Janux Therapeutics, Inc 8-K, filed Mar 18, 2022
Janux Therapeutics, Inc. (JANX)
About this 8-K
Janux Therapeutics, Inc filed this 8-K on March 18, 2022.
Items reported
- Item 2.02: Financial results
- Item 9.01: Financial statements and exhibits
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 March 18, 2022, Janux Therapeutics, Inc. (the “Company”) issued a press release announcing its financial results for the year ended December 31, 2021. 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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Press Release of Janux Therapeutics, Inc. dated March 18, 2022 |
104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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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: March 18, 2022 |
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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 Provides Business Update and Reports Fourth Quarter and Full Year 2021 Financial Results
-Company remains on-track to submit IND filings for two programs in 2022-
-Company nominated its first TRACIr development candidate, a PD-L1 x CD28 costimulatory bispecific-
-Management team strengthened with key appointment-
– $375.0 million in year-end 2021 cash, cash equivalents and short-term investments –
SAN DIEGO, March 18, 2022 – Janux Therapeutics, Inc. (Nasdaq: JANX) (Janux), a 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 fourth quarter and full year ended December 31, 2021 and provided a business update.
“Janux made great strides in 2021 as we transitioned to a public company and advanced our pipeline of next generation immunotherapies utilizing our novel TRACTr and TRACIr platforms. We continue to build on this momentum by nominating a development candidate for our costimulatory bispecific program, the first development candidate discovered using our TRACIr platform,” said David Campbell, Ph.D., President and CEO of Janux. “In 2022, we remain on-track to execute key milestones, including IND submissions for our PSMA-TRACTr and EGFR-TRACTr candidates, and we look forward to continuing to advance our additional pipeline programs in the year ahead.”
RECENT BUSINESS HIGHLIGHTS AND FUTURE MILESTONES:
FOURTH QUARTER AND FULL YEAR 2021 FINANCIAL RESULTS:
About Janux Therapeutics
Janux Therapeutics is an innovative biopharmaceutical company developing next-generation therapeutics based on applying its proprietary technology to its Tumor Activated T Cell Engager (TRACTr) and Tumor Activated Immunomodulator (TRACIr) platforms to better treat patients suffering from cancer. Janux’s initial focus is on developing a novel class of T cell engagers (TCEs), and its lead product candidates are designed to target clinically validated drug targets. While TCE therapeutics have displayed potent anti-tumor activity in hematological cancers, developing TCEs to treat solid tumors have faced challenges due to the limitations of prior TCE technologies, namely (i) overactivation of the immune system leading to cytokine release syndrome, (ii) on-target, healthy tissue toxicities, and (iii) poor pharmacokinetics leading to short half-life. Janux is using its TRACTr platform technology to engineer product candidates designed to overcome these limitations. Janux is developing a broad pipeline with lead TRACTr programs targeting prostate-specific membrane antigen (PSMA), epidermal growth factor receptor (EGFR), and trophoblast cell surface antigen 2 (TROP2), and its lead TRACIr program targeting PD-L1xCD28, with all of its programs currently in the IND-enabling or discovery stage. For more information, please visit www.januxrx.com.
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, the progress and expected timing of Janux’s drug development programs, 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.
Contacts
Media:
Jessica Yingling, Ph.D.
Little Dog Communications Inc.
jessica@litldog.com
(858) 344-8091
Investors:
Christina Tartaglia
Stern Investor Relations, Inc.
christina@sternir.com
(212) 362-1200
Janux Therapeutics, Inc.
Condensed Balance Sheets
(in thousands)
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December 31, |
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December 31, |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
35,582 |
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$ |
7,813 |
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Accounts receivable |
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— |
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8,000 |
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Short-term investments |
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339,383 |
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— |
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Prepaid expenses and other current assets |
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2,054 |
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249 |
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Total current assets |
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377,019 |
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16,062 |
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Restricted cash |
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816 |
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— |
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Property and equipment, net |
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1,412 |
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155 |
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Operating lease right-of-use assets |
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185 |
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— |
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Other long-term assets |
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392 |
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— |
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Total assets |
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$ |
379,824 |
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$ |
16,217 |
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Liabilities, Convertible Preferred Stock and Stockholders’ Equity (Deficit) |
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Current liabilities: |
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Accounts payable |
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$ |
2,458 |
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$ |
428 |
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Accrued liabilities |
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3,779 |
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751 |
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Current portion of deferred revenue |
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5,163 |
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1,950 |
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Unvested stock liabilities |
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1,203 |
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52 |
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Current portion of operating lease liabilities |
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194 |
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— |
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Total current liabilities |
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12,797 |
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3,181 |
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Deferred revenue, net of current portion |
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700 |
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6,050 |
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Total liabilities |
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13,497 |
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9,231 |
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Convertible preferred stock |
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— |
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21,624 |
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Total stockholders’ equity (deficit) |
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366,327 |
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(14,638 |
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Total liabilities, convertible preferred stock and stockholders’ equity (deficit) |
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$ |
379,824 |
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$ |
16,217 |
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Janux Therapeutics, Inc.
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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Year Ended |
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2021 |
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2020 |
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2021 |
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2020 |
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Collaboration revenue |
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$ |
1,616 |
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$ |
— |
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$ |
3,637 |
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$ |
— |
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Operating expenses: |
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Research and development |
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11,169 |
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985 |
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26,237 |
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3,041 |
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General and administrative |
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3,937 |
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670 |
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10,329 |
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1,802 |
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Total operating expenses |
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15,106 |
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1,655 |
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36,566 |
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4,843 |
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Loss from operations |
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(13,490 |
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(1,655 |
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(32,929 |
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(4,843 |
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Total other income (expense) |
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74 |
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— |
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257 |
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(1,941 |
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Net loss |
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$ |
(13,416 |
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$ |
(1,655 |
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$ |
(32,672 |
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$ |
(6,784 |
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Other comprehensive loss: |
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Unrealized gain (loss) on available-for-sale securities, net |
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(294 |
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— |
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(270 |
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— |
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Comprehensive loss |
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$ |
(13,710 |
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$ |
(1,655 |
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$ |
(32,942 |
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$ |
(6,784 |
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Net loss per common share, basic and diluted |
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$ |
(0.33 |
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$ |
(1.65 |
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$ |
(1.39 |
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$ |
(7.41 |
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Weighted-average shares of common stock outstanding, basic and diluted |
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41,208,323 |
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1,003,482 |
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23,530,252 |
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915,146 |
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