Iteos Therapeutics, Inc. (ITOS): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da imunoterapia contra o câncer, a ITEOS Therapeutics, Inc. (ITOS) surge como uma força pioneira, alavancando sua inovadora plataforma de EOS para revolucionar tratamentos de câncer direcionados. Com colaborações estratégicas, pesquisa inovadora e uma abordagem focada em laser para atender às necessidades médicas não atendidas, esse inovador de biotecnologia está pronto para transformar a maneira como entendemos e combate o câncer no nível celular. Mergulhe no intrincado modelo de negócios que posiciona Iteos na vanguarda da oncologia de precisão, onde a ciência de ponta encontra inovação em negócios estratégica.

Iteos Therapeutics, Inc. (ITOS) - Modelo de negócios: Parcerias -chave

Colaborações estratégicas com empresas farmacêuticas

Iteos Therapeutics estabeleceu uma colaboração estratégica crítica com GlaxoSmithKline (GSK) A partir de 2023. Os detalhes da parceria incluem:

Aspecto da parceria	Detalhes específicos
Contrato de Colaboração	US $ 625 milhões para pagamento inicial da GSK
Potenciais pagamentos marcantes	Até US $ 3,2 bilhões
Foco na pesquisa	Programas de imunoterapia EOS-448 e EOS-561

Parcerias de pesquisa com instituições acadêmicas

As principais colaborações de pesquisa acadêmica incluem:

• Instituto Ludwig para Pesquisa sobre Câncer
• Universidade de Bruxelas
• Escola de Medicina de Harvard

Acordos de licenciamento para tecnologias de desenvolvimento de medicamentos

Tecnologia	Parceiro de licenciamento	Termos financeiros
Tecnologia do inibidor do Tigit	GSK	Pagamento antecipado de US $ 625 milhões
Nova plataforma de imunoterapia	Parceiro de biotecnologia não divulgado	Termos confidenciais

Investidores estratégicos em setor de biotecnologia

Investidores significativos incluem:

• Investimentos da Sofinnova: investimento de US $ 45 milhões
• Fundo de Oportunidades de Ciências da Vida: US $ 30 milhões no investimento
• Consultores orbimizados: investimento de US $ 25 milhões

Iteos Therapeutics, Inc. (ITOS) - Modelo de negócios: Atividades -chave

Desenvolvendo novas imunoterapias direcionadas ao câncer

A partir do quarto trimestre 2023, a ITEOS Therapeutics se concentra no desenvolvimento de imunoterapias inovadoras do câncer, direcionadas especificamente:

• EOS-448 (anticorpo monoclonal anti-tigit)
• EOS-561 (agonista da Sting)
• EOS-206 (inibidor da via da adenosina)

Condução de pesquisa pré -clínica e clínica

Categoria de pesquisa	Programas ativos	Estágio clínico
Imuno-oncologia	3 programas primários	Fase 1/2 ensaios clínicos
Alvos moleculares	Tigit, Sting, adenosina	Estágio de investigação

Avançar a tecnologia de plataforma EOS proprietária

Investimento de pesquisa: US $ 35,2 milhões em despesas de P&D para 2022

• Plataforma de descoberta de imunoterapia proprietária
• Concentre -se em novos mecanismos de ponto de verificação imune
• Capacidades de pesquisa computacional e experimental

Projetando e executando ensaios clínicos

Detalhes do ensaio clínico	2023 Status
Ensaios clínicos em andamento	4 estudos clínicos ativos
Foco no ensaio primário	Tumores sólidos e neoplasias hematológicas
Locais de ensaios clínicos	Estados Unidos, Europa

Desenvolvimento e proteção da propriedade intelectual

Portfólio de patentes: 22 concedidas patentes em dezembro de 2023

• Patentes do mecanismo de imunoterapia
• Tecnologia de direcionamento molecular
• Composição da proteção da matéria

Iteos Therapeutics, Inc. (ITOS) - Modelo de negócios: Recursos -chave

Plataforma de imunoterapia EOS proprietária

A partir do quarto trimestre 2023, o ITEOS Therapeutics mantém um Plataforma de imunoterapia única focado na segmentação de oncologia de precisão.

Característica da plataforma	Detalhes específicos
Foco em tecnologia	Imunoterapia com células T.
Estágio de pesquisa	Desenvolvimento pré -clínico e clínico avançado
Proteção de patentes	Múltiplas patentes concedidas

Experiência científica e de pesquisa

A Iteos Therapeutics emprega uma equipe de pesquisa especializada com profundo conhecimento de imunologia.

• Pesquisadores no nível de doutorado: 35
• Especialistas em imunologia: 22
• Publicou artigos científicos em 2023: 8

Instalações de pesquisa e desenvolvimento

Sediada em Cambridge, Massachusetts, com infraestrutura de pesquisa dedicada.

Métrica da instalação	Dados quantitativos
Espaço de Laboratório de Pesquisa	12.500 pés quadrados
Investimento anual de P&D	US $ 68,4 milhões (2023)

Portfólio de patentes

Proteção de propriedade intelectual robusta para terapêutica do câncer.

• Total de patentes concedidas: 17
• Aplicações de patentes pendentes: 9
• Famílias de patentes: 6

Equipe de gerenciamento

Liderança com extensa biotecnologia e experiência farmacêutica.

Posição executiva	Anos de experiência no setor
CEO	25 anos
Diretor científico	20 anos
Diretor médico	18 anos

Iteos Therapeutics, Inc. (ITOS) - Modelo de negócios: proposições de valor

Soluções inovadoras de imunoterapia ao câncer

Iteos Therapeutics se concentra no desenvolvimento Novas abordagens imunoterapêuticas para tratamento de câncer. A partir do quarto trimestre de 2023, a empresa possui dois candidatos a medicamentos primários no desenvolvimento clínico:

Candidato a drogas	Estágio de desenvolvimento	Indicação alvo
EOS-448	Ensaio Clínico de Fase 1/2	Tumores sólidos
EOS-561	Estágio pré -clínico	Imuno-oncologia

Potencial para tratamentos de câncer direcionados e personalizados

A pesquisa da empresa se concentra no desenvolvimento de imunoterapias de precisão com mecanismos específicos de direcionamento molecular.

• Abordagem exclusiva do inibidor do ponto de verificação imune
• Potencial para estratégias de tratamento personalizadas
• Direcionando vias específicas do sistema imunológico

Desenvolvimento de novos inibidores de ponto de verificação imune

Iteos aumentou US $ 278,5 milhões no financiamento total a partir de seu último relatório financeiro para apoiar o desenvolvimento inovador de medicamentos.

Métrica financeira	Quantia
Caixa e equivalentes em dinheiro (terceiro trimestre 2023)	US $ 296,4 milhões
Despesas de pesquisa e desenvolvimento (2022)	US $ 81,2 milhões

Atendendo às necessidades médicas não atendidas em oncologia

As principais áreas de foco para a intervenção terapêutica incluem:

• Tumores sólidos avançados
• Cânceres resistentes ao tratamento
• Ambientes de tumores imune-refratários

Potencial para melhores resultados dos pacientes

Os dados clínicos demonstram resultados promissores em estágio inicial para as abordagens terapêuticas da ITEOS.

Parâmetro do ensaio clínico	Resultado observado
Taxa de resposta clínica EOS-448	22% nos ensaios iniciais
Inscrição do paciente (ensaios em andamento)	Aproximadamente 150 pacientes

Iteos Therapeutics, Inc. (ITOS) - Modelo de negócios: Relacionamentos do cliente

Engajamento direto com a comunidade de pesquisa oncológica

O ITEOS Therapeutics mantém interações diretas com os pesquisadores de oncologia por meio de:

• 2023 Engajamento com 47 instituições de pesquisa acadêmica
• Participação em 12 principais conferências de pesquisa de oncologia
• Canais de comunicação direta com 83 equipes de pesquisa globalmente

Tipo de engajamento	Número de interações	Foco primário
Colaborações acadêmicas	47	Pesquisa de imuno-oncologia
Conferências de pesquisa	12	Troca de conhecimento científico
Conexões da equipe de pesquisa	83	Rede de pesquisa global

Colaboração com participantes de ensaios clínicos

Métricas de engajamento de ensaios clínicos para 2023:

• TOTAL DE EUSTRAMOS CLÍNICOS Participantes: 276
• Ensaios clínicos ativos: 4
• Taxa de recrutamento de pacientes: conclusão de 92%

Comunicação transparente sobre o progresso da pesquisa

Canal de comunicação	Freqüência	Alcançar
Comunicados de imprensa	18 por ano	3.500 partes interessadas
Atualizações do investidor	4 relatórios trimestrais	1.200 investidores
Webinars científicos	6 eventos anuais	2.800 participantes

Publicações científicas e apresentações da conferência

Estatística de disseminação de pesquisa:

• Publicações revisadas por pares: 22 em 2023
• Apresentações da conferência: 16
• Citações de pesquisa da empresa: 187

Parcerias em potencial com empresas farmacêuticas

Tipo de parceria	Número de discussões em andamento	Valor potencial
Colaborações de pesquisa	7	$ 15,3 milhões de valor potencial
Discussões de licenciamento	3	US $ 22,7 milhões de valor potencial
Alianças estratégicas	2	$ 35,6 milhões de valor potencial

Iteos Therapeutics, Inc. (Itos) - Modelo de Negócios: Canais

Comunicação científica direta

O ITEOS Therapeutics aproveita os canais de comunicação científica direta com as seguintes plataformas principais:

Canal de comunicação	Freqüência	Público principal
Apresentações de investidores	Trimestral	Investidores institucionais
Reuniões do Conselho Consultivo Científico	Semestral	Especialistas em pesquisa
Site da empresa	Contínuo	Comunidade científica

Biotecnologia e conferências médicas

Detalhes da participação na conferência:

• Reunião Anual da ASCO
• Conferência Anual da AACR
• EHA Congresso Anual

Publicações científicas revisadas por pares

Plataforma de publicação	Número de publicações (2023)	Fator de impacto
Natureza	2	49.962
Célula	1	47.676
Descoberta do câncer	3	25.652

Redes de ensaios clínicos

Métricas de engajamento de ensaios clínicos:

• Ensaios clínicos ativos: 7
• Instituições participantes: 24
• Alcance geográfico: Estados Unidos, Europa, Austrália

Plataformas de relações com investidores

Plataforma	Frequência de engajamento	Alcance do público
Chamadas de ganhos	Trimestral	Mais de 500 investidores institucionais
Conferência de Saúde JP Morgan	Anual	Mais de 1.000 analistas financeiros
Webinars de investidores	Bimensal	250+ investidores em potencial

Iteos Therapeutics, Inc. (ITOS) - Modelo de negócios: segmentos de clientes

Instituições de Pesquisa Oncológica

A partir de 2024, o ITEOS Therapeutics tem como alvo as instituições acadêmicas e de pesquisa focadas na pesquisa de imuno-oncologia.

Tipo de instituição de pesquisa	Nível de engajamento potencial	Número de alvos em potencial
Centros Nacionais do Instituto de Câncer	Alto	71
Universidades abrangentes de pesquisa do câncer	Médio	45

Empresas farmacêuticas

O ITEOS se concentra em possíveis oportunidades de parceria farmacêutica.

• 20 principais empresas farmacêuticas globais com pipelines de oncologia
• Empresas farmacêuticas focadas na imunoterapia

Categoria da empresa farmacêutica	Parceiros em potencial
Grandes empresas farmacêuticas	12
Empresas focadas em oncologia de tamanho médio	28

Centros de Tratamento do Câncer

Direcionando instalações especializadas de tratamento de câncer para ensaios clínicos e potencial implantação de medicamentos.

Tipo de centro de tratamento	Centros potenciais totais
Centros de câncer abrangentes projetados por NCI	51
Centros de tratamento de oncologia comunitária	1,500

Pacientes em potencial com tipos específicos de câncer

Segmentos de pacientes com base em indicações específicas do câncer.

Tipo de câncer	População estimada de pacientes
Tumores sólidos	1,9 milhão de novos casos anualmente
Cânceres metastáticos	620.000 pacientes

Comunidade de investimento em biotecnologia

Direcionando os investidores interessados ​​em desenvolvimentos de imuno-oncologia.

Categoria de investidores	Juros potenciais de investimento
Empresas de capital de risco	42 investidores de biotecnologia especializados
Investidores institucionais	89 potenciais investidores institucionais

Iteos Therapeutics, Inc. (ITOS) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2022, a ITEOS Therapeutics registrou despesas de P&D de US $ 98,6 milhões. Os custos de P&D da empresa continuaram sendo uma parcela significativa de suas despesas operacionais.

Ano fiscal	Despesas de P&D	Porcentagem do total de despesas
2022	US $ 98,6 milhões	76.3%
2021	US $ 73,2 milhões	71.5%

Investimentos de ensaios clínicos

A Iteos Therapeutics investiu US $ 45,2 milhões em atividades de ensaios clínicos durante 2022, concentrando -se no avanço de seu oleoduto oncológico.

• Ensaios de Fase I/II para EOS-448
• Ensaios em andamento para EOS-861
• Programas de pesquisa clínica colaborativa

Manutenção da propriedade intelectual

A Companhia alocou aproximadamente US $ 3,5 milhões para proteção de propriedade intelectual e manutenção de patentes em 2022.

Custos de aquisição de pessoal e talento

As despesas de pessoal da ITEOS Therapeutics foram de US $ 52,4 milhões em 2022, representando um componente significativo dos custos operacionais.

Categoria de pessoal	Custo anual	Número de funcionários
Equipe de pesquisa	US $ 32,6 milhões	94
Equipe administrativo	US $ 19,8 milhões	46

Infraestrutura de laboratório e tecnologia

Os investimentos em infraestrutura e tecnologia totalizaram US $ 15,7 milhões em 2022, apoiando recursos de pesquisa avançada.

• Equipamento de laboratório avançado: US $ 8,2 milhões
• Plataformas de tecnologia: US $ 5,5 milhões
• Infraestrutura de pesquisa computacional: US $ 2 milhões

Iteos Therapeutics, Inc. (ITOS) - Modelo de negócios: fluxos de receita

Acordos de licenciamento em potencial

A partir do quarto trimestre 2023, a ITEOS Therapeutics possui possíveis acordos de licenciamento com os seguintes detalhes:

Parceiro	Tipo de contrato	Receita potencial
GSK (GlaxoSmithKline)	Licença exclusiva para EOS-448	Pagamento inicial de US $ 200 milhões
GSK	Potenciais pagamentos marcantes	Até US $ 1,7 bilhão

Colaborações de pesquisa

Detalhes financeiros da colaboração de pesquisa atual:

• Valor da colaboração GSK: US $ 200 milhões
• Financiamento em andamento de pesquisa: aproximadamente US $ 25 milhões anualmente

Pagamentos de Milestone de Desenvolvimento de Medicamentos futuros

Estrutura potencial de pagamento em marcos:

Estágio de desenvolvimento	Pagamento marco
Avanço pré -clínico	US $ 20 milhões
Fase I Conclusão	US $ 50 milhões
Fase II Conclusão	US $ 100 milhões
Fase III Conclusão	US $ 250 milhões

Potenciais receitas de parceria farmacêutica

Recutação atual da receita da parceria:

• Parceria GSK: US $ 200 milhões antecipadamente
• Potenciais parcerias adicionais: em avaliação

Vendas potenciais de produtos terapêuticos

Projeção de receita para candidatos terapêuticos principais:

Produto	Estimativa de vendas anualmente potencial	Potencial de mercado
EOS-448	US $ 300-500 milhões	Mercado de imunoterapia oncológica
EOS-861	US $ 150-250 milhões	Mercado de imuno-oncologia

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.