Janux Therapeutics Q3 2024 Financial Results and Business Highlights

SAN DIEGO--Janux Therapeutics, Inc. (Nasdaq: JANX), a clinical-stage biopharmaceutical company, has developed a robust pipeline of innovative immunotherapies utilizing its proprietary technology platforms, Tumor Activated T Cell Engager (TRACTr) and Tumor Activated Immunomodulator (TRACIr). The company has released its financial results for the third quarter ending September 30, 2024, along with a business update.

David Campbell, Ph.D., President and CEO of Janux Therapeutics, highlighted the company's commitment to advancing its clinical programs. "We are focused on enrolling participants in the PSMA-TRACTr (JANX007) and EGFR-TRACTr (JANX008) clinical trials and are encouraged by our ongoing progress," Campbell said. He also mentioned that an update on the JANX007 program is anticipated by the end of the year.

Janux continues to enroll patients in its Phase 1 clinical trials for JANX007, targeting metastatic castration-resistant prostate cancer (mCRPC), and JANX008, targeting advanced or metastatic solid tumors. The company expects to provide updates on JANX007 data and selected doses for expansion cohorts in 2024, while data updates for JANX008 are expected in 2025.

Financially, Janux reported cash and cash equivalents and short-term investments of $658.0 million as of September 30, 2024, up from $344.0 million at the end of 2023. Research and development expenses for the third quarter of 2024 were $18.6 million, an increase from $11.9 million in the same period last year. General and administrative expenses rose significantly to $17.7 million from $6.4 million in the third quarter of 2023, largely due to $9.5 million in stock-based compensation expenses related to equity modifications. The net loss for the quarter was $28.1 million, compared to $11.6 million in the same period of 2023.

Janux's TRACTr and TRACIr platforms have produced two clinical candidates currently in trials. JANX007 targets PSMA and is being evaluated in a Phase 1 trial for mCRPC. JANX008 targets EGFR and is being tested in a Phase 1 trial for various advanced solid tumors, including colorectal carcinoma, squamous cell carcinoma of the head and neck, non-small cell lung cancer, renal cell carcinoma, small cell lung cancer, pancreatic ductal adenocarcinoma, and triple-negative breast cancer. Janux is also developing additional TRACTr and TRACIr programs for future clinical development and is currently prioritizing projects in its preclinical pipeline.

Janux Therapeutics is a clinical-stage biopharmaceutical company focusing on developing tumor-activated immunotherapies for cancer. Their proprietary technology has enabled the creation of two bispecific platforms: Tumor Activated T Cell Engagers (TRACTr) and Tumor Activated Immunomodulators (TRACIr). The aim of these platforms is to offer cancer patients safe and effective treatments that harness the power of the immune system to eliminate tumors while reducing safety risks. Janux's pipeline includes therapies targeting various markers for the treatment of solid tumors. Their two current TRACTr candidates in clinical trials are designed to treat prostate cancer and a range of solid tumors.