JANX Stock — Janux Therapeutics Inc.: Cash, EV, Pipeline

What they do

Our initial focus is on developing a novel class of TRACTr therapeutics designed to target clinically validated TCE drug targets, while overcoming the liabilities associated with prior generations of TCEs.

Source: 10-K FY2025 via SEC EDGAR

Share price

$17.63

Market cap

$1,077.8M

Cash

$945.7M

Enterprise value

$132.1M

Balance sheet

Cash	$945.7M
Debt	$0.0M
Net cash	$945.7M
Enterprise value	$132.1M
Basic shares	61.2M shares
Fully diluted shares	76.7M shares
Fully diluted market cap	$1,352.7M
Cash per share	$15.46
Quarterly burn	$12.3M
Cash runway	78.7 quarters

Cash figures as of 2026-09-30. Database snapshot: 2026-11-07.

Share structure

Common

61.1M

Pre-funded warrants

1.9M

Options

10.0M

RSUs

1.1M

Warrants

0.0M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

2.5M

FDSO

76.7M

Cap table as of 2026-08-04.

Price history

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Next catalyst

JANX011 · Est. Nov 7, 2026 · half midpoint · guided Now

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
GUIDEDEst. Nov 7, 2026 Now half midpoint	JANX011 Phase 1 in healthy volunteers	Phase 1	healthy volunteers	H2 2026
Nov 12 - Dec 24 in 5d	JANX011	Early Phase 1	Autoimmune	—
GUIDEDEst. Apr 1, 2027 in 8 wks half midpoint	JANX007 Phase 1b in mCRPC	Phase 1b	mCRPC	H1 2027
Aug 12 - Sep 23 in 9 mo	JANX007	Phase 1	Prostate Cancer; Metastatic Castration-resistant Prostate Cancer; Castration Resistant Prostatic Cancer	—
Jun 12 - Jul 24 in 19 mo	JANX014	Phase 1	Prostate Cancer; Metastatic Castration-resistant Prostate Cancer; Castration-resistant Prostate Cancer	—
Aug 12 - Sep 23 in 34 mo	JANX013	Phase 1	Prostate Cancer; Castration-Resistant Prostate Cancer (CRPC); Metastatic Prostate Cancer	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

JANX007

Phase 1 · Active Modality: tumor-activated T cell engager (bispecific)

Target PSMA

Indications

Metastatic castration-resistant prostate cancer (mCRPC) (Phase 1)

Status note Lead candidate; PSMA-TRACTr. Phase 1a dose escalation complete; Phase 1b expansion ongoing in taxane-naive mCRPC, combination with darolutamide (AR pathway inhibitor), and post-PARP inhibitor populations.

JANX008

Phase 1 · Active Modality: tumor-activated T cell engager (bispecific)

Target EGFR

Indications

Multiple solid tumors (Phase 1)

Status note EGFR-TRACTr. First patient dosed Apr 2023; Phase 1a dose escalation complete; Phase 1a expansion cohorts in selected solid tumor indications initiated Dec 2025.

JANX014

Phase 1 · Active Modality: tumor-activated T cell engager (bispecific, double-masked)

Target PSMA

Indications

mCRPC (Phase 1)

Status note Double-masked PSMA-TRACTr; entered clinical evaluation Apr 2026.

JANX013

Preclinical · Active Modality: tumor-activated immunomodulator (bispecific, CD28 costimulatory)

Target PSMA / CD28

Indications

mCRPC (Preclinical)

Catalysts

— second half of 2026

Status note PSMA-targeted TRACIr incorporating CD28 costimulation; designed to pair with JANX007. Planned to enter clinical development 2H 2026.

JANX011

Phase 1 · Active Modality: bispecific T cell engager (ARM platform)

Target CD19

Indications

Autoimmune diseases (Phase 1)

Status note Lead CD19-ARM program; Phase 1 in healthy volunteers initiated Feb 2026. Being developed for autoimmune diseases.

Per-asset detail extracted from the 10-Q filed 2026-08-06. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	JANX008
Lead indication	Non-Small Cell Lung Cancer
Lead phase	Phase 1
Active trials	5

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT05519449	Phase 1	Recruiting	Sponsor	Janux Therapeutics	—	Prostate Cancer; Metastatic Castration-resistant Prostate Cancer; Castration Resistant Prostatic Cancer	—
NCT07545811	Phase 1	Recruiting	Sponsor	Janux Therapeutics	—	Prostate Cancer; Metastatic Castration-resistant Prostate Cancer; Castration-resistant Prostate Cancer	—
NCT07813637	Phase 1	Recruiting	Sponsor	Janux Therapeutics	—	Prostate Cancer; Castration-Resistant Prostate Cancer (CRPC); Metastatic Prostate Cancer	—
NCT05783622	Phase 1	Active, not recruiting	Sponsor	Janux Therapeutics	—	Non-Small Cell Lung Cancer; Renal Cell Carcinoma; Squamous Cell Carcinoma of the Head and Neck	—
NCT07291323	Early Phase 1	Recruiting	Sponsor	Janux Therapeutics	—	Autoimmune	—

Sponsor-matched active trials from ClinicalTrials.gov (5 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 5 active trials for Janux Therapeutics on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
RA Capital Management	11,189,693	no change	1.49%	2026-08-14
OrbiMed Advisors	524,700	-458,900	0.15%	2026-08-14
ADAR1 Capital Management	420,881	+122,335	0.30%	2026-08-14
Logos Global Management	0	-1,000,000	0.00%	2026-08-14
Tang Capital Partners	0	-500,000	0.00%	2026-08-14
Stonepine Capital	0	-20,000	0.00%	2026-08-17

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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JANX — Janux Therapeutics Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

JANX — Janux Therapeutics Inc.