Janux Therapeutics Reports Fourth Quarter and Full Year 2025 Financial Results and Business Highlights
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 visit www.januxrx.com and 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 at www.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 Ended
December 31,
Year Ended
December 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