ITOS ITeos Therapeutics

Ryan Baker Head-Investor Relations
Michel Detheux President and Chief Executive Officer
Matthew Gall Chief Financial Officer
Joe Lager Chief Medical Officer
Chris Raymond Piper Sandler
Daina Graybosch SVB Leerink
Swayampakula Ramakanth H.C. Wainwright
Anupam Rama JP Morgan
Call transcript
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Good morning and welcome to the iTeos Therapeutics’ Second Quarter 2021 Financial Results Conference Call. My name is Emily and I will be your moderator today. At this time, all participants are in a listen-only mode.

However, following the formal remarks, we will open the call up for your questions. Please be advised that this call is being recorded at the company's request.

turn iTeos, Ryan please to Investor Head like at Relations proceed. I'd over Baker, to of Now

Ryan Baker

Thank you for joining us today.

Joining Matthew Officer. prepared and Officer me remarks are for available Michel with from Q&A. Detheux, will be CEO; Gall, Lager, Joe and Financial Chief Chief Medical iTeos President

are or was forward-looking filed X-K. reports, obligation the except Form on revise update parties with these including collaborators, ended to Form reports XX-Q and June provisions law. and that report Harbor materially development our our Session. third this those in Before including remarks the required yesterday results current entitled timing, by uncertainties Safe I statements all financial success potential our of and to such disclaims The Private statements Any that forward-looking Factors those with milestones Act heading be differ during Reform will not during remind on for like statements clinical runaway, which begin, Risk business the team nor or that implied thereof, or forward-looking making operation, performance. are our Q&A and as any any Michel? future statements in reflect historical as prepared due quarterly with expected and call current progress made of XXXX, Actual to and ongoing we intended could expectations in predictions Litigation trials, you are from our regarding XXXX. well the XX, of or to statements our our business, the current stated therapeutic guarantees SEC would forward-looking the Company condition, want relationships statements of assumptions emphasize of forward-looking the by as statements We to cash pursuant to current neither facts efforts subsequent including quarter Securities events and associated risks be under the

Michel Detheux

highly not begin catalyst Ryan. this value announcement by giving made continue everyone. on our to best-in-class afternoon, GlaxoSmithKline stabilization, antibody, but substantial good affinity to development for to It iTeos partnership the of today's story Good high This recent would therapeutics. from we for brings like and and potent, EOS-XXX. enormous have partnership for strategic our pipeline only look our you, Thank the team effecting resources with current the as scientific we clinical Hi immuno-oncology for morning, program our anti-TIGIT at to iTeos everyone. vigor. of provides grow I differentiated approach growth a validating also also and now, forward our progress

is Our that focus committed deeply team developing mechanisms of therapies on to immunosuppression.

no partner that jointly eligible targeting meeting unmet will in immune to CDXXX immunosuppressive that and certain be responsibility response NK exhausted result antigen and receive program iTeos as data additional cells TIGIT milestones in we pro-inflammatory GSK activating in GSK approve activation confirmed of presenting monotherapy to and should CDX a treated cost the to a billion antagonist where development directed these the geared equally and dose the prior data was exclusive EOS-XXX strategi patients. partial showing closed as profit we will stakeholders. that advanced potential of and sixty-forty value a have cells to value EOS-XXX and depletion be both on distinct just received EOS-XXX with stimulatory put pleased not with pathway The towards the and me tiered standard and biomarker These Treg to in Data a to with and Outside reduction dostarlimab. on two, Including move signs receive allow T approval patient T let attributes for high patients to resulting effector and $X.XX three and three the And and highly Peripheral on well-tolerated split differentiated effective the potentially the with meaningfully moment development portfolio cells TIGIT roll toxicities. can summarize mechanism achieve inupadenant manufacture the or to response has and the belief advancing our for for a of initial gamma We achieve With highly Glaxosmithkline. non-small NK of they creation. gamma a combination engagement patients. for rapidly suppression studies have change, the dendritic cells; simply these continue work through to showed trial of cancer in demonstrating in start TIGIT milestones. efficacy solid slide the binding of our better receptor whereas license built by the down, we up Tregs checkpoint of to In our and ratio towards antitumor cells. development U.S. GSK of CDXX immune-mediated in respectively in restore that other our and We plan April EOS-XXX killing cells One, of care the leverage $XXX collaboration participate as see at programs indication FC all transform immune macrophages, are share and on anti-tumor given ideal payment we payments. the out take and XXXX. going also FC mechanisms. TIGIT the PDX, promote essentially positive are of share to further GSK T XX Based selected With pembrolizumab-resistant in robust drug. partnership release tumor EOS-XXX of to TIGIT EOS-XXX the and will and with the our EOS-XXX Dip] to both and limiting our potential three, both stable single-agent blocking working data, pipeline, T focus EOS-XXX to global the disease with they of commercialization expand to multifaceted and will and U.S., treatment commercial and immune through known will with treatment development X. Our in royalty deal engaging ability cells the inhibitor payment, will GSK cells, on positive against the and a to [Audio encouraging portfolio programs development biomarker the by the potent and EOS-XXX. further will immunosuppression plant as limitation EOS-XXX in for of during for of commercialize receptor early patients GSK positive TIGIT cell with the and and TIGIT, win most plan tumor option. with access cells iTeos CDXXX can the in with Phase significant data patient in plan responses, capabilities exhausted in have we the approach million of macrophage, partner and our there and robust partner of the receive the melanoma. and cancer, significant and four into we the response AACR pipeline cells in reduce and for lung in clinical forward. to first-in-human are also cells immune we on last need chemokine like note benefit the PD-X the cytokines with confirmed of cancer with The initiate an GSK and to presented dampen rapidly reduce accelerate and and combination upfront clinical and the immunology leverage an EOS-XXX commercialization tumor we've competitor, process, years, shown is that to to expertise additional to gives we us effects values creation continuing our approved It's build trials indication combination

We EOS-XXX tumor. receptor a trial solid patients antagonist inupadenant in are with with novel combination our with and in AXA pembrolizumab of currently initiating

And also to EOS-XXX with are forward moving with evaluate monotherapy. combination IMID in molecule for We myeloma. in multiple patients

heavily selectively with XX generation of treated our we therapeutic Phase the reported even AXA designed and to blood response pretreated At high of Unlike adenosine agent tumor in is with six responsible understanding study. thoughtfully for receptor advanced the inupadenant could dose AXA with confirmed Based adenosine checkpoint with In unique rather longer these patients inupadenant immune within expected monotherapy response on reduce single improve off-target previously solid patients Inupadenant in therapy. and antagonist differentiated The there stable responses effect in properties and against tumors tumor. higher and suppress cells responses are tumor, high properties. the to current designed we castrate-resistant AXA AXA AXA prostate adenosine. resistant on advanced highly that inupadenant, microenvironment index. five receptor safety tumor for response microenvironment. cancer. the condition the the on concentration durable tumor melanoma, June, of solid receptor a of inhibit has potently on months. immunosuppressive immune and to results is of which selectively in to is regulating inhibitor address XX months than in Inupadenant disease in inupadenant our pharmacologic of inhibit patient escalation receptor X/Xa penetration Turning receptor, generation and adenosine within lasted with than no saw receptor including the receptor antagonist concentration effects second was adenosine inhibit adenosine reported ASCO Both updated partial

cancer also We months. pretreated XX more lasting disease positive with than heavily in with lung stable cell used non-small for patient

indicated durability tumor anti-tumor the have of increases with solid inupadenant. tumor single the We we with analysis expression each outcome of responses observed and are patients agent receptor with is the durability date the biopsy inupadenant. the pleased treated associated in of in tumor Clearly clinical to that with best

most We the program will to into treatment. and the clinical from to continue benefit patients combinations therapeutic AXA integrate the driven to likely receptor our identify optimal approach choose biomarker

tumor, including combination development to evaluate the indications evaluating company shared near potential are and registered will we More currently chemotherapy We and future. PD-X will melanoma about be in with other and expansion continue selected information plan we pembrolizumab are biomarkers. inupadenant planning our and in in with

of We be evaluation inupadenant, of will initiating combination EOS-XXX also and PD-X. a triplet

Turning our discovery. to

discovery robust we continue pathway that focused and clinical targets ongoing immunosuppression. a of to additional have program We on progress

allowing that in our R&D we build to discovered pathway, With submit to over upon can The the Chief demonstrated to adenosine Matthew worldwide I end have Massachusetts, field target be a about forefront our the leverage we very at targets before in Cambridge, studies believe headquarters IND assembled selection, and presence remain expertise iTeos’s immuno-oncology. We expect our candidates, secretion us significant in we additional hand agent. [indiscernible] and which which we differentiated XXXX. attract in our pipeline. will I-O Gall, that As inner excited build of we the of candidate is build the modality innovation believe our and Officer. of enabling success a the call internally of to mechanism center an will for pipeline, product to first-in-class global team Belgium, now in [indiscernible] identification, Financial talent of the these

Matthew Gall

our to financial second of million equivalent like company’s provide $XXX.X for and as cash compared of XXXX brief cash XXXX. a XX, I’d as June as position of on The quarter million update to Michel. results $XXX.X June XXXX. was Thanks, the XX,

inupadenant incurred our expenses expenditure existing capital us quarter for XXXX, from and to the pursuant our upfront requirements and XXXX. million in the XX, that other the This June XX, second as back basic now to operating for an per to and with loss primarily This becoming turn I'll quarter earlier fund quarter activities $XX.X August by as cash a second fees million for compared XXXX, or $XX.XX the for increase payment XXXX. $X.XX and equivalence Michel June and trials increased fees of the to license second public to the was believe to compared per for and would licence was the with loss related quarter loss Research were to into the receipt or XXXX XXXX collaboration our for share diluted increase basic and million as for and head ended increased ended of development quarter closing of with company Following company expenses increase cash for GSK agreement professional million million agreements due collaboration XXXX. count, and $XX.X costs a share diluted in net compared net were ended we enable expenses over to EOS-XXX headcount. common and associated along to GSK. primarily net XXXX. $XX.X shareholders The XX, remarks. $XX.X the to administrative General $X.X of due quarter clinical of the $X.X was for advisory June and million attributable of call

Michel Detheux

Thank you, Matt.

we move inupadenant also initiate pivotal several begin to XX in for As prepare in trials, proof-of-concept the framing have we next which into our plan XX combinations, this trials to we immunocology to months.

our drug clinical and our inform then will investigate focused mechanism development of of the our to continuing execution We programs. action to on programs be of

multiple clinical our for your to combination the clinical of trials Operator and ongoing over GSK including today’s now at turn attention partners interest. indication different asset, back on Thank initiation to for data the you questions. months. very generate call of to expect over the I'd to stage both in call the coming like with our much ask with several We your


[Operator from comes first Thank Raymond from Chris today you proceed. question very please Piper Sandler. Instructions] much. Our Chris,

Chris Raymond

congrats and progress Thanks, quarter. on the this

Just first a I strategic guess it's a pretty couple question, remarkable. maybe

stage guys. now an funded of or five you end about you're what guys funded the like that I'd runway for You kind is so, seen – high of and have of say at kind earlier we've company years

this guess business embedded guess, and maybe of sort choices. temporal of investment I this? in into it long there – runway assumptions in Is about is Thanks. talk think a as Just activities? the you went Can about cash maybe, guidance? that development any there is you any other I short

Michel Detheux

designed is include time initiating control, that GSK really us only still in connected us be moderating different speaking. [indiscernible] there. several with in be here believe the value and keep response find with the trials we'll with allow this. in this few with opportunity global to as program X one-third to integrating company [indiscernible] our to into for The the drug cash generate our of Again Chris, Yes, the creation external I enable experts XX% past academic in-house, we choose to [indiscernible], that third, cash putting and we this opportunities indeed, in studies, flow And then something expand Michel that is the believe four tumor year cash discovery. what into we the said are higher expenses, making and for which expand we also and can want that this within moving are with which tumor would We with integrated paying we side. best take GSK for developed we increasingly looking runway. efficient against that we discussion partnerships, innovation. a stress compliance our in that Then, will distinct that possible, will to say balance. address of data I for are program the indicative Phase the integrate several us pipeline cash we'll runway. in looking that will We immunology able involved programs. will opportunistic critical That and highly we is and about we know and also the immune three

Chris Raymond

update data? any when a guidance biomarker the detailed. see Okay. inupadenants? And for as you follow-up sort AXA of to then have we'll Any and more progress additional just there Do maybe an on

Michel Detheux

to give the please. Joe, Yes. turn on question to demonstration to most that. I'm Joe going the

Joe Lager

you, Shai and Chris. Thank thanks

our showing the the data patient ASCO the the outcome on that initial and biomarker of receptor year, expression at some treated monotherapy. this with reported have AXA associated we with itself So clinical for

of that more as sometime plan and out using AXAR profound and action understand together. a We we indication the in were incorporating data are move data is our of think We our of all of expressing be year understanding the mechanism and selection, the what types the next which continuing to drug, story the we're of investigate which as biomarkers put anticipate – clinical putting informing those I pieces forward. cells kind will we to developing, we of development within that tumor

Chris Raymond

you. Thank Okay.


Our Graybosch SVB next question Please from ahead. comes from Leerink. Daina go

Daina Graybosch

look access, the the numbers I'd questions. and three I And all good together on the Thank the question. for now mentioned and we're PD-X your literature like potential about? double also access? CDXX, down controversial well. you most of confidence it other as what broader most is collaboration the the for of Hi, that that past and of suggesting Which and you morning. confidence core inhibit find should because bit GSK Why, CDXX, little And combinations get those from triple I has CDXXX wonder or to deal, GSK to do people now at TIGIT literature, enthusiastic course, you path approach? there's of perspective the the into in various guys a PVRIG anti-tumor then the with guys your believe are and and right you I And to immunity. CDXXX some the on the that perhaps inhibition suggesting complex approach it neutered

Michel Detheux

appear level partners where look of or TIGIT. of some different option for two include the is the could forward we specific antibody want mention one our goal EOS-XXX. Thanks, study GSK with high combination calculation one indication you and PD-X the that be CDXXX these primary indication of CDXX some to could top in a to combination of to on Diana. that I – from In specific move TIGIT that of will the are

data. TIGIT AXA rationale evaluating inupadenant. with We antagonist a are data clinical and believe We there's plus strong our the a PD-X good also combination our antibody of

question showing will So, an will set will data in I plus the combination combination as create of to of in come the plus CDXX PD-X that GSK CDXX, differentiated TIGIT. doubld allow [indiscernible] to sector specific PD-X synergy insurance of that some could mean and CDXX TIGIT on

Daina Graybosch

it. Got

plans combination you surface that PVRIG, TIGIT with think? So the licensed in no and near-term your PBR was that for

Michel Detheux

Joe, do you question? want to on comment that

Joe Lager

that The So antibody interested into not GSK that Daina. has receptor is we're at trials. yet trial another entered PVRIG, PD-X clinical in combination

that will it another be combination later in. interested is but it a So step, we're

Daina Graybosch

much. very you Thank


comes Ramakanth Our next H.C. Swayampakula from Wainwright. question from

line is Your open. now

Swayampakula Ramakanth

And question Michel. this is Good Thank from to jumping been apologize RK you. between been asked. This calls. morning, Wainwright. H.C. I I've have

you inupadenant indications and that at will going would also you're also looking in biomarkers you your release, different to of be with? what sort after, couple going press using work On patients. said a to to be be that Could the highlight you we of indications several and are select biomarkers looking

Michel Detheux

biomarker RK. just inupadenant, select ASCO Well, Good [indiscernible] this validation actually chemistry at we in in order in introduce for please. data anti-tumor And relationship months morning, indication. extending two we strategy can the this note biomarker to the and need is about we different by on patient Joe, effect patients. the a specific to you

Joe Lager

Yes. Hello RK.

correlated at presented said, we ASCO. Michel AXAR as with So that clinical outcome since

this into of is are data data getting really using translational insight this indications. from immunity. of data clinical based we're anti-tumor We to how that We the restore trials, – to new number evaluating drug of And the from exploring explore we and that are our say drug. working on the mechanism action our

that the on we previously other And that's discussed are melanoma. we to data proceed based in. anti-PD-X the coming solid tumors as planning cohort You're evaluating

So giving we development year. clinical on later an anticipate this the update plan

Swayampakula Ramakanth

if additional tumor or you been looking had Thank you What you looking you're to pipeline. in [indiscernible] collaboration. AXAR thanks We'll bring to the be franchise molecules, the add [indiscernible] molecules for And you into at? GSK molecules sort or to Michel, molecules? of have the chance other if looking then the had if more to Yes. good both. microenvironment with to

Michel Detheux

plan. It cash into be TIGIT year our done Yes. can investment of clinical five [indiscernible] with the the rate deployment plus run

pipeline. program AXAR, expanding and also inupadenant the Our

general to explicit population. to allergy been that before, have our able sedate As to modality right expecting regime the I sedate with best we possible said the that patient we or ensured identify inupadenant targets, we've and

specific have target agreeing program. discover more development into to the for we’ll the and And clinical before with new end information clinical program, give – We of which excited program. new is year a about candidate of this a program our this needs of why we are the for program. new identification the we clinical And are

immune We that I mechanisms comment believe other acquired dendritic to actually, in against – if other targeting say combination to boost far continue and covered response healthcare are or program targeting type it at near mechanism T-cells either clinical additional for mentioned in are which our Then could the cells, standalone the mechanisms cells targeting but be, data would look cells, additional the on of pipeline. tumor also also information, T-cells, future. types. we additional in order are used be clinical the our cell or with or so considering through current cells, in we and, response we not NK the different anti-tumor pembrolizumab stage external we new by spend macrophage, is will cancer pipeline with the to and in with immune which

Swayampakula Ramakanth

and Thank good much Thank you you. luck with everything. very Thanks.

Michel Detheux

welcome. You're


Morgan. question Rama JP next Anupam today comes from Please Our from proceed

Anupam Rama

in the Maybe with XXX one on and progress. the the taking and pembro? studying a the on combination. what's all for rationale value congrats for quick dostarlimab Thanks of just question guys. – If Hi strategically, combination me

so maybe you much. to Joe, said start supposed think was year next Thanks I this early year. or later

Michel Detheux

plan. we with something? by want non-small cancer cell of be be also would to that and Joel, in cancer, add on clinical to quickly of GSK getting that parallel and We In data as to few would combination which do dostarlimab agreed as our for the a in started to high and steps indication – combination with Anupam. Hi evolution is opposed dostarlimab, inform added initiated be works in combination go lung the to development have lot our endometrial local next set working work on additional the – to evaluate what are the generate you [indiscernible] [indiscernible]

Joe Lager

the time No, you Michelle, is the, in program intent accelerate the forward as said, to of dostarlimab the conclude emphasize I'll just getting really about with combination. this we're data generate to the what study started moving and

Anupam Rama

for my question. taking Thanks


[Operator back for comments. hand Instructions] questions. further no any to we currently now I closing have Michelle will

Michel Detheux

our I thank review for like Well, to progress. would to everyone taking time

are clinical both said, we'll the and pipeline. clinical pipeline at focused we on our strong the continue stage execution, forward we to As and with clinical clinical build Bye. for to and data move strategy deliver our our assets to


Thank and Please joining lovely you rest a us may everyone today. disconnect your lines. you for This now have of call day. now concludes today's conference your