Full Press Release Details
SAN DIEGO--(BUSINESS WIRE)--Janux Therapeutics, Inc. (Nasdaq: JANX) (Janux), a clinical-stage biopharmaceutical company developing a broad pipeline of novel immunotherapies, today reported financial results for the fourth quarter and full year ended December 31, 2025, and provided a business update.
“The past year marked a period of significant execution and progress for Janux as we continued to translate the promise of our tumor-activated platform into meaningful clinical and strategic advances. Recent JANX007 clinical results demonstrate clinical activity and a consistent and predictable safety profile in mCRPC and support continued advancement in taxane-naïve patients as well as other expansion cohorts,” said David Campbell, Ph.D., President and CEO of Janux.
“In early 2026, we announced a collaboration with Bristol Myers Squibb that provides near-term capital and further validates the potential of our platform. We also continue to strengthen our team to support the next phase of clinical and pipeline growth. With additional product candidates entering the clinic in 2026, we believe Janux is well positioned to execute on our clinical strategy and continue to build long-term value for patients and shareholders.”
BUSINESS HIGHLIGHTS AND RECENT DEVELOPMENTS:
Clinical & Pipeline Progress
Strategic Collaboration
Corporate & Leadership
Upcoming Milestones
FOURTH QUARTER AND FULL YEAR 2025 FINANCIAL RESULTS:
About Janux Therapeutics
Janux is a clinical-stage biopharmaceutical company developing a broad pipeline of novel immunotherapies by applying its proprietary technology to its Tumor Activated T Cell Engager (TRACTr), Tumor Activated Immunomodulator (TRACIr), and Adaptive Immune Response Modulator (ARM) platforms. Janux’s first clinical candidate, JANX007, is a TRACTr that targets prostate-specific membrane antigen (PSMA) and is being investigated in a Phase 1 clinical trial in adult patients with mCRPC. Janux’s second clinical candidate, JANX008, is a TRACTr that targets epidermal growth factor receptor (EGFR) and is being studied in a Phase 1 clinical trial for the treatment of multiple solid tumors. Janux is also advancing its first ARM platform clinical candidate, JANX011, a CD19-ARM for the potential treatment of autoimmune diseases in a Phase 1 study in healthy adult volunteers. Janux continues to generate a number of additional TRACTr, TRACIr, and ARM programs for potential future development. For more information, please visitwww.januxrx.comand follow us on LinkedIn.
Forward-Looking Statements
This news release contains certain forward-looking statements that involve risks and uncertainties that could cause actual results to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. Such forward-looking statements include statements regarding, among other things, Janux’s ability to bring new treatments to cancer patients in need, expectations regarding the timing, scope and results of Janux’s development activities, including its ongoing and planned preclinical studies and clinical trials, and the potential benefits of Janux’s product candidates and platform technologies, expectations regarding the use of Janux’s platform technologies to generate novel product candidates and the strength of Janux’s balance sheet and the adequacy of cash on hand. Factors that may cause actual results to differ materially include the risk that interim results of a clinical trial are not necessarily indicative of final results and one or more of the clinical outcomes may materially change as patient enrollment continues, following more comprehensive reviews of the data and as more patient data becomes available, including the risk that unconfirmed responses may not ultimately result in confirmed responses to treatment after follow-up evaluations, the risk that compounds that appear promising in early research do not demonstrate safety and/or efficacy in later preclinical studies or clinical trials, the risk that Janux may not obtain approval to market its product candidates, uncertainties associated with performing clinical trials, regulatory filings and applications, risks associated with reliance on third parties to successfully conduct clinical trials, the risks associated with reliance on outside financing to meet capital requirements, and other risks associated with the process of discovering, developing and commercializing drugs that are safe and effective for use as human therapeutics, and in the endeavor of building a business around such drugs. You are urged to consider statements that include the words “may,” “will,” “would,” “could,” “should,” “believes,” “estimates,” “projects,” “promise,” “potential,” “expects,” “plans,” “anticipates,” “intends,” “continues,” “designed,” “goal,” or the negative of those words or other comparable words to be uncertain and forward-looking. For a further list and description of the risks and uncertainties Janux faces, please refer to Janux’s periodic and other filings with the Securities and Exchange Commission, which are available atwww.sec.gov. Such forward-looking statements are current only as of the date they are made, and Janux assumes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
| Janux Therapeutics, Inc.Condensed Balance Sheets(in thousands) | ||||||
| December 31,2025 | December 31,2024 | |||||
| Assets | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | $ | 52,334 | $ | 430,605 | ||
| Short-term investments | 914,233 | 594,568 | ||||
| Prepaid expenses and other current assets | 9,320 | 8,493 | ||||
| Total current assets | 975,887 | 1,033,666 | ||||
| Restricted cash | 816 | 816 | ||||
| Property and equipment, net | 3,852 | 4,864 | ||||
| Operating lease right-of-use assets | 18,402 | 19,286 | ||||
| Other long-term assets | 2,608 | 2,884 | ||||
| Total assets | $ | 1,001,565 | $ | 1,061,516 | ||
| Liabilities and Stockholders’ Equity | ||||||
| Current liabilities: | ||||||
| Accounts payable | $ | 4,971 | $ | 4,026 | ||
| Accrued expenses | 17,633 | 11,684 | ||||
| Current portion of operating lease liabilities | 2,393 | 1,749 | ||||
| Total current liabilities | 24,997 | 17,459 | ||||
| Operating lease liabilities, net of current portion | 19,746 | 21,276 | ||||
| Total liabilities | 44,743 | 38,735 | ||||
| Total stockholders’ equity | 956,822 | 1,022,781 | ||||
| Total liabilities and stockholders’ equity | $ | 1,001,565 | $ | 1,061,516 |
| Janux Therapeutics, Inc.Condensed Statements of Operations and Comprehensive Loss(in thousands, except share and per share data) | ||||||||||||||||
| Three Months EndedDecember 31, | Year EndedDecember 31, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Collaboration revenue | $ | — | $ | — | $ | 10,000 | $ | 10,588 | ||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 31,548 | 20,806 | 125,896 | 68,388 | ||||||||||||
| General and administrative | 10,853 | 8,216 | 41,771 | 41,047 | ||||||||||||
| Total operating expenses | 42,401 | 29,022 | 167,667 | 109,435 | ||||||||||||
| Loss from operations | (42,401 | ) | (29,022 | ) | (157,667 | ) | (98,847 | ) | ||||||||
| Total other income | — | 8,806 | — | 29,853 | ||||||||||||
| Net loss | $ | (42,401 | ) | $ | (20,216 | ) | $ | (157,667 | ) | $ | (68,994 | ) | ||||
| Other comprehensive gain (loss): | ||||||||||||||||
| Unrealized gain (loss) on available-for-sale securities, net | 10,455 | (5,668 | ) | 44,042 | 1,498 | |||||||||||
| Comprehensive loss | $ | (31,946 | ) | $ | (25,884 | ) | $ | (113,625 | ) | $ | (67,496 | ) | ||||
| Net loss per common share, basic and diluted | $ | (0.51 | ) | $ | (0.36 | ) | $ | (1.83 | ) | $ | (1.28 | ) | ||||
| Weighted-average shares of common stock outstanding, basic and diluted | 62,145,668 | 56,832,374 | 61,966,999 | 53,751,480 |
Investors:Chad RubinEndurance Advisorscrubin@enduranceadvisors.com646.319.3261
Media:Jessica Yingling, Ph.D.Little Dog Communications Inc.jessica@litldog.com858.344.8091