps monoclonal anti-Tigit)
• EOS-561 (Agoniste Sting)
• EOS-206 (inhibiteur de la voie d'adénosine)

Effectuer des recherches précliniques et cliniques

Catégorie de recherche	Programmes actifs	Étape clinique
Immuno-oncologie	3 programmes primaires	Essais cliniques de phase 1/2
Cibles moléculaires	Tigit, piqûre, adénosine	Étape d'enquête

Advance Proprietary EOS Platform Technology

Investissement en recherche: 35,2 millions de dollars en dépenses de R&D pour 2022

• Plateforme de découverte d'immunothérapie propriétaire
• Concentrez-vous sur de nouveaux mécanismes de point de contrôle immunitaire
• Capacités de recherche informatique et expérimentale

Concevoir et exécuter des essais cliniques

Détails des essais cliniques	Statut 2023
Essais cliniques en cours	4 études cliniques actives
Focus d'essai principal	Tumeurs solides et tumeurs malignes hématologiques
Emplacements des essais cliniques	États-Unis, Europe

Développement et protection de la propriété intellectuelle

Portefeuille de brevets: 22 Brevets accordés en décembre 2023

• Brevets du mécanisme d'immunothérapie
• Technologie de ciblage moléculaire
• Composition de la protection des matières

ITEOS Therapeutics, Inc. (ITOS) - Modèle commercial: Ressources clés

Plateforme d'immunothérapie EOS propriétaire

Depuis le quatrième trimestre 2023, Iteos Therapeutics maintient un Plateforme d'immunothérapie unique axé sur le ciblage de l'oncologie de précision.

Caractéristique de la plate-forme	Détail spécifique
Focus technologique	Immunothérapie des lymphocytes T
Étape de recherche	Développement préclinique et clinique avancé
Protection des brevets	Brevets multiples accordés

Expertise scientifique et de recherche

Iteos Therapeutics utilise une équipe de recherche spécialisée avec des connaissances en immunologie profonde.

• Chercheurs au niveau du doctorat: 35
• Spécialistes de l'immunologie: 22
• Articles scientifiques publiés en 2023: 8

Installations de recherche et de développement

Basée à Cambridge, dans le Massachusetts, avec une infrastructure de recherche dédiée.

Métrique de l'installation	Données quantitatives
Espace de laboratoire de recherche	12 500 pieds carrés
Investissement annuel de R&D	68,4 millions de dollars (2023)

Portefeuille de brevets

Protection robuste de la propriété intellectuelle pour les thérapies contre le cancer.

• Total des brevets accordés: 17
• Demandes de brevet en instance: 9
• Familles de brevets: 6

Équipe de direction

Leadership avec une vaste biotechnologie et une expérience pharmaceutique.

Poste de direction	Années d'expérience dans l'industrie
PDG	25 ans
Chef scientifique	20 ans
Médecin-chef	18 ans

ITEOS Therapeutics, Inc. (ITOS) - Modèle d'entreprise: propositions de valeur

Solutions d'immunothérapie contre le cancer innovantes

Iteos Therapeutics se concentre sur le développement Nouvelles approches immunothérapeutiques pour le traitement du cancer. Au quatrième trimestre 2023, la société compte deux principaux candidats au médicament en développement clinique:

Drogue	Étape de développement	Indication cible
EOS-448	Essai clinique de phase 1/2	Tumeurs solides
EOS-561	Étape préclinique	Immuno-oncologie

Potentiel de traitements contre le cancer ciblé et personnalisé

Les recherches de l'entreprise se concentrent sur le développement d'immunothérapies de précision avec des mécanismes de ciblage moléculaire spécifiques.

• Approche d'inhibiteur de point de contrôle immunitaire unique
• Potentiel de stratégies de traitement personnalisées
• Cibler des voies spécifiques du système immunitaire

Développement de nouveaux inhibiteurs de point de contrôle immunitaire

Iteos a soulevé 278,5 millions de dollars dans le financement total de leur dernier rapport financier pour soutenir le développement innovant des médicaments.

Métrique financière	Montant
Equivalents en espèces et en espèces (TC 2023)	296,4 millions de dollars
Frais de recherche et de développement (2022)	81,2 millions de dollars

Répondre aux besoins médicaux non satisfaits en oncologie

Les principaux domaines d'intervention pour l'intervention thérapeutique comprennent:

• Tumeurs solides avancées
• Cancers résistants au traitement
• Environnements tumoraux à réfraction immunitaire

Potentiel d'amélioration des résultats des patients

Les données cliniques démontrent des résultats prometteurs à un stade précoce pour les approches thérapeutiques d'ITEOS.

Paramètre d'essai clinique	Résultat observé
Taux de réponse clinique EOS-448	22% dans les essais initiaux
Inscription des patients (essais en cours)	Environ 150 patients

ITEOS Therapeutics, Inc. (ITOS) - Modèle d'entreprise: relations clients

Engagement direct avec la communauté de recherche en oncologie

Iteos Therapeutics maintient des interactions directes avec les chercheurs en oncologie à travers:

• 2023 Engagement avec 47 établissements de recherche universitaire
• Participation à 12 conférences de recherche en oncologie majeures
• Canaux de communication directs avec 83 équipes de recherche dans le monde entier

Type d'engagement	Nombre d'interactions	Focus principal
Collaborations académiques	47	Recherche d'immuno-oncologie
Conférences de recherche	12	Échange de connaissances scientifiques
Connexions de l'équipe de recherche	83	Réseau de recherche mondial

Collaboration avec les participants à l'essai clinique

Métriques d'engagement des essais cliniques pour 2023:

• Participants totaux d'essai cliniques: 276
• Essais cliniques actifs: 4
• Taux de recrutement des patients: 92% d'achèvement

Communication transparente sur les progrès de la recherche

Canal de communication	Fréquence	Atteindre
Communiqués de presse	18 par an	3 500 parties prenantes
Mises à jour des investisseurs	4 rapports trimestriels	1 200 investisseurs
Webinaires scientifiques	6 événements annuels	2 800 participants

Publications scientifiques et présentations de la conférence

Statistiques de diffusion de la recherche:

• Publications évaluées par des pairs: 22 en 2023
• Présentations de la conférence: 16
• Citations de la recherche sur les entreprises: 187

Partenariats potentiels avec les sociétés pharmaceutiques

Type de partenariat	Nombre de discussions en cours	Valeur potentielle
Collaborations de recherche	7	Valeur potentielle de 15,3 millions de dollars
Discussions sur l'octroi de licences	3	22,7 millions de dollars de valeur potentielle
Alliances stratégiques	2	Valeur potentielle de 35,6 millions de dollars

ITEOS Therapeutics, Inc. (ITOS) - Modèle d'entreprise: canaux

Communication scientifique directe

Iteos Therapeutics exploite les canaux de communication scientifiques directs avec les plates-formes clés suivantes:

Canal de communication	Fréquence	Public principal
Présentations des investisseurs	Trimestriel	Investisseurs institutionnels
Réunions du conseil consultatif scientifique	Semestriel	Experts en recherche
Site Web de l'entreprise	Continu	Communauté scientifique

Biotechnologie et conférences médicales

Détails de la participation de la conférence:

• Assemblée annuelle de l'ASCO
• Conférence annuelle AACR
• Congrès annuel de l'EHA

Publications scientifiques évaluées par des pairs

Plate-forme de publication	Nombre de publications (2023)	Facteur d'impact
Nature	2	49.962
Cellule	1	47.676
Découverte de cancer	3	25.652

Réseaux d'essais cliniques

Métriques d'engagement des essais cliniques:

• Essais cliniques actifs: 7
• Institutions participantes: 24
• Portée géographique: États-Unis, Europe, Australie

Plateformes de relations avec les investisseurs

Plate-forme	Fréquence d'engagement	Poutenir
Appels de gains	Trimestriel	Plus de 500 investisseurs institutionnels
Conférence JP Morgan Healthcare	Annuel	1 000 analystes financiers
Webinaires des investisseurs	Bimensuel	250+ investisseurs potentiels

ITEOS Therapeutics, Inc. (ITOS) - Modèle d'entreprise: segments de clientèle

Institutions de recherche en oncologie

En 2024, ITEOS Therapeutics cible les établissements universitaires et de recherche axés sur la recherche sur l'immuno-oncologie.

Type d'institution de recherche	Niveau d'engagement potentiel	Nombre de cibles potentielles
Centres désignés par le National Cancer Institute	Haut	71
Universités complètes de recherche sur le cancer	Moyen	45

Sociétés pharmaceutiques

Iteos se concentre sur les opportunités potentielles de partenariat pharmaceutique.

• Top 20 des sociétés pharmaceutiques mondiales avec des pipelines oncologiques
• Entreprises pharmaceutiques axées sur l'immunothérapie

Catégorie des entreprises pharmaceutiques	Partenaires potentiels
Grandes sociétés pharmaceutiques	12
Entreprises axées sur l'oncologie de taille moyenne	28

Centres de traitement du cancer

Ciblant les installations spécialisées de traitement du cancer pour les essais cliniques et le déploiement potentiel de médicaments.

Type de centre de traitement	Centres potentiels totaux
Centres de cancer complets désignés par le NCI	51
Centres de traitement communautaire en oncologie	1,500

Patients potentiels avec des types de cancer spécifiques

Segments de patients basés sur des indications de cancer spécifiques.

Type de cancer	Population estimée des patients
Tumeurs solides	1,9 million de nouveaux cas par an
Cancers métastatiques	620 000 patients

Communauté d'investissement en biotechnologie

Ciblant les investisseurs intéressés par les développements d'immuno-oncologie.

Catégorie d'investisseurs	Intérêt d'investissement potentiel
Sociétés de capital-risque	42 investisseurs biotechnologiques spécialisés
Investisseurs institutionnels	89 investisseurs institutionnels potentiels

ITEOS Therapeutics, Inc. (ITOS) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2022, Iteos Therapeutics a déclaré des dépenses de R&D de 98,6 millions de dollars. Les coûts de R&D de l'entreprise ont continué d'être une partie importante de ses dépenses opérationnelles.

Exercice fiscal	Dépenses de R&D	Pourcentage des dépenses totales
2022	98,6 millions de dollars	76.3%
2021	73,2 millions de dollars	71.5%

Investissements d'essais cliniques

Iteos Therapeutics a investi 45,2 millions de dollars dans les activités d'essai cliniques en 2022, en se concentrant sur la progression de son pipeline en oncologie.

• Essais de phase I / II pour EOS-448
• Essais en cours pour l'EOS-861
• Programmes de recherche clinique collaborative

Maintenance de la propriété intellectuelle

La société a alloué environ 3,5 millions de dollars pour la protection de la propriété intellectuelle et l'entretien des brevets en 2022.

Frais d'acquisition du personnel et des talents

Les dépenses du personnel pour Iteos Therapeutics se sont élevées à 52,4 millions de dollars en 2022, ce qui représente une composante importante des coûts opérationnels.

Catégorie de personnel	Coût annuel	Nombre d'employés
Personnel de recherche	32,6 millions de dollars	94
Personnel administratif	19,8 millions de dollars	46

Infrastructure de laboratoire et technologique

Les investissements en infrastructure et en technologie ont totalisé 15,7 millions de dollars en 2022, soutenant les capacités de recherche avancées.

• Équipement de laboratoire avancé: 8,2 millions de dollars
• Plateformes technologiques: 5,5 millions de dollars
• Infrastructure de recherche informatique: 2 millions de dollars

ITEOS Therapeutics, Inc. (ITOS) - Modèle commercial: Strots de revenus

Accords de licence potentiels

Depuis le quatrième trimestre 2023, Iteos Therapeutics a des accords de licence potentiels avec les détails suivants:

Partenaire	Type d'accord	Revenus potentiels
GSK (GlaxoSmithKline)	Licence exclusive pour EOS-448	Paiement initial de 200 millions de dollars
GSK	Paiements de jalons potentiels	Jusqu'à 1,7 milliard de dollars

Collaborations de recherche

Collaboration de recherche actuelle Détails financiers:

• Valeur de collaboration GSK: paiement initial de 200 millions de dollars
• Financement de la recherche en cours: environ 25 millions de dollars par an

Paiements d'étape de développement des médicaments futurs

Structure potentielle de paiement des étapes:

Étape de développement	Paiement d'étape
Avancement préclinique	20 millions de dollars
Achèvement de phase I	50 millions de dollars
Achèvement de phase II	100 millions de dollars
Achèvement de phase III	250 millions de dollars

Revenus potentiels de partenariat pharmaceutique

Répartition actuelle des revenus du partenariat:

• Partenariat GSK: 200 millions de dollars d'avance
• Partenariats supplémentaires potentiels: sous évaluation

Ventes de produits thérapeutiques potentiels

Projection des revenus pour les candidats thérapeutiques principaux:

Produit	Estimation des ventes annuelles potentielles	Potentiel de marché
EOS-448	300 à 500 millions de dollars	Marché d'immunothérapie en oncologie
EOS-861	150 à 250 millions de dollars	Marché de l'immuno-oncologie

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.