JANX 8-K
Janux Therapeutics, Inc. (JANX)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02 Results of Operations and Financial Condition.
On May 7, 2024, Janux Therapeutics, Inc. (the “Company”) issued a press release announcing its financial results for the three months ended March 31, 2024. A copy of the press release is attached hereto as Exhibit 99.1.
The information in this Item and the exhibit attached hereto are being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall they be deemed incorporated by reference into any filing under the Exchange Act or the Securities Act of 1933, as amended, whether filed before or after the date hereof and regardless of any general incorporation language in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. |
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Description |
99.1 |
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104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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JANUX THERAPEUTICS, INC. |
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Date: May 7, 2024 |
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By: |
/s/ David Campbell, Ph.D. |
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David Campbell, Ph.D. |
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President and Chief Executive Officer |
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Exhibit 99.1 |
Janux Therapeutics Reports First Quarter 2024 Financial Results and Business Highlights
SAN DIEGO, May 7, 2024 – Janux Therapeutics, Inc. (Nasdaq: JANX) (Janux), a clinical-stage biopharmaceutical company developing a broad pipeline of novel immunotherapies by applying its proprietary technology to its Tumor Activated T Cell Engager (TRACTr) and Tumor Activated Immunomodulator (TRACIr) platforms, today reported financial results for the first quarter ended March 31, 2024 and provided a business update.
“We continue to focus on enrollment in the two clinical studies for PSMA-TRACTr JANX007 and EGFR-TRACTr JANX008, and we are pleased with the progress,” said David Campbell, Ph.D., President and CEO of Janux. “As we advance our clinical programs and gather additional clinical data, we are also expanding our pipeline so that we can create further value from our technology platforms and, most importantly, accelerate the development of new meaningful therapies for cancer patients.”
RECENT BUSINESS HIGHLIGHTS AND FUTURE MILESTONES:
An update on JANX007 data and doses selected for expansion cohorts is anticipated in the second half of 2024. An update on JANX008 data is expected in 2025.
FIRST QUARTER 2024 FINANCIAL RESULTS:
Janux’s TRACTr and TRACIr Pipeline
Janux’s first clinical candidate, JANX007, is a TRACTr that targets PSMA and is being investigated in a Phase 1 clinical trial in adult subjects with metastatic castration-resistant prostate cancer (mCRPC). Janux’s second clinical candidate, JANX008, is a TRACTr that targets EGFR and is being studied in a Phase 1 clinical trial for the treatment of multiple solid cancers including colorectal cancer, squamous cell carcinoma of the head and neck, non-small cell lung cancer, and renal cell carcinoma. We are also generating a number of additional TRACTr and TRACIr programs for potential future development, some of which are at development candidate stage or later. We are currently assessing priorities in our preclinical pipeline.
About Janux Therapeutics
Janux is a clinical-stage biopharmaceutical company developing tumor-activated immunotherapies for cancer. Janux’s proprietary technology enabled the development of two distinct bispecific platforms: Tumor Activated T Cell Engagers (TRACTr) and Tumor Activated Immunomodulators (TRACIr). The goal of both 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. Janux is currently developing a broad pipeline of TRACTr and TRACIr therapeutics directed at several targets to treat solid tumors. Janux has two TRACTr therapeutic candidates in clinical trials, the first targeting PSMA is in development for prostate cancer, and the second targeting EGFR is being developed for colorectal, lung, head and neck, and renal cancers. For more information, please visit www.januxrx.com and follow us on LinkedIn.
Forward-Looking Statements
This news release contains certain forward-looking statements that involve risks and uncertainties that could cause actual results to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. Such forward-looking statements include statements regarding, among other things, Janux’s ability to bring new treatments to cancer patients in need, expectations regarding the timing, scope and results of Janux’s development activities, including its ongoing and planned preclinical studies and clinical trials, the timing of and plans for regulatory filings, the potential benefits of Janux’s product candidates and platform technologies, expectations regarding the use of Janux’s platform technologies to generate novel product candidates and the strength of Janux’s balance sheet and the adequacy of cash on hand. Factors that may cause actual results to differ materially include the risk that compounds that appear promising in early research do not demonstrate safety and/or efficacy in later preclinical studies or clinical trials, the risk that Janux may not obtain approval to market its product candidates, uncertainties associated with performing clinical trials, regulatory filings and applications, risks associated with reliance on third parties to successfully conduct clinical trials, the risks associated with reliance on outside financing to meet capital requirements, and other risks associated with the process of discovering, developing and commercializing drugs that are safe and effective for use as human therapeutics, and in the endeavor of building a business around such drugs. You are urged to consider statements that include the words “may,” “will,” “would,” “could,” “should,” “believes,” “estimates,” “projects,” “promise,” “potential,” “expects,” “plans,” “anticipates,” “intends,” “continues,” “designed,” “goal,” or the negative of those words or other comparable words to be uncertain and forward-looking. For a further list and description of the risks and uncertainties Janux faces, please refer to Janux’s periodic and other filings with the Securities and Exchange Commission, which are available at www.sec.gov. Such forward-looking statements are current only as of the date they are made, and Janux assumes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
Janux Therapeutics, Inc.
Condensed Balance Sheets
(in thousands)
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March 31, |
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December 31, |
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Assets |
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(unaudited) |
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Current assets: |
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Cash and cash equivalents |
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$ |
212,803 |
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$ |
19,205 |
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Accounts receivable |
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519 |
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— |
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Short-term investments |
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438,960 |
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324,823 |
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Prepaid expenses and other current assets |
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6,384 |
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5,213 |
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Total current assets |
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658,666 |
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349,241 |
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Restricted cash |
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816 |
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816 |
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Property and equipment, net |
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6,517 |
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7,003 |
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Operating lease right-of-use assets |
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20,461 |
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20,838 |
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Other long-term assets |
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2,524 |
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2,509 |
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Total assets |
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$ |
688,984 |
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$ |
380,407 |
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Liabilities and Stockholders’ Equity |
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Current liabilities: |
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Accounts payable |
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$ |
2,254 |
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$ |
2,424 |
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Accrued expenses |
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5,810 |
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7,387 |
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Current portion of deferred revenue |
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972 |
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1,705 |
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Current portion of operating lease liabilities |
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1,573 |
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1,517 |
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Total current liabilities |
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10,609 |
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13,033 |
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Operating lease liabilities, net of current portion |
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22,612 |
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23,025 |
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Total liabilities |
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33,221 |
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36,058 |
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Total stockholders’ equity |
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655,763 |
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344,349 |
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Total liabilities and stockholders’ equity |
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$ |
688,984 |
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$ |
380,407 |
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Janux Therapeutics, Inc.
Unaudited Condensed Statements of Operations and Comprehensive Loss
(in thousands, except share and per share data)
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Three Months Ended |
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2024 |
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2023 |
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Collaboration revenue |
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$ |
1,252 |
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$ |
2,048 |
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Operating expenses: |
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Research and development |
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14,070 |
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15,865 |
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General and administrative |
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7,343 |
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6,464 |
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Total operating expenses |
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21,413 |
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22,329 |
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Loss from operations |
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(20,161 |
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(20,281 |
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Total other income |
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5,401 |
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2,822 |
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Net loss |
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$ |
(14,760 |
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$ |
(17,459 |
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Other comprehensive gain (loss): |
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Unrealized gain (loss) on available-for-sale securities, net |
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(1,189 |
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796 |
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Comprehensive loss |
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$ |
(15,949 |
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$ |
(16,663 |
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Net loss per common share, basic and diluted |
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$ |
(0.30 |
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$ |
(0.42 |
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Weighted-average shares of common stock outstanding, basic and diluted |
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49,049,741 |
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41,763,971 |
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Contacts
Investors:
Andy Meyer
Janux Therapeutics
(202) 215-2579
Media:
Jessica Yingling, Ph.D.
Little Dog Communications Inc.
(858) 344-8091