Seattle-based cancer research startup Juno Therapeutics today fell short of analyst estimates in its first earnings report.
Juno posted a non-GAAP net loss of $22.7 million, or $1.61 per share. Wall Street expected a net loss of $0.33 cents per share.
Juno’s stock is down nearly 2 percent in after-hours trading. The company’s stock had fallen nearly 5 percent on Wednesday to $50.93 a share.
Juno went public back in December, initially raising $264 million after pricing its stock at $24 per share. The company’s stock shot up by 45 percent on the first day on NASDAQ, and reached $61 per share in January.
Juno, which is using human T cells as therapeutic entities in the treatment of cancer, had raised $314 million in venture funding from Arch Venture Partners, Amazon.com founder Jeff Bezos and others before going public. The company spun out of research from the Fred Hutchinson Cancer Research Center, Memorial Sloan-Kettering Cancer Center and Seattle Children’s Research Institute.
Earlier this week, Juno announced plans for a manufacturing facility in Bothell. It noted today that it employs 123 and is looking for a new office in Seattle.
“During the past year, we have made significant progress in building a world class science and clinical organization,” Hans Bishop, Juno’s CEO, said in a statement. We have leveraged our CAR and TCR technology platform to continue to develop cellular therapeutics with the potential to meaningfully improve the lives of patients with cancer. Our successful rounds of private financing, together with our IPO, have provided us with the financial resources that we need to continue advancing our product candidates. Within the next 12 months, we expect to have 10 product candidates in clinical development directed at six different cancer-associated antigens.”
