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Exhibit 99.1 |
Janux Therapeutics Provides Business Update and Reports Fourth Quarter and Full Year 2021 Financial Results
-Company remains on-track to submit IND filings for two programs in 2022-
-Company nominated its first TRACIr development candidate, a PD-L1 x CD28 costimulatory bispecific-
-Management team strengthened with key appointment-
– $375.0 million in year-end 2021 cash, cash equivalents and short-term investments –
SAN DIEGO, March 18, 2022 – Janux Therapeutics, Inc. (Nasdaq: JANX) (Janux), a biopharmaceutical company developing a broad pipeline of novel immunotherapies by applying its proprietary technology to its Tumor Activated T Cell Engager (TRACTr) and Tumor Activated Immunomodulator (TRACIr) platforms, today reported financial results for the fourth quarter and full year ended December 31, 2021 and provided a business update.
“Janux made great strides in 2021 as we transitioned to a public company and advanced our pipeline of next generation immunotherapies utilizing our novel TRACTr and TRACIr platforms. We continue to build on this momentum by nominating a development candidate for our costimulatory bispecific program, the first development candidate discovered using our TRACIr platform,” said David Campbell, Ph.D., President and CEO of Janux. “In 2022, we remain on-track to execute key milestones, including IND submissions for our PSMA-TRACTr and EGFR-TRACTr candidates, and we look forward to continuing to advance our additional pipeline programs in the year ahead.”
RECENT BUSINESS HIGHLIGHTS AND FUTURE MILESTONES:
FOURTH QUARTER AND FULL YEAR 2021 FINANCIAL RESULTS:
About Janux Therapeutics
Janux Therapeutics is an innovative biopharmaceutical company developing next-generation therapeutics based on applying its proprietary technology to its Tumor Activated T Cell Engager (TRACTr) and Tumor Activated Immunomodulator (TRACIr) platforms to better treat patients suffering from cancer. Janux’s initial focus is on developing a novel class of T cell engagers (TCEs), and its lead product candidates are designed to target clinically validated drug targets. While TCE therapeutics have displayed potent anti-tumor activity in hematological cancers, developing TCEs to treat solid tumors have faced challenges due to the limitations of prior TCE technologies, namely (i) overactivation of the immune system leading to cytokine release syndrome, (ii) on-target, healthy tissue toxicities, and (iii) poor pharmacokinetics leading to short half-life. Janux is using its TRACTr platform technology to engineer product candidates designed to overcome these limitations. Janux is developing a broad pipeline with lead TRACTr programs targeting prostate-specific membrane antigen (PSMA), epidermal growth factor receptor (EGFR), and trophoblast cell surface antigen 2 (TROP2), and its lead TRACIr program targeting PD-L1xCD28, with all of its programs currently in the IND-enabling or discovery stage. For more information, please visit www.januxrx.com.
Forward-Looking Statements
This news release contains certain forward-looking statements that involve risks and uncertainties that could cause actual results to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. Such forward-looking statements include statements regarding, among other things, Janux’s ability to bring new treatments to cancer patients in need, the progress and expected timing of Janux’s drug development programs, and the strength of Janux’s balance sheet and the adequacy of cash on hand. Factors that may cause actual results to differ materially include the risk that compounds that appear promising in early research do not demonstrate safety and/or efficacy in later preclinical studies or clinical trials, the risk that Janux may not obtain approval to market its product candidates, uncertainties associated with performing clinical trials, regulatory filings and applications, risks associated with reliance on third parties to successfully conduct clinical trials, the risks associated with reliance on outside financing to meet capital requirements, and other risks associated with the process of discovering, developing and commercializing drugs that are safe and effective for use as human therapeutics, and in the endeavor of building a business around such drugs. You are urged to consider statements that include the words “may,” “will,” “would,” “could,” “should,” “believes,” “estimates,” “projects,” “promise,” “potential,” “expects,” “plans,” “anticipates,” “intends,” “continues,” “designed,” “goal,” or the negative of those words or other comparable words to be uncertain and forward-looking. For a further list and description of the risks and uncertainties Janux faces, please refer to Janux’s periodic and other filings with the Securities and Exchange Commission, which are available at www.sec.gov. Such forward-looking statements are current only as of the date they are made, and Janux assumes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
Contacts
Media:
Jessica Yingling, Ph.D.
Little Dog Communications Inc.
jessica@litldog.com
(858) 344-8091
Investors:
Christina Tartaglia
Stern Investor Relations, Inc.
christina@sternir.com
(212) 362-1200
Janux Therapeutics, Inc.
Condensed Balance Sheets
(in thousands)
|
|
December 31, |
|
|
December 31, |
|
||
Assets |
|
|
|
|
|
|
||
Current assets: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
35,582 |
|
|
$ |
7,813 |
|
Accounts receivable |
|
|
— |
|
|
|
8,000 |
|
Short-term investments |
|
|
339,383 |
|
|
|
— |
|
Prepaid expenses and other current assets |
|
|
2,054 |
|
|
|
249 |
|
Total current assets |
|
|
377,019 |
|
|
|
16,062 |
|
Restricted cash |
|
|
816 |
|
|
|
— |
|
Property and equipment, net |
|
|
1,412 |
|
|
|
155 |
|
Operating lease right-of-use assets |
|
|
185 |
|
|
|
— |
|
Other long-term assets |
|
|
392 |
|
|
|
— |
|
Total assets |
|
$ |
379,824 |
|
|
$ |
16,217 |
|
|
|
|
|
|
|
|
||
Liabilities, Convertible Preferred Stock and Stockholders’ Equity (Deficit) |
|
|
|
|
|
|
||
Current liabilities: |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
2,458 |
|
|
$ |
428 |
|
Accrued liabilities |
|
|
3,779 |
|
|
|
751 |
|
Current portion of deferred revenue |
|
|
5,163 |
|
|
|
1,950 |
|
Unvested stock liabilities |
|
|
1,203 |
|
|
|
52 |
|
Current portion of operating lease liabilities |
|
|
194 |
|
|
|
— |
|
Total current liabilities |
|
|
12,797 |
|
|
|
3,181 |
|
Deferred revenue, net of current portion |
|
|
700 |
|
|
|
6,050 |
|
Total liabilities |
|
|
13,497 |
|
|
|
9,231 |
|
Convertible preferred stock |
|
|
— |
|
|
|
21,624 |
|
Total stockholders’ equity (deficit) |
|
|
366,327 |
|
|
|
(14,638 |
) |
Total liabilities, convertible preferred stock and stockholders’ equity (deficit) |
|
$ |
379,824 |
|
|
$ |
16,217 |
|
Janux Therapeutics, Inc.
Condensed Statements of Operations and Comprehensive Loss
(in thousands, except share and per share data)
|
|
Three Months Ended |
|
|
Year Ended |
|
||||||||||
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2021 |
|
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2020 |
|
|
2021 |
|
|
2020 |
|
||||
Collaboration revenue |
|
$ |
1,616 |
|
|
$ |
— |
|
|
$ |
3,637 |
|
|
$ |
— |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Research and development |
|
|
11,169 |
|
|
|
985 |
|
|
|
26,237 |
|
|
|
3,041 |
|
General and administrative |
|
|
3,937 |
|
|
|
670 |
|
|
|
10,329 |
|
|
|
1,802 |
|
Total operating expenses |
|
|
15,106 |
|
|
|
1,655 |
|
|
|
36,566 |
|
|
|
4,843 |
|
Loss from operations |
|
|
(13,490 |
) |
|
|
(1,655 |
) |
|
|
(32,929 |
) |
|
|
(4,843 |
) |
Total other income (expense) |
|
|
74 |
|
|
|
— |
|
|
|
257 |
|
|
|
(1,941 |
) |
Net loss |
|
$ |
(13,416 |
) |
|
$ |
(1,655 |
) |
|
$ |
(32,672 |
) |
|
$ |
(6,784 |
) |
Other comprehensive loss: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Unrealized gain (loss) on available-for-sale securities, net |
|
|
(294 |
) |
|
|
— |
|
|
|
(270 |
) |
|
|
— |
|
Comprehensive loss |
|
$ |
(13,710 |
) |
|
$ |
(1,655 |
) |
|
$ |
(32,942 |
) |
|
$ |
(6,784 |
) |
Net loss per common share, basic and diluted |
|
$ |
(0.33 |
) |
|
$ |
(1.65 |
) |
|
$ |
(1.39 |
) |
|
$ |
(7.41 |
) |
Weighted-average shares of common stock outstanding, basic and diluted |
|
|
41,208,323 |
|
|
|
1,003,482 |
|
|
|
23,530,252 |
|
|
|
915,146 |
|