Janux Therapeutics, Inc.: Q1 FY2026 earnings call

What management said about Q1 FY2026, from the documents filed with the SEC on 7 May 2026: press release. Guidance figures: 1 new. The quarter’s numbers.

Key takeaways

Net loss rose year on year: The company reported a net loss of $24.4 million, against $23.5 million in the comparable 2025 quarter. Net loss per share was $(0.39), against $(0.38). Source
Cash and investments fell $10.2 million: Cash and short-term investments were $956.4 million at March 31, 2026, against $966.6 million at December 31, 2025. Source
R&D spend rose on manufacturing: Research and development expense was $26.8 million, against $25.1 million a year earlier. Management attributed the change primarily to manufacturing. Source
JANX007 enrollment continues in mCRPC: The JANX007 Phase 1b trial in metastatic castration-resistant prostate cancer continues to enroll, with dose optimization and expansion in taxane-naïve patients. Source
JANX014 started clinical evaluation: JANX014, a double-masked PSMA-TRACTr candidate, has initiated clinical evaluation. Source
Milestone triggered by candidate nomination: A development candidate nomination under the Bristol Myers Squibb collaboration triggered a $35 million milestone payment. Source
Management cites prostate franchise commitment: The CEO said the commitment to a prostate cancer franchise is shown by progress with JANX007, clinical initiation of JANX014, and advancement of JANX013. Source

“Our commitment to advancing a prostate cancer franchise is demonstrated by our continued progress with JANX007, clinical initiation of JANX014, and advancement of JANX013 toward the clinic”
David Campbell, Ph.D., President and CEO of Janux

Guidance

Area	Period	Figure	Against last quarter
JANX007 clinical data Source	first half of 2027	first half of 2027
JANX011 initial clinical update Source	second half of 2026	second half of 2026
JANX013 clinical development start Source	second half of 2026	second half of 2026	New

What changed from last quarter

Ended: Development of JANX008 (EGFR-TRACTr) was discontinued after the Phase 1a portion and internal data review. Source

Quarterly results and cash

Net loss rose year on year: The company reported a net loss of $24.4 million, against $23.5 million in the comparable 2025 quarter. Net loss per share was $(0.39), against $(0.38). Source
Collaboration revenue recorded this quarter: Collaboration revenue was $3,733 thousand, against none in the comparable 2025 quarter. The balance sheet also shows accounts receivable of $35,000 thousand. Source
Cash and investments fell $10.2 million: Cash and short-term investments were $956.4 million at March 31, 2026, against $966.6 million at December 31, 2025. Source

Operating costs and other income

R&D spend rose on manufacturing: Research and development expense was $26.8 million, against $25.1 million a year earlier. Management attributed the change primarily to manufacturing. Source
G&A expense rose year on year: General and administrative expense was $11.1 million, against $9.8 million in the comparable 2025 quarter. Source
Other income declined year on year: Total other income was $9,852 thousand, against $11,389 thousand. Loss from operations was $34,213 thousand, against $34,897 thousand. Source

“Our ongoing clinical study with JANX011 has been designed to support our emerging autoimmune disease”
David Campbell, Ph.D., President and CEO of Janux

Pipeline and clinical programs

JANX007 enrollment continues in mCRPC: The JANX007 Phase 1b trial in metastatic castration-resistant prostate cancer continues to enroll, with dose optimization and expansion in taxane-naïve patients. Source
Darolutamide combination cohort enrolling: An expansion cohort combining JANX007 with darolutamide, an androgen receptor pathway inhibitor, is actively enrolling in taxane-naïve mCRPC. Source
JANX014 started clinical evaluation: JANX014, a double-masked PSMA-TRACTr candidate, has initiated clinical evaluation. Source
JANX011 enrolling in healthy volunteers: The JANX011 (CD19-ARM) Phase 1 clinical trial in healthy volunteers is actively enrolling. Source

Collaboration and milestone payments

Milestone triggered by candidate nomination: A development candidate nomination under the Bristol Myers Squibb collaboration triggered a $35 million milestone payment. Source
Collaboration terms from January: The January 2026 agreement made Janux eligible for $50 million in upfront and near-term milestone payments, as stated in the prior release.
Development roles split with Bristol Myers: Janux leads preclinical work through IND submission. Bristol Myers Squibb takes responsibility for subsequent clinical development and global commercialization.

Balance sheet and share count

Deferred revenue recorded on balance sheet: Current deferred revenue was $37,591 thousand and non-current deferred revenue was $8,676 thousand. Both were nil at December 31, 2025. Source
Comprehensive loss and unrealized losses: Comprehensive loss was $(28,101) thousand, including an unrealized loss of $(3,740) thousand on available-for-sale securities. Source
Weighted shares rose year on year: Weighted-average basic and diluted shares were 62,665,717, against 61,791,721 in the comparable 2025 quarter. Source

Strategy and leadership

Management cites prostate franchise commitment: The CEO said the commitment to a prostate cancer franchise is shown by progress with JANX007, clinical initiation of JANX014, and advancement of JANX013. Source
Autoimmune program supported by JANX011 study: The CEO said the ongoing JANX011 study is designed to support the company's emerging autoimmune disease program. Source
Platform programs advancing for future use: Beyond the named candidates, the company continues to advance additional TRACTr, TRACIr and ARM programs for potential future development. Source
Chief Medical Officer appointed: William Go, M.D., Ph.D. was announced as Chief Medical Officer, supporting clinical advancement as additional programs enter the clinic in 2026. Source

Coming up, as management said on 7 May 2026

JANX007 clinical data targeted: Additional JANX007 clinical data are expected at a future medical congress in the first half of 2027. Source
JANX011 initial update planned: An initial clinical update from the Phase 1 study of JANX011 in healthy volunteers is planned for the second half of 2026. Source
JANX013 clinical start planned: Clinical development of JANX013, a PSMA-targeted CD28 costimulatory TRACIr, is planned to start in the second half of 2026. Source

Figures management reported

Figure	Reported
Research and development expense Source	$26.8 million
Pipeline: clinical evaluation started Source	JANX014 (PSMA-TRACTr)
Milestone payment triggered Source	$35 million

Earlier plans management reported on

Not stated: The prior release gave year-end 2026 for the initial JANX011 update. The current release gives the second half of 2026.
Not stated: The prior release targeted JANX007 data in 2026 or at a future medical meeting. The current release targets the first half of 2027.
Not stated: The prior release expected a JANX008 clinical update in 2026. The current release reports discontinued development of JANX008.

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 First Quarter 2026 Financial Results and Business Highlights

JANX007 continues to enroll in its Phase 1b taxane-naïve patient population, including combination cohorts with darolutamide

Initiated clinical evaluation of JANX014, a double-masked PSMA-TRACTr candidate

JANX011 Phase 1 study ongoing in healthy volunteers

Discontinued development of JANX008 following completion of Phase 1a

Achieved development candidate nomination under Bristol Myers Squibb collaboration, triggering milestone payment

Strong cash position supporting continued pipeline execution

SAN DIEGO, MAY 7, 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 quarter ended March 31, 2026, and provided a business update.

“Our commitment to advancing a prostate cancer franchise is demonstrated by our continued progress with JANX007, clinical initiation of JANX014, and advancement of JANX013 toward the clinic,” said David Campbell, Ph.D., President and CEO of Janux. “Our ongoing clinical study with JANX011 has been designed to support our emerging autoimmune disease opportunity.”

BUSINESS HIGHLIGHTS AND RECENT DEVELOPMENTS:

Clinical & Pipeline Progress

JANX007 (PSMA-TRACTr) continues to enroll in its Phase 1b trial in metastatic castration-resistant prostate cancer (mCRPC), with ongoing dose optimization and expansion in taxane-naïve patients.

An expansion cohort evaluating JANX007 in combination with darolutamide, an androgen receptor pathway inhibitor, is actively enrolling in taxane-naïve mCRPC.

JANX014 (PSMA-TRACTr), a double masked tumor-activated T cell engager, has initiated clinical evaluation.

Following the completion of the Phase 1a portion of the study and internal review of the data, the Company has discontinued further clinical development of JANX008 (EGFR-TRACTr) and is prioritizing resources toward other pipeline opportunities.

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

The Company continues to advance additional TRACTr, TRACIr and ARM programs for potential future development.

Strategic Collaborations

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, utilizing Janux’s TRACTr platform.

Recently announced development candidate nomination, triggering a $35 million milestone payment.

Corporate & Leadership

Janux announced the appointment of William Go, M.D., Ph.D. as Chief Medical Officer, supporting the Company’s continued clinical advancement as additional programs enter the clinic in 2026.

Upcoming Milestones

Janux expects to provide additional clinical data for JANX007 at a future medical congress in the first half of 2027.

Janux plans to announce an initial clinical update from the Phase 1 study of JANX011 in healthy volunteers in the second half of 2026.

Janux plans to initiate clinical development of JANX013, a PSMA-targeted CD28 costimulatory TRACIr, in the second half of 2026.

FIRST QUARTER 2026 FINANCIAL RESULTS:

Cash and cash equivalents and short-term investments: As of March 31, 2026, Janux reported cash and cash equivalents and short-term investments of $956.4 million, compared to $966.6 million on December 31, 2025.

Research and development expenses: Research and development expenses were $26.8 million for the quarter ended March 31, 2026, compared to $25.1 million for the comparable period in 2025. The change was primarily driven by manufacturing.

General and administrative expenses: General and administrative expenses were $11.1 million for the quarter ended March 31, 2026, compared to $9.8 million for the comparable period in 2025.

Net loss: Net loss was $24.4 million for the quarter ended March 31, 2026, compared to $23.5 million for the comparable period in 2025.

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 lead clinical candidate, JANX007, is a PSMA-targeted TRACTr being investigated in a Phase 1 clinical trial in patients with metastatic castration-resistant prostate cancer (mCRPC). The Company is also advancing additional PSMA-targeted programs, including JANX014, a double-masked PSMA TRACTr being evaluated in a Phase 1 clinical trial, and JANX013, a CD28 co-stimulatory TRACIr designed for combination with JANX007.

Beyond its prostate cancer programs, Janux’s pipeline includes JANX011, a CD19-targeted ARM being evaluated in a Phase 1 clinical trial in healthy adult volunteers for potential treatment of autoimmune diseases. Janux continues to generate 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)

	March 31, 2026	December 31, 2025
Assets	(unaudited)
Current assets:
Cash and cash equivalents	$51,828	$52,334
Accounts receivable, net	35,000	-
Short-term investments	904,558	914,233
Prepaid expenses and other current assets	10,663	9,320
Total current assets	1,002,049	975,887
Restricted cash	816	816
Property and equipment, net	3,546	3,852
Operating lease right-of-use assets	17,870	18,402
Other long-term assets	3,944	2,608
Total assets	$1,028,225	$1,001,565
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$3,376	$4,971
Accrued expenses	15,476	17,633
Current portion of deferred revenue	37,591	-
Current portion of operating lease liabilities	2,472	2,393
Total current liabilities	58,915	24,997
Deferred revenue, net of current portion	8,676	-
Operating lease liabilities, net of current portion	19,099	19,746
Total liabilities	86,690	44,743
Total stockholders’ equity	941,535	956,822
Total liabilities and stockholders’ equity	$1,028,225	$1,001,565

Janux Therapeutics, Inc.

Unaudited Condensed Statements of Operations and Comprehensive Loss

(in thousands, except share and per share data)

	Three Months Ended March 31,
	2026	2025
Collaboration revenue	$3,733	$ -
Operating expenses:
Research and development	26,813	25,055
General and administrative	11,133	9,842
Total operating expenses	37,946	34,897
Loss from operations	(34,213)	(34,897)
Total other income	9,852	11,389
Net loss	$(24,361)	$(23,508)
Other comprehensive gain (loss):
Unrealized gain (loss) on available-for-sale securities, net	(3,740)	1,593
Comprehensive loss	$(28,101)	$(21,915)
Net loss per common share, basic and diluted	$(0.39)	$(0.38)
Weighted-average shares of common stock outstanding, basic and diluted	62,665,717	61,791,721

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