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- New safety and preliminary efficacy data from JTX-4014 to be presented at the SITC 2019 Annual Meeting -
- JTX-4014 data supports use as a combination agent for future studies -
- 2019 cash burn guidance reduced -
- Company to host conference call and webcast today at 8:00 AM ET -
CAMBRIDGE, Mass., Nov. 07, 2019 (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 for the third quarter ended September 30, 2019 and provided a corporate update.
“We have continued to work diligently on advancing our pipeline and further executing on our clinical development plans through our Translational Science Platform and reverse translational analysis. Both of our clinical-stage programs, vopratelimab and JTX-4014, continue to progress well. We are pleased to be presenting both new data from JTX-4014, as well as the dosing and sequencing strategy for vopratelimab in our ongoing EMERGE Phase 2 trial, at the SITC 2019 Annual Meeting this weekend,” said Richard Murray, Ph.D., chief executive officer and president of Jounce Therapeutics. “We continue to focus on the underlying mechanistic science of our immunotherapies as we work towards bringing meaningful and long-lasting benefits to cancer patients. We look forward to executing on several key milestones in 2020 across our robust pipeline.”
Third Quarter 2019 Financial Results:
Based on its operating and development plans for the remainder of 2019, Jounce now expects gross cash burn on operating expenses and capital expenditures for the full year 2019 to be approximately $75.0 million to $85.0 million, a decrease from its previously announced guidance of approximately $80.0 million to $95.0 million for the full year 2019.
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 3379867. The live webcast can be accessed under "Events & Presentations" in the Investors and Media section of Jounce's website at www.jouncetx.com. The webcast will be archived and made available for replay on Jounce’s website approximately two hours after the call and will be available for 30 days.
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 a biomarker-driven approach. Through the use of its Translational Science Platform, Jounce first focuses on specific cell types within the human tumor microenvironment to prioritize targets, and then identifies related biomarkers designed to match the right immunotherapy to the right patient. Jounce is developing two clinical-stage programs as well as advancing and building out its broad and wholly-owned discovery pipeline of immuno-oncology targets, including those expressed on T-regulatory cells, macrophages and stromal cells. Jounce’s lead product candidate, vopratelimab, is a monoclonal antibody that binds to and activates ICOS and is currently being assessed in a Phase 2 clinical trial. JTX-4014 is a PD-1 inhibitor intended for potential use in combination with its pipeline of future product candidates. Jounce completed enrollment in the Phase 1 clinical trial of JTX-4014 and additional studies with JTX-4014 are planned. In addition, Jounce has exclusively licensed worldwide rights to JTX-8064, a LILRB2 receptor antagonist, to Celgene. For more information, please visit www.jouncetx.com.
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 financial guidance, operating expenses and capital expenditures; the timing, progress, results and release of data for clinical studies of vopratelimab and JTX-4014; identification and selection of patients for Jounce’s clinical studies; the use of JTX-4014 in combination with Jounce’s other product candidates; and the timing, progress and results of preclinical studies 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 “expect,” “plan,” “will” or similar terms, variations of such terms or the negative of those terms. Although Jounce believes that the expectations reflected in the forward-looking statements are reasonable, Jounce 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 and any companion or complementary diagnostics; actions of regulatory agencies, which may affect the initiation, timing and progress of preclinical studies and clinical trials of Jounce’s product candidates; Jounce’s ability to obtain, maintain and protect its intellectual property; Jounce’s ability to manage operating expenses and capital expenditures; and those risks more fully discussed in the section entitled “Risk Factors” in Jounce’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission as well as discussions of potential risks, uncertainties, and other important factors in Jounce’s subsequent filings with the Securities and Exchange Commission. All such statements speak only as of the date made, and Jounce undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Jounce Therapeutics, Inc.
Condensed Consolidated Statements of Operations (unaudited)
(amounts in thousands, except per share data)
Three Months Ended
Nine Months Ended
|License and collaboration revenue—related party||$||119,445||$||14,528||$||147,872||$||45,101|
|Research and development||15,115||16,751||50,525||53,408|
|General and administrative||6,483||6,517||20,998||19,842|
|Total operating expenses||21,598||23,268||71,523||73,250|
|Operating income (loss)||97,847||(8,740||)||76,349||(28,149||)|
|Other income, net||1,025||1,103||3,177||2,810|
|Income (loss) before provision for income taxes||98,872||(7,637||)||79,526||(25,339||)|
|Provision for income taxes||12||—||36||—|
|Net income (loss)||$||98,860||$||(7,637||)||$||79,490||$||(25,339||)|
|Net income (loss) per share, basic||$||2.99||$||(0.23||)||$||2.41||$||(0.78||)|
|Net income (loss) per share, diluted||$||2.90||$||(0.23||)||$||2.33||$||(0.78||)|
|Weighted-average common shares outstanding, basic||33,112||32,641||33,015||32,462|
|Weighted-average common shares outstanding, diluted||34,141||32,641||34,160||32,462|
Jounce Therapeutics, Inc.
Selected Condensed Consolidated Balance Sheet Data (unaudited)
(amounts in thousands)
|September 30,||December 31,|
|Cash, cash equivalents and investments||$||185,097||$||195,864|
|Total deferred revenue—related party||$||—||$||97,872|
|Total stockholders’ equity||$||191,409||$||104,129|
Jounce Therapeutics, Inc.
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