Form 4: iTeos CSO Disposes of Equity Following Merger

iTeos Therapeutics Chief Scientific Officer Yvonne McGrath reported the disposition of common stock and stock options following the company's merger with Concentra Biosciences.

Summary

• Yvonne McGrath, Chief Scientific Officer of iTeos Therapeutics, Inc., reported the disposition of 46,300 restricted stock units (RSUs) and 176,123 stock options on August 29, 2025.
• The transactions occurred pursuant to the Agreement and Plan of Merger dated July 18, 2025, between iTeos Therapeutics, Inc., Concentra Biosciences LLC, and Concentra Merger Sub VIII, Inc.
• All outstanding Accelerated Vesting Restricted Stock Units became immediately vested in full and were canceled.
• Holders of canceled RSUs received $10.047 in cash per share and one non-transferable contractual contingent value right (CVR) per share.
• All outstanding 'In-the-Money Options' (options with an exercise price less than the cash amount) became immediately vested and exercisable, then were canceled.
• Holders of canceled In-the-Money Options received a cash amount equal to the product of (Cash Amount exercise price) multiplied by the number of shares underlying the option, plus one CVR for each underlying share.
• Following these transactions, Yvonne McGrath holds 0 shares of common stock and 0 derivative securities directly.

Sentiment

Score: 7

Explanation: The filing reports the expected disposition of equity holdings by a company officer as a result of a merger, indicating a successful monetization event for the individual's equity in the context of the acquisition.

Positives

• The reporting person, Yvonne McGrath, successfully monetized her equity holdings (RSUs and stock options) as part of the merger, receiving cash and CVRs.
• The accelerated vesting of equity awards for certain service providers, including the reporting person, indicates favorable terms for key personnel in the merger agreement.

Negatives

• The reporting person no longer holds any direct beneficial ownership in iTeos Therapeutics, Inc. common stock or derivative securities, indicating a complete exit of her equity position in the acquired entity.

Industry Context

This transaction reflects a common occurrence in the biotechnology and pharmaceutical industry, where smaller, innovative companies like iTeos Therapeutics are acquired by larger entities (Concentra Biosciences LLC) following successful development or promising pipeline assets. Such mergers often involve the conversion or cancellation of employee equity awards as part of the acquisition terms.

Stakeholder Impact

• Shareholders of iTeos Therapeutics, Inc. received cash and Contingent Value Rights (CVRs) as consideration for their shares in the merger.
• Employees with similar equity awards to the reporting person would have also seen their restricted stock units and stock options converted into cash and CVRs under the merger terms.

Key Dates

Keywords

iTeos Therapeutics, ITOS, Yvonne McGrath, Form 4, SEC filing, beneficial ownership, merger, Concentra Biosciences, restricted stock units, stock options, contingent value rights, CSO