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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 |
- Presented Phase 1 data from ICONIC study of JTX-2011 at the 2017 American Society of Clinical Oncology (ASCO) Annual Meeting -
“The second quarter was marked by significant progress as we reported our first set of clinical data from the Phase 1 arms of our ICONIC study, showing JTX-2011 to be well-tolerated in both the monotherapy setting and in combination with nivolumab. I am pleased to announce today that the combination portion of our Phase 2 study is now underway. Both monotherapy and combination will evaluate preliminary efficacy in patient populations enriched for ICOS-positive immune cells in at least six solid tumor types,” said Richard Murray, Ph.D., chief executive officer of Jounce Therapeutics. “With our Celgene collaboration, which just marked its one year anniversary, and a commitment to our Translational Science Platform, we are poised to continue to progress our pipeline in cancer immunotherapy.”
Clinical Highlights:
Presented Phase 1 data from ICONIC study at the 2017 American Society of Clinical Oncology (ASCO) Annual Meeting:
Initiated the biomarker-driven Phase 2 portion of the ICONIC study in at least six solid tumor types:
Updated timing of preliminary efficacy data:
Corporate Highlights:
Second Quarter 2017 Financial Results:
Financial Guidance:
Jounce reiterates the financial guidance previously provided for the full year 2017. 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 its lab and office space within Cambridge, Mass. and payment of federal and state income taxes related to the receipt of the Celgene upfront payment of $225.0 million in 2016.
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.
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 (833) 584-0037 (domestic) or (409) 350-3605 (international) and refer to conference ID 61078435. 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 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 Quarterly Report on Form 10-Q 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 2 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 June 30, | Six Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenue: | |||||||||||||||
Collaboration revenue—related party | $ | 20,289 | $ | — | $ | 40,578 | $ | — | |||||||
Operating expenses: | |||||||||||||||
Research and development | 17,188 | 6,490 | 32,147 | 14,745 | |||||||||||
General and administrative | 6,129 | 5,872 | 11,706 | 8,518 | |||||||||||
Total operating expenses | 23,317 | 12,362 | 43,853 | 23,263 | |||||||||||
Operating loss | (3,028 | ) | (12,362 | ) | (3,275 | ) | (23,263 | ) | |||||||
Other income, net: | |||||||||||||||
Other income, net | 752 | 13 | 1,384 | 24 | |||||||||||
Total other income, net | 752 | 13 | 1,384 | 24 | |||||||||||
Loss before provision for income taxes | (2,276 | ) | (12,349 | ) | (1,891 | ) | (23,239 | ) | |||||||
Provision for income taxes | 1,104 | — | 1,104 | — | |||||||||||
Net loss | $ | (3,380 | ) | $ | (12,349 | ) | $ | (2,995 | ) | $ | (23,239 | ) | |||
Reconciliation of net loss to net loss attributable to common stockholders: | |||||||||||||||
Net loss | $ | (3,380 | ) | $ | (12,349 | ) | $ | (2,995 | ) | $ | (23,239 | ) | |||
Accrued dividends on Series A convertible preferred stock | — | (935 | ) | (268 | ) | (1,870 | ) | ||||||||
Accrued dividends on Series B convertible preferred stock | — | (1,109 | ) | (318 | ) | (2,218 | ) | ||||||||
Accrued dividends on Series B-1 convertible preferred stock | — | — | (208 | ) | — | ||||||||||
Net loss attributable to common stockholders | $ | (3,380 | ) | $ | (14,393 | ) | $ | (3,789 | ) | $ | (27,327 | ) | |||
Net loss per share attributable to common stockholders, basic and diluted | $ | (0.11 | ) | $ | (7.23 | ) | $ | (0.14 | ) | $ | (14.05 | ) | |||
Weighted-average common shares outstanding, basic and diluted | 32,144 | 1,991 | 27,867 | 1,945 |
Jounce Therapeutics, Inc. Selected Condensed Consolidated Balance Sheet Data (unaudited)(amounts in thousands) | |||||||
June 30, | December 31, | ||||||
2017 | 2016 | ||||||
Cash, cash equivalents and investments | $ | 309,889 | $ | 257,374 | |||
Working capital | $ | 200,456 | $ | 61,114 | |||
Total assets | $ | 336,444 | $ | 271,312 | |||
Total deferred revenue—related party | $ | 147,225 | $ | 187,804 | |||
Convertible preferred stock | $ | — | $ | 139,038 | |||
Total stockholders’ equity (deficit) | $ | 175,508 | $ | (69,088 | ) |
Media Contact: Katie Engleman Pure Communications, Inc. (919) 333-7722 katie@purecommunicationsinc.com Investor Contact: Beth DelGiacco Stern Investor Relations, Inc. (212) 362-1200 beth@sternir.com
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