JNCE - Earnings call transcript Q3 2020

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Operator

Good morning, ladies and gentlemen, and welcome to the Jounce Therapeutics Third Quarter 2020 Earnings Conference Call. Currently, all participants are in a listen-only mode. [Operator Instructions] I will now turn the call over to your host, Malin Deon with Jounce Therapeutics. Please go ahead.

Malin Deon

Thank you, operator. to Therapeutics welcome call. quarter and morning the third Jounce conference Good morning release to we press issued discuss outlines This a that which we the topics today. plan our Investors release Media The in www.jouncetx.com. the available section is of website at &

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

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

call the open then your questions. will We for

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

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

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

Rich Murray

Thanks, Malin and everyone. good morning

impact and cancer IO therapy, vision very emphasizes defined of changes. patients. unmet with needs am our earlier this this current patients’ program reflects I to update of long by to week detail vopra As responsiveness our view important shift all on provided mentioned pipeline to further our lasting we today. the you prioritization an know, strategic share you bringing and on pleased meaningful This and more medical

with an benefit, landscape and are inhibitor patients benefit We medical down and be sensitive type, need unmet lung cancer inhibitor tumors, tumors to melanoma. resistant as opportunities, inhibitor or patients tumors broken from treat the from is within two as about resistance impact tumors. level, populations: IO. present non-small hallmark impact are the the still IO believe the such best market Both a Overall, overall with unfortunately, Patients overtime PD-X inhibitor to after significant benefit. inhibitor most the develop that outset differ resistant checkpoint resistant represent the two, minority difficult with individual patients the has of to-date patients PD-X into are PD-X distinct tumor long-lasting of resistant care. one, can still therapies PD-X either the the at of We significant patient solid sensitive bring to most patients and but IO. cell it’s thinking and large may for of standard largely and growing certain But therapy. on patient benefits how initially therapeutic had receiving bring tumors chemo and forward PD-X in

as continues patients in to reference frontline our to ultimately the of use patient the scope about inhibitors current of market better two inhibitor immunotherapies PD-X progress, Given our follows. populations patients, of in the metastatic the initially we think meet grow. the and increased or most fact pipeline that to disease resistant cancer will To progress these PD-X needs

novel For beyond combination mechanism benefit and we current the PD-X the regimen. PD-X driven patients of with to approach chance tumors, biomarker sensitive patients a today’s best believe inhibitor have and inhibitor

us new mechanism, study Our or position ILTX, JTX-XXXX a well vopra targeting this and program the biomarker predictive macrophage patients SELECT in address to sensitive a separately, population. PD-X our LILRBX inhibitor trial,

believe an approaches believe a will mechanisms JTX-XXXX In could novel for to to these immunosuppressive whether important or and primary be with novel state we For an is convert PD-X program we and patients. this macrophages the tumors patients needed. inhibitor mechanism be resistant acquired, context, anti-tumor

early Our to like updates quarter. data that data biomarker our we lens, viewing and populations. I EMERGE this through not provide for be this to address expansion enrollment to Earlier meet would EMERGE. our of focused minutes from these the of we Based population. take this now not By patient study. did to address interim few also week, at each look patient expanding will we on pipeline design mechanisms the resources readout, approach studies and patient distinct novel can the discovery early programs prioritize this our criteria in an interim on announced from pre-specified a

a of inhibitor population our types program. shift cell resistant our in immune other JTX-XXXX, T-cells, Our will addition to with LILRBX strategy focus PD-X targeting the to in beginning

follow As we EMERGE to the discussed the monitor overall on biomarker. study vopra continue patients will update, survival of call still we on and the

We SELECT that the from in study. enrollment our SELECT also reporting in preliminary trial look forward XXXX. announced to commence efficacy data We late

JTX-XXXX by year We in escalation dose also begin X expect to end. of our enrollment study Phase

with data agreement potential supporting also biomarker JTX-XXXX Jounce worldwide We our believe invested clearing Gilead $XX deplete selectively cells. immunosuppressive we to million further rights generate to In at our translational In upfront next ability out-license closed T designed from announce Annual size pipeline first-in-class value the XXXX process, connection Gilead for antibody After stock. an and in platform. received JTX-XXXX, for presented the are October pleased preclinical license the announced HSR be closing, this to Gilead the fee to license We million Jounce $XX week’s tumor that Meeting. Citi and in transaction infiltrating regulatory validates will and September, our XXXX.

for half we XXXX. first are IND the to of to IND continue We JTX-XXXX on track and progress in filing clearance

advancing programs, progress presented challenges despite the continued pandemic. to COVID-XX our early the make by development our stage Beyond we pipeline

programs engine targeted pipeline areas see efforts. our These discovery valuable JTX-XXXX PD-X multiple more other JTX-XXXX EMERGE like novel includes cells active mechanisms. in to resistance Our our myeloid we cells, broad targeting are expect discovery and and for through programs all stromal hibitor

role at take acknowledge and Tepper, professional down Beth has from go Directors. to integral Bob our Third will since for programs, would Dr. to into is an commitments he of I over turn a more activities been and like call our at to Jounce over clinical his call Rock on a contributions our our longtime the turning Ventures, his part inception. Bob of Board Bob the We moment Jounce. detail Beth in Due stepping discuss now thank team thank sincerely the member leadership detail. board more to of Before to to to I as

Elizabeth Trehu

good Thanks, everyone. Rich and morning

SELECT. our times we we have patients. our us clinical stay and on continue focused execute I Jounce new has the live done quarter am the trials proud cancer progress We to Despite enable to great challenging at goal of in, helping of made our next work study, team to this overarching very and initiate

on to before track We trial year begin in exciting first end clinical our with JTX-XXXX, are enrollment macrophage program. new our

biomarker CDX value ICOS the to and XX and is predictive selection plus predictive the contribute clinical biology. activity related CD-X inhibitors. of and cell The are trial plus be in biomarker for we the are minus clinical alone. for using PD-X potential to ideal beyond. is value blood, for therefore to JTX-XXXX has versus relevant for threshold gene the JTX-XXXX patient readouts and we PD-X for benefit in an that randomized are vopra. been initiated, like upcoming in would signature genes the initiation, trial, SELECT be recently inhibitor both emergence inhibitors, CD-X genes which cells indicative about programs. XX required SELECT selected with ICOS JTX-XXXX nivolumab. T setup vopra potential CD-X which presence XXXX treated lung the while T-cell the randomized hi of biomarker The The initiated approximately peripheral CD-X activated or both detail will predict trial optimized believe to for the to of now and patients, CD-X vopra includes non-small will I the second-line patients of PD-X T-cells, more ongoing and clinical cancer soon We hi which for related to TISvopra provide associated who TISvopra multiple our that have due With our with its immunotherapy-naïve in predictive vopra TISvopra enroll been genes

is averaged vopra endpoint JTX-XXXX JTX-XXXX cancer the and pleased primary of mean is from of of powered weeks, for for are change of expect reasons. baseline to X chosen cell was SELECT over approximately all alone. lesions tumor to-date. size percent lung XX demonstrate the be screening new We which to The XX% plus rate to existing patient two second based TISvopra and eligible on patients the with trial non-small line and measurable superiority

response not publications improved cancer other indicated in meaningful maybe especially maybe IO First, change for reductions overall therapy, size survival This which an tumor result criteria early of may and predictor rate. baseline early point than in of from types still at in better survival. have potentially percent do resist chemo several overall time resist tumor and that benefit response with therapy true durable meet clinical that

we as proof-of-concept significance percent smaller statistical using with to size, from a an response Second, variable appropriate continuous a was change categorical this opportunity establish rather than for felt baseline criteria, creates sample study. resist which

antigen including We are overcome rate, LILRBX HLA-G final and antagonist macrophage potential also Safety with an antibody, tolerance to resulting plays analogous measuring response program. JTX-XXXX, JTX-XXXX of on now of we cells, the pro-inflammatory macrophages. the stimulatory HLA-A part state, of rate, of study overall view immune include induces This duration X PDL-X also binding reprogram improved interaction, immunosuppressive the overall which biology. be would traditional Like median survival. and macrophage survival, macrophages on a to on inhibitor production LILRBX PD-X in binds resistance. its activation. as of I and months PD-X endpoints the tumor ILTX role immune as PDL-X MX to is an T-cell ligands inhibitor a will HLAG of PD-X checkpoint which effect to data. like progression-free JTX-XXXX interferes of the on biology binding cytokines, with stimulatory immunosuppressive biomarkers response efficacy to control and all state designed presentation to and or immune and MX ligands, immunosuppressive in disease and fetal to well, LILRBX suggests all T-cells. will report interaction fundamental maternal lead its a the B When to to cells LILRBX turn it our the

LILRBX efficacy was another of on patients data at ESMO safety heavily and XXXX. signs clinical preliminary recently in experienced presented suggesting inhibitor pretreated first PD-X The

excited population this the for expect enrollment and be by benefit end XXXX. we patient to JTX-XXXX this the patient about of to for We difficult-to-treat potential begin second program when clinical are the target

combination be PD-X own Our upcoming in clinical study a with with study inhibitor, JTX-XXXX dose monotherapy escalation our with will and JTX-XXXX.

with combination tumor-specific to multiple PD-X approach cohorts and expansion at to Our proof-of-concept preliminary information and the include JTX-XXXX with patients. poster pre-defined inhibitor biomarkers both expansion a At and demonstrate early have meeting and a JTX-XXXX trial resistant our will is predictive we on sensitive JTX-XXXX. indication both next for These dose. cohorts target designed SITC providing selection will monotherapy week,

provide readouts will design when trial XXXX, will after begin to specifics JTX-XXXX. be study available Phase we and will We X on of on in more the enrollment guide the commences on

close, have I we all X to I of the the in with of preliminary resist Phase response in with safety demonstrated treat JTX-XXXX PD-X note, pretreated in from the combine study enrolled the drugs patients SELECT X study. typically PD-X combination to like efficacy both We Of inhibitor to to inhibitors, characteristics the approved, were inhibitor XX% inhibitors a PD-X with PD-X JTX-XXXX IO inhibitors and excluded. who profile approved enrolled preclinical now that therefore Phase would were the has be Before tumors of to expect typical to trials in the X pipeline, study. as PD-X patients to heavily than in contribute in required highlight JTX-XXXX which similar challenging opportunities patients a Phase all PD-X trial a were more JTX-XXXX first PD-LX clinical our in responsive inhibitors. JTX-XXXX inclusion are patients own similar small naïve and our of and approved a rate our

be potentially a in make studies served currently therapies beyond by We lives to approved the initiating focused not today’s and are with therapies. excited to T-cell approaches of difference patients

biology on Our IO execution, well-positioned team across with areas be potential to of programs with and clinical novel a outcomes. multiple an improve to has job the great Jounce has always which leader done

turn to Kim who a to like call would update. I over provide Now, will financial the

Kim Drapkin

Thanks, Beth and good morning everyone.

operating morning’s press this XXXX XX, The XX, October $XXX.X December costs investments the we reported sheet. and to included agreements in capital the in of $XXX.X As the incurred a million equivalents was compared strong cash, September XXXX. million balance Not balance we in totaled cash of decrease additional September XXXX, as with This due during million upon release, to XX, as primarily of period. cash received is provides the us Gilead the $XXX XXXX. closing

per employee Net or increased to offset of P&L XXXX license the increase increased The $X.XX. third was and administrative $XX.X $XX.X and in compensation $X.XX decreased was Turning of per XXXX. partially clinical in travel XXXX, development the loss and net income the a SELECT increase period collaboration the in loss incurred the in employee a for compensation expenses. trial, in or and period in partially same share income primarily and increase of net $X.X cost quarter compared expenses R&D basic XXXX, during $XX.X for XXXX. to to diluted a $XX to compared to period was by consumables for general XXXX administrative of million the compared quarter of $X.XX we for same million in third offset diluted expenses revenue regulatory General attributable net million to and with due per facility primarily $X.X clinical IND-enabling expenses. The expenses the research loss cost quarter in the quarter external of due by share million of for and the to were basic same increase know and expense. lab associated JTX-XXXX income The third as million third share net cost decreased costs the operating expenses XXXX for was million and net in and

the our burn for financial $XX expect closing, efficiently be while In We expenditures pipeline executing are have gross strategic continue innovative on plans we to the our year XXXX reiterating our drive guidance $XX continue capital and to million cash goals. to to expenses operating full million. against approximately and flexibility immunotherapy to and

equivalence, to the funding capital call turn cash cash, and existing final and to investments operating sufficient of our to I XXXX. be expenses into now requirements expect We our enable back remarks. the expenditure for Rich will

Rich Murray

XXXX, track Thanks, achieve on conclusion, In milestones Kim. set is we year-end. importantly the and by to Jounce for

Phase trial of to program. XXXX, We initiate X also plan the JTX our LILRBX

Operator. to clinical high-quality strong our first your for With year the multiple multiple call of closure advancing program advancing executing SELECT discovery capitalized and trials the across in with open to that late X continue trial, this trials populations. into recent clinical multiple sensitive, year our readout half engine, allow on fund for continuing of and results deal the Gilead, PD-X patients clinical studies, targets while JTX-XXXX we is well and work multiple the execution questions, are With executing for the our begin to XXXX poised now wholly-owned XXXX. runway to to the later including for the we initiating our with cash And including data a resistant also to and and like new This discovery from in to Gilead pipeline. will on the pipeline be of with clinical transitioning With programs, would filing IND inhibitor the JTX-XXXX Phase XXXX, XXXX. in us

Operator

Thank you, from Please first comes ahead. Our the Mike sir. Instructions] from line [Operator question go Ulz of Baird.

Mike Ulz

question. Hey, guys. Thanks taking the for

have potential biomarker SITC. more at detailed Just mentioned the on to who SELECT some XXXX, patients, you

comment but we similar to we something at kind at willing thinking you’re should are you gene have be much how sure TISvopra, looking not I’m So this signatures? of point, to

Elizabeth Trehu

little So, early it’s for that. comment yes, too to on me a

also actually And using our sort it approach see will SITC can exploring point. go be which not sort for you’ll paired you slices that biomarkers try see we human evaluate. the human indications to of histoculture, any what of we biomarkers potential and to are think, some with is to indication tumor us, we’re that potential understand this that process details where giving through might I taking but at

into As pharmacodynamic incorporate our you biomarkers multiple studies. usually know, Mike, potential and predictive biomarkers we

that that data the on us to let good depend first out really a this take if predictive there of is know, forward. will it So will comes study biomarker

Mike Ulz

about guys comment Got differentiating and the of there And maybe just sticking then, then are it’s just competitive early the features XXXX you from of or any to a of way terms in maybe differentiate on it. the realize out just should XXXX, the we Thanks. that’s I be past other also strategy there? maybe but thinking forward, can with And one products landscape.

Rich Murray

take that I’ll Sure, Mike. one,

As of we the to look targets. the inhibitory antibodies kind at binding of the the

going to due is group of receptors they, binding very, LILRBX receptors kind than more appropriate that other. that to they’re of is similar The humans. all are of very in each really is binding be antibodies they similar part little these the view different. Our specificity are a And nature to these of potency to

said, that So with two there’s being to out. point maybe things

forward going perhaps think biomarkers So lines next a see to, as is the in be programs. how the guided could tool, to passed So different we clinical one the week, different envision being leading the a therapy, we SITC really poster we differentiation as indications, take in of to that best us referred by differentiated

that layout we comment terms be more kind a of other of that there receptors receptors, of think this radar kind under of is cells, strategies group discovery really potential of myeloid of the that Immunotherapy, their of I’ll but broader the it in The screen are LILRBX the have pipeline is We is been for of in around a primarily one this on and family. make would whole future. that group the that inhibitory so

Mike Ulz

you. Great. Thank

Rich Murray

Thanks. Sure.

Operator

Thank you.

comes Wells of Birchenough Please from ahead. Jim line Our from the Fargo go next Securities. question

Unidentified Analyst

morning. for morning. Jim on Nick this It’s Good

it when us First, has be can the filed or being will XXXX you tell IND filed?

Elizabeth Trehu

Yes.

end you are on to track that, the I year. usually enrolling don’t the comment on can is we we tell patients before start All of Nick. that So

Unidentified Analyst

you. recruiting TISvopra, be then moving It’s Thank what competitive And talk does must and highly any the in about present fair fair every enough. back just can Okay, for enough. it of you logistics patients to challenge space? TISvopra

Elizabeth Trehu

Sure.

by going study, So we’ve screening, that’s really about investigator actually test really, the about engagement pleased and the there and been on. enthusiasm

for we’ve pre-screening is not, we have so that or of criteria the test a for positive a So, allows the and period, be the investigators barrier, have to a this the also turnaround point about pre-screening to enthusiasm, for submitted trial, site position lab have opened trial, seems are sites. certain less, weak The study, that as form checked to even consent actually rest going their for then basically aren’t screening are sign I there’s whether is informed referral times and lot test nice they of said, the to And screening, the patient for in and be and to complete of not or of screening every doing a lot that but have trial their that patients actively TISvopra that they the apply the tissue screening. they a found the to be sites enroll clinical eligibility at the some for eligibility. there

have we mitigate when will lot enrollment, help predictive of pose So, recognizing a challenge you to that. biomarker believe that a have that to put it place always in a we measures but does

Unidentified Analyst

the up this following on this then Thanks. the that, fresh or is on tissue just difficult archival so markets? in tissue And maybe is on

Elizabeth Trehu

great a that’s question. Yes,

they their only you fresh rather was even inhibitor as are and didn’t quickly. get to respond frontline biopsies. PD-X it have usually these to patients people because had tumor know, necessary progressed chemotherapy We who feel So, naive chemotherapy if

a study. year for most tumor cases, less be this we’re than before archival will but using screened So, get they it in

that So sufficient. that we felt was

Unidentified Analyst

Thank great. Okay, very you much.

Elizabeth Trehu

welcome. are You

Operator

you. Thank

Please comes of the JPMorgan. ahead. question Our Cory Kasimov next go line from from

Gavin Weiss

a there lung cancer that, Last there for for chemo Hi, this to your said also had an the I are just for I the differences does is suggest of TISvopra believe TISvopra, then trial? first-line to in Gavin on follow-up. impact on any Is And of population have there knowledge? that XX% question the expression this reason mean any you reason that patient is eligible TISvopra. on to is Cory. patients the geographic

Elizabeth Trehu

Sure.

there believe matter is So, we factor don’t lung a difference geographic for where cancer lung primary the any would have be reason to no you risk smoking cancer live.

we to any geographic your With What blanked. question, so, respect sorry, a second difference. there’s question, just for there was don’t second be was, reason believe I your Gavin? which And to

Gavin Weiss

The potential impact?

Elizabeth Trehu

It’s chemo, sure, sure.

Gavin Weiss

treatment? regimen first-line Other EGFR such as

Elizabeth Trehu

regimen, only containing have patients These Sure. platinum targeted therapy. allowed to a had are not

don’t make any treatment-naive have on that. believe that If don’t So targeted have bit have impact. on little any suggesting regarding have chemo the tumors we it but tumors we have significant data totally to has there expect anything a reports but a the more any hot, treated been we may therapy don’t between direct chemotherapy and TISvopra, reason chemotherapy impact that difference to would

Unidentified Analyst

Great. Thank you.

Elizabeth Trehu

Welcome.

Operator

Thank you.

Steve line from the Our Raymond ahead. question next go of James. comes from Seedhouse Please

Steve Seedhouse

Hey, good you. morning. Thank

primary can regarding the I is can patients comment using then, to wanted actually for the X power? is clarify you powered the reduction delta assumptions measurements think how size points? regarding And there, just you Just SELECT, to the maybe variable week you detail what and having what at on basically said, endpoint I were is powering tumor tumor what this time continuous many from a clarify XX? and

Elizabeth Trehu

Sure, sure.

answer will question I first. the second So

then and CT at XX at X weeks weeks. obviously they their scans, So, and will pre-treatment then have

of can And tumor of to little so, important felt we IO include that longer, the a XX but week the it the response scan data, would take the bit two sometimes was best treatment. to averaging we deepened estimate us felt because responses kind overtime, give

really But We are will stating the about more. we we will, talk what target point, not differences. exactly right some now that at

rate point, one-time some we we or is what’s size it’s size do do the the about PD-X a data a we We that, shrinkage and with the sample inhibitor. to direction, the in right particularly at with about wrong the assumptions, to tumor sample an inhibitor be were if response readjustment. sufficient think that have heading but PD-X certainly our opportunity assumptions the superiority, our if have demonstrate important would to statistical look I at

Steve Seedhouse

This the inhibitor the And just here. not but maybe combination... the in think to with treatment I treating answer this, on to clarify sequence call know it. this I PD-X is is Got

Elizabeth Trehu

Correct.

Steve Seedhouse

the So, at would points same both PD-X everyone dose the received cumulative of the nine have inhibitor? and XX-week time

Elizabeth Trehu

Correct.

Steve Seedhouse

Correct.

Okay

Elizabeth Trehu

Correct. That’s correct.

Steve Seedhouse

thank And but field, on sure. a investors two, this really I past just seems like over don’t know has then, happening our for through lot just you. the becoming this I’m curious it if for in Okay, it’s know conversations just level week, the focus possible, you

You haven’t available? is clinical you study. data. the even before data started SELECT the have end be guided But new would that study that of Phase possible be could next of the when it sort X from data Do you have even XXXX,

Elizabeth Trehu

Yes, started would to say, study things about after now little have right how it’s will once to design, that definitely then sense Steve. data, to we and of we still a have early progressing. too We’ll we say. announced a are detail provide And guide get we early more too enrollment little a but we when bit the it’s

Steve Seedhouse

any plans on the avenue. head then, an curious EMERGE the I that wake combination inhibitor pursue through and GSK is that And you future you pass Are of the focused that’s and moved there that. readout lastly maybe have SELECT hypothesis or or obviously more CTLA-X just to in less or PD-X reported? Okay, on neck appreciate moving plus vopra

Just curious, your thoughts are?

Elizabeth Trehu

Sure.

always are following we So, science. the

and data things sense. the make always it will certainly we matures be think that look for we So, as looking at

data completely space. adding inhibitor PD-X to to with sense have It we think the that another you in PD-X encouraging inhibitor and just to action However, as us mechanism have makes in biologically PD-X really we’ve help really a could the in to resistance PD-X now. they right that a is based just for add the the different at bigger resistant think good we it experienced of when start probably mechanism safety like looking target as I whatever or looks T-cell overcome well. inhibitor in a the and combination really it are Also, that focus profile if really inhibitors looks or look of JTX-XXXX failed, stated, recently things presented really was since TD-X therefore even on the all like looked you at PD-X and patients, that and restore to

focus that’s patient to So, that. don’t you wanted if going PD-X And our to the population. we’re where anything to I on right experienced now, know, efforts add Rich,

Rich Murray

the was right, Yes, as think originally maybe that I we think designed. it I EMERGE decision the enrollment think now way it’s the see think continue is, to that’s to the right about

to are OS. the We going follow

to is follow the really are to us Beth of these science well at as as gets stated beyond as biomarkers. least resistant PD-X T-cell the other the But, that We going you types that combo. leading T-cells the population in mechanisms

Steve Seedhouse

your Got questions. you. Appreciate it. Thank

Rich Murray

Thanks.

Elizabeth Trehu

you. Thank

Operator

you. Thank

of Next from Please question comes line He from the Arthur Wainwright. ahead. H.C. go

Arthur He

Hey, good evening the on everyone. XXXX just one had a I quick Thanks for taking my question. program.

the, us So, guys need before IND? what could the you to done remind you be for else

Kim Drapkin

around is and Sure, IND. one, kind I the the timing of can take on and that manufacturer usually path, CMC for of the monoclonal that work tail-end drug Primarily medical in like the any the manufacturing antibody the program, that it’s that really

of IND of ready those to, but this we sure filed in that we role we’re to our, deal are have progressing as making phases material it’s have primarily last to in the go. So mentioned, we kind an get open,

Arthur He

that. for Thank you

Operator

Thank you.

Capital Our ROTH from Zegbeh question comes next Markets. Jallah go of Please the from line ahead.

Zegbeh Jallah

my morning. Good Thanks taking for question.

that one had miss announce Merck a wondering doing. partnership our provided Just dual you somewhat also compares of they of then ILTX targeting in would with may moving your I one our is kind clinical antibody. what ILTX commentary diverse quick trials on some with And whether guys call you you I forward, to Beth, effort give Celgene are and think confidence, just around some program, Merck the terms last the, their on ILTX

you what based ILTX targeted a a single knowledge, think wondering agent your from just would targeted versus on So you antibody? well expect

Elizabeth Trehu

I address then over will one, and to turn the first it Sure, Rich.

proof I concept plan So, we recognize quickly need to have as as from also differentiate possible. that But of we do demonstrate to said, we as Merck.

resistant our patients. to is PD-X look differentiated think our Rich, with to would you PD-X at And cohorts combination do both biospecific? as I what Merck that include certainly that So trial is some and I like speak designed from are at and inhibitor to own monotherapy really doing. inhibitor look, sensitive mentioned to the

Rich Murray

Sure. sure. Yes,

on it’s entire So mean release interesting think targeting. need receptors, think specificity you’re too we first, much a comment family of that very we for the And is want scientific very, the, I presentation. heard I rather that. a to you if we press than important of have the to you, But nature low don’t biology. about that’s from what what

and LILRBX that, there between are Beyond distinction. will LILRBX will commonalities our and some

of to there in think opportunity at might be well these features I look as common, kind growing that a is So, distinct. as

LILRBX, seems to be for expressed on So k-cells. example, it

So LILRBX. that’s different

we family, the non-adaptive it kind data of it’s myeloid that one, given be really of believe beyond for interesting kind to going seen and cell whole on that. to that hard to be us going could in realm, is but comment a we So very any generality central haven’t

Zegbeh Jallah

you. from that actually million balances just think you Gilead. one mentioned And your up that current $XXX include, quick in received one you Thank after the Kim, here Kim. follow cash I

wondering if does was runway your cash include And that? I so, just

Kim Drapkin

it deal are and are milestones may the well equity as the milestones the $XXX and the the cash future development million XXXX potential Zegbeh. as earn at the Gilead potential that recall $XXX include may of regulatory. upfront of we any million in of into we under million $XX that $XX you in million investment? those Thanks, What the Yes, thinking have when from does about not Gilead does include that

pleased our will we So and our include milestones stage we is earn not there will hope projections. these be and earlier were we runway that do the even in milestones But further. are that

Zegbeh Jallah

handing another of anticipating these the suppose program here, Thanks, are enabling to but any over, you will pay over after that? for I the the after Gilead, are take Kim, settings anything to just having confirming who IND and or follow-up research you

Kim Drapkin

a out it’s complete No, license.

And so, end our development expenses side. the basically on

pay soon As file takes develop and Gilead at from and and responsible as the the there we then IND, for it developments. future to are

Zegbeh Jallah

that it. the That’s milestones consider why did appreciate could you we in I get.

Kim Drapkin

Thanks. Zegbeh.

Rich Murray

Thank you.

Operator

comes the Wells Birchenough go ahead. question Fargo Please last from from of Jim Our Securities. line

Jim Birchenough

follow-up. taking for thanks Hey, the

vopra? of X have I Phase elaborate please? Can trial Just question listing levels the a on Paul just on you that clinical SELECT on the got trials dose

Kim Drapkin

data Sure. keg at in to literature, some engagement the where weeks, to then After target in molecule vopra ICOS target dosed resulted the based additional binding mix such which engagement. trial, as had and and and we data determined on iconic target all from some the pre-clinical vopra of probably for X.X pulsatile we better that three all pulsatile so dosing patients or reports agonist every We engagement, also more sustained the time. per have analyzed

we the we be are at patterns believe target in as the differentiated will with different trial, two doses So, of trial EMERGE engagement. what SELECT in looking

to looked the XX So data sufficient X.X actually the mg/kg we doses keg mg/kg point have really trial one than which and in the per weeks. data given both point doses better although other at every about, decision make EMERGE And a preferable. don’t X.X the X X.X, this

to and So JTX-XXXX we final the doses trial. the are levels explore in alone. continuing then compared two will And at the individually both combined, SELECT to dose analysis look

Jim Birchenough

Thank you very much.

Kim Drapkin

You are welcome.

Operator

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

may You a disconnect. day. Have good now

Jounce Therapeutics (JNCE) 6 Nov 202020 Q3 Earnings call transcript