Janux Therapeutics, Inc.

Previous wording

We are an innovative clinical-stage biopharmaceutical company developing a broad pipeline of novel immunotherapies by applying our proprietary technologies to our Tumor Activated T Cell Engager (TRACTr), Tumor Activated Immunomodulator (TRACIr), and Adaptive Immune Response Modulator (ARM) platforms. The TRACTr platform produces T cell engagers (TCEs) with a tumor antigen-binding domain and a CD3 T cell binding domain, while the TRACIr platform produces bispecifics with a tumor antigen-binding domain and a costimulatory CD28 binding domain. The goal of our TRACTr and TRACIr platforms is to provide cancer patients with safe and effective therapeutics that direct and guide their immune system to eradicate tumors while minimizing safety concerns. Our initial focus is on developing a novel class of TRACTr therapeutics designed to target clinically validated TCE drug targets while overcoming the liabilities associated with prior generations of TCEs. While TCE therapeutics have demonstrated potent anti-tumor activity in hematological cancers, development in solid tumors has been limited by challenges associated with prior TCE technologies, including (i) on-target healthy tissue immune activation that contributes to cytokine release syndrome (CRS) and healthy tissue toxicity and (ii) poor pharmacokinetics (PK) leading to short half-life. Our lead clinical candidate, JANX007, is a prostate-specific membrane antigen (PSMA)-targeted TRACTr being investigated in a Phase 1 clinical trial in adult subjects with metastatic castration-resistant prostate cancer (mCRPC). We are also advancing JANX014, a double-masked PSMA-targeted TRACTr, which entered clinical evaluation in April 2026. In addition, we are developing JANX013, a PSMA-targeted TRACIr incorporating CD28 costimulation, which is planned to enter clinical development in the second half of 2026. Our ARM platform builds upon our expertise to redesign bispecific T cell engagers to address the limitations of conventional approaches in autoimmune diseases and oncology. The platform is designed to enable controlled T cell activation and expansion followed by contraction, with the goal of achieving deep and durable target cell depletion while improving safety and convenience. In February 2026, we initiated a Phase 1 clinical study of our CD19-ARM program (JANX011), which is designed to evaluate the safety, tolerability, pharmacokinetics and pharmacodynamics of JANX011 in healthy volunteers. JANX011 is being developed for autoimmune diseases, and the initiation of this study represents an important step in the advancement of our ARM platform from preclinical development into the clinic. We are also generating a number of additional TRACTr, TRACIr and ARM programs for potential future development.

Current wording

We are an innovative clinical-stage biopharmaceutical company developing a broad pipeline of novel immunotherapies by applying our proprietary technologies to our Tumor Activated T Cell Engager (TRACTr), Tumor Activated Immunomodulator (TRACIr), and Adaptive Immune Response Modulator (ARM) platforms. The TRACTr platform produces T cell engagers (TCEs) with a tumor antigen-binding domain and a CD3 T cell binding domain, while the TRACIr platform produces bispecifics with a tumor antigen-binding domain and a costimulatory CD28 binding domain. The goal of our TRACTr and TRACIr platforms is to provide cancer patients with safe and effective therapeutics that direct and guide their immune system to eradicate tumors while minimizing safety concerns. Our initial focus is on developing a novel class of TRACTr therapeutics designed to target clinically validated TCE drug targets while overcoming the liabilities associated with prior generations of TCEs. While TCE therapeutics have demonstrated potent anti-tumor activity in hematological cancers, development in solid tumors has been limited by challenges associated with prior TCE technologies, including (i) on-target healthy tissue immune activation that contributes to cytokine release syndrome (CRS) and healthy tissue toxicity and (ii) poor pharmacokinetics (PK) leading to short half-life. Our lead clinical candidate, JANX007, is a prostate-specific membrane antigen (PSMA)-targeted TRACTr being investigated in a Phase 1 clinical trial in adult subjects with metastatic castration-resistant prostate cancer (mCRPC). We are also advancing JANX014, a double-masked PSMA-targeted TRACTr, which entered clinical evaluation in April 2026, and JANX013, a PSMA-targeted TRACIr incorporating CD28 costimulation, which entered clinical evaluation in September 2026. Our ARM platform builds upon our expertise to redesign bispecific T cell engagers to address the limitations of conventional approaches in autoimmune diseases and oncology. The platform is designed to enable controlled T cell activation and expansion followed by contraction, with the goal of achieving deep and durable target cell depletion while improving safety and convenience. In February 2026, we initiated a Phase 1 clinical study of our CD19-ARM program (JANX011), which is designed to evaluate the safety, tolerability, pharmacokinetics and pharmacodynamics of JANX011 in healthy volunteers. JANX011 is being developed for autoimmune diseases, and the initiation of this study represents an important step in the advancement of our ARM platform from preclinical development into the clinic. We are also generating a number of additional TRACTr, TRACIr and ARM programs for potential future development.

Previous wording

We were incorporated in June 2017. To date, we have devoted substantially all of our resources to organizing and staffing our company, business planning, business development, raising capital, developing and optimizing our technology platform, identifying potential product candidates, undertaking research and development for our lead programs, establishing and enhancing our intellectual property portfolio and providing general and administrative support for these operations. All of our product candidates and research programs other than JANX007, JANX011 and JANX014 are in preclinical development, and none have been approved for commercial sale. We have never generated any revenue from product sales and have incurred net losses each year since we commenced operations. We have funded our operations primarily with the net proceeds from the issuance of convertible promissory notes, the issuance of convertible preferred stock, the exercise of common stock options, proceeds from our initial public offering (IPO), the issuance of common stock and pre-funded common stock warrants in public and/or underwritten offerings and amounts received under collaboration agreements with Merck Sharp & Dohme Corp. (Merck) and Bristol-Myers Squibb Company (BMS).

Current wording

We were incorporated in June 2017. To date, we have devoted substantially all of our resources to organizing and staffing our company, business planning, business development, raising capital, developing and optimizing our technology platforms, identifying potential product candidates, undertaking research and development for our lead programs, establishing and enhancing our intellectual property portfolio and providing general and administrative support for these operations. All of our product candidates and research programs other than JANX007, JANX011, JANX013 and JANX014 are in preclinical development, and none have been approved for commercial sale. We have never generated any revenue from product sales and have incurred net losses each year since we commenced operations. We have funded our operations primarily with the net proceeds from the issuance of convertible promissory notes, the issuance of convertible preferred stock, the exercise of common stock options, proceeds from our initial public offering (IPO), the issuance of common stock and pre-funded common stock warrants in public and/or underwritten offerings and amounts received under collaboration agreements with Merck Sharp & Dohme Corp. (Merck) and Bristol-Myers Squibb Company (BMS).

Previous wording

We have incurred operating losses since our inception and have not yet generated any product revenue. Our net losses were $46.3 million and $57.4 million for the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026, we had an accumulated deficit of $397.7 million.

Current wording

We have incurred operating losses since our inception and have not yet generated any product revenue. Our net losses were $67.9 million and $81.7 million for the nine months ended September 30, 2026 and 2025, respectively. As of September 30, 2026, we had an accumulated deficit of $419.3 million.

Previous wording

In January 2026, we entered into an exclusive license and collaboration agreement (the BMS Agreement) with Bristol-Myers Squibb Company (BMS) to develop an undisclosed, novel tumor-activated therapeutic targeting a validated solid tumor antigen expressed across several human cancer types. Under the BMS Agreement, BMS received an exclusive worldwide license, under the relevant patents and know-how owned or in-licensed by us, to develop, manufacture, commercialize and otherwise exploit a tumor-activated therapeutic targeting the collaboration target. In addition, we are responsible for conducting, at our own expense and pursuant to an agreed joint development plan, pre-clinical development until Investigational New Drug application (IND) submission for the collaboration target. In return, we have received an upfront payment of $15.0 million, a $35.0 million payment related to a developmental milestone achieved in March 2026, we are entitled to reimbursement of expenses associated with certain research and development activities we are required to perform under the BMS Agreement and will be eligible to receive $750.0 million in additional payments contingent upon successful completion of certain milestones. We are also entitled to tiered royalties on global product sales, with the applicable royalty rates ranging from high-single digit to low-double digit percentages, subject to certain customary reductions.

Current wording

In January 2026, we entered into an exclusive license and collaboration agreement (the BMS Agreement) with BMS to develop an undisclosed, novel tumor-activated therapeutic targeting a validated solid tumor antigen expressed across several human cancer types. Under the BMS Agreement, BMS received an exclusive worldwide license, under the relevant patents and know-how owned or in-licensed by us, to develop, manufacture, commercialize and otherwise exploit a tumor-activated therapeutic targeting the collaboration target. In addition, we are responsible for conducting, at our own expense and pursuant to an agreed joint development plan, preclinical development until Investigational New Drug application (IND) submission for the collaboration target. In return, we have received an upfront payment of $15.0 million, a $35.0 million payment related to a developmental milestone achieved in March 2026, we are entitled to reimbursement of expenses associated with certain research and development activities we are required to perform under the BMS Agreement and will be eligible to receive $750.0 million in additional payments contingent upon successful completion of certain milestones. We are also entitled to tiered royalties on global product sales, with the applicable royalty rates ranging from high-single digit to low-double digit percentages, subject to certain customary reductions.

Previous wording

Global economic and business activities continue to face widespread geopolitical and macroeconomic uncertainties, including those associated with public health crises, bank failures, inflation and monetary supply shifts, recent and changing tariff policy announcements, tariffs, trade tensions and retaliatory measures by other countries, supply chain disruptions, recession risks and potential disruptions from the Russia-Ukraine conflict, the war in the Middle East and related sanctions. Inflation generally affects us by increasing our salaries and fees paid to third-party contract service providers. We have considered potential impacts arising from the risks and uncertainties as described above and have not experienced any material disruption to our operations to date.

Current wording

Global economic and business activities continue to face widespread geopolitical and macroeconomic uncertainties, including those associated with bank failures, inflation and monetary supply shifts, tariffs, trade tensions and retaliatory measures by other countries, supply chain disruptions, recession risks and potential disruptions from the Russia-Ukraine conflict, the war in the Middle East and related sanctions. Inflation generally affects us by increasing our salaries and fees paid to third-party contract service providers. We have considered potential impacts arising from the risks and uncertainties as described above and have not experienced any material disruption to our operations to date.

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. Under the Merck Agreement, we recognized no revenue for each of the six months ended June 30, 2026 and 2025. Under the BMS Agreement, we recognized $14.0 million for the six months ended June 30, 2026.

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. Under the Merck Agreement, we recognized no revenue and $10.0 million for the nine months ended September 30, 2026 and 2025, respectively. Under the BMS Agreement, which was entered into in January 2026, we recognized $23.3 million for the nine months ended September 30, 2026.

Previous wording

General and administrative expenses consist primarily of salaries and employee-related costs, including stock-based compensation, for personnel in executive, finance and other administrative functions. Other significant general and administrative expenses include facility-related costs, which include direct depreciation costs and allocated expenses for rent and maintenance of facilities; legal fees relating to intellectual property and corporate matters; professional fees for accounting, tax and consulting services; insurance costs; and other operating costs. We anticipate that our general and administrative expenses will increase for the foreseeable future as we continue to increase our general and administrative headcount to support our continued research and development activities and, if any of our product candidates receive marketing approval, commercialization activities. We also anticipate increased expenses associated with operating as a public company, including expenses related to audit, legal, regulatory, and tax-related services associated with maintaining compliance with exchange listing and SEC requirements, director and officer insurance premiums and investor relations costs.

Current wording

General and administrative expenses consist primarily of salaries and employee-related costs, including stock-based compensation, for personnel in executive, finance and other administrative functions. Other significant general and administrative expenses include facility-related costs, which include direct depreciation costs and allocated expenses for rent and maintenance of facilities; legal fees relating to intellectual property and corporate matters; professional fees for accounting, tax and consulting services; insurance costs; and other operating costs. We anticipate that our general and administrative expenses will increase for the foreseeable future as we continue to increase our general and administrative headcount to support our continued research and development activities and, if any of our product candidates receive marketing approval, commercialization activities. We also incur general and administrative expenses associated with operating as a public company, including expenses related to audit, legal, regulatory, and tax-related services associated with maintaining compliance with exchange listing and SEC requirements, director and officer insurance premiums and investor relations costs.

Previous wording

Research and development expenses were $31.0 million and $34.7 million for the three months ended June 30, 2026 and 2025, respectively. The decrease of $3.7 million was primarily due to decreases in direct costs related to the development of JANX011 of $4.0 million, direct costs related to the development of JANX014 of $2.2 million, direct costs related to the development of JANX008 of $0.9 million and direct costs related to the development of JANX007 of $0.6 million. This was offset by increases in preclinical stage programs and other direct unallocated costs of $3.7 million and personnel costs of $0.3 million.

Current wording

Research and development expenses were $30.6 million and $34.6 million for the three months ended September 30, 2026 and 2025, respectively. The decrease of $4.0 million was primarily due to decreases in direct costs related to the development of JANX013, JANX011, JANX014 and JANX008 of $2.6 million, $2.4 million, $2.1 million and $1.9 million, respectively. This was offset by increases in preclinical stage programs and other direct unallocated costs of $3.7 million, indirect costs of $0.8 million and direct costs related to the development of JANX007 of $0.5 million.

Previous wording

General and administrative expenses were $11.0 million and $10.5 million for the three months ended June 30, 2026 and 2025, respectively. The increase of $0.5 million was primarily due to increases in consulting and professional fees of $0.5 million and personnel costs of $0.2 million, offset by a decrease in stock-based compensation expense of $0.2 million.

Current wording

General and administrative expenses were $10.0 million and $10.6 million for the three months ended September 30, 2026 and 2025, respectively. The decrease of $0.6 million was primarily due to a decrease in stock-based compensation expense.

Previous wording

Other income was $9.7 million and $11.3 million for the three months ended June 30, 2026 and 2025, respectively. The decrease of $1.6 million was due to a decrease in cash and cash equivalents and short-term investments resulting in decreased interest income.

Current wording

Other income was $9.7 million and $10.9 million for the three months ended September 30, 2026 and 2025, respectively. The decrease of $1.2 million was due to a decrease in cash and cash equivalents and short-term investments resulting in decreased interest income.

Previous wording

The following table summarizes our direct and indirect research and development expenses for the six months ended June 30, 2026 and 2025 (in thousands):

Current wording

The following table summarizes our direct and indirect research and development expenses for the nine months ended September 30, 2026 and 2025 (in thousands):

Previous wording

Research and development expenses were $57.8 million and $59.7 million for the six months ended June 30, 2026 and 2025, respectively. The decrease of $1.9 million was primarily due to decreases in direct costs related to the development of JANX011 of $5.3 million, direct costs related to the development of JANX014 of $2.7 million and direct costs related to the development of JANX008 of $1.1 million. This was offset by increases in preclinical stage programs and other direct unallocated costs of $5.6 million, personnel costs of $1.2 million and direct costs related to the development of JANX007 of $0.4 million.

Current wording

Research and development expenses were $88.4 million and $94.3 million for the nine months ended September 30, 2026 and 2025, respectively. The decrease of $5.9 million was primarily due to decreases in direct costs related to the development of JANX011, JANX014, JANX008 and JANX013 of $7.7 million, $4.9 million, $3.0 million and $1.3 million, respectively. This was offset by increases in preclinical stage programs and other direct unallocated costs of $8.0 million, indirect costs of $2.0 million and direct costs related to the development of JANX007 of $1.0 million.

Previous wording

General and administrative expenses were $22.1 million and $20.3 million for the six months ended June 30, 2026 and 2025, respectively. The increase of $1.8 million was primarily due to increases in consulting and professional fees of $1.4 million, personnel costs of $1.1 million and other general and administrative costs of $0.3 million, offset by a decrease in stock-based compensation expense of $1.0 million.

Current wording

General and administrative expenses were $32.1 million and $30.9 million for the nine months ended September 30, 2026 and 2025, respectively. The increase of $1.2 million was primarily due to increases in consulting and professional fees of $1.4 million, personnel costs of $1.1 million and other general and administrative costs of $0.3 million, offset by a decrease in stock-based compensation expense of $1.6 million.

Previous wording

Other income was $19.6 million and $22.6 million for the six months ended June 30, 2026 and 2025, respectively. The decrease of $3.0 million was due to a decrease in cash and cash equivalents and short-term investments resulting in decreased interest income.

Current wording

Other income was $29.3 million and $33.6 million for the nine months ended September 30, 2026 and 2025, respectively. The decrease of $4.3 million was due to a decrease in cash and cash equivalents and short-term investments resulting in decreased 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, 2026, we had cash, cash equivalents, restricted cash and short-term investments of $971.7 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, 2026, we had cash, cash equivalents, restricted cash and short-term investments of $946.5 million. Included in this amount is $0.8 million of restricted cash that is not available for current use.

Previous wording

Net cash provided by operating activities of $0.1 million for the six months ended June 30, 2026 was primarily due to our net loss of $46.3 million and a change in remaining operating assets and liabilities and other non-cash charges of $8.0 million, offset by $36.1 million of deferred revenue and $18.3 million of stock-based compensation expense. 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, offset by $21.7 million of stock-based compensation expense.

Current wording

Net cash used in operating activities of $25.0 million for the nine months ended September 30, 2026 was primarily due to our net loss of $67.9 million and a change in remaining operating assets and liabilities and other non-cash charges of $11.3 million, offset by $27.3 million of deferred revenue and $26.9 million of stock-based compensation expense. 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, offset by $30.7 million of stock-based compensation expense.

Previous wording

Net cash used in investing activities of $30.5 million for the six months ended June 30, 2026 was primarily due to $30.0 million of net purchases of short-term investments, offset by our purchase of property and equipment of $0.5 million. 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.

Current wording

Net cash provided by investing activities of $7.9 million for the nine months ended September 30, 2026 was primarily due to $8.4 million of net maturities of short-term investments, offset by our purchase of property and equipment of $0.5 million. 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.

Previous wording

Net cash provided by financing activities of $5.8 million for the six months ended June 30, 2026 was due to proceeds from stock option exercises and shares issued under our employee stock purchase plan. 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 issued under our employee stock purchase plan of $1.8 million, offset by issuance costs paid in connection with an underwritten offering in December 2024 of $0.3 million.

Current wording

Net cash provided by financing activities of $6.6 million for the nine months ended September 30, 2026 was due to proceeds from stock option exercises and shares issued under our employee stock purchase plan (ESPP). 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 ESPP of $2.3 million, offset by issuance costs paid in connection with an underwritten offering in December 2024 of $0.3 million.

Previous wording

the initiation, trial design, progress, timing, costs and results of drug discovery, preclinical studies and clinical trials of our product candidates, and in particular the clinical trials for JANX007, JANX011 and JANX014;

Current wording

the initiation, trial design, progress, timing, costs and results of drug discovery, preclinical studies and clinical trials of our product candidates, and in particular the clinical trials for JANX007, JANX011, JANX013 and JANX014;

Previous wording

the effects of the disruptions to and volatility in the credit and financial markets in the United States and worldwide resulting from geopolitical and macroeconomic conditions, including recent and changing tariff policy announcements, tariffs, trade tensions and retaliatory measures by other countries, supply chain disruptions, recession risks, the military conflict in Ukraine and Russia, the war in the Middle East, epidemics and bank failures; and

Current wording

the effects of the disruptions to and volatility in the credit and financial markets in the United States and worldwide resulting from geopolitical and macroeconomic conditions, including tariffs, trade tensions and retaliatory measures by other countries, supply chain disruptions, recession risks, the military conflict in Ukraine and Russia, the war in the Middle East, epidemics and bank failures; and

Previous wording

We enter into contracts in the normal course of business with various third parties for preclinical and clinical research studies and testing, manufacturing and other services and products for operating purposes. These contracts provide for termination upon notice. Payments due upon cancellation consist only of payments for services provided or expenses incurred, including non-cancellable obligations of our service providers, up to the date of cancellation.

Current wording

We enter into contracts in the normal course of business with various third parties for preclinical and clinical research studies and testing, manufacturing and other services and products for operating purposes. These contracts provide for termination upon notice. Payments due upon cancellation consist only of payments for services provided or expenses incurred, including noncancelable obligations of our service providers, up to the date of cancellation.

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 26, 2026. There have not been any material changes to the critical accounting policies discussed therein during the six months ended June 30, 2026.

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 26, 2026. There have not been any material changes to the critical accounting policies discussed therein during the nine months ended September 30, 2026.