JNCE - Earnings call transcript Q1 2019

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Operator

Good morning, ladies and gentlemen, and welcome to the Jounce Therapeutics First Quarter 2019 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time.

As a reminder, this conference is being recorded at the company's request. I will now turn the call over to your host, Komal Joshi, with Jounce Therapeutics. ahead. go Please

Komal Joshi

that Good Media First operator. morning welcome the www.jouncetx.com. in the to issued The discuss Thank is of release XXXX morning, our Financial Therapeutics available topics outlines which Quarter press Investors This plan Results Jounce to a today. & you, the release and we section Conference we at Call. website

milestones Rich for be update Murray, call development followed will on will our progress CEO and President, who pipeline today's activities. CMO, key will who on our Dr. XXXX, discuss by preclinical Trehu, Dr. our Speaking and clinical Beth and an provide

our Lastly, quarter first our will Kim CFO, review financial results. Drapkin,

your call We will the then questions. open for

result statements indicated including of our expectations, from prospects Litigation I forward-looking statements statements the Securities differ constitute may and SEC Private materially begin, a various Act results for future forward-looking Reform like that by we the of provisions discussed in everyone these under Actual would harbor include risk factors the that XXXX. safe of purposes remind important plans Before will to those today's filings. of as the factors, discussion

forward-looking any May, of should our dates. May views statements only as our and upon as not of X, of XXXX, as relied subsequent any represent today, be representing addition, as In views

With we change. may elect views any disclaim specifically obligation call future, I some at if over to turn the our the we While so, Rich. in to update statements will these point to do even now forward-looking that,

Dr. Rich Murray

translational novel PD-X T data JTX-XXXX, the of characteristics and of our from cells is observations progression-free OS completion CDX improved enrollment proliferating survival of and clinical vopra. our study vopra, with The Phase Notably, effector target these and lead biomarker; process in inhibitor. our to April, stimulated new stratified through clinical Meeting. good patients from strengthens including by exciting approach key of improved contribute we presented hallmark made observed progress JTX-XXXX, of cells, cells, our Phase months in recent In throughout program, an entire preclinical vopratelimab with by tumor-associated platform analysis. to and our pharmacodynamic immunotherapies everyone. our vopra-associated vopra ICONIC from developing pharmacodynamic trial of next we've data and key characteristics AACR studies programs LILRBX; ongoing the and progression-free emergence T discovering In of biomarker. our We've of already our and of the preclinical XXXX, patients several the in initiating PFS hi Phase and survival cells with process use Komal, we're data A new of antagonist CDX identification overall X/X the antibody nearing at ICOS the the to our We using X promising Annual cells. set the have platform achieved milestones, morning, now in We're development. that macrophage in may reverse the benefit. Thanks, activated the both of significant belief clinical in and these overall these X

this likely T patients these anti-CTLA-X, who pursue hi studies eager providing vopra. of vopra be We're identification with to a further and vopra to ICOS specifically, combination expect to on known cells, to based on year. paths, to which We is move respond study look updates induce development to in biomarker CDX may X along more forward and

enhance immunosuppressive novel within and immunotherapy macrophage to macrophages lead The our microenvironment. preclinical as to to antitumor at presented we data turning supports program, its development JTX-XXXX. that AACR the April reprogram immunity Now in tumor a

for an file Phase JTX-XXXX a trial initiate as clinical X as to well IND application expect this We year.

and advance building out and to to programs, build pipeline the year. our Beyond Jounce, our this develop discovery to development continue pipeline success generation believe particular, our At forward move next will we're candidate moving quarter. in expect in today's beyond and IO In patients; our therapies. Beth we require, discover right next development approach; we of and unmet each the provide T third, the identifying without addressing PD-X-centric during across pipeline second, tumors first, significant made will examples a the need We've discussion. cells. in IO this of progress

cancer immunotherapies we characteristics in underlying mechanistic We of accomplishments focused look our in our and key XXXX. bring meaningful understanding towards pipeline mission pipeline our of turn now these to our the to data, forward the over and responding science AACR in to science call that, patients I'd remain detail. hand, on more and benefit the discuss With With Beth advancing the long-lasting broader to clinic patients. Beth? in in X the like immunotherapies to to

Dr. Beth Trehu

Thanks, Rich.

our We across made excited are the we've about pipeline. progress

guiding translational is we knowledge vopra, development generated, For on data insights reverse its forward. now this have mechanism based and new the into of path our we action additional

observations of hi associated cells tumor and to survival. progression-free now CDX initial Our T with overall reductions improved ICOS extend

seen types, was demonstrated ICONIC who including and Importantly, in PD-X-inhibitor-naive across in PD-X-inhibitor-experienced solid persistent hi ICOS the tumor benefitted blood. this patients CDX T multiple patients. All cells

cells not monotherapy. presented PD-X-inhibitor SITC hi we emergence XXXX, of T observed As at the ICOS is CDX with

AACR vopra to a at me some highlights in Let we moment take presented of clinical review key April. the that now

of only yet we CDX overall versus T of emergence OS. reductions with patients the patients median and a months ICOS the months for versus was tumor PFS that ICOS improved for patients cells patients not and with CDX hi ICOS Median X X.X persistence been in the X biomarker hi CDX T is cells. has CDX with cells T T median CDX months reached, lo hi The for blood PFS and with ICOS First, associated observed peripheral cells. survival with for lo ICOS only cell T

T characteristics burden T high, cells levels cells are does CDX and both patients this clones Peripheral hi PD-LX associated by characteristics Also Vopra T CDX is primed of have inhibitors. cells cells, PD-X the our with cytometry following hi treatment, or receptor CDX with mutational emergent T of including the at association cells microsatellite display shown immunohistochemistry. original activated with matched occur with with transcriptional distinct biomarkers, T cells flow effector cell ICOS the common tumor T no cells high hi there takeaways: are ICOS in associated key including profiling. AACR, with not stimulates Additionally, ICOS regulatory and T T and vopra not others ICOS. CDX scientists CDX ICOS hi of expanded that described only predictive tumor instability of

we that data? that shows the cells, effector role benefit vopra strengthening CDX important plays in hi translational translational cells have Our are so archival So in durable expanded antitumor this by associated an about activity. present data the by T are ICOS why are that receptors these tumor, clinical our excited belief expansion cell and with T of vopra,

development CDX to focus studies of which to remain T emerge to benefit. the Our we cells. cells these respond are vopra, optimize on or T believe X and in potentially that now on will leading presence CDX hi initiate primed to settings exist ICOS ICOS hi Phase effector clinical track We

we express will vopra be X increased combination study This non-small-cell in Moving cancer. bladder will prime beyond of the ipilimumab, of PD-X-inhibitor-experienced study in first with is tumor X cancer clinical cells levels ICOS. PD-X-centric which approach, to in CDX trial a initiate to the and patients Phase types: known is T lung

expects study. to Phase and Jounce bladder with Additionally, a clinical expects efficacy with in of biomarker cancer combination trial initiate Jounce in predictive in preliminary XXXX. data ipilimumab to a X vopra PD-X-inhibitor-naive patients report

When presented next-generation preclinical to designed our unique LILRBX-antagonist antibody, suggestive Beyond in reprogram to from includes enhancement vopra JTX-XXXX profile and the MX-like lead its to checkpoint JTX-XXXX. maintains macrophages human inhibitor also LILRBX and the MX the a and is LILRBX, This data macrophages. transcriptional inducing an a is immune in immunosuppressive of proinflammatory antitumor immunosuppressive we program which cytokine believe at induces state ligands, MX state. to macrophages binds targets, macrophage macrophage lead data the may macrophages binding T summary to in secretion macrophages. the of of inhibiting MX an program, ligand that tumor-associated immune-activating A response, blocks we shift LILRBX immune-stimulatory cell AACR a following: it

We to look T initiate file to cells. without are to checkpoint an trial macrophages tumor-associated and of the from that hopes expect and in utilizing tumors reprogram for we program believe JTX-XXXX's this microenvironment forward excited determine insights new tumor into functions our enhancing this to IND X macrophages, potential we year. the as antitumor clinical We as within platform move by immune Phase LILRBX immunity as a we science translational an

combination for selection of X pipeline. inhibitor, in positioning PD-X Phase our it programs development year, remains JTX-XXXX, Finally, dose the with track for our this recommended other on

would a over require will we the mechanism like turn to reiterate to I immunotherapies a of relates it understanding I to cancer action the Before as deep call the generation that believe of of Kim, next the our accomplished tumor work positioned microenvironment date. challenges reverse team Jounce, are to we important address immuno-oncology with At and our approach. platform science in to translational uniquely unmet translational and the has

the programs, of to advance in moving Beyond preclinical candidate we XXXX. pipeline program with another clinical the our aim continue development our to stage

turn results. our to call Kim Kim? like financial over a for would I the QX of discussion Now to

Kim Drapkin

good Thanks, everyone. and Beth, morning,

million cash XXXX, of equivalents totaled million, in decrease reported as release, to we $XXX.X incurred period. XX, primarily the As $XXX.X XX, costs as of to during operating December press cash, due compared this The XXXX. was morning's and March investments

the to Turning P&L.

that million currently recognition $XX.X in the Our noncash, Celgene the upfront of XXXX. received collaboration payment Recall the XXXX, July compared revenue reflects XXXX. for million revenue, was $XX first collaboration quarter the to same of in period for

$XX.X of same net diluted quarter or $X.XX. expenses for operating expenditures compared to expect burn share for a million. loss loss a as $XX operating lower continue the XXXX year loss in basic diluted of and incurred was for same of million the in $XX decrease same expenses, by costs, stock-based quarter XXXX, quarter costs. million an million was compensation in $X.X for including million costs, the the first lower loss G&A expenses increased of higher period The we compensation was in XXXX. $X.X full compensation in $XX XXXX, XXXX reiterate our partially compared basic of million, employee XXXX expenses. compared or due the This first be General were to the to expenses share research to cash financial offset $X.XX, XXXX, increase was approximately and and a and guidance decrease the expenses XXXX. and to and per to in for million million by on development the increase per for result $XX.X first We external in Net of $XX.X The period expense. capital R&D of administrative period employee During driven net net to

collaboration to We also noncash $XX approximately of million. continue to $XX expect million for revenue XXXX

the goals. sheet strategic strong Our against innovative balance allows efficiently plans immunotherapy us drive our and our pipeline flexibility execute plus to

We focused for our Phase rest X and studies vopra executing continue on pipeline. to our next advance of are the

both of labs. proud the of continues the team are We that to in and outside the work Jounce do

advance remain questions. to like our significant to facing addressing medical With now cancer would unmet driven for we your patients we While open pipeline, still need on Operator? focused that, the today. call the

Operator

[Operator comes Instructions] Steve James. from first of Seedhouse question Raymond Our

Timur Ivannikov

good Yes, for Steve. Ivannikov, is This on morning. Timur

is, So any see ASCO. and they're by of stage competitor T similar ICOS competitor with you at there then and thoughts for Do how in mean terms Tecentriq. on of regarding cells? a the the going And ASCO, the the another didn't we terms reach Kymab, our first any monotherapy ASCO is CDX Thank is data to in of and development? survival Are is follow-up today question in combination overall doing hi have question you also since about presentation you. biologic have

Dr. Beth Trehu

for don't we a plan terms The have too new for short No, is for and of in any really and have at cut for the data ASCO anything to AACR thanks. Yes, meaningful. difference us timing ASCO. to data

So no, data look forward nothing at ASCO. emerges. as to presentations additional We do

Dr. Rich Murray

and Rich. I this think, is Yes,

they following from watching of, the, we're followed of program. we a In think the a ICONIC. general, obviously, to view, similarity path They, antibody, path kind in be seem that there's top-line Kymab the that between the that we molecules. had On

looks it showing Beyond obviously, data think that we've years. the to been we've preclinical we few the that, seen their and data over past similar

Timur Ivannikov

Phase I several have vopra. much. very toward then, questions you we thank initiating about for guess progress Okay, some, the X studies And

factors gating a the to could so and predictive study maybe first on over the more And perhaps and start you later? detail the go question, provide on of biomarker study way the selection will bit some initiations that study,

Dr. Beth Trehu

Yes.

ipi with study cancer. PD-X-experienced and in we'll first the PD-X-experienced is the initiating mentioned, we As be that non-small-cell combination lung bladder cancer

sort study terms just the In of factors thing. gating typical it's of for startup,

and and contracts a pick and the pick You pick and have to do vendors. budgets all your CRO sites

what press So nothing dosed remarkable we usually first And in terms we about study. release is that. in unusual have once few do of timing, the or the patients issue a

So you can stay tuned for that.

we terms predictive really ways, be as that the And get some little study, a biomarker sequencing, stagger There's we so will an the in In started, lot there standpoint. operational providing a many of information study a, from a year to more bit. just is of progresses. about work them from

first the with combo the be So one be ipi. will to opening

Timur Ivannikov

just one. great. final Okay, one And

so like million in you terms that So range $XX for the it looks provided, the of cash million. burn $XX to

you. the Is potential driving it a there? delta So Thank or of initiation what study else? something is

Kim Drapkin

Sure.

to the provide the the prior the last knowing going when may start how exactly We year, that ourselves we this year, not second and your you're we our initiate, tend guidance when your year our so sense clinical studies we narrow better did in and and So of Kim. and like year development, trials we half. But enrollment's budget, planning going the just a as towards it's once progresses range. a starting flexibility. Obviously, go, you're give end have is to to the

Operator

question next H.C. Debjit of Wainwright. comes our And Chattopadhyay from

Debjit Chattopadhyay

go down to place the of of in there's boost… Difficulty] way going over XX, Difficulty] ipi, be dose or narrow to literature much a a the of the up how going is [Technical you ipi terms to Are [Technical dose all all to

Dr. Beth Trehu

Debjit?

Debjit Chattopadhyay

Yes?

Dr. Beth Trehu

breaking up. You're

Debjit Chattopadhyay

I Sorry. X-mg Because some to literature or for a the if the over ipi. X-mg just Is to more on seems dose there can you dose, boost be you was provide over could the clarity place. the dose? be going wondering boosting, or all go

Dr. Beth Trehu

Yes.

we available are not some details we commercially, into of using actually insights about a disclosing have interactions lot and a and in terms that this details will trial, between that's, ipi is the be about at that So dose of but the vopra, time.

Dr. Rich Murray

say of know, on that, to I Debjit, the ICOS. they presented that You have we that have we though, at is vopra high we fair know back active data have cells levels induced said it's once SITC think the

we're that So consistent data course, would kinetics looking with that in generated. we two the a manner administer with the at optimally the in hand, how of of the data we've timing and agents

Dr. Beth Trehu

demonstrated ipi And Right. of induce to doses that been have those cells.

Dr. Rich Murray

Correct.

Debjit Chattopadhyay

still you to want in it come sequential ICOS dosing you think going patients the with to prime So you be is or hi a to with cells first of to get do ipi before vopra? that threshold

Dr. Beth Trehu

now. all to looking for again, Yes, the way kinetics we've induction them work ICOS cells of again, put right lot the not figure drugs best giving a but understanding PD and reasons, say at of and a of and CDX PK the the, the both details, out and to competitive we're to try lot for administer that's going into of together, to I'm hi

Dr. Rich Murray

comment, more broader on dosing. maybe on comment one make a Debjit, of will I the, kind

years, you past really working advisors understand the of optimize spent our look is receiving mechanism argue But convenient. just been and particularly ourselves, to of we to over antibodies, have own each because it's that. an dosed do doing, The with as and together think, you the that, our kinetics data, a what we've to mechanistically, really lot understand patient's all immunotherapeutic, infusion that. few with that I time we've witnessed would have

Operator

next our And Jim Birchenough from Wells of comes question Fargo.

Unidentified Analyst

are after required cells do on this required ask, a and versus but they of lung ipi ipi slide non-induced after, for demonstrate hi questions circulating Thanks high after to level patients ICOS enrich, an to a trial? taking questions, intend least T induction? And certain as if bladder the your along for patients, Jim. are we similar theme, our Nick it's has part cells, CDX priming, T at not, low the priming you they I morning, Good have or to for will and who for have non-small-cell

Dr. Beth Trehu

That's after, will what vopra certainly, absolutely And study looking is along question. versus Actually, great Yes, see points for study. to Beth. is multiple In Nick, is this doing doing. those ipi a we what the this cells. be

done, In terms not Did or study going to the patients then certainly that that's way add something could potentially is to looking evolves. things percentage that certainly you enriching; anything? we're to that develop the selecting, of the want enriching progress, we're that written. actually of could see Initially, it be be those and cells, what as way be

Dr. Rich Murray

Yes.

maybe add we just of of the study, but think as it's a to Nick, bit a whole to obvious studies. a there's also learn of to that important be looking we we population to do relationship I a backbone biomarker-driven our the, that that, connect I'll at as how can feel an kind as that,

talking about describing biomarker so be future. studies the, as much the more and And now, this its we're this, we'll to study, emerge in the connection

Dr. Beth Trehu

all Yes, as emergence. hi at of yes, we emergence our and predictive their CDX to of that tumor be potential samples looking lot so the we we'll include and baseline ICOS might can things other and always at explore blood but so cells contribute in biomarkers, the looking progresses, a studies, study that their

Unidentified Analyst

of as far a Okay, you panel of mean, And novel to biomarker subset how think of study, CDX biomarker then identifying cells? or close emergence thank you biomarkers you. T of are are the predictive this I as

Dr. Beth Trehu

that progresses. as we'll provide year more Yes, on the information

Unidentified Analyst

Okay.

close, one from So And then close. then. last the you're me... Getting just

Dr. Rich Murray

very competitive A area.

Dr. Beth Trehu

to Yes, we have [indiscernible].

Unidentified Analyst

true. That's true. that's Yes,

Dr. Rich Murray

Yes.

Dr. Beth Trehu

Yes.

Unidentified Analyst

prominent that most mean, you're one but a probably while ICONIC, cancer the tumors there back, in if announced selected gastric trial? back, I correctly, was I had not in last tumors a I patients. recall signal a a reason these doing the Is while obviously just from gastric me, you And know that

Dr. Beth Trehu

care, the of and best do the it in we look for recent of but lung in leaders you, gastric cancer cancer and feasible types, still, encouraging, we agree in forward to opportunity a very lot of data non-small-cell the gastric to what's lot with with KEYTRUDA decided this multiple cancer. bladder unfortunately, combination we in to tumor was, that future. standard consultation a ipi key somewhat with We was disappointing, opportunities opinion the explore was cancer. data has The after Yes,

Dr. Rich Murray

cancer from that, Yes, representative large bladder group in Sharma, because ICONIC CDX the, mentioning of Pam patients founding the Allison Jim non-small-cell PD-X-experienced it's lung within advisors, the generating patients of done ICOS in cells, Part study, and worth our they've hi and the were work at body patients. cancer. a

So we of this, good in science, understanding have kind the of a science, of from bladder translational cancer.

kind So X KOL as of features general just prioritize and input, other, helped, really lung helped us the well as bladder. those

Operator

And with JPMorgan. comes next question Cory from Kasimov our

Unidentified Analyst

long-term develop Hi, this do Cory. you. Can this X your is for discuss inhibitor? And questions going first the the is going PD-X to market? My please related in time [indiscernible] come I and differentiate strategy to have the XXXX by to PD-X make other current to efficacy data from given market data to inhibitors to the on is overall it your question for you it inhibitor. you plan safety is that how their

Dr. Beth Trehu

Sure.

it just we to could developing sense it's reason And we've a as the as PD-X-centric talked to inhibitors think move the quite PD-X our become where tumors T And we that have the other the for before felt it molecule, dominant, approach, are even about though So cells for our is not access in very tumors, our into with it's pipeline. the induce combine we so beyond as in be trials some a of well-characterized other colder moving strategically restricted combine our and not inhibitor. PD-X possible that for infiltrate stated will it has a And may agents PD-X and point, I that with of mechanism to tumors. that that inhibitor. pipeline those that us is a made the we've inhibitor own clinical T-cell approved you costly. And development at to it differentiated need agents quite PD-X for really particularly primary

And in point. it's So general most we have treatment settings paradigms PD-X include this the feel access for, inhibitors. PD-X at an inhibitors to for important strategically

having for to is think a be it. in to in it's have we're pipeline. we've other our differentiate be for the also And us And not drug to the finally, strategically, not again, then with I So it important registration to pipeline. it in path us seeking the to able required combine drugs to monotherapy drugs with combination still other stated, able for use our

is ruled inhibitor to able combine recommended expect as We we would, and, that PD-X the we use in agents positioning have pipeline to X in that that have it we this I haven't out, to said, but dose to with primary can other be strategy Phase a our the our year, context.

Unidentified Analyst

And in data help is to Okay, with me related second the now question XXXX, expected can when timelines, thank please the Could XXXX? initial you. that to see we my from is XXXX. begin trial you

Dr. Beth Trehu

Sure.

X trial Phase is the So expected this to year. begin

general, Phase time. in trial takes So amount a of a certain X

dose enroll You cohort can at intervals. only each certain

presented So if XXXX, year in ICONIC back started about we study at a when you we a the over data ASCO. Phase X safety year, first our later think

before at a least that is program after So start. data available we from any year

Operator

Mike Our Ulz next from comes of Baird. question

Unidentified Analyst

on Phase or, there? types about the how To monotherapy Hi, and can tumor taking about this question. broadly of for think you combination any sense would specific Thanks thinking you cohorts, XXXX, this versus is speak X on you're for sort Mike. early design and follow Colleen our make up in trial

Dr. Beth Trehu

yet. actually, we but have certainly We those more its considered of the haven't when to We provide get that closer about about we all information things, spoken initiation. trial Yes. we'll

share all but with of happy a So do you, that we'll early. it's little that be We'll later. to

Unidentified Analyst

be voted to trigger next And what is Celgene would us just remind that? any been on And you that Bristol-Myers/Celgene Okay, pass, can on thank collaboration? you. update the now the then, there has the

Kim Drapkin

is Sure. Kim. this Hi, Colleen,

look as continue point. that yes, if the with forward to we forward of business in closes, programs and structured, each had recall, the options, of sort strictly particular passed, saw once at were, we usual obviously, how the has deal work we with is BMS. And vote it's to, But It's So deal of, time. continuing and this a opt-in you Celgene. terms the

haven't when forward so well until investment, opt-in the reach And point. to as the did move we upfront but one responsible then given would large we're we we next the clarity be, programs equity on receive as the and

Operator

the from next question of comes Peaker Boris And Cowen.

Boris Peaker

first vopra. cells just how question have My important is And on I'm you persistence? of these long hi sense T a is curious, ICOS CDX this persist? do how

Dr. Beth Trehu

Sure.

been relatively original Sharma's terms ones they in and was data published Pam those the had CDX time in there, ipi, who hi only, on quite data with has patients it T cells. we've patients, So patients cells. of In it's persistence follow-up The a persist. who the some now, that continue benefitted short-term were for measurement ICOS of had the to of our

overall we that in So believe of the the cells, the therefore, the of that progression-free persistence and tracking seen on, we're all and of persistence patients these responding fact continue we is to on seeing cells who cells study, measure and we've all together. remain survival whom remain these and improved

continuing based So role antitumor test something this Rich? play we we've that all of that's that a certainly to we'll durable forward. they generated. data believe in activity going And do the on be

Dr. Rich Murray

in X are characteristics. blood, the percentage well years further those where a Where there, kind Boris, considerable just the there's patients where probably, on we CDX or maintaining comment, to coming Yes, maybe a cell up into, population of now, cells there's of there's, of persistence see the that.

for a profile just we continue ipi-alone be from cells is we're the study, studies measurement safety the and safety pleased that vopra mentioned, to shorter-duration inducing sustain is here with and the kind Beth that, of cells much vopra these quite, pleased advantage with As of to think an was profile. of these maintain

So for numbers vopra ability that the in patients. and those keep to we in board we're and the encouraged can the on keep the, the by kind cells cycling bloodstream, just of see sustainability of cells

Dr. Beth Trehu

Year and a half.

Dr. Rich Murray

and Year half. a

Boris Peaker

you. Got

in other that's drugs curious, And the pathways, clinic you any in you just Any Okay, general, to informative to XXXX? in think perhaps be that sets you're would different both macrophage data general, you question, future just be are targeting continue useful towards? looking XXXX, just there macrophage just, as and my activation? that in know. macrophage-activating that in even advance particularly investors I'm near on may Anything to competitor last the helpful

Dr. Rich Murray

SITC, not this other on is that Rich. target there We're program heading the hitting Merck so clinic antibody could aware Merck clinic, analogy that targeting, the at the was a also, to Probably an in is of LILRBX. any is molecules Yes, we at. the that look clearly closest announced closest is, that or program

of agents, We're to agents. As are think other switch different the behavior certainly macrophage which some not you of that of that that. There's there and function bad know, the lineage. looking those mechanism. are deplete In trying we the of do CSFXR case, that are terms in their depleters, to are you We're lineage. to looking

phenotype. distinct So difference switching course, cancer cells from the is mechanism, distinct of which a of CDXX, the kind again, more ingestion And which think, think we I of is there. inflammatory of there's, kind the

at type. of in same of, cell our So there's mechanisms view, leading them call pointed kind the a number

distinguishable program. Merck on program, in cells. our for the is is be the to clearly, accomplished And closest they're think trying I what the

Operator

Ladies in you. and you Thank This thank today's for conclude gentlemen, participating your conference. the does program.

You day. Have now disconnect. a may great

Jounce Therapeutics (JNCE) 9 May 192019 Q1 Earnings call transcript