[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The unaudited condensed financial statements for the period ended September 30, 2022, reflect a decrease in total assets to $375.8 million, a significant increase in total liabilities to $44.2 million due to new operating lease liabilities, and a net loss of $47.0 million for the nine months, leading to an accumulated deficit of $94.4 million and $31.0 million in net cash used in operating activities [Condensed Balance Sheets](index=3&type=section&id=Condensed%20Balance%20Sheets) As of September 30, 2022, Janux Therapeutics had total assets of $375.8 million, a slight decrease from $379.8 million at the end of 2021, with total liabilities increasing to $44.2 million from $13.5 million, primarily due to new operating lease liabilities, resulting in stockholders' equity decreasing to $331.5 million Condensed Balance Sheet Highlights (in thousands) | Account | Sep 30, 2022 (unaudited) | Dec 31, 2021 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $64,752 | $35,582 | | Short-term investments | $274,008 | $339,383 | | Total current assets | $344,330 | $377,019 | | Total assets | $375,756 | $379,824 | | **Liabilities & Stockholders' Equity** | | | | Total current liabilities | $16,335 | $12,797 | | Operating lease liabilities, net | $24,092 | $0 | | Total liabilities | $44,243 | $13,497 | | Accumulated deficit | $(94,405) | $(47,411) | | Total stockholders' equity | $331,513 | $366,327 | | Total liabilities and stockholders' equity | $375,756 | $379,824 | [Unaudited Condensed Statements of Operations and Comprehensive Loss](index=4&type=section&id=Unaudited%20Condensed%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) For the third quarter of 2022, the company reported collaboration revenue of $1.8 million and a net loss of $16.7 million, increasing to a net loss of $47.0 million for the nine months ended September 30, 2022, primarily due to higher research and development and general and administrative expenses Statement of Operations Summary (in thousands, except per share data) | Metric | Q3 2022 | Q3 2021 | Nine Months 2022 | Nine Months 2021 | | :--- | :--- | :--- | :--- | :--- | | Collaboration revenue | $1,813 | $1,159 | $5,767 | $2,021 | | Research and development | $13,737 | $8,406 | $38,007 | $15,068 | | General and administrative | $6,098 | $3,656 | $16,585 | $6,392 | | Loss from operations | $(18,022) | $(10,903) | $(48,825) | $(19,439) | | Net loss | $(16,696) | $(10,766) | $(46,994) | $(19,256) | | Net loss per share | $(0.40) | $(0.26) | $(1.13) | $(1.10) | [Unaudited Condensed Statements of Cash Flows](index=7&type=section&id=Unaudited%20Condensed%20Statements%20of%20Cash%20Flows) For the nine months ended September 30, 2022, net cash used in operating activities significantly increased to $31.0 million, while net cash provided by investing activities was $59.9 million due to maturities of short-term investments, contrasting with minimal cash from financing activities compared to the prior year's IPO proceeds Cash Flow Summary for the Nine Months Ended September 30 (in thousands) | Activity | 2022 | 2021 | | :--- | :--- | :--- | | Net cash used in operating activities | $(31,009) | $(6,495) | | Net cash provided by (used in) investing activities | $59,870 | $(348,289) | | Net cash provided by financing activities | $309 | $386,360 | | **Net increase in cash, cash equivalents and restricted cash** | **$29,170** | **$31,576** | [Notes to Unaudited Condensed Financial Statements](index=8&type=section&id=Notes%20to%20Unaudited%20Condensed%20Financial%20Statements) The notes detail the company's accounting policies, its status as a clinical-stage biopharmaceutical company with an accumulated deficit of $94.4 million, and management's belief in sufficient capital for the next 12 months, alongside specifics on the Merck collaboration and other commitments - The company is a **clinical-stage biopharmaceutical company** developing immunotherapies using its proprietary **TRACTr** and **TRACIr** platforms[18](index=18&type=chunk) - Management believes the company has **sufficient capital** to fund operations for **at least 12 months** from the report's issuance date, despite a history of net losses and an accumulated deficit of **$94.4 million**[19](index=19&type=chunk) - Under the Merck Agreement, Janux recognized **$1.8 million** and **$5.8 million** in revenue for the three and nine months ended September 30, 2022, respectively, with aggregate deferred revenue related to the agreement totaling **$9.7 million** as of this date[103](index=103&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's clinical-stage biopharmaceutical focus, progress on lead programs like JANX007 and JANX008, and the increased net loss of $47.0 million for the nine months ended September 30, 2022, driven by higher R&D and G&A expenses, while affirming sufficient capital for at least the next 12 months - Janux is a **clinical-stage company** with lead programs targeting **PSMA (JANX007)**, **EGFR (JANX008)**, and **TROP2**, with the first patient dosed with JANX007 in a **Phase 1 trial** in **October 2022**, and an interim update expected in the **second half of 2023**[106](index=106&type=chunk) Comparison of Operations for the Nine Months Ended September 30 (in thousands) | Metric | 2022 | 2021 | Change | | :--- | :--- | :--- | :--- | | Collaboration revenue | $5,767 | $2,021 | $3,746 | | Research and development | $38,007 | $15,068 | $22,939 | | General and administrative | $16,585 | $6,392 | $10,193 | | Net loss | $(46,994) | $(19,256) | $(27,738) | - The **$22.9 million** increase in R&D expenses for the nine months ended Sep 30, 2022, was primarily driven by a **$12.3 million** increase in preclinical program costs and an **$11.2 million** increase in indirect costs, including personnel, stock-based compensation, and facilities[133](index=133&type=chunk) - As of September 30, 2022, the company had **$339.6 million** in cash, cash equivalents, restricted cash, and short-term investments, which is believed to be sufficient to fund operations for **at least the next 12 months**[137](index=137&type=chunk)[142](index=142&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=29&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This item is not applicable as the company qualifies as a smaller reporting company - Disclosure about market risk is **not applicable** as the company is a **smaller reporting company**[150](index=150&type=chunk) [Item 4. Controls and Procedures](index=29&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and Acting CFO, concluded that the company's disclosure controls and procedures were effective as of September 30, 2022, with no material changes in internal control over financial reporting during the most recent quarter - Management concluded that as of the end of the period covered by the report, the company's disclosure controls and procedures were **effective**[151](index=151&type=chunk) - **No changes** occurred in the company's internal control over financial reporting during the most recent quarter that have **materially affected**, or are reasonably likely to materially affect, internal controls[152](index=152&type=chunk) [PART II. OTHER INFORMATION](index=30&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=30&type=section&id=Item%201.%20Legal%20Proceedings) The company reports that it is not currently a party to any material legal proceedings - As of the filing date, the company is **not a party** to any **material legal proceedings**[154](index=154&type=chunk) [Item 1A. Risk Factors](index=30&type=section&id=Item%201A.%20Risk%20Factors) This section outlines significant risks to the company's business, including a limited operating history with substantial net losses, the ongoing need for additional capital, the early stage of its product candidates, reliance on third parties for trials and manufacturing, and challenges in intellectual property protection and regulatory approval - The company has a **limited operating history**, has incurred **net losses since inception**, and anticipates continued significant losses, potentially meaning it may **never achieve or sustain profitability**[157](index=157&type=chunk)[159](index=159&type=chunk) - All product candidates except JANX007 are in **preclinical or discovery stages**, and the company has **no history of conducting human clinical trials**, making development **lengthy, expensive, and uncertain**[157](index=157&type=chunk)[169](index=169&type=chunk) - The company **relies on third parties** for conducting **clinical trials and manufacturing**, which poses risks if these parties **do not perform their duties satisfactorily**[157](index=157&type=chunk)[212](index=212&type=chunk) - **Failure to obtain and maintain sufficient intellectual property protection** for its platform technologies and product candidates could allow competitors to develop similar products, **adversely affecting commercialization**[157](index=157&type=chunk)[306](index=306&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=78&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company details its June 2021 Initial Public Offering (IPO), where it sold 13,110,000 shares at $17.00 per share, generating net proceeds of approximately $204.2 million, none of which have been used as of September 30, 2022 - In its **June 2021 IPO**, the company sold **13,110,000 shares** at **$17.00 per share**, raising gross proceeds of **$222.9 million** and net proceeds of approximately **$204.2 million**[417](index=417&type=chunk) - As of September 30, 2022, **none of the IPO proceeds have been used** and are invested in U.S. Treasury securities, corporate debt, and commercial paper in line with the company's investment policy[418](index=418&type=chunk) [Item 5. Other Information](index=78&type=section&id=Item%205.%20Other%20Information) On November 8, 2022, Dr. Shahram Salek-Ardakani resigned as Chief Scientific Officer and entered into a 12-month consulting agreement with the company for a monthly fee of $33,333.33 - Shahram Salek-Ardakani, Ph.D. **resigned as Chief Scientific Officer** on **November 8, 2022**, and entered into a **12-month consulting agreement** with the company[419](index=419&type=chunk) [Item 6. Exhibits](index=79&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Quarterly Report on Form 10-Q, including corporate governance documents, material agreements, and officer certifications - Lists **all exhibits filed** with the Form 10-Q, including **corporate governance documents**, **material agreements**, and **officer certifications** required by the Sarbanes-Oxley Act[422](index=422&type=chunk)

Developing Tumor Activated T Cell Therapeutics September 2022 2 Forward-looking statements and disclaimers This presentation includes 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 regarding Janux Therapeutics, Inc. (the "Company"). These forward-looking statement include, but are not limited to, those regarding the Com ...

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 June 30, 2022 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 ( Stat ...

Developing Tumor Activated T Cell Therapeutics May 2022 2 Forward-looking statements and disclaimers This presentation includes 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 regarding Janux Therapeutics, Inc. (the "Company"). These forward-looking statement include, but are not limited to, those regarding the Company's ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION For the quarterly period ended March 31, 2022 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) WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Delaware 82-2289112 ( Sta ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 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 (State or ...

Developing Tumor Activated T Cell Therapeutics March 2022 2 Forward-looking statements and disclaimers Any reproduction or distribution of this presentation, in whole or in part, or the disclosure of any of its contents is prohibited. This presentation includes 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 regarding Ja ...

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 September 30, 2021 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 Non-accelerated filer ☒ Smaller reporting company ☒ Janux Therapeutics, Inc. (Exact Name of Registran ...

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 June 30, 2021 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 | ...