Here are 1-3 brief analogies for Janux Therapeutics (JANX):

• An early-stage Amgen, but specialized in novel T-cell engager immunotherapies for cancer.
• A biotech startup in oncology, aspiring to be a future Regeneron by developing next-generation T-cell cancer treatments.
• Vertex Pharmaceuticals, but focused on unlocking the power of T-cells for various cancers, rather than rare diseases.

• JANX007: A tumor-activated T-cell engager in Phase 1 clinical trials designed to target PD-1 and TGF-β pathways for the treatment of advanced solid tumors.
• JANX008: A tumor-activated T-cell engager in Phase 1 clinical trials designed to target EGFR and MET for the treatment of advanced solid tumors.

Major Customers of Janux Therapeutics (JANX)

Janux Therapeutics (symbol: JANX) is a clinical-stage biopharmaceutical company focused on the discovery and development of novel T-cell engager immunotherapies. As a clinical-stage company, it does not currently have commercial products on the market generating traditional product sales revenue to a broad customer base.

Instead, its revenue streams primarily stem from collaborations and licensing agreements with other companies. Based on its SEC filings (e.g., 2022 10-K), Janux Therapeutics has recognized revenue from a significant collaboration and license agreement with the following entity:

• Chime Biologics: Janux Therapeutics entered into a collaboration and license agreement with Chime Biologics in 2020. Under this agreement, Janux granted Chime Biologics an exclusive license to develop, manufacture, and commercialize JANX007 (an anti-HER2 T-cell engager) in Greater China. Chime Biologics is a contract development and manufacturing organization (CDMO) and is a private company.

As a clinical-stage biopharmaceutical company, Janux Therapeutics' primary focus is on advancing its drug candidates through preclinical and clinical development, rather than direct sales of approved products to end-users or a broad range of commercial customers.

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David Campbell, Ph.D. President & Chief Executive Officer

David Campbell founded Janux Therapeutics in 2017 to develop tumor-specific cancer therapeutics. He brings over 25 years of executive management, company creation, and partnering experience. Prior to Janux, he served as CSO or CEO of multiple drug discovery and development companies, including Sitari (partnered with GSK), Afraxis (partnered with Genentech), and RQx (partnered with Genentech). He was also Senior Vice President of Drug Discovery and Development at Phenomix, and held positions at Affymax and Bayer Pharmaceuticals. He is also the founder of Thyritope Biosciences, Inc. and Adrenergics, Inc. His previous roles include President & CEO at Enlibrium, Inc. from 2015 to 2017, and Chief Scientific Officer at Sitari Pharma, Inc. (2013-2019) and Iron Horse Therapeutics, Inc. (2015-2019).

Tighe Reardon Acting Chief Financial Officer

Tighe Reardon has over 20 years of senior finance and technical tax experience across startups and large public companies. He is a partner at Avalon Ventures. He previously served as Acting CFO of Synthorx through its IPO and subsequent sale to Sanofi. He also held Acting CFO roles for Sitari Pharmaceuticals and Calporta through their sales transactions. His experience includes Senior Vice President of Tax and Treasury at DJO Global, Inc., and Director of Taxation for Relational Investors, LLC.

Wayne Godfrey, M.D. Chief Medical Officer

Dr. Wayne Godfrey brings over 25 years of clinical and drug development experience in the biotech industry. He initiated First-in-Human clinical trial programs at IGM Biosciences as VP and at Janux Therapeutics as CMO. His career includes supporting the development of Provenge® (sipuleucel-T) at Dendreon, leading clinical development at BN Immunotherapeutics and Etubics, advancing Zydelig® (idelalisib) at Gilead Sciences, and contributing to supplemental FDA approvals of Yescarta® (axi-cel) at Kite Pharma.

Andy Meyer Chief Business Officer

Andy Meyer has over 10 years of experience in biotechnology as an investment banker at Evercore and BofA Securities, Inc. In these roles, he advised biotechnology and life sciences companies on capital raising and strategic matters, executing over $20 billion in mergers and acquisitions and more than 40 capital markets transactions, including IPOs, follow-ons, convertible notes, and private placements.

Charles Winter Chief Technical Officer

Charles Winter is responsible for overseeing Janux Therapeutics' technical operations, including manufacturing, process development, and engineering. His expertise is vital for ensuring the efficient and reliable production of the company's therapeutic products while adhering to stringent quality and regulatory standards.

• Amgen's Tarlatamab (AMG 757): This bispecific T-cell engager targets DLL3 for small cell lung cancer (SCLC), directly competing with Janux's JANX009 (DLL3-TRACTr). Tarlatamab has demonstrated promising Phase 1/2 clinical data and received Breakthrough Therapy Designation from the FDA, positioning it potentially ahead in development and threatening Janux's future market opportunity in SCLC.
• Amgen's Xaluritamig: This bispecific T-cell engager targets PSMA for metastatic castration-resistant prostate cancer (mCRPC), a direct competitor to Janux's JANX007 (PSMA-TRACTr). Xaluritamig is also in Phase 1/2 clinical trials, representing an emerging threat within the same therapeutic class and indication.
• Novartis' Pluvicto (lutetium-177 PSMA-617): This approved PSMA-targeted radioligand therapy for metastatic castration-resistant prostate cancer (mCRPC) presents an emerging threat to Janux's JANX007 (PSMA-TRACTr). While a different therapeutic modality, Pluvicto targets the same patient population and antigen (PSMA), potentially capturing significant market share and setting a high bar for efficacy and safety before new T-cell engagers like JANX007 can enter the market.

Janux Therapeutics' main product candidates are in various stages of clinical development, primarily focusing on oncology. The addressable markets for their lead programs are as follows:

• JANX007 (for metastatic castration-resistant prostate cancer - mCRPC): The potential market opportunity for JANX007 is estimated to be approximately $2 billion or more for second-line and subsequent treatments (2L+), and over $4 billion for first-line treatment (1L). This market size information is likely for the U.S. region, given the context of pharmaceutical market reporting.
• JANX008 (for various EGFR-expressing solid tumors): Janux Therapeutics is developing JANX008 to target multiple solid tumors, including colorectal carcinoma, squamous cell carcinoma of the head and neck, non-small cell lung cancer, renal cell carcinoma, small cell lung cancer, pancreatic ductal adenocarcinoma, and triple-negative breast cancer. However, specific addressable market sizes for JANX008 across these indications were not identified in the provided information.

For other earlier-stage pipeline candidates such as PSMAxCD28 TRACIr, TROP2-TRACTr, CD19-ARM, and JANX009, addressable market sizes were not found in the provided search results.

Janux Therapeutics (NASDAQ: JANX) is a clinical-stage biopharmaceutical company with several key drivers anticipated to fuel future revenue growth over the next 2-3 years, primarily through pipeline advancements and strategic collaborations.

1. Successful Clinical Progression and Potential Commercialization of Lead Oncology Candidates: Janux's most advanced product candidates, JANX007 and JANX008, are currently in Phase 1 clinical trials. JANX007, a PSMA-targeted TRACTr, is being evaluated for metastatic castration-resistant prostate cancer (mCRPC) and has demonstrated encouraging safety and efficacy with deep and durable PSA responses. Updates on both JANX007 and JANX008, an EGFR-targeted TRACTr for various solid tumors, are expected in the second half of 2025 and fourth quarter of 2025. Positive data from these trials are critical milestones that could significantly impact the company's valuation, attract further investment, and lay the groundwork for potential future commercialization and revenue generation, even if full commercialization is beyond the immediate 2-3 year horizon.
2. Expansion of TRACTr and TRACIr Platforms into New Oncology Indications and Combination Therapies: Janux is actively working to expand its proprietary Tumor Activated T Cell Engager (TRACTr) and Tumor Activated Immunomodulator (TRACIr) platforms. This includes advancing additional CD3-based TRACTr and CD28-based TRACIr programs, such as a PSMA-TRACIr designed for combination with JANX007 and a TROP2-TRACTr for TROP2-positive solid tumors. Clinical trials for these new approaches, including a CD28-TRACIr platform intended to enhance JANX007, are anticipated to begin in the second half of 2026. Successful development and potential introduction of these new programs and combination therapies could significantly broaden the addressable market and create new revenue streams.
3. Advancement of the Adaptive Immune Response Modulator (ARM) Platform for Autoimmune Diseases: Janux is strategically expanding its focus beyond oncology by developing its Adaptive Immune Response Modulator (ARM) platform. The first candidate from this platform, a CD19-ARM for autoimmune diseases, is on track for first-in-human studies to commence in the first half of 2026. The autoimmune therapeutics market is projected to be substantial, potentially reaching up to $200 billion by 2030, offering a significant new market opportunity and a substantial driver of future revenue growth if these programs prove successful in clinical development.
4. Achievement of Milestone Payments from Strategic Collaborations: As a clinical-stage biotechnology company, Janux Therapeutics relies on collaboration revenues, as evidenced by a $10.0 million Merck milestone achieved in the third quarter of 2025. While performance obligations under the current Merck collaboration were completed by September 30, 2025, future milestone payments from existing or new strategic partnerships remain a vital potential source of non-dilutive revenue. Successful advancement of their pipeline candidates could trigger additional milestone payments or lead to new, lucrative collaborations.

Share Issuance

• Janux Therapeutics completed its Initial Public Offering (IPO) on June 15, 2021, issuing 13,110,000 shares of common stock at $17.00 per share, which generated approximately $222.9 million in gross proceeds.
• The company executed a follow-on public offering of common stock and pre-funded warrants for gross proceeds of $341.0 million, resulting in net proceeds of $320.1 million after deducting underwriting discounts and offering expenses.
• Through its 2021 Equity Incentive Plan and 2021 Employee Stock Purchase Plan (ESPP), Janux automatically adds shares for issuance annually. For example, on January 1, 2025, additional shares were reserved, with the 2021 Plan allowing for an increase of 5% of outstanding capital stock, and the ESPP allowing for the lesser of 1% of outstanding capital stock or 932,000 shares.

Inbound Investments

• In December 2020, Janux Therapeutics entered into a strategic oncology product development and licensing agreement with Merck, receiving an upfront payment of $16 million.
• Under the Merck collaboration, Janux is eligible for significant potential milestone payments, including up to $285 million for development and regulatory achievements and up to $700 million for commercial milestones, along with royalties on future product sales.
• Janux Therapeutics received a $10 million milestone payment from Merck after the first patient was dosed in a TRACTr collaboration for cancer immunotherapy development.
• In April 2021, Janux successfully closed a Series B financing round, raising $125 million to advance its cancer drugs, following a $56 million Series A funding round just seven weeks prior.