image

Shares of Jounce Therapeutics Inc.
JNCE,
-6.09%

bounced 6.6% in premarket trading Monday, after the immunotherapy company said only about $2.6 million, or 1.4% of its total cash and cash equivalents was in an operating account at SVB Financial Group’s
SIVB,
-60.41%

Silicon Valley Bank, which was shut down last week. Jounce, which had $189.5 million in total cash and cash equivalents as of Dec. 31, said it also holds a $1.3 million letter of credit at SBV. “the company does not believe that the issues faced by SVB will impact its operations or liquidity,” Jounce said in a statement. Jounce added that it opened an additional operating account with TD Bank on Friday to funding ongoing operations and payroll. Jounce’s stock, which sank 15.9% the past two sessions after SVB’s troubles became public, has run up 36.4% over the past three months through Friday while the S&P 500
SPX,
-1.45%

has lost 3.9%.