- On track to initiate Phase 2 SELECT trial in mid-2020 and present preliminary efficacy and related biomarker data from Phase 2 EMERGE trial in 2H 2020 -
- Ended 2019 with $170.4 million in cash, cash equivalents and investments -
- Company to host conference call and webcast today at 8:00 AM ET -
CAMBRIDGE, Mass., Feb. 27, 2020 (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 fourth quarter and year ended December 31, 2019 and provided a corporate update.
“On the heels of a year of significant clinical progress in 2019, we have set the pace for a robust 2020 with the advancement of our vopratelimab Phase 2 studies, the ongoing EMERGE trial and the upcoming SELECT trial. The recent announcement of the TISvopra biomarker for patient selection in SELECT is a testament to our Translational Science Platform and further emphasizes our vision of bringing the right immunotherapy to the right patients,” said Richard Murray, Ph.D., chief executive officer and president of Jounce Therapeutics. “With two of our programs, vopratelimab and JTX-4014, in clinical trials, along with the advancement of our potential first-in-class monoclonal antibody, JTX-1811, into IND enabling activities, we are continuing to establish our differentiated approach to immunotherapy and clinical trial design. We look forward to executing on several key milestones in 2020 across our growing pipeline.”
Pipeline Update and Highlights:
Vopratelimab
JTX-4014
JTX-1811
Research Collaborations and Partnerships:
Fourth Quarter and Full Year 2019 Financial Results:
Financial Guidance:
Based on its current operating and development plans, Jounce expects gross cash burn on operating expenses and capital expenditures for the full year 2020 to be approximately $80.0 million to $95.0 million. Jounce will no longer provide license and collaboration revenue guidance as potential future payments under the JTX-8064 license agreement with Celgene are royalty- and milestone-based.
Given the strength of its balance sheet, Jounce expects its existing cash, cash equivalents and investments to be sufficient to enable the funding of its operating expenses and capital expenditure requirements through the end of 2021.
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 7889239. 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. Jounce has three development-stage programs, two of which are clinical-stage, vopratelimab, a monoclonal antibody that binds to and activates ICOS, and JTX-4014, a PD-1 inhibitor intended for combination use with Jounce’s broader pipeline. Vopratelimab is currently being assessed in a Phase 2 clinical trial, EMERGE, and a biomarker trial using TISvopra for patient selection, SELECT, to assess vopratelimab in combination with JTX-4014 will be initiated mid-year 2020. The next development candidate to emerge from Jounce’s Translational Science Platform is JTX-1811, a monoclonal antibody designed to selectively deplete T regulatory cells in the tumor microenvironment. JTX-1811 is currently in IND-enabling activities. In addition, Jounce has exclusively licensed worldwide rights to JTX-8064, a LILRB2 receptor antagonist, to Celgene Corporation, a wholly-owned subsidiary of Bristol-Myers Squibb Company. For more information, please visit www.jouncetx.com.
nCounter® is a registered trademark of NanoString Technologies, Inc.
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 trials of vopratelimab and JTX-4014; identification, selection and enrollment of patients for Jounce’s clinical trials; 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, including JTX-1811, 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,” “on track,” “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; Jounce’s ability to successfully manage its clinical trials; 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. | ||||||||||||||||||
Consolidated Statements of Operations (unaudited) | ||||||||||||||||||
(amounts in thousands, except per share data) | ||||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||||
Revenue: | ||||||||||||||||||
License and collaboration revenue—related party | $ | — | $ | 20,100 | $ | 147,872 | $ | 65,201 | ||||||||||
Operating expenses: | ||||||||||||||||||
Research and development | 16,610 | 16,644 | 67,135 | 70,052 | ||||||||||||||
General and administrative | 6,922 | 6,601 | 27,920 | 26,443 | ||||||||||||||
Total operating expenses | 23,532 | 23,245 | 95,055 | 96,495 | ||||||||||||||
Operating loss (income) | (23,532 | ) | (3,145 | ) | 52,817 | (31,294 | ) | |||||||||||
Other income, net | 875 | 1,151 | 4,052 | 3,961 | ||||||||||||||
(Loss) income before provision for income taxes | (22,657 | ) | (1,994 | ) | 56,869 | (27,333 | ) | |||||||||||
Provision for income taxes | 10 | 46 | 46 | 46 | ||||||||||||||
Net (loss) income | $ | (22,667 | ) | $ | (2,040 | ) | $ | 56,823 | $ | (27,379 | ) | |||||||
Net (loss) income per share, basic | $ | (0.68 | ) | $ | (0.06 | ) | $ | 1.72 | $ | (0.84 | ) | |||||||
Net (loss) income per share, diluted | $ | (0.68 | ) | $ | (0.06 | ) | $ | 1.66 | $ | (0.84 | ) | |||||||
Weighted-average common shares outstanding, basic | 33,272 | 32,750 | 33,080 | 32,567 | ||||||||||||||
Weighted-average common shares outstanding, diluted | 33,272 | 32,750 | 34,294 | 32,567 | ||||||||||||||
Jounce Therapeutics, Inc. | ||||||||||||||||||
Selected Consolidated Balance Sheet Data (unaudited) | ||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||
December 31, | ||||||||||||||||||
2019 | 2018 | |||||||||||||||||
Cash, cash equivalents and investments | $ | 170,444 | $ | 195,864 | ||||||||||||||
Working capital | $ | 159,297 | $ | 126,663 | ||||||||||||||
Total assets | $ | 205,882 | $ | 214,452 | ||||||||||||||
Total deferred revenue—related party | $ | — | $ | 97,872 | ||||||||||||||
Total stockholders’ equity | $ | 174,593 | $ | 104,129 | ||||||||||||||
Investor and Media Contact:
Komal Joshi
Jounce Therapeutics, Inc.
(857) 320-2523
kjoshi@jouncetx.com