Janux Therapeutics, a biopharmaceutical company listed on Nasdaq under the symbol JANX, has released its financial results for the fourth quarter and full year of 2023 alongside a comprehensive business update.
In 2023, Janux made significant strides in evaluating its TRACTr platform’s potential in clinical settings. The data from the company’s clinical programs demonstrates the transformative impact of its tumor-activated approach on patients’ lives. With ample financial resources, Janux is well-equipped to advance its clinical plan and deliver innovative therapies to cancer patients.
Recent Business Highlights and Future Milestones:
- Positive interim Phase 1 clinical trial data for PSMA-TRACTr JANX007 in prostate cancer, showing promising results in terms of PSA declines and RECIST responses. Notably, a high proportion of subjects achieved PSA50 declines with minimal adverse events.
- Positive interim Phase 1 clinical trial data for EGFR-TRACTr JANX008 in solid tumors, showcasing encouraging outcomes without significant adverse effects.
- Successful completion of an underwritten offering of common stock and pre-funded warrants, resulting in net proceeds of approximately $320.2 million. These funds will be allocated to expanding clinical programs, advancing preclinical initiatives, and extending corporate runway.
- Ongoing enrollment of JANX007 and JANX008 in their respective Phase 1 clinical trials.
- Promotion of Dr. Tommy DiRaimondo to Chief Scientific Officer, recognizing his instrumental role in transitioning Janux’s programs from research to clinical trials.
Fourth Quarter and Full Year 2023 Financial Results:
- Cash and cash equivalents and short-term investments totaled $344.0 million as of December 31, 2023.
- Research and development expenses were $12.2 million for the quarter and $54.9 million for the full year.
- General and administrative expenses amounted to $6.4 million for the quarter and $26.1 million for the full year.
- Net loss was $11.8 million for the quarter and $58.3 million for the full year.
Janux’s TRACTr and TRACIr Pipeline:
Janux’s TRACTr and TRACIr platforms aim to develop tumor-activated immunotherapies for cancer treatment. The company’s lead candidates, JANX007 and JANX008, target PSMA and EGFR, respectively, and are currently undergoing Phase 1 clinical trials. Additionally, Janux is exploring several other TRACTr and TRACIr programs for potential development, with some in advanced preclinical stages.
About Janux Therapeutics:
Janux Therapeutics is dedicated to developing tumor-activated immunotherapies to combat cancer. Leveraging its proprietary technology, Janux has created two distinct bispecific platforms, TRACTr and TRACIr, with the goal of providing safe and effective therapeutics for cancer patients. The company’s pipeline includes multiple TRACTr and TRACIr therapeutics directed at various solid tumor targets.
