Gritstone Oncology reports Q1 EPS (62c), consensus (65c)
Reports Q1 revenue $1.35M, consensus $960,000. "In a short period, we have made remarkable progress advancing our development programs, as well as expanding and enhancing our best-in-class artificial intelligence platform, Gritstone EDGE," said Andrew Allen, co-founder, president and CEO of Gritstone Oncology. "Our two pioneering neoantigen-based programs have entered (GRANITE), or are about to enter (SLATE), clinical studies. The GRANITE program should deliver an intense and focused immune attack upon tumors through the production of a unique therapy for each individual patient based upon EDGE-enabled definition of their tumor-specific neoantigens (TSNA). Our 'off the shelf' SLATE program, which was recently accelerated based on feedback from the Food and Drug Administration (FDA), includes TSNA that are shared among some patients and is designed to similarly arm the immune system to destroy tumors in patients identified to have one or more of those TSNA. The TSNA that serve as the keystone to these therapies are identified by EDGE, our proprietary machine learning antigen-prediction model, that we continue to expand, both identifying further novel class I HLA-presented neoantigens and extending into the exciting domain of class II HLA-presented neoantigens. On the heels of these successes, we bolstered our cash position in April to enable us to maximize the many opportunities within our portfolio to change the landscape of cancer therapy."