Janux Therapeutics(US:JANX)2024-05-08 00:05Janux Therapeutics First Quarter 2024 Report Business Highlights and Future Milestones Janux Therapeutics is advancing its clinical programs, with continued enrollment in Phase 1 trials for its key drug candidates, JANX007 for prostate cancer and JANX008 for various solid tumors, anticipating data updates in 2024 and 2025 while expanding its preclinical pipeline - Enrollment is ongoing for the Phase 1 clinical trial of JANX007 (PSMA-TRACTr) in patients with metastatic castration-resistant prostate cancer (mCRPC)56 - Enrollment continues for the Phase 1 clinical trial of JANX008 (EGFR-TRACTr) in patients with advanced or metastatic solid tumors56 - Key data updates are planned, with JANX007 data and expansion cohort dose selection expected in the second half of 2024, and an update on JANX008 data anticipated in 202535 First Quarter 2024 Financial Results In the first quarter of 2024, Janux significantly strengthened its financial position, with cash, cash equivalents, and short-term investments increasing to $651.8 million, reporting a reduced net loss of $14.8 million compared to $17.5 million in the prior-year period, primarily due to lower research and development expenses Cash Position Comparison (in millions) | Metric | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Cash, cash equivalents and short-term investments | $651.8 | $344.0 | Q1 2024 vs Q1 2023 Operating Results (in millions) | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | Research and development expenses | $14.1 | $15.9 | Decreased | | General and administrative expenses | $7.3 | $6.5 | Increased | | Net loss | $14.8 | $17.5 | Decreased | Janux's TRACTr and TRACIr Pipeline Janux's pipeline is built on its proprietary TRACTr and TRACIr platforms, designed to create safer and more effective tumor-activated immunotherapies, with lead clinical candidates JANX007 for prostate cancer and JANX008 for various solid tumors, alongside active preclinical programs - The company's core technology consists of two platforms: Tumor Activated T Cell Engagers (TRACTr) and Tumor Activated Immunomodulators (TRACIr), aimed at minimizing safety concerns while eradicating tumors8 - JANX007, the first clinical candidate, is a TRACTr targeting PSMA for the treatment of metastatic castration-resistant prostate cancer (mCRPC)7 - JANX008, the second clinical candidate, is a TRACTr targeting EGFR for solid cancers including colorectal, head and neck, non-small cell lung, and renal cell carcinoma7 Financial Statements The financial statements for the period ending March 31, 2024, reflect a significant increase in assets and stockholders' equity, alongside a reduction in net loss compared to the same period in 2023 Condensed Balance Sheets As of March 31, 2024, Janux's balance sheet showed a substantial increase in total assets to $689.0 million from $380.4 million at year-end 2023, driven by a significant rise in cash, cash equivalents, and short-term investments, resulting in a strengthened stockholders' equity position of $655.8 million Balance Sheet Summary (in thousands) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Total current assets | $658,666 | $349,241 | | Total assets | $688,984 | $380,407 | | Total liabilities | $33,221 | $36,058 | | Total stockholders' equity | $655,763 | $344,349 | Unaudited Condensed Statements of Operations and Comprehensive Loss For the three months ended March 31, 2024, Janux reported collaboration revenue of $1.3 million and a net loss of $14.8 million, or ($0.30) per share, representing an improvement from the prior-year period's net loss of $17.5 million, or ($0.42) per share, driven by lower R&D expenses and higher other income Q1 Statement of Operations Summary (in thousands, except per share data) | Metric | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Collaboration revenue | $1,252 | $2,048 | | Research and development | $14,070 | $15,865 | | Total operating expenses | $21,413 | $22,329 | | Net loss | $(14,760) | $(17,459) | | Net loss per common share | $(0.30) | $(0.42) |