WATERTOWN, Mass. and GOSSELIES, Belgium - iTeos Therapeutics, Inc. (NASDAQ:ITOS), a biopharmaceutical company engaged in the development of immuno-oncology therapeutics, announced today the appointment of Dr. David Feltquate as its new Chief Medical Officer. Dr. Feltquate will oversee the company's clinical development and regulatory strategies.
With nearly two decades of experience in immuno-oncology, Dr. Feltquate joins iTeos from Palleon Pharmaceuticals, where he served as Chief Medical Officer. His previous roles include Global Head of Hematology Development at Novartis (SIX:NOVN) and several leadership positions at Bristol Myers (NYSE:BMY) Squibb, including as the Development Leader for Ipilimumab / Nivolumab Life Cycle Management.
Michel Detheux, Ph.D., president and CEO of iTeos, expressed enthusiasm for Dr. Feltquate's appointment, citing his extensive background in drug development and biomarker advancement as crucial for the company's growth. Dr. Feltquate's arrival coincides with iTeos's efforts to advance its pipeline, including the TIGIT franchise, which targets novel immunosuppressive pathways for cancer treatment.
Dr. Feltquate, who holds a B.S. from the Massachusetts Institute of Technology and an M.D./Ph.D. from the University of Massachusetts Medical School, emphasized the company's commitment to innovation and the development of potential new therapies for patients.
iTeos Therapeutics focuses on the discovery and development of new immuno-oncology treatments, leveraging its understanding of tumor immunology to design novel candidates. Its pipeline includes three clinical-stage programs targeting validated immunosuppressive pathways.
Among its key candidates is belrestotug (EOS-448/GSK4428859A), a monoclonal antibody targeting TIGIT, an inhibitory receptor that suppresses immune responses against cancer. Belrestotug is advancing in multiple indications in collaboration with GSK.
The company has cautioned that forward-looking statements in the press release involve risks and uncertainties, and actual results may differ materially due to factors beyond its control. These statements are not guarantees of future performance and are subject to risks identified in SEC filings.
iTeos Therapeutics has been experiencing significant developments. The biotechnology company recently held its Annual Meeting of Stockholders, resulting in the election of two Class I directors, Jill M. DeSimone and David K. Lee. The shareholders also ratified Deloitte Bedrijfsrevisoren / Réviseurs d’Entreprises BV/SRL as the company's independent auditor for the upcoming fiscal year.
In the financial sphere, iTeos Therapeutics reported a net loss of $1.07 per share for the first quarter of 2024, slightly higher than the anticipated net loss of $0.98 per share by consensus estimates.
iTeos Therapeutics announced a $120 million stock sale involving over 1.1 million shares of common stock. The proceeds from this offering are planned to support the advancement of iTeos' clinical programs, its preclinical pipeline, and for general corporate purposes.
InvestingPro Insights
As iTeos Therapeutics, Inc. (NASDAQ:ITOS) welcomes Dr. David Feltquate as the new Chief Medical Officer, the company's financial health and market performance remain key considerations for investors monitoring its progress in developing immuno-oncology therapeutics. According to InvestingPro data, iTeos Therapeutics currently holds a market capitalization of $617.49 million. Despite the challenges in the biopharmaceutical sector, the company has experienced a notable price uptick, with a 60.56% return over the last six months and a year-to-date price total return of 51.32%.
InvestingPro Tips highlight that iTeos Therapeutics has more cash than debt on its balance sheet, which is a positive sign for financial stability. Moreover, the company's liquid assets exceed its short-term obligations, suggesting that it has sufficient liquidity to meet its current liabilities. These factors might provide some reassurance to investors about the company's ability to fund ongoing research and development activities.
However, it's important for investors to consider that analysts have recently revised their earnings expectations downwards for the upcoming period, and the company is not expected to be profitable this year. Additionally, iTeos has been quickly burning through cash, which could be a concern if the trend continues without corresponding revenue growth.
For those seeking a deeper analysis, InvestingPro offers additional tips on iTeos Therapeutics, providing further insights into the company's financials and market performance. Interested readers can find a comprehensive list of InvestingPro Tips at https://www.investing.com/pro/ITOS.
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