Janux Therapeutics, Inc.

Listed Company

JANXCIK 0001817713NasdaqLarge AcceleratedPharmaceutical PreparationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-113.63M

Total Assets

$1.00B

Equity

$956.82M

Shares Out

60.83M

Op. Cash Flow

$-82.23M

Business

Janux Therapeutics, Inc. is a clinical-stage biopharmaceutical company developing tumor-activated bispecific immunotherapies designed to direct patients’ immune systems to eradicate solid tumors. Its main products are two proprietary bispecific platforms—Tumor Activated T Cell Engagers (TRACTr) and Tumor Activated Immunomodulators (TRACIr)—with lead clinical candidates JANX007 (PSMA-TRACTr) and JANX008 (EGFR-TRACTr), plus multiple preclinical and discovery-stage programs. Key business activities include clinical development of lead TRACTr programs, continued preclinical pipeline advancement, and strategic collaborations and licensing (including an agreement with Merck). Janux conducts clinical trials and regulatory activities primarily in the United States and the European Union and relies on third-party manufacturers and potential biopharma partners for manufacturing, development, and commercialization.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Collaboration revenue	10	11	8	9	4
Research and development	126	68	55	53	26
General and administrative	42	41	26	22	10
Total operating expenses	168	109	81	76	37
Loss from operations	−158	−99	−73	−67	−33
Interest income	44	30	15	4	257,000
Total other income	44	30	15	4	257,000
Net loss	−114	−69	−58	−63	−33
Unrealized gain on available-for-sale securities, net	2	1	2	−1	−270,000
Comprehensive loss	−111	−67	−56	−64	−33
Net loss per common share, basic	−1.83	−1.28	−1.32	−1.52	−1.39
Net loss per common share, diluted	−1.83	−1.28	−1.32	−1.52	−1.39
Weighted-average shares of common stock outstanding, basic	62	54	44	41	24
Weighted-average shares of common stock outstanding diluted	62	54	44	41	24

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	52	431	19	51	36
Short-term investments	914	595	325	276	339
Prepaid expenses and other current assets	9	8	5	5	2
Total current assets	976	1,034	349	332	377
Restricted cash	816,000	816,000	816,000	816,000	816,000
Property and equipment, net	4	5	7	7	1
Operating lease right-of-use assets	18	19	21	22	185,000
Other long-term assets	3	3	3	1	392,000
Total assets	1,002	1,062	380	364	380
Accounts payable	5	4	2	2	2
Accrued expenses	18	12	7	8	4
Current portion of operating lease liabilities	2	2	2	763,000	194,000
Total current liabilities	25	17	13	17	13
Operating lease liabilities, net of current portion	20	21	23	25	0
Total liabilities	45	39	36	43	13
Commitments and contingencies (Note 3)	—	—	—	—	—
Preferred stock, $0.001 par value; authorized shares - 10,000,000 at December 31, 2025 and 2024, respectively; no shares issued and outstanding at December 31, 2025 and 2024	—	—	—	—	—
Common stock, $0.001 par value; authorized shares - 200,000,000 at December 31, 2025 and 2024, respectively; issued shares - 60,384,283 and 59,064,606 at December 31, 2025 and 2024, respectively; outstanding shares - 60,384,283 and 59,064,606 at December 31, 2025 and 2024, respectively	60,000	59,000	46,000	42,000	41,000
Additional paid-in capital	1,304	1,258	512	433	414
Accumulated other comprehensive income	4	2	665,000	−2	−270,000
Accumulated deficit	−351	−238	−169	−110	−47
Total stockholders' equity	957	1,023	344	321	366
Total liabilities and stockholders' equity	1,002	1,062	380	364	380

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation	2	2	2	841,000	113,000
Stock-based compensation	40	33	20	17	7
Accretion of discounts on investments, net	−18	−11	−8	−2	−172,000
Prepaid expenses and other current assets	−827,000	−3	210,000	−3	−2
Other long-term assets	276,000	−375,000	−1	−1	−392,000
Accounts payable	977,000	2	277,000	−294,000	2
Accrued expenses	6	4	−678,000	4	3
Deferred revenue	0	−2	−6	2	−2
Operating lease right-of-use assets and liabilities, net	−2,000	35,000	678,000	3	9,000
Net cash used in operating activities	−82	−44	−51	−43	−17
Purchases of property and equipment	−1	−359,000	−2	−6	−1
Purchases of short-term investments	−705	−471	−317	−294	−474
Maturities of short-term investments	405	213	278	359	134
Net cash used in investing activities	−301	−258	−41	58	−341
Proceeds from exercise of common stock options and employee stock purchase plan	5	15	3	500,000	—
Proceeds from the issuance of common stock and pre-funded common stock warrants, net of issuance costs	−347,000	698	57	0	—
Net cash provided by financing activities	5	713	60	500,000	387
Net increase (decrease) in cash, cash equivalents and restricted cash	−378	411	−32	16	29
Unpaid property and equipment	0	6,000	132,000	109,000	38,000
Unpaid issuance costs	0	347,000	0	0	—
Vesting of restricted common stock	0	20,000	149,000	1	475,000
Operating lease liabilities arising from right-of-use assets	943,000	0	0	23	256,000

Filings

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