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- Initiated enrollment in dose escalation cohorts of Phase 1/2 ICONIC trial of JTX-2011, in combination with ipilimumab and in combination with pembrolizumab -
- Presented preliminary efficacy data for JTX-2011 at the 2018 American Society of Clinical Oncology (ASCO) Annual Meeting -
- Ended the second quarter with $232.7 million in cash -
- Company to host conference call and webcast today at 8:00 AM ET -
CAMBRIDGE, Mass., Aug. 09, 2018 (GLOBE NEWSWIRE) -- Jounce Therapeutics, Inc. (NASDAQ: JNCE), a clinical stage company focused on the discovery and development of novel cancer immunotherapies and predictive biomarkers, today reported financial results and provided a corporate update for the second quarter ended June 30, 2018.
“We recently reported safety and preliminary efficacy data from our lead program, JTX-2011, at ASCO in June and are pleased to announce that enrollment is now underway in the dose escalation cohorts of the Phase 1/2 ICONIC trial evaluating the safety of JTX-2011 in combination with ipilimumab and in combination with pembrolizumab. For the broader pipeline derived from our Translational Science Platform, we remain on track to file an IND for JTX-4014 this year and are conducting IND-enabling studies for our first tumor-associated macrophage candidate,” said Richard Murray, Ph.D., chief executive officer and president of Jounce Therapeutics. “Our experienced and talented team remains focused on our key value drivers as we work to discover and develop first-in-class immunotherapies. We remain committed to interrogating the tumor microenvironment to inform and refine our clinical trials and, ultimately, impact the lives of cancer patients.”
Ongoing Phase 1/2 ICONIC Trial of JTX-2011:
Additional Pipeline Highlights:
Second Quarter 2018 Financial Results:
In March 2018, Jounce provided gross cash burn guidance for 2018 of $80.0 to $100.0 million. This cash burn projection excluded any tax refund impact. During the second quarter of 2018, Jounce received tax refunds of $16.8 million relating to taxes previously paid on the Celgene upfront payment. These refunds resulted from a change in tax accounting method elected as a result of the Tax Cuts and Jobs Act of 2017.
Jounce expects to now be at the lower end of the gross cash burn guidance previously provided and expects to end the year with approximately $185.0 to $195.0 million in cash, cash equivalents and investments. Jounce expects its existing cash, cash equivalents and investments to be sufficient to enable the funding of its operating expenses and capital expenditure requirements for at least the next 24 months.
Conference Call and Webcast Information:
Jounce Therapeutics will host a live conference call and webcast today at 8:00 a.m. ET. To access the conference call, please dial (866) 916-3380 (domestic) or (210) 874-7772 (international) and refer to conference ID 8881737. The live webcast can be accessed under "Events & Presentations" in the Investors and Media section of the company's website at www.jouncetx.com. The webcast will be archived and made available for replay on the company’s website approximately two hours after the call and will be available for 30 days.
Cautionary Note Regarding Forward-Looking Statements:
Various statements in this release concerning Jounce’s future expectations, plans and prospects, including without limitation, Jounce’s expectations regarding operating expenses, capital expenditures, collaboration revenue, cash burn and other financial results, the timing and progress of the Phase 1/2 ICONIC trial, the filing of an IND for JTX-4014 and the timing, progress and results of preclinical studies and clinical trials for Jounce’s product candidates and any future product candidates may constitute forward-looking statements for the purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995 and other federal securities laws and are subject to substantial risks, uncertainties and assumptions. You should not place reliance on these forward looking statements, which often include words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “on track,” “plan,” “predict,” “target,” “potential” or similar terms, variations of such terms or the negative of those terms. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee such outcomes. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including, without limitation, Jounce’s ability to successfully demonstrate the efficacy and safety of its product candidates and future product candidates, the preclinical and clinical results for its product candidates, which may not support further development and marketing approval, the potential advantages of Jounce’s product candidates, the development plans of its product candidates, actions of regulatory agencies, which may affect the initiation, timing and progress of pre-clinical studies and clinical trials of its product candidates, Jounce’s ability to obtain, maintain and protect its intellectual property, Jounce’s ability to manage operating expenses, Jounce’s ability to maintain its collaboration with Celgene, as well as those risks more fully discussed in the section entitled “Risk Factors” in Jounce’s most recent annual or quarterly report and in other reports that Jounce has filed with the Securities and Exchange Commission. All such statements speak only as of the date made, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
About Jounce Therapeutics
Jounce Therapeutics, Inc. is a clinical stage immunotherapy company dedicated to transforming the treatment of cancer by developing therapies that enable the immune system to attack tumors and provide long‑lasting benefits to patients. Through the use of its Translational Science Platform, Jounce first focuses on specific cell types within tumors to prioritize targets, and then identifies related biomarkers designed to match the right immunotherapy to the right patient. Jounce’s lead product candidate, JTX-2011, is a monoclonal antibody that binds to and activates ICOS and is currently in the Phase 2 portion of the Phase 1/2 ICONIC trial. For more information, please visit www.jouncetx.com.
Jounce Therapeutics, Inc.
Condensed Consolidated Statements of Operations (unaudited)
(amounts in thousands, except per share data)
Three Months Ended
Six Months Ended
|Collaboration revenue—related party||$||19,378||$||20,289||$||30,573||$||40,578|
|Research and development||18,495||17,188||36,657||32,147|
|General and administrative||6,523||6,129||13,325||11,706|
|Total operating expenses||25,018||23,317||49,982||43,853|
|Other income, net||966||752||1,707||1,384|
|Loss before provision for income taxes||(4,674||)||(2,276||)||(17,702||)||(1,891||)|
|Provision for income taxes||—||1,104||—||1,104|
|Reconciliation of net loss to net loss attributable to common stockholders:|
|Accrued dividends on Series A convertible preferred stock||—||—||—||(268||)|
|Accrued dividends on Series B convertible preferred stock||—||—||—||(318||)|
|Accrued dividends on Series B-1 convertible preferred stock||—||—||—||(208||)|
|Net loss attributable to common stockholders||$||(4,674||)||$||(3,380||)||$||(17,702||)||$||(3,789||)|
|Net loss per share attributable to common stockholders, basic and diluted||$||(0.14||)||$||(0.11||)||$||(0.55||)||$||(0.14||)|
|Weighted-average common shares outstanding, basic and diluted||32,497||32,144||32,435||27,867|
Jounce Therapeutics, Inc.
Selected Condensed Consolidated Balance Sheet Data (unaudited)
(amounts in thousands)
|June 30,||December 31,|
|Cash, cash equivalents and investments||$||232,711||$||257,851|
|Total deferred revenue—related party||$||132,500||$||116,160|
|Total stockholders’ equity||$||108,495||$||167,109|
Jounce Therapeutics, Inc.
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