A neoanti­gen pi­o­neer says its tech is work­ing great. So what wrecked the share price?

Grit­stone On­col­o­gy was one of the orig­i­nal neoanti­gen up­starts, rais­ing cash and plan­ning to dis­rupt the im­muno-on­col­o­gy field with a bold new ap­proach to fight­ing can­cer with a new brand of vac­cines.

On Mon­day, the crew in charge ran out a full dis­play of what they’ve been see­ing in a Phase I study. And every­thing seems to be work­ing per­fect­ly with one big ex­cep­tion: It didn’t sig­nif­i­cant­ly shrink tu­mors, let alone erad­i­cate them.

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