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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Jounce Therapeutics Inc | NASDAQ:JNCE | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.88 | 2.00 | 1.79 | 0 | 01:00:00 |
- Completed upsized initial public offering raising $117.1 million in gross proceeds -
“2016 was an important year of growth and achievement for Jounce. We progressed into the clinic as planned with the initiation of our Phase 1/2 ICONIC study of our lead product candidate, JTX-2011. We are on track to report safety data in the first half of 2017 and preliminary efficacy data in the second half of 2017. We also substantially increased our financial strength and strategic flexibility through our collaboration with Celgene and our initial public offering,” said Richard Murray, Ph.D., chief executive officer of Jounce Therapeutics. “In addition to the ICONIC study, we remain committed to the further discovery and development of novel immunotherapies matched to potentially predictive biomarkers to deliver the right therapy to the right patient."
Recent Corporate Highlights
2016 Key Achievements
Upcoming Milestones
“The Jounce team is looking forward to an eventful 2017. We are pleased with our clinical progress and continued efforts on discovering novel immunotherapies,” added Murray. “Our strong financial position is allowing the company to execute comprehensive development programs, critical in the highly competitive immuno-oncology environment.”
Fourth Quarter and Full Year 2016 Financial Results
Financial Guidance
Based on its current operating plan, Jounce expects to use approximately $100.0 to $120.0 million in cash for the full year 2017, including the projected expense of operating activities, build out and capital costs associated with the relocation of our lab and office space within Cambridge, Massachusetts and federal and state income taxes related to the receipt of the Celgene upfront payment of $225.0 million.
Jounce expects collaboration revenue for the full year 2017 of approximately $80.0 million, representing the amortization of the Celgene upfront payment of $225.0 million received in 2016.
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 the timing, progress and results of preclinical studies and clinical trials for Jounce’s product candidates and any future product candidates; the timing, scope or likelihood of regulatory filings and approvals; and Jounce’s ability to identify new targets for additional product candidates, to develop future product candidates and combination therapies, and to successfully commercialize and market products 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,” “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 pre-clinical 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 anticipated milestones, Jounce’s ability to obtain, maintain and protect its intellectual property, Jounce’s ability to enforce its patents against infringers and defend its patent portfolio against challenges from third parties, the timing, cost or other aspects of a potential commercial launch of Jounce’s product candidates and potential future sales of our current product candidates or any other potential products if any are approved for marketing, competition from others developing products for similar uses, Jounce’s ability to manage operating expenses, Jounce’s ability to maintain its collaboration with Celgene and establish or maintain future collaborations, Jounce’s dependence on third parties for development, manufacture, marketing, sales and distribution of product candidates, the outcome of litigation, and unexpected expenditures, as well as those risks more fully discussed in the section entitled “Risk Factors” in Jounce’s most recent Registration Statement on Form S-1 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 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 therapy 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 a Phase 1/2 trial. For more information, please visit http://jouncetx.com/
Jounce Therapeutics, Inc. | ||||||||||||||||
Consolidated Statements of Operations | ||||||||||||||||
(amounts in thousands, except share and per share data) | ||||||||||||||||
(unaudited) | ||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Revenue: | ||||||||||||||||
Collaboration revenue—related party | $ | 20,289 | $ | — | $ | 37,197 | $ | — | ||||||||
Operating expenses: | ||||||||||||||||
Research and development | 10,654 | 7,336 | 34,904 | 22,130 | ||||||||||||
General and administrative | 4,653 | 2,804 | 16,759 | 8,266 | ||||||||||||
Total operating expenses | 15,307 | 10,140 | 51,663 | 30,396 | ||||||||||||
Operating income (loss) | 4,982 | (10,140 | ) | (14,466 | ) | (30,396 | ) | |||||||||
Other income (expense), net: | ||||||||||||||||
Other income (expense), net | 484 | 2 | 763 | 5 | ||||||||||||
Other financing income, net | — | — | — | 1,859 | ||||||||||||
Total other income (expense), net | 484 | 2 | 763 | 1,864 | ||||||||||||
Net income (loss) | $ | 5,466 | $ | (10,138 | ) | $ | (13,703 | ) | $ | (28,532 | ) | |||||
Reconciliation of net income (loss) to net income (loss) attributable to common stockholders: | ||||||||||||||||
Net income (loss) | $ | 5,466 | $ | (10,138 | ) | $ | (13,703 | ) | $ | (28,532 | ) | |||||
Accretion of preferred stock to redemption value | — | — | — | (1,011 | ) | |||||||||||
Loss on extinguishment of convertible preferred stock | — | — | — | (2,079 | ) | |||||||||||
Accrued dividends on Series A convertible preferred stock | (945 | ) | (948 | ) | (3,760 | ) | (2,716 | ) | ||||||||
Accrued dividends on Series B convertible preferred stock | (1,121 | ) | (1,124 | ) | (4,460 | ) | (3,165 | ) | ||||||||
Accrued dividends on Series B-1 convertible preferred stock | (735 | ) | — | (1,215 | ) | — | ||||||||||
Net income applicable to preferred stockholders | (2,407 | ) | — | — | — | |||||||||||
Net income (loss) attributable to common stockholders | $ | 258 | $ | (12,210 | ) | $ | (23,138 | ) | $ | (37,503 | ) | |||||
Net income (loss) per share attributable to common stockholders basic | $ | 0.11 | $ | (6.86 | ) | $ | (11.00 | ) | $ | (23.13 | ) | |||||
Net income (loss) per share attributable to common stockholders diluted | $ | 0.05 | $ | (6.86 | ) | $ | (11.00 | ) | $ | (23.13 | ) | |||||
Weighted-average common shares outstanding basic | 2,386,365 | 1,779,860 | 2,102,651 | 1,621,240 | ||||||||||||
Weighted-average common shares outstanding diluted | 5,227,752 | 1,779,860 | 2,102,651 | 1,621,240 |
Jounce Therapeutics, Inc. | ||||||||
Consolidated Selected Balance Sheet Items | ||||||||
(amounts in thousands) | ||||||||
(unaudited) | ||||||||
As of December 31, | ||||||||
2016 | 2015 | |||||||
Balance Sheet Data: | ||||||||
Cash, cash equivalents, and marketable securities | $ | 257,374 | $ | 45,161 | ||||
Working capital | $ | 61,114 | $ | 38,989 | ||||
Total assets | $ | 271,312 | $ | 52,975 | ||||
Convertible preferred stock | $ | 139,038 | $ | 102,961 | ||||
Total stockholders' deficit | $ | (69,088 | ) | $ | (58,760 | ) | ||
Media Contact: Dan Budwick Pure Communications, Inc. (973) 271-6085 dan@purecommunicationsinc.com Investor Contact: Beth DelGiacco Stern Investor Relations, Inc. (212) 362-1200 beth@sternir.com
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