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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 7, 2024

Janux Therapeutics, Inc.

(Exact name of Registrant as Specified in Its Charter)

Delaware

001-40475

82-2289112

(State or Other Jurisdiction

of Incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

 

 

 

10955 Vista Sorrento Parkway, Suite 200

San Diego, California

92130

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s Telephone Number, Including Area Code: (858) 751-4493

N/A

(Former Name or Former Address, if Changed Since Last Report)

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:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, $0.001 par value per share

 

JANX

 

Nasdaq Global Market

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 August 7, 2024, Janux Therapeutics, Inc. (the “Company”) issued a press release announcing its financial results for the three and six months ended June 30, 2024. 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.

Description

99.1

Press Release of Janux Therapeutics, Inc. dated August 7, 2024

104

 

Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 


 

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.

 

JANUX THERAPEUTICS, INC.

Date: August 7, 2024

By:

/s/ David Campbell, Ph.D.

David Campbell, Ph.D.

President and Chief Executive Officer

 

 


img201480580_0.jpg 

Exhibit 99.1

 

Janux Therapeutics Reports Second Quarter 2024 Financial Results and Business Highlights

 

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

 

SAN DIEGO, August 7, 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 2H 2024. An update on JANX008 data is expected in 2025.

 

Board strengthened with key appointments.

 

o
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.

 

o
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

 

 

Contacts

 

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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Document and Entity Information
Aug. 07, 2024
Cover [Abstract]  
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Entity Central Index Key 0001817713
Document Type 8-K
Document Period End Date Aug. 07, 2024
Entity Registrant Name Janux Therapeutics, Inc.
Entity Incorporation State Country Code DE
Entity File Number 001-40475
Entity Tax Identification Number 82-2289112
Entity Address, Address Line One 10955 Vista Sorrento Parkway
Entity Address, Address Line Two Suite 200
Entity Address, City or Town San Diego
Entity Address, State or Province CA
Entity Address, Postal Zip Code 92130
City Area Code 858
Local Phone Number 751-4493
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Soliciting Material false
Pre Commencement Tender Offer false
Pre Commencement Issuer Tender Offer false
Security 12b Title Common Stock, $0.001 par value per share
Trading Symbol JANX
Security Exchange Name NASDAQ
Entity Emerging Growth Company true
Entity Ex Transition Period true
Entity Information, Former Legal or Registered Name N/A

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