Janux Therapeutics, Inc.: Q4 FY2025 earnings call

What management said about Q4 FY2025, from the documents filed with the SEC on 26 February 2026: press release. The quarter’s numbers.

Key takeaways

Net loss reported two ways: The text gives a net loss of $31.9 million for the quarter and $113.6 million for the year. The condensed statement shows net loss of $42.4 million and $157.7 million, with comprehensive loss of $31.9 million and $113.6 million. Source
R&D spending rose year-on-year: Research and development expenses were $31.5 million in the fourth quarter, up from $20.8 million a year earlier, and $125.9 million for the full year, up from $68.4 million. Source
Interim data from 109 patients: Interim Phase 1 data for JANX007 (PSMA-TRACTr) covers patients treated through an October 15, 2025 data cutoff, with 109 patients treated across Phase 1 cohorts. Source
Median rPFS 7.9 to 8.9 months: Durable activity was seen in once-weekly and every-two-week cohorts, with median rPFS of 7.9 to 8.9 months. Management said the Q2W cohort rPFS compared favorably to the QW expansion group. Source
Partial responses in 30% evaluable: Confirmed and unconfirmed partial responses were seen in 8 of 27 RECIST-evaluable patients, or 30%. The release also cites high PSA response rates, including deep PSA declines. Source
$50 million near-term payments: Janux is eligible to receive $50 million in upfront and near-term milestone payments under the agreement, with potential development, regulatory and commercial milestones beyond that. Source
About $800 million in milestones: Development, regulatory and commercial milestones total approximately $800 million, with tiered royalties on global product sales, if successful. Source
Cash and investments fell: Cash, cash equivalents and short-term investments were $966.6 million at year-end, against $1.03 billion a year earlier and $989.0 million at September 30, 2025 per the prior release. Source

“Recent JANX007 clinical results demonstrate clinical activity and a consistent and predictable safety profile in mCRPC and support continued advancement in taxane-naïve patients as well as other expansion cohorts,”
David Campbell, Ph.D., President and CEO of Janux

What changed from last quarter

New: Collaboration and exclusive worldwide license agreement with Bristol Myers Squibb, announced January 2026, for a tumor-activated therapeutic. Source
New: William Go, M.D., Ph.D. announced as Chief Medical Officer. Source
New: JANX011 Phase 1 study is now enrolling healthy volunteers. The prior release described JANX011 as advancing toward clinical trials. Source
New: Expansion cohorts added for JANX007 monotherapy in PARP inhibitor-refractory mCRPC. The prior release did not mention these cohorts. Source

Fourth quarter and full year results

Net loss reported two ways: The text gives a net loss of $31.9 million for the quarter and $113.6 million for the year. The condensed statement shows net loss of $42.4 million and $157.7 million, with comprehensive loss of $31.9 million and $113.6 million. Source
Collaboration revenue nil in quarter: Collaboration revenue was nil in the fourth quarter, against $10.0 million in the third quarter of 2025 as reported in the prior release. Full-year collaboration revenue was $10.0 million, against $10.6 million in 2024. Source
Loss per share widened year-on-year: Net loss per common share, basic and diluted, was $(0.51) for the quarter and $(1.83) for the year, against $(0.36) and $(1.28) in the same periods of 2024. Source
No other income in 2025: Total other income was nil in both 2025 periods, against $8.8 million in the fourth quarter of 2024 and $29.9 million for full-year 2024. Source

Research and administrative spending

R&D spending rose year-on-year: Research and development expenses were $31.5 million in the fourth quarter, up from $20.8 million a year earlier, and $125.9 million for the full year, up from $68.4 million. Source
R&D below third-quarter level: Fourth-quarter R&D of $31.5 million was below the $34.6 million the prior release reported for the third quarter of 2025.
G&A rose in quarter: General and administrative expense was $10.9 million in the fourth quarter, up from $8.2 million, and $41.8 million for the year, up slightly from $41.0 million in 2024. Source

“In early 2026, we announced a collaboration with Bristol Myers Squibb that provides near-term capital and further validates the potential of our platform.”
David Campbell, Ph.D., President and CEO of Janux

JANX007 clinical program

Interim data from 109 patients: Interim Phase 1 data for JANX007 (PSMA-TRACTr) covers patients treated through an October 15, 2025 data cutoff, with 109 patients treated across Phase 1 cohorts. Source
Median rPFS 7.9 to 8.9 months: Durable activity was seen in once-weekly and every-two-week cohorts, with median rPFS of 7.9 to 8.9 months. Management said the Q2W cohort rPFS compared favorably to the QW expansion group. Source
Partial responses in 30% evaluable: Confirmed and unconfirmed partial responses were seen in 8 of 27 RECIST-evaluable patients, or 30%. The release also cites high PSA response rates, including deep PSA declines. Source
Dose work focuses on taxane-naïve mCRPC: Dose optimization of JANX007 monotherapy focuses on taxane-naïve mCRPC. A darolutamide combination expansion cohort also studies taxane-naïve patients. Source

JANX008, JANX011 and platform

JANX008 expansion cohorts underway: JANX008 (EGFR-TRACTr) continues Phase 1 enrollment in a defined group of solid tumors, with expansion cohorts underway. The prior release named seven tumor types; this release does not list them. Source
JANX011 enrolling healthy volunteers: JANX011 (CD19-ARM) is enrolling its Phase 1 study in healthy volunteers. The prior release described it as advancing toward clinical trials, for potential autoimmune disease treatment. Source
Platform keeps generating programs: Management said the TRACTr, TRACIr and ARM platforms continue to generate additional programs. The prior release named a PSMA-TRACIr and a TROP2-TRACTr that this release does not mention.

“With additional product candidates entering the clinic in 2026, we believe Janux is well positioned to execute on our clinical strategy and continue to build long-term value for patients and shareholders.”
David Campbell, Ph.D., President and CEO of Janux

Bristol Myers Squibb collaboration

$50 million near-term payments: Janux is eligible to receive $50 million in upfront and near-term milestone payments under the agreement, with potential development, regulatory and commercial milestones beyond that. Source
About $800 million in milestones: Development, regulatory and commercial milestones total approximately $800 million, with tiered royalties on global product sales, if successful. Source
Janux leads work through IND: Janux leads preclinical development through IND submission. Bristol Myers Squibb assumes subsequent clinical development and global commercialization. Source

Cash, balance sheet and shares

Cash and investments fell: Cash, cash equivalents and short-term investments were $966.6 million at year-end, against $1.03 billion a year earlier and $989.0 million at September 30, 2025 per the prior release. Source
Equity declined on net loss: Total stockholders’ equity was $956.8 million at December 31, 2025, down from $1,022.8 million a year earlier. Total liabilities were $44.7 million, up from $38.7 million. Source
Unrealized gains narrowed comprehensive gap: Unrealized gains on available-for-sale securities were $44.0 million for the year, against $1.5 million in 2024. The gain is the difference between full-year net loss and comprehensive loss. Source
Share count higher year-on-year: Weighted-average basic and diluted shares were 62,145,668 in the fourth quarter, against 56,832,374 a year earlier. Source

Leadership and team

William Go named CMO: William Go, M.D., Ph.D., was appointed Chief Medical Officer, a role the release describes as strengthening clinical leadership. Source
Team strengthening for next phase: CEO David Campbell said the company continues to strengthen its team for the next phase of clinical and pipeline growth. Source
CMO tied to 2026 program entries: The release ties the appointment to additional programs entering the clinic in 2026 and to progress toward later-stage development. Source

Coming up, as management said on 26 February 2026

JANX007 data due 2026 or later meeting: Additional JANX007 clinical data are expected in 2026, or will be presented at a future medical meeting. Source
JANX008 clinical update in 2026: An additional clinical update for JANX008 is expected during 2026. Source
JANX011 initial update by year-end: An initial clinical update from the JANX011 healthy-volunteer Phase 1 study is expected by year-end 2026. Source

Figures management reported

Figure	Reported
Research and development expense, fourth quarter 2025 Source	$31.5 million
Research and development expense, full year 2025 Source	$125.9 million
Collaboration revenue, full year 2025 Source	$10.0 million
JANX007 patients treated in Phase 1 Source	109
JANX007 median rPFS Source	7.9 to 8.9 months
JANX007 partial responses in RECIST-evaluable patients Source	30% (8/27)

Earlier plans management reported on

Not stated: The prior release expected both updates in Q4 2025. This release reports JANX007 interim data presented in December 2025 and places the JANX008 update in 2026.
Not stated: The prior release expected new candidates to enter the clinic in 2026. This release says additional product candidates enter the clinic in 2026.

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

Janux Therapeutics Reports Fourth Quarter and Full Year 2025 Financial Results and Business Highlights

Continued clinical execution across TRACTr programs JANX007 and JANX008

JANX007 enrolling in Phase 1b Taxane-naïve patient population in metastatic castration-resistant prostate cancer (mCRPC)

JANX008 enrolling expansion cohorts in defined tumor settings

Initiated Phase 1 study of JANX011 in healthy volunteers

Entered collaboration and exclusive worldwide license agreement with Bristol Myers Squibb to develop a novel tumor-activated therapeutic for solid tumors

Appointment of William Go, M.D., Ph.D., as Chief Medical Officer

Strong year-end cash position supporting continued pipeline execution

SAN DIEGO, February 26, 2026 - Janux Therapeutics, Inc. (Nasdaq: JANX) (Janux), a clinical-stage biopharmaceutical company developing a broad pipeline of novel immunotherapies, today reported financial results for the fourth quarter and full year ended December 31, 2025, and provided a business update.

“The past year marked a period of significant execution and progress for Janux as we continued to translate the promise of our tumor-activated platform into meaningful clinical and strategic advances. Recent JANX007 clinical results demonstrate clinical activity and a consistent and predictable safety profile in mCRPC and support continued advancement in taxane-naïve patients as well as other expansion cohorts,” said David Campbell, Ph.D., President and CEO of Janux.

“In early 2026, we announced a collaboration with Bristol Myers Squibb that provides near-term capital and further validates the potential of our platform. We also continue to strengthen our team to support the next phase of clinical and pipeline growth. With additional product candidates entering the clinic in 2026, we believe Janux is well positioned to execute on our clinical strategy and continue to build long-term value for patients and shareholders.”

BUSINESS HIGHLIGHTS AND RECENT DEVELOPMENTS:

Clinical & Pipeline Progress

Janux presented updated interim Phase 1 data for JANX007 (PSMA-TRACTr) in December 2025. As of the October 15, 2025 data cutoff, 109 patients had been treated across Phase 1 cohorts:

Durable clinical activity was observed across both once-weekly (QW) and every-two-week (Q2W) cohorts, with median radiographic progression-free survival (rPFS) ranging from 7.9 to 8.9 months. The rPFS in the Q2W cohort compared favorably to the QW expansion group.

Data demonstrated high prostate-specific antigen (PSA) response rates including deep PSA declines. Anti-tumor activity was observed, with confirmed and unconfirmed partial responses in 30% (8/27) of RECIST-evaluable patients.

Ongoing dose optimization of JANX007 monotherapy is focused on taxane-naïve mCRPC.

The Phase 1 study also includes expansion cohorts evaluating JANX007 in combination with darolutamide, an androgen receptor pathway inhibitor, to further characterize safety and clinical activity in taxane-naïve mCRPC.

Additional expansion cohorts are evaluating JANX007 monotherapy in patients with PARP inhibitor-refractory mCRPC, supporting assessment of activity in a high-unmet-need population.

JANX008 (EGFR-TRACTr) continues to enroll in its Phase 1 clinical trial in a defined group of solid tumors, with expansion cohorts underway to further characterize safety and clinical activity.

JANX011 (CD19-ARM) is actively enrolling its Phase 1 clinical trial in healthy volunteers.

Strategic Collaboration

In January 2026, Janux announced a collaboration and exclusive worldwide license agreement with Bristol Myers Squibb to develop a novel tumor-activated therapeutic targeting a validated solid tumor antigen.

Under the terms of the agreement, Janux is eligible to receive $50 million in upfront and near-term milestone payments, with the potential for additional development, regulatory and commercial milestones totaling approximately $800 million, as well as tiered royalties on global product sales, if successful.

Janux will lead preclinical development through IND submission, with Bristol Myers Squibb assuming responsibility for subsequent clinical development and global commercialization.

Corporate & Leadership

Janux recently announced the appointment of William Go, M.D., Ph.D. as Chief Medical Officer, strengthening the Company’s clinical leadership as additional programs enter the clinic in 2026 and progress toward later-stage development.

Upcoming Milestones

The Company expects to provide additional clinical data for JANX007 in 2026 or present these data at a future medical meeting.

The Company expects to provide additional clinical update for JANX008 in 2026.

The Company expects to announce initial clinical update from the Phase 1 study of JANX011 in healthy volunteers by year-end 2026.

FOURTH QUARTER AND FULL YEAR 2025 FINANCIAL RESULTS:

Cash and cash equivalents and short-term investments: As of December 31, 2025, Janux reported cash and cash equivalents and short-term investments of $966.6 million, compared to $1.03 billion on December 31, 2024.

Research and development expenses: Research and development expenses were $31.5 million for the quarter and $125.9 million for the year ended December 31, 2025, compared to $20.8 million and $68.4 million for the same quarter and year in 2024.

General and administrative expenses: General and administrative expenses were $10.9 million for the quarter and $41.8 million for the year ended December 31, 2025, compared to $8.2 million and $41.0 million for the same quarter and year in 2024.

Net loss: Net loss was $31.9 million for the quarter and $113.6 million for the year ended December 31, 2025, compared to $20.2 million and $69.0 million for the same quarter and year in 2024.

About Janux Therapeutics

Janux is 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), Tumor Activated Immunomodulator (TRACIr), and Adaptive Immune Response Modulator (ARM) platforms. Janux’s first clinical candidate, JANX007, is a TRACTr that targets prostate-specific membrane antigen (PSMA) and is being investigated in a Phase 1 clinical trial in adult patients with mCRPC. Janux’s second clinical candidate, JANX008, is a TRACTr that targets epidermal growth factor receptor (EGFR) and is being studied in a Phase 1 clinical trial for the treatment of multiple solid tumors. Janux is also advancing its first ARM platform clinical candidate, JANX011, a CD19-ARM for the potential treatment of autoimmune diseases in a Phase 1 study in healthy adult volunteers. Janux continues to generate a number of additional TRACTr, TRACIr, and ARM programs for potential future development. For more information, please visit www.januxrx.com and follow us on LinkedIn.

Forward-Looking Statements

Forward-looking statements notice

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, and 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 interim results of a clinical trial are not necessarily indicative of final results and one or more of the clinical outcomes may materially change as patient enrollment continues, following more comprehensive reviews of the data and as more patient data becomes available, including the risk that unconfirmed responses may not ultimately result in confirmed responses to treatment after follow-up evaluations, 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. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Janux Therapeutics, Inc.

Condensed Balance Sheets

(in thousands)

	December 31, 2025	December 31, 2024
Assets
Current assets:
Cash and cash equivalents	$52,334	$430,605
Short-term investments	914,233	594,568
Prepaid expenses and other current assets	9,320	8,493
Total current assets	975,887	1,033,666
Restricted cash	816	816
Property and equipment, net	3,852	4,864
Operating lease right-of-use assets	18,402	19,286
Other long-term assets	2,608	2,884
Total assets	$1,001,565	$1,061,516
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$4,971	$4,026
Accrued expenses	17,633	11,684
Current portion of operating lease liabilities	2,393	1,749
Total current liabilities	24,997	17,459
Operating lease liabilities, net of current portion	19,746	21,276
Total liabilities	44,743	38,735
Total stockholders’ equity	956,822	1,022,781
Total liabilities and stockholders’ equity	$1,001,565	$1,061,516

Janux Therapeutics, Inc.

Condensed Statements of Operations and Comprehensive Loss

(in thousands, except share and per share data)

	Three Months Ended December 31,		Year Ended December 31,
	2025	2024	2025	2024
Collaboration revenue	$ -	$ -	$10,000	$10,588
Operating expenses:
Research and development	31,548	20,806	125,896	68,388
General and administrative	10,853	8,216	41,771	41,047
Total operating expenses	42,401	29,022	167,667	109,435
Loss from operations	(42,401)	(29,022)	(157,667)	(98,847)
Total other income	-	8,806	-	29,853
Net loss	$(42,401)	$(20,216)	$(157,667)	$(68,994)
Other comprehensive gain (loss):
Unrealized gain (loss) on available-for-sale securities, net	10,455	(5,668)	44,042	1,498
Comprehensive loss	$(31,946)	$(25,884)	$(113,625)	$(67,496)
Net loss per common share, basic and diluted	$(0.51)	$(0.36)	$(1.83)	$(1.28)
Weighted-average shares of common stock outstanding, basic and diluted	62,145,668	56,832,374	61,966,999	53,751,480

Contacts
Chad Rubin
Endurance Advisors crubin@enduranceadvisors.com
646.319.3261
Jessica Yingling, Ph.D.
Little Dog Communications Inc.
jessica@litldog.com
858.344.8091