United States securities and exchange commission logo

                             July 13, 2022

       Matthew Gall
       Chief Financial Officer
       iTeos Therapeutics, Inc.
       321 Arsenal St
       Watertown , MA

                                                        Re: iTeos Therapeutics,
                                                            Form 10-K for the
Fiscal Year Ended December 31, 2021
                                                            Filed March 23,
                                                            File No. 001-39401

       Dear Mr. Gall:

              We have limited our review of your filing to the financial
statements and related
       disclosures and have the following comments. In some of our comments, we
may ask you to
       provide us with information so we may better understand your disclosure.

              Please respond to these comments within ten business days by
providing the requested
       information or advise us as soon as possible when you will respond. If
you do not believe our
       comments apply to your facts and circumstances, please tell us why in
your response.

                                                        After reviewing your
response to these comments, we may have additional comments.

       Form 10-K for the Fiscal Year Ended December 31, 2021

       Consolidated Financial Statements
       Note 5. License and Collaboration Agreements
       GlaxoSmithKline (GSK), page F-20

   1.                                                   Here you state that the
co-development in Phases 2 and 3 and the co-commercialization
                                                        efforts of the GSK
Collaboration Agreement represent joint operating activities and
                                                        thus are accounted for
in accordance with ASC 808, Collaborative Arrangements. You
                                                        also state at F-21 that
the completion of the Phase 1 clinical study related to EOS-448 is
                                                        one of the four
material promises to be accounted for under ASC 606, Revenue from
                                                        Contracts with
Customers. Please respond to the following comments related to the GSK
 Matthew Gall
FirstName  LastNameMatthew  Gall
iTeos Therapeutics, Inc.
July       NameiTeos Therapeutics, Inc.
     13, 2022
July 13,
Page  2 2022 Page 2
FirstName LastName

                We note that Section 3.1.3 of the GSK Collaboration and License
Agreement as filed
              in exhibit 10.13 refers to a narrowly defined Phase 1 definition
under "iTeos Phase 1
              Clinical Study". Please clarify what the iTeos Phase 1 Clinical
Study entails and if
              there is a Phase 1 clinical study that is outside the "iTeos
Phase 1 Clinical Study". In
              addition, clarify whether Phase 2 and 3 is equivalent in scope to
the "Global
              Development Plan".
                You also state on page 1 that "In partnership with GSK, iTeos
has dosed the first
              patients in a clinical trial assessing the doublet of GSK   s
anti-PD-1 (dostarlimab)
              with EOS-448." and that "We and GSK also are initiating Phase 1b
trials with novel
              triplets, including dostarlimab with EOS-448 and inupadenant as
well as EOS-448
              with dostarlimab and GSK   s anti-CD96 antibody, GSK   608." For
each of the
              clinical trials discussed here please explain to us (1) whether
they fall under the scope
              of "iTeos Phase 1 Clinical Study" or the "Global Development
Plan", (2) which party
              is responsible for performing the work and which party is
responsible for the related
              costs and expenses, and (3) timing and the status of the trial as
of December 31, 2021
              and March 31, 2022.
                Explain to us why the entire $625.0 million upfront payment was
allocated to the
              components accounted for under ASC 606 and why some of the amount
was not
              required to be allocated to the other material components of the
agreement. In this
              regard, clarify why you believe the Phase 2 and 3 goods and
services are distinct
              from the Phase 1 goods and services under ASC 808-10-15-5B.
                You state on page F-20 under "Collaboration" that GSK is not a
customer in the
              context of the Phase 2 and 3 and co-commercialization activities
whereas you state on
              page F-21 under "Revenue Recognition" that GSK is a customer.
Please clarify on
              page F-21 in what context GSK is a customer.

         For all the items above, please revise your future filings where
Note 9. Income Taxes, page F-27

2.       Here and at page 67, you disclose that you recorded a $17.0 million
liability as of
         December 31, 2021, related to an uncertain tax position regarding your
allocation of
         revenue between Belgium and the U.S. Also as disclosed on pages 14 and
23 of the Form
         10-Q for the fiscal quarter ended March 31, 2022, you recorded an
additional $22.3
         million liability as of March 31, 2022. Please tell us and disclose in
more detail in future
         filings the reason for the significant increase in the liability, the
uncertainties, as well as its
         potential impact, if recognized, to your effective tax rate. Refer to
ASC 740-10-50-
         15. Please also ensure your response specifically addresses whether
the change is the
         result of correcting an error under ASC 250, Accounting Changes and
 Matthew Gall
iTeos Therapeutics, Inc.
July 13, 2022
Page 3

       In closing, we remind you that the company and its management are
responsible for the
accuracy and adequacy of their disclosures, notwithstanding any review,
comments, action or
absence of action by the staff.

       You may contact Li Xiao at (202) 551 - 4391 or Mary Mast at (202) 551-
3613 with any

FirstName LastNameMatthew Gall                            Sincerely,
Comapany NameiTeos Therapeutics, Inc.
                                                          Division of
Corporation Finance
July 13, 2022 Page 3                                      Office of Life
FirstName LastName