Janux Therapeutics Reports Q2 FY25 Financial Results, $996mln Cash, Milestone Payment from Merck.

• Janux Therapeutics reports Q2 2025 financial results and business highlights. • R&D Day showcases TRACTr, TRACIr, and ARM pipeline progress. • Enrollment ongoing for JANX007 and JANX008. • Updates expected in H2 2025. • First patient dosed in Merck collaboration program, triggering $10M milestone. • Cash, cash equivalents, and short-term investments at $996M at end of Q2 2025.

San Diego-based Janux Therapeutics, Inc. (Nasdaq: JANX) has released its financial results for the second quarter ended June 30, 2025, and provided a business update. The company reported a net loss of $33.9 million for the quarter, compared to a net loss of $6.0 million for the same period in 2024. The company's cash and cash equivalents and short-term investments stood at $996.0 million as of June 30, 2025, down from $1.03 billion at December 31, 2024.

The quarter saw significant progress in Janux's pipeline, with its R&D Day highlighting advancements in its Tumor Activated T Cell Engager (TRACTr), Tumor Activated Immunomodulator (TRACIr), and Adaptive Immune Response Modulator (ARM) platforms. The company presented multiple product candidates from its preclinical pipeline, including a PSMA-TRACIr designed to be combined with JANX007, and a TROP2-TRACTr targeting multiple solid tumors.

Janux's clinical trials for JANX007 and JANX008 continue to enroll patients. JANX007, a TRACTr targeting prostate-specific membrane antigen (PSMA), is in a Phase 1 clinical trial for adult patients with mCRPC. JANX008, a TRACTr targeting epidermal growth factor receptor (EGFR), is being studied in a Phase 1 clinical trial for multiple solid cancers. The company expects additional data from these trials in the second half of 2025.

A notable milestone was achieved when the first patient was dosed in Janux's lead collaboration program with Merck, triggering a $10 million milestone payment. This collaboration is part of a 2020 Research Collaboration and Exclusive License Agreement.

Janux's research and development expenses for the quarter ended June 30, 2025, were $34.7 million, up from $14.9 million for the same period in 2024. General and administrative expenses were $10.5 million, compared to $7.8 million for the same period in 2024.

References:
[1] https://www.nasdaq.com/press-release/janux-therapeutics-reports-second-quarter-2025-financial-results-and-business