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]

Company Overview - Janux Therapeutics, Inc. (JANX) shares increased by 6.5% to $46.53 in the last trading session, with a notable trading volume that exceeded the average [1] - The stock has gained 8.8% over the past four weeks, indicating positive momentum [1] Pipeline and Clinical Studies - The rise in stock price is linked to positive investor expectations regarding Janux's pipeline, particularly candidates JANX007 and JANX008, which are in early-stage clinical studies for prostate cancer and solid tumors, respectively [2] - An update on JANX007 data and doses for expansion cohorts is expected by the end of 2024, while data for JANX008 is anticipated in 2025 [2] Financial Performance Expectations - The company is projected to report a quarterly loss of $0.37 per share, reflecting a year-over-year decline of 48% [3] - Expected revenues are $1 million, down 60.3% from the same quarter last year [3] - The consensus EPS estimate has been revised 5.3% lower over the last 30 days, indicating a negative trend in earnings estimate revisions [4] Industry Context - Janux Therapeutics operates within the Zacks Medical - Biomedical and Genetics industry, where another company, Krystal Biotech, Inc. (KRYS), has shown a different performance with a 1.6% decline in its last trading session [4] - Krystal Biotech's consensus EPS estimate remains unchanged at $0.77, representing a significant year-over-year increase of 214.9% [5]

Group 1 - Janux Therapeutics reported a quarterly loss of $0.11 per share, significantly better than the Zacks Consensus Estimate of a loss of $0.32, and an improvement from a loss of $0.42 per share a year ago, resulting in an earnings surprise of 65.63% [1] - The company achieved revenues of $8.9 million for the quarter ended June 2024, exceeding the Zacks Consensus Estimate by 1,078.41%, compared to revenues of $1.06 million in the same quarter last year [2] - Janux Therapeutics has surpassed consensus EPS estimates for four consecutive quarters, indicating strong performance [2] Group 2 - The stock of Janux Therapeutics has increased approximately 243.9% since the beginning of the year, outperforming the S&P 500's gain of 9.9% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the upcoming quarter is -$0.32 on revenues of $1.06 million, and for the current fiscal year, it is -$1.34 on revenues of $2.11 million [7] Group 3 - The Medical - Biomedical and Genetics industry, to which Janux Therapeutics belongs, is currently ranked in the top 37% of over 250 Zacks industries, suggesting a favorable outlook for the sector [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5] - The estimate revisions trend for Janux Therapeutics is currently mixed, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6]

Financial Performance - Net losses for the six months ended June 30, 2024 were $20.7 million, compared to $35.0 million for the same period in 2023, with an accumulated deficit of $189.5 million as of June 30, 2024[82] - Net loss improved by $14.2 million to $20.7 million for the six months ended June 30, 2024, compared to the same period in 2023[96] - Other income increased by $4.7 million to $7.9 million for the three months ended June 30, 2024, driven by higher cash balances and interest rate impacts[96] - Cash, cash equivalents, restricted cash, and short-term investments totaled $647.1 million as of June 30, 2024[102] - Net cash provided by financing activities was $324.9 million for the six months ended June 30, 2024, primarily from equity offerings[108] - Net cash used in investing activities was $304.6 million for the six months ended June 30, 2024, mainly due to short-term investment purchases[107] - The company has $150.0 million remaining available for sale under its ATM Equity Offering program as of June 30, 2024[103] Collaboration and Revenue - Collaboration revenue under the Merck Agreement was $10.1 million for the six months ended June 30, 2024, up from $3.1 million in the same period in 2023[86] - Collaboration revenue increased by $7.0 million to $10.1 million for the six months ended June 30, 2024, due to a developmental milestone under the Merck Agreement[97] - The company's collaboration with Merck could yield up to $500.5 million per target in upfront and milestone payments, plus royalties on sales of products derived from the collaboration[84] Research and Development - Research and development expenses for the three months ended June 30, 2024 were $14.9 million, consistent with the same period in 2023, with fluctuations in costs related to JANX007 and JANX008 development[93][94] - Research and development expenses decreased by $1.8 million to $29.0 million for the six months ended June 30, 2024, primarily due to reduced preclinical program costs[99] - JANX007, a prostate-specific membrane antigen TRACTr, showed meaningful PSA drops and a favorable safety profile in Phase 1 clinical trials for metastatic castration-resistant prostate cancer[80] - JANX008, an EGFR-TRACTr, demonstrated anti-tumor activity in multiple solid cancers with low-grade cytokine release syndrome and treatment-related adverse events in Phase 1 trials[80] - The company's TRACTr and TRACIr platforms aim to develop tumor-activated immunotherapies for cancer, with a focus on overcoming limitations of prior T cell engager technologies[80] General and Administrative Expenses - General and administrative expenses increased to $7.8 million for the three months ended June 30, 2024, up from $6.9 million in the same period in 2023, primarily due to stock-based compensation and personnel costs[95] - General and administrative expenses increased by $1.9 million to $15.2 million for the six months ended June 30, 2024, driven by higher stock-based compensation and personnel costs[100] Future Outlook and Financial Position - The company expects to continue incurring significant losses for the foreseeable future as it advances its research and development activities, with no product revenue expected for many years[83] - The company believes its existing cash, cash equivalents, and short-term investments will be sufficient to meet operating expenses and capital expenditure requirements for at least the next 12 months[83] - The company believes its current cash reserves will support operations for at least the next 12 months[109] Regulatory and Legal Matters - The company qualifies as an "emerging growth company" and "smaller reporting company" until December 31, 2024, after which it will reassess its status as a large accelerated filer[114] - Financial statements are prepared under U.S. GAAP, requiring estimates and judgments for assets, liabilities, revenues, and expenses, with actual results potentially differing from estimates[115] - No material changes to critical accounting policies during the six months ended June 30, 2024[116] - Disclosure controls and procedures were effective as of the end of the reporting period, ensuring timely and accurate reporting under SEC rules[118] - No changes in internal control over financial reporting during the most recent quarter that materially affected or are likely to affect financial reporting[119] - The company is not currently involved in any material legal proceedings, but such proceedings could have adverse impacts regardless of outcome[120]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-40475 Janux Therapeutics, Inc. (Exact Name of Registrant as Specified in its Charter) | Delaware | 82-2289112 | ...

Exhibit 99.1 Janux Therapeutics Reports First Quarter 2024 Financial Results and Business Highlights SAN DIEGO, May 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 first quarter ended March 31, 2024 and provided a business ...

Investors looking for a white-knuckle ride can easily find one by buying biotech stocks. There is a certain thrill in investing in a company making actual life-or-death decisions with drugs. And they offer the potential for creating fabulous wealth for investors willing to get in early enough.Yet, biotechs can also plunge to new depths when their drug trials go awry. It’s definitely not a sector to invest in for the faint of heart. Finding the right horse to back is a key consideration. Below are three biot ...

Shares of cancer-biotech Janux Therapeutics, Inc. (JANX) have surged close to 50% in the past week, following a report issued by Bloomberg. The report stated that the company is considering a potential sale after big pharmaceutical companies showed takeover interest.Per the report, JANX is currently evaluating its alternative for the buyout with a financial adviser. Apparently, Janux’s innovative pipeline of cancer candidates is attracting buyout offers from big pharma companies.Shares of Janux have rallied ...

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