Janux Therapeutics (JANX) Q4 2025 earnings summary

Executive summary

• Advanced clinical programs with JANX007 and JANX008, including expansion into new patient cohorts and tumor settings.

• Initiated Phase 1 study of JANX011 in healthy volunteers.

• Entered a major collaboration and exclusive license agreement with Bristol Myers Squibb for a novel solid tumor therapeutic.

• Strengthened leadership with the appointment of a new Chief Medical Officer.

Financial highlights

• Cash and short-term investments totaled $966.6 million as of December 31, 2025, down from $1.03 billion at year-end 2024.

• Research and development expenses were $31.5 million for Q4 and $125.9 million for the year, up from $20.8 million and $68.4 million in 2024.

• General and administrative expenses were $10.9 million for Q4 and $41.8 million for the year, compared to $8.2 million and $41.0 million in 2024.

• Net loss was $31.9 million for Q4 and $113.6 million for the year, compared to $20.2 million and $69.0 million in 2024.

• Collaboration revenue was $10.0 million for Q4 and $10.6 million for the year.

Outlook and guidance

• Additional clinical data for JANX007 and JANX008 expected in 2026.

• Initial clinical update from JANX011 Phase 1 study anticipated by year-end 2026.