Janux Therapeutics Inc

Latest Results (19.05.2026):

Janux Therapeutics Inc. reported results for the fourth quarter and full year ended December 31, 2025. The company highlighted continued clinical progress across its TRACTr and ARM programs, a strategic collaboration with Bristol Myers Squibb announced in January 2026, and a strong year-end cash and short-term investment position of $966.6 million that management says supports continued pipeline execution. Operating losses widened as R&D investment ramped while clinical programs advanced.

Clinical progress

JANX007 (PSMA‑TRACTr) is enrolling a Phase 1b taxane‑naïve mCRPC population; updated interim Phase 1 data (cutoff Oct 15, 2025) reported durable clinical activity with median rPFS of 7.9–8.9 months, high PSA response rates including deep declines, and confirmed/unconfirmed partial responses in 30% (8/27) of RECIST‑evaluable patients. Expansion cohorts include combinations with darolutamide and cohorts in PARP inhibitor‑refractory mCRPC. JANX008 (EGFR‑TRACTr) continues Phase 1 enrollment with expansion cohorts, and JANX011 (CD19‑ARM) initiated a Phase 1 study in healthy volunteers.

Collaboration with Bristol Myers Squibb

Janux entered an exclusive worldwide license and collaboration (announced Jan 2026) to develop a tumor‑activated therapeutic. Janux is eligible to receive $50 million in upfront and near‑term milestones and up to roughly $800 million in additional milestones, plus tiered royalties; Janux will lead preclinical/IND work and BMS will assume subsequent clinical development and commercialization.

Balance sheet and liquidity

As of Dec. 31, 2025 Janux reported cash, cash equivalents and short‑term investments of $966.6 million (down from ~$1.03 billion a year earlier). Total assets were about $1.00 billion, total liabilities roughly $44.7 million, and total stockholders’ equity approximately $956.8 million, reflecting a strong liquidity runway to support ongoing development.

Expenses and operating loss

Research and development expense rose to $31.5 million for Q4 2025 and $125.9 million for the full year (vs. $20.8M and $68.4M in 2024). General and administrative expense was $10.9 million for Q4 and $41.8 million for the year. The company reported a net loss of $31.9 million for Q4 2025 and $113.6 million for the full year 2025, reflecting increased investment in R&D as programs advanced.

Upcoming milestones

Janux expects additional clinical data updates for JANX007 and JANX008 in 2026 and an initial clinical update from the JANX011 Phase 1 healthy volunteer study by year‑end 2026.

Leadership

Janux announced the appointment of William Go, M.D., Ph.D., as Chief Medical Officer to strengthen clinical leadership as the pipeline expands into additional clinical studies in 2026.