Jounce Therapeutics Inc. (NASDAQ: JNCE) watched its shares drop sharply on Monday after the company presented preliminary data from its early stage cancer trial at the 2018 American Society of Clinical Oncology (ASCO) Annual Meeting.

The data presented came from Jounce’s ongoing Phase 1/2 ICONIC trial open-label trial evaluating JTX-2011 alone and in combination with nivolumab in patients with advanced solid tumors.

The company issued some highlights:

• Out of the eight gastric cancer patients treated with JTX-2011, there was one partial responder. In patients receiving the combination, the response rate was 25.0%.
• Out of the 17 triple-negative breast cancer patients, there was one partial responder. The DCR was 17.6%.
• For the 16 head and neck squamous cell carcinoma patients, the DCR was 12.5%.
• In 12 non-small cell lung cancer patients, the DCR was 58.3%.

Elizabeth Trehu, M.D., chief medical officer of Jounce Therapeutics, commented:

We are encouraged by the early signal of clinical activity in heavily pre-treated patients, accompanied by an ICOS pharmacodynamic biomarker. We believe that this biomarker may help guide further development of JTX-2011. Importantly, JTX-2011 continues to be safe and well-tolerated both as a single agent and in combination with nivolumab. We look forward to continuing clinical evaluation of JTX-2011, including initiation of new combination dose escalation cohorts within the ICONIC trial of JTX-2011.

Shares of Jounce were last seen down about 36% to $7.18, with a consensus analyst price target of $23.75 and a 52-week range of $6.92 to $29.25.

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