Janux Therapeutics, Inc.
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 6, 2025
JANX$17.63+9.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-07.
0000950170-25-105069
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-06.
0001193125-25-269799
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 88 previous paragraphs and 87 current paragraphs.
67 unchanged; 17 reworded; 3 added; 4 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 5 previous and 5 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (3)
Current report
General and administrative expenses were $10.6 million and $17.7 million for the three months ended September 30, 2025 and 2024, respectively. The decrease of $7.1 million was primarily due to a decrease in stock-based compensation expense, which was driven by the modification of a former executive and director’s equity awards in 2024.
Current report
Comparison of the Nine Months Ended September 30, 2025 and 2024 (in thousands)
Current report
General and administrative expenses were $30.9 million and $32.8 million for the nine months ended September 30, 2025 and 2024, respectively. The decrease of $1.9 million was primarily due to a decrease in stock-based compensation of $3.9 million as a result of incremental stock-based compensation expense taken in 2024 due to the modification of a former director and executive officer’s equity awards. This was offset by increases in compensation costs of $1.4 million and other general and administrative costs of $0.6 million.
Removed paragraphs (4)
Previous report
General and administrative expenses were $10.5 million and $7.8 million for the three months ended June 30, 2025 and 2024, respectively. The increase of $2.7 million was primarily due to increases in stock-based compensation of $2.0 million, other general and administrative expenses of $0.4 million and consulting and professional fees of $0.3 million.
Previous report
Comparison of the Six Months Ended June 30, 2025 and 2024 (in thousands)
Previous report
General and administrative expenses were $20.3 million and $15.2 million for the six months ended June 30, 2025 and 2024, respectively. The increase of $5.1 million was primarily due to increases in stock-based compensation of $4.1 million, other general and administrative expenses of $0.7 million and consulting and professional fees of $0.3 million.
Previous report
In July 2023, we closed an underwritten offering of 4,153,717 shares of our common stock and pre-funded warrants to purchase 583,483 shares of common stock at an exercise price of $0.001 per share. The shares of common stock were sold at a price of $12.46 per share and the pre-funded common stock warrants were sold at a price of $12.459 per pre-funded common stock warrant, resulting in gross proceeds of $59.0 million. Fees related to the offering included underwriting discounts, commissions, and offering expenses in the aggregate amount of $2.5 million, resulting in net proceeds of $56.5 million.
Reworded paragraphs (17)
Previous wording
We have incurred operating losses since our inception and have not yet generated any product revenue. Our net losses were $57.4 million and $20.7 million for the six months ended June 30, 2025 and 2024, respectively. As of June 30, 2025, we had an accumulated deficit of $295.1 million.
Current wording
We have incurred operating losses since our inception and have not yet generated any product revenue. Our net losses were $81.7 million and $48.8 million for the nine months ended September 30, 2025 and 2024, respectively. As of September 30, 2025, we had an accumulated deficit of $319.4 million.
Previous wording
To date, we have not generated any revenues from the commercial sale of any products, and we do not expect to generate revenues from the commercial sale of any products for the foreseeable future, if ever. We recognized $0 and $10.1 million of revenue under the Merck Agreement for the six months ended June 30, 2025 and 2024, respectively.
Current wording
To date, we have not generated any revenues from the commercial sale of any products, and we do not expect to generate revenues from the commercial sale of any products for the foreseeable future, if ever. We recognized $10.0 million and $10.6 million of revenue under the Merck Agreement for the nine months ended September 30, 2025 and 2024, respectively.
Previous wording
To date, our research and development expenses have related primarily to direct and indirect expenses in connection with the development of our TRACTr and TRACIr platforms, discovery efforts and preclinical and clinical development of our product candidates. Research and development expenses are recognized as incurred and payments made prior to the receipt of goods or services to be used in research and development are capitalized until the goods or services are received.
Current wording
To date, our research and development expenses have related primarily to direct and indirect expenses in connection with the development of our TRACTr, TRACIr and ARM platforms, discovery efforts and preclinical and clinical development of our product candidates. Research and development expenses are recognized as incurred and payments made prior to the receipt of goods or services to be used in research and development are capitalized until the goods or services are received.
Previous wording
We anticipate that our research and development expenses will substantially increase for the foreseeable future as we continue the development of our TRACTr and TRACIr platforms and the discovery and development of product candidates under our TRACTr and TRACIr platforms.
Current wording
We anticipate that our research and development expenses will substantially increase for the foreseeable future as we continue the development of our TRACTr, TRACIr and ARM platforms and the discovery and development of product candidates under our TRACTr, TRACIr and ARM platforms.
Previous wording
Collaboration revenues were $0 and $8.9 million for the three months ended June 30, 2025 and 2024, respectively. The decrease of $8.9 million was primarily due to the achievement of a developmental milestone related to the First Collaboration Target under the Merck Agreement in June 2024 and the completion of our research activities under the Merck Agreement in August 2024.
Current wording
Collaboration revenues were $10.0 million and $0.4 million for the three months ended September 30, 2025 and 2024, respectively. The increase of $9.6 million was primarily due to the achievement of a developmental milestone related to the First Collaboration Target under the Merck Agreement in August 2025.
Previous wording
Research and development expenses were $59.7 million and $29.0 million for the six months ended June 30, 2025 and 2024, respectively. The increase of $30.7 million was primarily due to increases in preclinical stage programs and other direct unallocated costs of $14.9 million, indirect costs of $9.5 million, direct costs related to the development of JANX007 of $5.8 million and direct costs related to the development of JANX008 of $0.5 million.
Current wording
Research and development expenses were $34.6 million and $18.6 million for the three months ended September 30, 2025 and 2024, respectively. The increase of $16.0 million was primarily due to increases in preclinical stage programs and other direct unallocated costs of $10.0 million, which was primarily attributable to manufacturing costs. Additional increases included indirect costs as a result of increased compensation costs of $4.0 million, direct costs related to the development of JANX007 of $1.6 million and direct costs related to the development of JANX008 of $0.4 million.
Previous wording
Other income was $11.3 million and $7.9 million for the three months ended June 30, 2025 and 2024, respectively. The increase of $3.4 million was due to an increase in cash and cash equivalents and short-term investments resulting in increased interest income.
Current wording
Other income was $10.9 million and $7.8 million for the three months ended September 30, 2025 and 2024, respectively. The increase of $3.1 million was due to an increase in cash and cash equivalents and short-term investments resulting in increased interest income.
Previous wording
Collaboration revenues were $0 and $10.1 million for the six months ended June 30, 2025 and 2024, respectively. The decrease of $10.1 million was primarily due to the achievement of a developmental milestone related to the First Collaboration Target under the Merck Agreement in June 2024 and the completion of our research activities under the Merck Agreement in August 2024.
Current wording
Collaboration revenues were $10.0 million and $10.6 million for the nine months ended September 30, 2025 and 2024, respectively. The decrease of $0.6 million was primarily due to an increase in milestone revenue under the Merck Agreement, offset by the completion of our research activities under the Merck Agreement in August 2024.
Previous wording
The following table summarizes our direct and indirect research and development expenses for the six months ended June 30, 2025 and 2024 (in thousands):
Current wording
The following table summarizes our direct and indirect research and development expenses for the nine months ended September 30, 2025 and 2024 (in thousands):
Previous wording
Research and development expenses were $34.7 million and $14.9 million for the three months ended June 30, 2025 and 2024, respectively. The increase of $19.8 million was primarily due to increases in preclinical stage programs and other direct unallocated costs of $10.3 million, indirect costs of $5.0 million, direct costs related to the development of JANX007 of $4.2 million and direct costs related to the development of JANX008 of $0.3 million.
Current wording
Research and development expenses were $94.3 million and $47.6 million for the nine months ended September 30, 2025 and 2024, respectively. The increase of $46.7 million was primarily due to increases in preclinical stage programs and other direct unallocated costs of $24.8 million, indirect costs as a result of increased compensation costs of $13.5 million, direct costs related to the development of JANX007 of $7.5 million and direct costs related to the development of JANX008 of $0.9 million.
Previous wording
Other income was $22.6 million and $13.3 million for the six months ended June 30, 2025 and 2024, respectively. The increase of $9.3 million was due to an increase in cash and cash equivalents and short-term investments resulting in increased interest income.
Current wording
Other income was $33.6 million and $21.0 million for the nine months ended September 30, 2025 and 2024, respectively. The increase of $12.6 million was due to an increase in cash and cash equivalents and short-term investments resulting in increased interest income.
Previous wording
We have incurred net losses and negative cash flows from operations since our inception and anticipate we will continue to incur net losses and negative cash flows for the foreseeable future. As of June 30, 2025, we had cash, cash equivalents, restricted cash and short-term investments of $996.8 million. Inclusive in this amount is $0.8 million of restricted cash that is not available for current use.
Current wording
We have incurred net losses and negative cash flows from operations since our inception and anticipate we will continue to incur net losses and negative cash flows for the foreseeable future. As of September 30, 2025, we had cash, cash equivalents, restricted cash and short-term investments of $989.8 million. Inclusive in this amount is $0.8 million of restricted cash that is not available for current use.
Previous wording
Net cash used in operating activities of $40.8 million for the six months ended June 30, 2025 was primarily due to our net loss of $57.4 million and a change in operating assets and liabilities and other non-cash charges of $5.1 million, adjusted for $21.7 million of stock-based compensation expense. Net cash used in operating activities of $24.9 million for the six months ended June 30, 2024 was primarily due to our net loss of $20.7 million and a change in operating assets and liabilities and other non-cash charges of $15.5 million, adjusted for $11.3 million of stock-based compensation expense.
Current wording
Net cash used in operating activities of $53.7 million for the nine months ended September 30, 2025 was primarily due to our net loss of $81.7 million and a change in operating assets and liabilities and other non-cash charges of $2.7 million, adjusted for $30.7 million of stock-based compensation expense. Net cash used in operating activities of $27.1 million for the nine months ended September 30, 2024 was primarily due to our net loss of $48.8 million and a change in operating assets and liabilities and other non-cash charges of $5.1 million, adjusted for $26.8 million of stock-based compensation expense.
Previous wording
Net cash used in investing activities of $338.8 million for the six months ended June 30, 2025 was primarily due to $338.0 million of net purchases of short-term investments and by our purchase of property and equipment of $0.8 million. Net cash used in investing activities of $304.6 million for the six months ended June 30, 2024 was primarily due to $304.3 million of net purchases of short-term investments and by our purchase of property and equipment of $0.3 million.
Current wording
Net cash used in investing activities of $330.5 million for the nine months ended September 30, 2025 was primarily due to $329.6 million of net purchases of short-term investments and by our purchase of property and equipment of $0.9 million. Net cash used in investing activities of $291.9 million for the nine months ended September 30, 2024 was primarily due to $291.6 million of net purchases of short-term investments and by our purchase of property and equipment of $0.3 million.
Previous wording
Net cash provided by financing activities of $1.5 million for the six months ended June 30, 2025 was primarily due to proceeds from stock option exercises and shares purchased under our employee stock purchase plan of $1.8 million, adjusted for issuance costs paid in connection with an underwritten offering in December 2024 of $0.3 million. Net cash provided by financing activities of $324.9 million for the six months ended June 30, 2024 was primarily due to proceeds from the issuance of common stock and pre-funded common stock warrants, net of issuance costs, of $320.1 million, and proceeds from stock option exercises and shares purchased under our employee stock purchase plan of $4.8 million.
Current wording
Net cash provided by financing activities of $2.0 million for the nine months ended September 30, 2025 was primarily due to proceeds from stock option exercises and shares issued under our employee stock purchase plan (ESPP) of $2.3 million, adjusted for issuance costs paid in connection with an underwritten offering in December 2024 of $0.3 million. Net cash provided by financing activities of $326.6 million for the nine months ended September 30, 2024 was primarily due to proceeds from the issuance of common stock and pre-funded common stock warrants, net of issuance costs, of $320.1 million and proceeds from stock option exercises and shares issued under our ESPP of $6.5 million.
Previous wording
In October 2021, we entered into a noncancelable agreement to lease office and laboratory space in San Diego, California (Torrey Plaza Lease) with aggregate payments of approximately $38.0 million over the 126-month term of the lease. The Torrey Plaza Lease commenced in July 2022. See the section within Item 1 of Part I, “Notes to Unaudited Condensed Financial Statements — Note 3 — Commitments and Contingencies” of this Quarterly Report for additional information.
Current wording
In October 2021, we entered into a noncancelable agreement to lease office and laboratory space in San Diego, California (Torrey Plaza Lease) with aggregate payments of approximately $38.0 million over the 126-month term of the lease. The Torrey Plaza Lease commenced in July 2022. See the section within Item 1 of Part I, “Notes to Unaudited Condensed Financial Statements — Note 3 — Commitments and Contingencies” of this Quarterly Report for additional information. In June 2025, we entered into a noncancelable agreement to sublease additional office space in San Diego, California through January 2028.
Previous wording
Our critical accounting policies are those accounting principles generally accepted in the United States that require us to make subjective estimates and judgments about matters that are uncertain and are likely to have a material impact on our financial condition and results of operations, as well as the specific manner in which we apply those principles. For a description of our critical accounting policies, see Item 1 of Part I, “Notes to Unaudited Condensed Financial Statements — Note 1 — Organization and Summary of Significant Accounting Policies” of this Quarterly Report and the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Critical Accounting Policies and Estimates” contained in our Annual Report on Form 10-K, filed with the SEC on February 27, 2025. There have not been any material changes to the critical accounting policies discussed therein during the six months ended June 30, 2025.
Current wording
Our critical accounting policies are those accounting principles generally accepted in the United States that require us to make subjective estimates and judgments about matters that are uncertain and are likely to have a material impact on our financial condition and results of operations, as well as the specific manner in which we apply those principles. For a description of our critical accounting policies, see Item 1 of Part I, “Notes to Unaudited Condensed Financial Statements — Note 1 — Organization and Summary of Significant Accounting Policies” of this Quarterly Report and the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Critical Accounting Policies and Estimates” contained in our Annual Report on Form 10-K, filed with the SEC on February 27, 2025. There have not been any material changes to the critical accounting policies discussed therein during the nine months ended September 30, 2025.