Form 4: iTeos Director Sells Options Post-Merger

Ann D. Rhoads, a director at iTeos Therapeutics, Inc., disposed of 27,178 stock options following the company's merger with Concentra Biosciences.

Summary

• Ann D. Rhoads, a director of iTeos Therapeutics, Inc. (ITOS), reported the disposition of 27,178 stock options.
• This transaction occurred on August 29, 2025, as a result of the merger between iTeos Therapeutics, Inc. and Concentra Biosciences LLC.
• Under the merger agreement, stock options with an exercise price less than $10.047 per share were canceled.
• Holders of these 'In-the-Money Options' received a cash payment equal to the difference between $10.047 and the option's exercise price ($6.16), multiplied by the number of shares, plus one non-transferable contractual contingent value right (CVR) per underlying share.
• The specific option disposed of had an exercise price of $6.16 per share.
• Following this transaction, Ann D. Rhoads beneficially owns 0 derivative securities.

Sentiment

Score: 7

Explanation: The filing indicates a successful merger completion for iTeos Therapeutics, resulting in the monetization of director's stock options. The receipt of cash and CVRs for in-the-money options is a positive outcome for the option holder, reflecting value creation from the acquisition.

Positives

• The reporting person received cash and CVRs for their in-the-money stock options, indicating a successful monetization of their equity stake due to the merger.
• The merger itself implies a successful acquisition for iTeos shareholders and option holders.

Negatives

• The director no longer holds derivative securities in iTeos Therapeutics, Inc., indicating a complete exit from this specific equity incentive.

Future Outlook

NA

Industry Context

This transaction reflects the finalization of a merger in the biotechnology or pharmaceutical sector, where M&A activity is common for companies seeking to consolidate assets, expand pipelines, or achieve economies of scale. The use of Contingent Value Rights (CVRs) in the deal structure is a common mechanism in biotech mergers to bridge valuation gaps, particularly when future clinical or regulatory milestones are uncertain, allowing sellers to participate in potential upside.

Stakeholder Impact

• Shareholders: The merger completion and tender offer indicate a liquidity event for shareholders, with options being settled as per the agreement.
• Employees (option holders): Employees holding similar in-the-money options would also have received cash and CVRs, monetizing their equity incentives.

Key Dates

Keywords

iTeos Therapeutics, ITOS, Concentra Biosciences, Merger, Form 4, Stock Options, Beneficial Ownership, Ann D. Rhoads, Director, Equity Compensation, CVR, Tender Offer