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Janux Therapeutics

JANX Lead: Phase 1 5 Biotech Distilled articles ↓ 16 filings & releases ↓ Cash $41.8M (Sep 30, 2026) ↓ 5 verdicts ↓ 3 timing quotes ↓
Oncology Protein

Market cap $1.08B 61.2M shares (10-Q, Nov 3, 2026) × $17.63 close Nov 6, 2026

Most recent annual filing: 2026-02-26

Catalyst timeline

2 trackedQuarter catalyst calendar →
  1. JANX011 Ph1 interimNov 9, 2026JANX011 Ph1 interim, Nov 9, 2026, material
  2. JANX007 readout1H 2027JANX007 readout, 1H 2027, material

Bar width shows how precise the guidance is — a pin is a stated date, a wide band a six-month window. Deeper blue means more of the thesis rides on the event; it is not a view on the stock.

Pipeline (4 active programs)

Technology platforms

TRACTr

Tumor Activated T Cell Engager platform — bispecific molecules with tumor antigen-binding domain and CD3 T cell binding domain, with tumor-protease-cleavable peptide masks and albumin-binding domain for extended half-life; focus on solid tumors in oncology

Targets: CD3, PSMA

TRACIr

Tumor Activated Immunomodulator platform — bispecific molecules with tumor antigen-binding domain and costimulatory CD28 binding domain; designed to enhance T cell activation and durability; focus on solid tumors in oncology

Targets: CD28, PSMA

ARM

Adaptive Immune Response Modulator platform — redesigned bispecific T cell engagers targeting B cells via CD19 for rapid, deep and durable B-cell depletion with memory B-cell reset; off-the-shelf, subcutaneous, re-dosable format; focus on autoimmune diseases and oncology

Targets: CD19, CD3, TRBV6

TRACTr · Bristol Myers Squibb

Tumor Activated T Cell Engager platform; focus areas include prostate cancer and other solid tumors

Targets: PSMA

TRACTr · Merck

Tumor Activated T Cell Engager platform — proprietary immunotherapy technology producing novel T cell engager candidates for cancer treatment

Discontinued (1)

Capital (as filed)

Cash
$41.8M cash and cash equivalents · Sep 30, 2026 (10-Q)
Short-term investments
$904M Sep 30, 2026
Operating cash flow
−$25.2M quarter Jun 30, 2026 → Sep 30, 2026, year-to-date difference (10-Q)
As stated in coverage
$946M cash per the update of Nov 5, 2026 — the company's own words as read there, not the filed figure

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (5)

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (5 calls)

Every verdict Biotech Distilled has published on Janux Therapeutics, oldest first — the full history, never a selection. How calls are scored: the track record.

  1. 2026-04-29 Buy core Janux Pharmaceuticals (JANX) - Scientific Deep Dive for JANX007 and Pipeline Products JANX007 shows compelling clinical data with a clean safety profile and competitive efficacy in mCRPC, backed by a fortress balance sheet and BMS partnership validation, making it a high-conviction buy despite JANX008 discontinuation and WuXi supply chain risk.
  2. 2026-05-09 Buy core UPDATE: Janux Therapeutics (JANX) - The BMS Milestone Hits, the Catalyst Slips BMS $35M development candidate milestone validates the platform, fortress balance sheet remains intact, and while JANX007 data slipped to 1H 2027, the thesis is unchanged; accumulate on dips rather than chasing at current levels.
  3. 2026-06-23 Buy core UPDATE: Janux Therapeutics (JANX) - The CMO Walks After Six Months CMO departure is a yellow flag but not thesis-breaking; JANX007 data and platform validation are unchanged, fortress balance sheet intact, and the thesis remains intact for holders while new entrants face a less attractive entry point than the post-JANX008 dip.
  4. 2026-08-07 Buy core UPDATE: Janux Therapeutics (JANX) - The Quiet Quarter With a Loud R&D Line All timelines held under leadership transition, fortress grew to $970.9M cash, BMS validation compounding, JANX011 spend drop is a watch item not a red flag, and JANX007 crown jewel continues to be funded appropriately.
  5. 2026-09-15 Buy core UPDATE: Janux Therapeutics (JANX) - The CD28 Card Gets Played JANX013 dosed first patient on schedule in combination with JANX007, the PSMA franchise moat is now three-deep in the clinic, and the second consecutive timeline held under an empty CMO seat, with the fortress balance sheet untouched.

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Timing, in the company's words (3 quotes from 2 filings)

Sentences quoted verbatim from the company's SEC filings, newest filing first. Each sits under the filing it appeared in; the "matched to" tag names the calendar row it was read for.

Timing sentences quoted from the company's own SEC filings, each under the filing it appeared in. The 'matched to' tag is the calendar row the sentence was read for; the filing is the source. Not investment advice.

Filings & releases (16)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. Releases captured from May 7, 2026; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →

9 more filings (13G holder notices, S-8, proxy material, SEC correspondence …)