US biotech iTeos Therapeutics (Nasdaq: ITOS) is preparing to wind down its operations and halt clinical work, as it looks to sell off assets and return value to investors following a major blow to its lead immunotherapy program.
The Massachusetts-based company said its board has opted to cease development and operational activities, and instead focus on monetizing its pipeline, including the ENT1 inhibitor EOS-984, anti-TREM2 antibody EOS-215, and a pre-clinical obesity program. The decision comes as part of a broader strategic review aimed at maximizing shareholder returns.
iTeos said it will now prioritize efforts to sell its intellectual property, supported by a strong financial base. As of the end of 2024, the company held $655 million in cash and investments, a sum that was expected to fund operations through 2027.
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