- Enrollment ongoing for PSMA-TRACTr (JANX007) in prostate cancer
and EGFR-TRACTr (JANX008) in solid tumors
- Update on JANX007 data and doses selected for expansion cohorts
is anticipated in 2H 2024
- Appointed Eric Dobmeier and Natasha Hernday to the Board of
Directors
- Received $7.5 million development milestone payment from
Merck
- $646.3 million in cash and cash equivalents and short-term
investments at end of second quarter 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 second quarter ended June 30, 2024, and
provided a business update.
“We are pleased with the progress we have made this quarter,
particularly with the ongoing enrollment of our PSMA-TRACTr
(JANX007) and EGFR-TRACTr (JANX008) clinical trials. These
advancements, along with the $7.5 million milestone payment from
Merck, underscore the potential of our TRACTr and TRACIr platforms
to develop transformative cancer therapies,” said David Campbell,
Ph.D., President and CEO of Janux Therapeutics. “We are also
excited to welcome Eric Dobmeier and Natasha Hernday to our Board
of Directors. Their extensive experience and proven leadership in
the biopharmaceutical industry will be invaluable as we continue to
advance our pipeline and strategic goals.”
RECENT BUSINESS HIGHLIGHTS AND FUTURE MILESTONES:
- The company continues to enroll patients in the
first-in-human Phase 1 clinical trial of JANX007 in mCRPC
(NCT05519449) and JANX008 in advanced or metastatic solid tumors
(NCT05783622). Janux anticipates providing an update on JANX007
data and doses selected for expansion cohorts in the second half of
2024. An update on JANX008 data is expected in 2025.
- Board strengthened with key appointments.
- Eric Dobmeier, J.D., has more than 20 years of
experience in the biotechnology industry as both an executive and
board member. Most recently, he was the President and CEO of
Chinook Therapeutics, where he led the company through multiple
strategic growth initiatives ultimately leading to its acquisition
by Novartis in 2023 for $3.5 billion. Prior to Chinook, Mr.
Dobmeier spent 16 years in a series of positions of increasing
responsibility at Seattle Genetics, including Chief Operating
Officer, during the company’s growth from 60 to 1,200 employees,
from a market cap of $150 million to over $8 billion and through
its transition to a commercial company with FDA approval and launch
of Adcetris, a novel lymphoma drug. During his career, Mr. Dobmeier
has been directly involved in raising more than $2 billion in
equity capital and led negotiation of many corporate alliances with
leading biotechnology and pharmaceutical companies. He is currently
a venture partner at Samsara Biocapital and serves on the boards of
directors of Structure Therapeutics and Abdera Therapeutics.
- Natasha Hernday previously served as Chief Business
Officer and a member of the Executive Committee at Seagen Inc.
(formerly Seattle Genetics) and was pivotal in driving business
development, including alliance management, strategic partnerships,
mergers, and acquisitions. Ms. Hernday led the acquisition of
Cascadian Therapeutics in 2018 for approximately $614 million and a
global strategic oncology collaboration with Merck in 2020 for over
$1.5 billion in upfront cash and equity. Ms. Hernday’s strategic
insight and successful track record in transactions culminated in
Seagen's acquisition by Pfizer in 2023 for $43 billion. Prior to
her role at Seagen, Ms. Hernday spent 16 years at Amgen, where she
began her career in discovery research, then held various
leadership positions in corporate development and corporate
strategy, including as Director, Mergers & Acquisitions and as
Director, Out-Partnering, playing a key role in numerous high-value
transactions. Additionally, Ms. Hernday served on the Board of
Alpine Immune Sciences, which was acquired by Vertex
Pharmaceuticals in 2024 for $4.9 billion.
- Janux received a $7.5 million payment from Merck triggered
by the achievement of an undisclosed development milestone for the
first collaboration target under the companies’ 2020 Research
Collaboration and Exclusive License Agreement.
SECOND QUARTER 2024 FINANCIAL RESULTS:
- Cash and cash equivalents and short-term investments: As
of June 30, 2024, Janux reported cash and cash equivalents and
short-term investments of $646.3 million compared to $344.0 million
at December 31, 2023.
- Research and development expenses: Research and
development expenses for the quarter ended June 30, 2024, were
$14.9 million compared to $14.9 million for the comparable period
in 2023.
- General and administrative expenses: General and
administrative expenses for the quarter ended June 30, 2024, were
$7.8 million compared to $6.9 million for the comparable period in
2023.
- Net loss: For the quarter ended June 30, 2024, Janux
reported a net loss of $6.0 million compared to a net loss of $17.5
million for the comparable period in 2023.
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)
June 30, 2024
December 31, 2023
Assets
(unaudited)
Current assets:
Cash and cash equivalents
$
14,662
$
19,205
Accounts receivable
7,500
—
Short-term investments
631,631
324,823
Prepaid expenses and other current
assets
8,146
5,213
Total current assets
661,939
349,241
Restricted cash
816
816
Property and equipment, net
5,940
7,003
Operating lease right-of-use assets
20,077
20,838
Other long-term assets
2,640
2,509
Total assets
$
691,412
$
380,407
Liabilities and Stockholders’
Equity
Current liabilities:
Accounts payable
$
1,253
$
2,424
Accrued expenses
8,568
7,387
Current portion of deferred revenue
94
1,705
Current portion of operating lease
liabilities
1,630
1,517
Total current liabilities
11,545
13,033
Operating lease liabilities, net of
current portion
22,190
23,025
Total liabilities
33,735
36,058
Total stockholders’ equity
657,677
344,349
Total liabilities and stockholders’
equity
$
691,412
$
380,407
Janux Therapeutics, Inc.
Unaudited Condensed Statements of Operations and Comprehensive Loss
(in thousands, except share and per share data)
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Collaboration revenue
$
8,897
$
1,057
$
10,149
$
3,105
Operating expenses:
Research and development
14,898
14,924
28,968
30,789
General and administrative
7,821
6,881
15,164
13,345
Total operating expenses
22,719
21,805
44,132
44,134
Loss from operations
(13,822
)
(20,748
)
(33,983
)
(41,029
)
Total other income
7,863
3,240
13,264
6,062
Net loss
$
(5,959
)
$
(17,508
)
$
(20,719
)
$
(34,967
)
Other comprehensive gain (loss):
Unrealized gain (loss) on
available-for-sale securities, net
(1,092
)
(321
)
(2,281
)
475
Comprehensive loss
$
(7,051
)
$
(17,829
)
$
(23,000
)
$
(34,492
)
Net loss per common share, basic and
diluted
$
(0.11
)
$
(0.42
)
$
(0.40
)
$
(0.84
)
Weighted-average shares of common stock
outstanding, basic and diluted
54,451,666
41,836,238
51,750,690
41,800,304
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240807262367/en/
Investors: Andy Meyer Janux Therapeutics
ameyer@januxrx.com (202) 215-2579
Media: Jessica Yingling, Ph.D. Little Dog Communications
Inc. jessica@litldog.com (858) 344-8091
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