ITeos rises on plans to explore asset sales, use cash reserves

Shares of drug developer iTeos Therapeutics ITOS.O rise 25.09% to $10.67 premarket

Co says it plans to leverage its cash reserves to deliver near-term shareholder value as it winds down operations and explore sale of key assets as part of a strategic review

As of last close, co's market cap was $326.48 million vs its cash balance of $624.3 million as of March 31

Co's potential asset sale may include experimental cancer drugs and preclinical obesity program

Earlier this month, co and GSK GSK.L stopped the development of an experimental lung cancer drug, belrestotug, after it failed to stop the disease from progressing in two studies

Up to last close, stock up ~11% YTD