May 15, 2016 at 01:22 PM EDT

One day after Steven Spielberg’s The BFG made its debut at the Cannes Film Festival, Disney has released a new trailer for forthcoming summer release.

Starring Oscar-winning actor Mark Rylance as the title character (in a motion-capture performance) and newcomer Ruby Barnhill, the film is based on Roald Dahl’s 1982 children’s book of the same name. The script was written by the late Melissa Mathison, who previously collaborated with Spielberg on E.T. the Extra-Terrestrial.

“The heart of the story is a love story between two very lonely people, a platonic love story between a kind of grandfather figure and a granddaughter figure made more extreme,” Rylance told EW about what to expect from the film.

In the new trailer, Rylance’s BFG comes face-to-face with some not-so-friendly bigger giants, and has to protect his new charge Sophie (Barnhill) from falling into their clutches.

The BFG is out on July 1. Watch the new trailer below.

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