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iTeos Therapeutics Announces $120 Million Registered Direct Investment

Led by existing investors RA Capital Management and Boxer Capital
– The purchase price of $17.50 represents a premium of approximately 44% to the last close
Further strengthens balance sheet with pro forma cash position of $715 million, extending planned runway to 2027

WATERTOWN, Mass. and GOSSELIES, Belgium, May 10, 2024 (GLOBE NEWSWIRE) — iTeos Therapeutics, Inc. (Nasdaq: ITOS) (“iTeos”), a clinical-stage biopharmaceutical company pioneering the discovery and development of a novel generation of immuno-oncology therapeutic products for patients, today announced that it has entered into a securities purchase agreement to sell 1,142,857 common shares of the Company (the “Common Shares”) at a price of $17.50 per share, representing a premium of approximately 44% to the closing price of iTeos on May 9, 2024 and pre-funded warrants to purchase up to 5,714,285 shares of common stock (the “Pre-funded Warrants”) as of price of $17,499 per pre-funded warrant, in a registered direct offering. Each pre-funded warrant will have an exercise price of $0.001 per share, will be exercisable immediately and will be exercisable until fully exercised. The total gross proceeds of the offering are expected to be approximately $120 million, before deducting the offering expenses payable by iTeos. The financing is expected to close on or about May 14, 2024, subject to satisfaction of customary closing conditions.

The funding is led by existing investors, RA Capital Management and Boxer Capital.

iTeos plans to use the net proceeds from the financing to advance its clinical programs and preclinical pipeline, as well as for working capital and other general corporate purposes.

The shares of common stock, the pre-funded warrants and the shares of common stock issuable upon the exercise of the pre-funded warrants were offered pursuant to an effective shelf registration statement that was previously filed with the Securities and Exchange Commission (the “SEC”) on May 10, 2023 (File No. 333-271793) and was declared effective on May 19, 2023. A final prospectus supplement containing additional information relating to the offering, will be filed with the SEC and will be available on the SEC’s website at www.sec.gov.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

About iTeos Therapeutics, Inc.
iTeos Therapeutics is a clinical-stage biopharmaceutical company pioneering the discovery and development of a new generation of immuno-oncology treatments for patients. iTeos Therapeutics leverages its in-depth understanding of tumor immunology and immunosuppressive pathways to design novel product candidates with the potential to restore the immune response against cancer. The Company’s innovative pipeline includes three clinical-stage programs targeting novel, validated immunosuppressive pathways designed with optimized pharmacological properties for improved clinical outcomes, including the TIGIT/CD226 axis and the adenosine pathway. iTeos Therapeutics is headquartered in Watertown, Massachusetts, with a research center in Gosselies, Belgium.

Publishing information on the Internet
iTeos regularly publishes information that may be important to investors in the “Investors” section of its website at www.iteostherapeutics.com. The Company encourages current and potential investors to regularly visit our website for important information about iTeos.

Forward-looking statements
This press release contains forward-looking statements. All statements that are not solely statements of historical fact are forward-looking statements. Words such as “believe”, “anticipate”, “plan”, “expect”, “will”, “may”, “intend”, “prepare”, “look”, “potential” , “possible” and similar expressions are similar expressions. intended to identify forward-looking statements. These forward-looking statements include statements regarding the timing and expectations of closing of the offering; the use of the product thereof; and our expectation that our cash balance will provide runway through 2027.

These forward-looking statements involve risks and uncertainties, many of which are beyond the control of iTeos. Actual results could differ materially from those stated or implied by such forward-looking statements due to these risks and uncertainties. Known risk factors include: interim and preliminary data may change as more patient data becomes available and is subject to audit and verification procedures; market conditions; the expected benefits and opportunities related to the agreement between iTeos and GSK may not materialize or take longer to materialize for various reasons, including the inability of the parties to fulfill their commitments and obligations under the agreement , inherent challenges and uncertainties in product research and development and manufacturing limitations; iTeos may face unanticipated costs or expend cash faster or slower than currently anticipated due to the challenges and uncertainties inherent in research and product development and manufacturing of biologics; the success of preclinical testing and early clinical trials does not guarantee the success of subsequent clinical trials, and initial results from a clinical trial do not necessarily predict final results; data from our product candidates may not be sufficient to obtain regulatory approval to proceed to further testing or commercialize products; iTeos may not be able to execute its business plans, including meeting its expected or planned regulatory milestones and schedules, its research and clinical development plans, and bringing its product candidates to market, for various reasons, some of which may be external to iTeos. control, including possible limitations on the company’s financial and other resources, manufacturing limitations that may not be anticipated or resolved in a timely manner, negative developments in the field of immuno-oncology, such as events undesirable or disappointing results, including in relation to a competitor. therapies and regulatory, court or agency decisions such as decisions of the United States Patent and Trademark Office regarding patents that cover our product candidates; and the risks identified under the heading “Risk Factors” in iTeos’ Quarterly Report on Form 10-Q for the period ended March 31, 2024 filed with the Securities and Exchange Commission (SEC) and in other documents filed with the SEC by the Company which you are encouraged to review. Statements regarding the Company’s cash flow do not indicate when or if the Company will be able to access the capital markets.

Any of the risks discussed above could have a material adverse impact on the business, results of operations and price of iTeos’ common stock. We caution investors not to place undue reliance on the forward-looking statements contained in this press release. iTeos undertakes no obligation to publicly update its forward-looking statements other than as required by law.

For more information, please contact:

Investor contact:
Carl Mauch
iTeos Therapeutics, Inc.
[email protected]

Media Contact:
[email protected]