Janux Therapeutics, a clinical-stage biopharmaceutical company, has recently released its 10-K report. The company, incorporated in 2017 and headquartered in San Diego, California, is focused on developing immunotherapies for cancer based on proprietary Tumor Activated T Cell Engager (TRACTr) and Tumor Activated Immunomodulator (TRACIr) platforms technology. Its lead TRACTr product candidates in preclinical or discovery stages target prostate-specific membrane antigen, epidermal growth factor receptor, and trophoblast cell surface antigen 2. Additionally, the company is developing a TRACIr costimulatory bispecific product candidate against programmed death-ligand 1 and Cluster of Differentiation 28 designed to improve the anti-tumor activity of T cells.
In the 10-K report, under Item 7 "Management’s Discussion and Analysis of Financial Condition and Results of Operations," Janux Therapeutics disclosed its financial operations overview. The company reported net losses of $58.3 million and $63.1 million for the years ended December 31, 2023, and 2022, respectively, with an accumulated deficit of $168.8 million as of December 31, 2023. It also stated that it has never generated any revenue from product sales and has funded its operations primarily through various means, including proceeds from its initial public offering, collaboration agreements, and the issuance of common stock.
Janux Therapeutics highlighted its research collaboration with Merck, which involves the development of TRACTr product candidates for the treatment of cancer. As part of the collaboration, Merck has the right to select up to two collaboration targets and has received an exclusive worldwide license for each selected target. In return, Janux Therapeutics is eligible to receive up to $500.5 million per target in upfront and milestone payments, along with royalties on sales of the products derived from the collaboration. Merck also provides research funding under the collaboration.
The company also discussed its financial operations, stating that it has not generated any revenues from the commercial sale of products to date. It recognized $8.1 million and $8.6 million of revenue under the Merck Agreement for the years ended December 31, 2023, and 2022, respectively. Janux Therapeutics reported that its research and development expenses have primarily related to the development of its TRACTr and TRACIr platforms, discovery efforts, and preclinical and clinical development of its product candidates. It stated that it anticipates substantial increases in research and development expenses for the foreseeable future as it continues the development of its platforms and product candidates.
Check out the company's full 10-K submission here.
