Jounce Therapeutics (JNCE) Tops Q4 EPS by 30c, Revenues Beat; Offers FY19 Revenue Outlook Below Consensus

Jounce Therapeutics (NASDAQ: JNCE) reported Q4 EPS of ($0.06), $0.30 better than the analyst estimate of ($0.36). Revenue for the quarter came in at $20.1 million versus the consensus estimate of $12.63 million.

“2018 was an important year of learnings and significant progress for Jounce. We accomplished several milestones, most notably data readouts and analyses from the Phase 1/2 ICONIC trial for vopratelimab, formerly called JTX-2011, at ASCO and SITC, which provided important insights into vopratelimab’s mechanism of action and a strong scientific rationale for the next stage of clinical development. We also continued to advance our pipeline of immunotherapies including JTX-4014, our PD-1 inhibitor, which began a Phase 1 clinical trial and completed enrollment in the first cohort in late 2018,” said Richard Murray, Ph.D., chief executive officer and president of Jounce Therapeutics.

“In 2019, we plan to advance our first-in-class highly selective antibody JTX-8064, which targets the LILRB2 receptor on macrophages, by filing an IND and initiating a Phase 1 trial, supporting our goal of three immunotherapies in the clinic this year, while we continue to progress novel discovery programs toward development. We remain committed to advancing our pipeline through our unique translational approach and are convinced, more than ever, that the potential for durable survival benefit in the next generation of immunotherapies will require investment in understanding translational mechanistic science and biomarkers from the clinic,” Dr. Murray continued.

GUIDANCE:

Jounce Therapeutics sees FY2019 revenue of $50-60 million, versus the consensus of $62.09 million.

Based on its current operating and development plans, Jounce expects cash burn on operating expenses and capital expenditures for the full year 2019 to be approximately $80.0 million to $95.0 million. Jounce expects to record approximately $50.0 million to $60.0 million in non-cash collaboration revenue in 2019 from the continued recognition of the Celgene upfront payment received in 2016.

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 for at least the next 24 months.

For earnings history and earnings-related data on Jounce Therapeutics (JNCE) click here.

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