[Executive Summary](index=1&type=section&id=Executive%20Summary) Janux Therapeutics announced Q1 2025 financial results and business updates, including the initiation of a Phase 1b expansion study for JANX007 and plans for an R&D Day - Janux Therapeutics announced financial results for the first quarter ended March 31, 2025, and provided a business update[1](index=1&type=chunk) - The company initiated the first Phase 1b expansion study with JANX007 in taxane-naïve mCRPC patients[2](index=2&type=chunk) - Janux plans to host an R&D Day to unveil previously undisclosed preclinical programs[2](index=2&type=chunk) [Recent Business Highlights and Future Milestones](index=1&type=section&id=RECENT%20BUSINESS%20HIGHLIGHTS%20AND%20FUTURE%20MILESTONES) This section details recent clinical advancements for JANX007 and JANX008, upcoming R&D Day plans, and the company's financial position snapshot [JANX007 Clinical Development](index=1&type=section&id=JANX007%20Clinical%20Development) JANX007 advanced to Phase 1b expansion studies in mCRPC patients, supported by Phase 1a data showing a median rPFS of 7.5 months - Initiated first Phase 1b expansion study with JANX007 in taxane-naïve mCRPC patients[2](index=2&type=chunk)[6](index=6&type=chunk) - Updated JANX007 data from Phase 1a dose escalation (as of April 21, 2025) supported the initiation of Phase 1b expansion studies[2](index=2&type=chunk)[6](index=6&type=chunk) JANX007 Phase 1a Updated rPFS Results (n=16) | Metric | All Patients (n=16) | 6mg and 9mg Target Doses (n=9) | | :----- | :------------------ | :------------------------------- | | Median rPFS | 7.5 months | 7.9 months | | 6-month rPFS | 65% | 78% | | Safety data | Consistent with Dec 2024 | Consistent with Dec 2024 | - Selected **0.3/2/6mg** and **0.3/2/9mg** as two dose regimens for Phase 1b expansion studies, along with a CRS-mitigation strategy[4](index=4&type=chunk) - Janux plans to initiate three additional Phase 1b expansion studies with JANX007, evaluating combinations and monotherapy in different mCRPC patient populations[5](index=5&type=chunk)[12](index=12&type=chunk) [JANX008 Clinical Development](index=2&type=section&id=JANX008%20Clinical%20Development) Enrollment is ongoing for JANX008 in its first-in-human Phase 1 clinical trial for advanced or metastatic solid tumors - Enrollment is ongoing for JANX008 in the first-in-human Phase 1 clinical trial in advanced or metastatic solid tumors (NCT05783622)[6](index=6&type=chunk)[12](index=12&type=chunk) [Pipeline and R&D Day](index=1&type=section&id=Pipeline%20and%20R%26D%20Day) Janux plans to host an R&D Day in mid-2025 to unveil new preclinical programs and expects further updates on JANX007 and JANX008 in the second half of 2025 - Janux will host an R&D Day in mid-2025 highlighting product candidates from its preclinical pipeline to move into clinical trials[2](index=2&type=chunk)[8](index=8&type=chunk) - Updates on JANX007 and JANX008 are expected in the second half of 2025[6](index=6&type=chunk)[8](index=8&type=chunk) [Financial Position Snapshot](index=1&type=section&id=Financial%20Position%20Snapshot) Janux reported **$1.01 billion** in cash, cash equivalents, and short-term investments as of March 31, 2025 - Cash, cash equivalents, and short-term investments totaled **$1.01 billion** at the end of the first quarter 2025[6](index=6&type=chunk)[12](index=12&type=chunk) [First Quarter 2025 Financial Results](index=2&type=section&id=First%20Quarter%202025%20Financial%20Results) This section provides a detailed overview of Janux's financial performance for Q1 2025, including balance sheet and income statement highlights [Condensed Balance Sheets](index=4&type=section&id=Condensed%20Balance%20Sheets) As of March 31, 2025, Janux reported total assets of **$1.05 billion**, total liabilities of **$38.3 million**, and total stockholders' equity of **$1.01 billion** Condensed Balance Sheet Highlights (in thousands) | Item | March 31, 2025 | December 31, 2024 | Change (QoQ) | | :-------------------------------- | :------------- | :---------------- | :----------- | | Cash and cash equivalents | $73,743 | $430,605 | -$356,862 | | Short-term investments | $940,403 | $594,568 | +$345,835 | | Total current assets | $1,023,339 | $1,033,666 | -$10,327 | | Total assets | $1,050,772 | $1,061,516 | -$10,744 | | Total liabilities | $38,303 | $38,735 | -$432 | | Total stockholders' equity | $1,012,469 | $1,022,781 | -$10,312 | [Unaudited Condensed Statements of Operations and Comprehensive Loss](index=5&type=section&id=Unaudited%20Condensed%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) Janux reported a Q1 2025 net loss of **$23.5 million**, an increase from Q1 2024, primarily due to higher R&D and G&A expenses and zero collaboration revenue Condensed Statements of Operations Highlights (in thousands) | Item | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | Change (YoY) | | :-------------------------------- | :-------------------------------- | :-------------------------------- | :----------- | | Collaboration revenue | $0 | $1,252 | -$1,252 | | Research and development expenses | $25,055 | $14,070 | +$10,985 | | General and administrative expenses | $9,842 | $7,343 | +$2,499 | | Total operating expenses | $34,897 | $21,413 | +$13,484 | | Net loss | $(23,508) | $(14,760) | -$8,748 | | Net loss per common share, basic and diluted | $(0.38) | $(0.30) | -$0.08 | - Research and development expenses increased by **$10.985 million (78%)** year-over-year[12](index=12&type=chunk)[18](index=18&type=chunk) - General and administrative expenses increased by **$2.499 million (34%)** year-over-year[12](index=12&type=chunk)[18](index=18&type=chunk) [About Janux Therapeutics](index=2&type=section&id=About%20Janux%20Therapeutics) This section provides an overview of Janux Therapeutics, its proprietary platforms, and its clinical pipeline of tumor-activated immunotherapies [Company Overview and Platforms](index=2&type=section&id=Company%20Overview%20and%20Platforms) Janux is a clinical-stage biopharmaceutical company developing tumor-activated immunotherapies for cancer through its proprietary TRACTr and TRACIr platforms, designed to direct the immune system to tumors while minimizing safety concerns - Janux is a clinical-stage biopharmaceutical company developing tumor-activated immunotherapies for cancer[1](index=1&type=chunk)[11](index=11&type=chunk) - Utilizes proprietary TRACTr and TRACIr bispecific platforms to develop therapeutics[1](index=1&type=chunk)[11](index=11&type=chunk) - The goal of both platforms is to provide safe and effective therapeutics that direct and guide the immune system to eradicate tumors while minimizing safety concerns[11](index=11&type=chunk) [Clinical Pipeline](index=2&type=section&id=Clinical%20Pipeline) Janux has two TRACTr therapeutic candidates in Phase 1 clinical trials: JANX007, targeting PSMA for mCRPC, and JANX008, targeting EGFR for multiple solid cancers - JANX007 (TRACTr) targets prostate-specific membrane antigen (PSMA) and is being investigated in a Phase 1 clinical trial in adult patients with mCRPC[10](index=10&type=chunk)[13](index=13&type=chunk) - JANX008 (TRACTr) targets epidermal growth factor receptor (EGFR) and is being studied in a Phase 1 clinical trial for the treatment of multiple solid cancers including colorectal carcinoma, squamous cell carcinoma of the head and neck, non-small cell lung cancer, renal cell carcinoma, small cell lung cancer, pancreatic ductal adenocarcinoma and triple-negative breast cancer[10](index=10&type=chunk)[13](index=13&type=chunk) - Janux is generating a number of additional TRACTr and TRACIr programs for potential future development, some at development candidate stage or later, and is currently assessing priorities in its preclinical pipeline[10](index=10&type=chunk) [Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) This section highlights that the news release contains forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially - 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[14](index=14&type=chunk) - Factors that may cause actual results to differ materially include risks related to preclinical/clinical trial efficacy, regulatory approval, reliance on third parties, financing, and the general process of drug discovery, development, and commercialization[14](index=14&type=chunk) [Contacts](index=5&type=section&id=Contacts) This section provides contact information for investor relations and media inquiries - Investor Contact: Andy Meyer, Janux Therapeutics, ameyer@januxrx.com, (202) 215-2579[19](index=19&type=chunk) - Media Contact: Jessica Yingling, Ph.D., Little Dog Communications Inc., jessica@litldog.com, (858) 344-8091[19](index=19&type=chunk)

Group 1 - Janux Therapeutics (JANX) is identified as an early-stage biotech company with a strong pipeline focused on innovative cancer treatments that enhance the immune system's ability to identify and eliminate cancer cells [1] - The company is currently developing a new type of cancer therapy, which is positioned to potentially transform cancer treatment approaches [1] Group 2 - The article does not provide specific financial metrics or performance data related to Janux Therapeutics [2] - There are no detailed insights into the competitive landscape or market positioning of Janux Therapeutics within the biotech industry [2]

Immunotherapy Development - Janux Therapeutics is developing tumor-activated immunotherapies through two bispecific platforms: TRACTr and TRACIr, targeting solid tumors and aiming to minimize safety concerns [24]. - The company is generating additional unnamed TRACTr and TRACIr programs for future development, with some already at the development candidate stage [31]. - Janux's strategy focuses on leveraging its proprietary technology to transform cancer treatment and overcome the limitations of current immunotherapies [38]. - The TRACTr and TRACIr platforms are designed to limit activity to tumor sites, reducing the risk of on-target, healthy tissue toxicity and potentially extending half-lives in serum [44][53]. - The TRACTr platform technology allows for the development of new candidates against a variety of targets, with the first three programs achieving antibody identification and masked tumor-binding domain development in less than six months [40]. - The company is developing multiple TRACTr programs targeting solid tumors with high prevalence, including mCRPC, CRC, and NSCLC [77]. - The company believes that the TRACTr platform technology can improve pharmacokinetics and reduce CRS toxicity compared to existing therapies [88]. Clinical Trials and Results - The first clinical candidate, JANX007, is in a Phase 1 trial for metastatic castration-resistant prostate cancer (mCRPC) and has shown meaningful PSA level drops and a favorable safety profile [24]. - The second clinical candidate, JANX008, targets EGFR and is being studied in a Phase 1 trial for multiple solid cancers, with early data indicating anti-tumor activity and low-grade treatment-related adverse events [24]. - The first patient for the JANX008 trial was dosed in April 2023, with positive early data announced in February 2024 [34]. - The company announced updated interim clinical data for JANX007, showing meaningful and prolonged PSA drops and a favorable safety profile, with CRS and TRAEs primarily limited to Cycle 1 and lower grades [40]. - The first patient was dosed with EGFR-TRACTr JANX008 in April 2023, and positive early data indicated anti-tumor activity in multiple tumor types with low-grade CRS and predominantly low-grade TRAEs [40]. - The first patient was dosed with PSMA-TRACTr in a Phase 1 clinical trial for mCRPC in October 2022, with updated interim data showing meaningful PSA drops and a favorable safety profile [97]. - In the early cohorts, Grade 1 CRS was observed in only two subjects out of 11, with no Grade 2 or higher CRS reported, indicating a favorable safety profile [140]. Collaboration and Financials - Janux has a strategic collaboration with Merck, which includes potential payments of up to $500.5 million per target, plus royalties on sales from the collaboration [36]. - The Merck Agreement includes a one-time upfront payment of $8.0 million for each of the two Collaboration Targets, with potential milestone payments totaling up to $285.0 million collectively [159]. - Tiered royalty payments from Merck range from low single-digit to low teens percentage on annual net sales for licensed products, starting upon the first sale in each country [160]. - The Cell Line License Agreement with WuXi Biologics includes a non-refundable, one-time license fee of $0.2 million and potential royalty payments based on net sales of licensed products [163]. Manufacturing and Cost Efficiency - The TRACTr and TRACIr platforms are expected to offer a lower cost of goods due to their manufacturability resembling that of monoclonal antibodies [30]. - The manufacturing process for TRACTr and TRACIr molecules allows for lower cost-per-dose compared to monoclonal antibodies, with high solubility and good stability [142]. - The TRACTr and TRACIr platforms are designed to be manufacturable at a relatively lower cost, closely resembling the development processes used for monoclonal antibodies [53]. Safety and Efficacy - The TRACTr and TRACIr platforms are designed to reduce cytokine release syndrome (CRS) and on-target healthy tissue toxicity, which are significant limitations of existing TCEs [26]. - The proprietary albumin-binding domain in TRACTrs and TRACIrs is intended to increase serum half-life, with the EGFR-TRACTr demonstrating a half-life of over 100 hours compared to approximately one hour for the corresponding EGFR-TCE [67]. - The EGFR-TRACTr product candidate demonstrated an 8,500-fold shift in activating T cell killing of EGFR-expressing tumor cells when masked compared to unmasked conditions [131]. - Dosing of the EGFR-TRACTr at 100µg/kg resulted in minimal inflammatory cytokine release, compared to a greater than 20-fold increase in IL-6 with the unmasked EGFR-TCE [134]. Patent and Regulatory Landscape - As of February 14, 2025, the company owns 29 pending U.S. provisional and non-provisional patent applications, three U.S. patents, nine pending patent applications filed under the Patent Cooperation Treaty (PCT), and 94 foreign patent applications [168]. - The company has two U.S. non-provisional patent applications and five foreign patent applications directed to compositions of its TRACTr and TRACIr platform technologies applicable across product candidates for PSMA-TRACTr (JANX007) and EGFR-TRACTr (JANX008) programs [168]. - The company intends to pursue patent protection directed to compositions, methods of use, methods of making, dosing, and formulations for its product candidates and processes [169]. - The FDA review process for a biologic includes submission of a Biologics License Application (BLA) after extensive preclinical studies and clinical trials [175]. - The FDA requires two adequate and well-controlled Phase 3 clinical trials to demonstrate the efficacy of a biologic before approval [31]. - The FDA may impose conditions on approval that restrict distribution or use of the product based on post-marketing findings [208].

Financial Performance - Janux reported $1.03 billion in cash, cash equivalents, and short-term investments as of December 31, 2024, compared to $344.0 million at the end of 2023, representing a 200% increase[10]. - The net loss for Q4 2024 was $20.2 million, compared to $11.8 million in Q4 2023, and the total net loss for the year was $69.0 million, up from $58.3 million in 2023, marking an 18.5% increase[10]. - Janux's total assets increased to $1.06 billion as of December 31, 2024, compared to $380.4 million at the end of 2023, reflecting a significant growth in the company's financial position[14]. Research and Development - Research and development expenses for Q4 2024 were $20.8 million, up from $12.2 million in Q4 2023, and total R&D expenses for the year were $68.4 million, compared to $54.9 million in 2023, reflecting a 24.5% year-over-year increase[10]. - Janux plans to provide updates on JANX007 and JANX008 data in 2025, with ongoing enrollment in both Phase 1 clinical trials[4]. - The company anticipates hosting an R&D Day in 2025 to disclose new programs moving toward the clinic[4]. Clinical Trials - Positive Phase 1 clinical trial data for PSMA-TRACTr JANX007 showed a 100% best PSA50 response rate and 63% best PSA90 declines among 16 patients as of November 15, 2024[5]. Management Changes - Zachariah McIver, D.O., Ph.D. was promoted to Chief Medical Officer, bringing over 15 years of clinical research experience to lead Janux's clinical programs[6]. Capital Raising - The company raised approximately $402.5 million in gross proceeds from an underwritten offering of common stock and pre-funded warrants in December 2024[5]. General and Administrative Expenses - General and administrative expenses for Q4 2024 were $8.2 million, compared to $6.4 million in Q4 2023, and total G&A expenses for the year were $41.0 million, up from $26.1 million in 2023, indicating a 56.9% increase year-over-year[10].

Core Viewpoint - Janux Therapeutics' stock surged nearly 12% following an analyst's price-target hike and a new capital-raising initiative, indicating positive market sentiment despite the analyst maintaining a hold recommendation [1][2]. Group 1: Analyst Insights - Scotiabank analyst George Farmer raised his price target for Janux by nearly 50% to $62 per share, while still recommending a sector perform rating [2]. - Farmer noted that the ongoing phase 1 trial of Janux's JANX007 prostate cancer treatment shows promise, but the company lacks a competitive edge and is not yet an attractive acquisition target for larger pharmaceutical firms [3]. Group 2: Capital Raising and Future Plans - Janux announced a $300 million secondary common stock offering, with an option for underwriters to purchase an additional $45 million worth of shares within 30 days [4]. - The company plans to use the proceeds from the share issue to advance the clinical development of its product pipeline and for general corporate purposes, focusing on cancer treatments, a growing area in the biotech sector [5].

Core Viewpoint - Shares of Janux Therapeutics surged 49% following the release of updated interim results from a phase Ib study evaluating JANX007 for advanced or metastatic prostate cancer [1][7]. Group 1: Study Results - The phase Ib study enrolled patients with metastatic castration-resistant prostate cancer (mCRPC) who had a median of four prior therapies [2]. - All 16 treated patients achieved a 50% decline in prostate-specific antigen (PSA) levels after 12 weeks of treatment with JANX007 [3]. - Among the patients, 10 achieved a 90% reduction in PSA levels, with five experiencing a 99% decline [4]. Group 2: Treatment Efficacy - 75% of patients with a 50% PSA decline maintained this reduction for at least 12 weeks, while 50% of those with a 90% decline sustained it for the same duration [4]. - Based on these results, two once-weekly step-dose regimens of JANX007 have been selected for phase Ib expansion studies targeting previously treated mCRPC patients who have not received Pluvicto [5]. Group 3: Stock Performance - Following the announcement, Janux's shares reached an all-time high of $71.25, reflecting strong investor interest due to the impressive clinical performance of JANX007 [6]. - Year to date, Janux Therapeutics' shares have increased by 457.9%, contrasting with a 7.0% decline in the industry [8]. Group 4: Market Reaction - The positive update on JANX007 also led to a 13% rise in shares of Vir Biotechnology, which is developing a similar drug, VIR-5500 [11].

Core Insights - Janux Therapeutics, Inc. announced updated interim clinical data for its JANX007 program, demonstrating substantial activity in patients with 5L metastatic castration-resistant prostate cancer [1][6] - The results indicate strong efficacy and safety profiles for JANX007, supporting its potential as a leading treatment option in heavily pretreated patients [7] Clinical Data Summary - The trial involved patients with a median of four prior lines of therapy, showing high prostate-specific antigen (PSA) response rates: 100% achieved PSA50 declines, 63% achieved PSA90 declines, and 31% achieved PSA99 declines [3] - Durability of PSA declines was noted, with 75% of patients maintaining PSA50 declines for at least 12 weeks and 50% maintaining PSA90 declines for the same duration [4] - Anti-tumor activity was confirmed in 50% of patients, with JANX007 being well-tolerated and adverse events primarily limited to the first treatment cycle [5] Market Outlook - Analysts from William Blair increased the peak sales estimate for JANX007 in the U.S. from $1.7 billion to $3 billion, citing the drug's improving clinical profile [6] - Despite significant share appreciation year-to-date, Janux shares are considered to have meaningful upside potential [6][8]

Company Overview - Janux Therapeutics (NASDAQ: JANX) focuses on developing cancer therapies utilizing its proprietary Tumor Activated T Cell Engager (TRACTr) and Tumor Activated Immunomodulator (TRACIr) platforms [1] Financial Data - The financial data presented shows significant percentage changes over the years, with a cumulative growth of 1212% from 2018 to 2023, despite a decline of 19% in 2022 [2][4] Investment Tools - The company offers a suite of tools for DIY investors through its Android app and website, which includes a software for entering any ticker to access extensive curated research material [3]

Financial Performance - The company reported net losses of $48.8 million and $46.5 million for the nine months ended September 30, 2024 and 2023, respectively, with an accumulated deficit of $217.5 million as of September 30, 2024[89]. - Net loss for the nine months ended September 30, 2024, was $48.8 million, compared to a net loss of $46.5 million in 2023, an increase of $2.3 million[111]. - Total operating expenses rose to $80.4 million for the nine months ended September 30, 2024, compared to $62.5 million in 2023, an increase of $17.9 million[106]. Revenue and Collaboration - Collaboration revenue under the Merck Agreement was $10.6 million for the nine months ended September 30, 2024, compared to $5.6 million for the same period in 2023, reflecting a significant increase[94]. - Collaboration revenue increased to $10.6 million for the nine months ended September 30, 2024, up from $5.6 million in 2023, a change of $5.0 million[107]. - The collaboration with Merck could yield up to $500.5 million per target in upfront and milestone payments, plus royalties on sales[92]. - The company has not generated any revenue from product sales and does not expect to do so for the foreseeable future[91]. Research and Development - Research and development expenses increased to $18.6 million for the three months ended September 30, 2024, up from $11.9 million in 2023, marking a rise of $6.7 million[104]. - Research and development expenses were $47.6 million for the nine months ended September 30, 2024, up from $42.7 million in 2023, reflecting an increase of $4.9 million[109]. - The company anticipates substantial increases in research and development expenses as it continues to develop its TRACTr and TRACIr platforms[97]. - The first clinical candidate, JANX007, is in a Phase 1 trial for metastatic castration-resistant prostate cancer, with interim data showing meaningful PSA drops and a favorable safety profile[87]. - The second clinical candidate, JANX008, is being studied in a Phase 1 trial for multiple solid tumors, with early data indicating antitumor activity and low-grade adverse events[87]. Cash Flow and Financial Position - Cash, cash equivalents, restricted cash, and short-term investments totaled $658.8 million as of September 30, 2024[112]. - Net cash used in operating activities was $27.1 million for the nine months ended September 30, 2024, an improvement from $40.7 million in 2023[116]. - Net cash used in investing activities was $291.9 million for the nine months ended September 30, 2024, compared to $52.3 million in 2023[118]. - Net cash provided by financing activities was $326.6 million for the nine months ended September 30, 2024, significantly higher than $58.7 million in 2023[119]. - The company anticipates that existing cash and short-term investments will be sufficient to meet operating expenses for at least the next 12 months[120]. Corporate Governance and Compliance - The company is classified as an "emerging growth company" and a "smaller reporting company," maintaining this status until December 31, 2024[126]. - The company will reassess its status as a large accelerated filer as of June 30, 2025, and annually thereafter[126]. - There have been no material changes to the critical accounting policies during the nine months ended September 30, 2024[127]. - The company's disclosure controls and procedures were deemed effective as of the end of the reporting period, ensuring timely and accurate information disclosure[128]. - Tighe Reardon resigned as Acting Chief Financial Officer during Q3 2024, leading to modifications in internal controls[129]. - The company is not currently involved in any material legal proceedings, although it may face claims in the ordinary course of business[130]. Expenses - General and administrative expenses rose to $17.7 million for the three months ended September 30, 2024, compared to $6.4 million in 2023, an increase of $11.3 million primarily due to stock-based compensation[105]. - General and administrative expenses increased to $32.8 million for the nine months ended September 30, 2024, compared to $19.8 million in 2023, a rise of $13.0 million[110].

Financial Performance - As of September 30, 2024, Janux reported cash and cash equivalents and short-term investments of $658.0 million, up from $344.0 million at December 31, 2023, representing a 91.5% increase[3] - For Q3 2024, Janux reported a net loss of $28.1 million, compared to a net loss of $11.6 million for the same period in 2023, indicating a 142.3% increase in losses[5] - Total operating expenses for Q3 2024 were $36.3 million, compared to $18.3 million for the same period in 2023, representing a 98.1% increase[11] Research and Development - Research and development expenses for Q3 2024 were $18.6 million, compared to $11.9 million for the same period in 2023, reflecting a 56.4% increase[3] - Janux is developing a broad pipeline of TRACTr and TRACIr therapeutics targeting various solid tumors, with ongoing assessments of preclinical pipeline priorities[8] - The company is currently enrolling participants in the Phase 1 clinical trials for JANX007 and JANX008, with updates on JANX007 data expected by year-end 2024[2] - An update on JANX008 data is anticipated in 2025, as the company continues to progress in its clinical trials[2] Administrative Expenses - General and administrative expenses for Q3 2024 were $17.7 million, significantly higher than $6.4 million for the comparable period in 2023, marking a 176.6% increase[4] - The company incurred $9.5 million in stock-based compensation expense in Q3 2024, contributing to the rise in general and administrative expenses[4] Shareholder Information - The weighted-average shares of common stock outstanding for Q3 2024 were 54,628,670, compared to 45,708,649 for the same period in 2023, reflecting a 19.5% increase[11]