Janux Therapeutics, Inc. SEC Filings

Janux Therapeutics (JANX) reported Q3 2025 results. Collaboration revenue reached $10,000 (vs. $439 in Q3 2024), driven by a $10.0 million Merck milestone achieved in August tied to the first collaboration target. R&D expense was $34,629 and G&A was $10,622, leading to a net loss of $24,313, or $0.39 per share.

For the nine months, revenue totaled $10,000, operating expenses were $125,266, and net loss was $81,679. Interest income contributed $33,587 year-to-date. Cash and cash equivalents were $48,389 and short‑term investments were $940,604 as of September 30, supporting total assets of $1,024,766. Net cash used in operating activities was $53,693 for the period. Shares outstanding were 60,123,602 at quarter end; 60,147,807 were outstanding as of November 4, 2025.

The company states it has sufficient capital to fund operations for at least 12 months. Performance obligations under the Merck collaboration were completed as of September 30, 2025, with future milestones recognized only upon occurrence.

Janux Therapeutics (JANX) Form 4: The company’s Chief Business Officer reported two option exercises and a subsequent sale on 10/28/2025. He exercised 9,999 options at $4.21 and 6,666 options at $10.59, then sold 16,665 shares.

The sale’s weighted average price was $30.0622, with trades between $30.00 and $30.49, executed under a Rule 10b5-1 trading plan adopted on September 30, 2024. Following these transactions, he directly beneficially owned 82,139 shares.

Paradigm BioCapital and related parties disclosed ownership stakes in Janux Therapeutics common stock totaling up to 2,920,258 shares, representing 4.9% of the outstanding shares. The filing identifies four reporting persons: Paradigm BioCapital Advisors LP, Paradigm BioCapital Advisors GP LLC, Senai Asefaw, M.D., and Paradigm BioCapital International Fund Ltd., with the Fund separately reported as holding 2,593,376 shares (4.4%). The ownership figures are stated as of the June 30, 2025 event date and are calculated using 59,175,157 shares outstanding as of May 6, 2025. The filers certify the positions were not acquired to change or influence control of the issuer.

Janus Henderson Group plc reports a passive institutional stake in Janux Therapeutics, Inc. common stock. The filing lists an aggregate beneficial ownership of 4,460,332 shares (7.5% of the class) attributed to the reporting person, while Item 4 separately identifies JHIUS as the beneficial owner of 4,379,232 shares (7.4%). The report shows shared voting and dispositive power over the shares and classifies the reporting person with reporting types IA and HC.

The filing states the shares are held in the ordinary course of business and not with the purpose of changing or influencing issuer control, and discloses that JHIUS, JHIUKL and JHIAIFML are indirect subsidiaries acting as registered investment advisers to managed portfolios.

Adage Capital Management, L.P., together with Robert Atchinson and Phillip Gross, reports beneficial ownership of 2,525,000 shares of Janux Therapeutics common stock, equal to 4.27% of the company based on 59,175,157 shares outstanding as of May 6, 2025. The shares are directly held by Adage Capital Partners, L.P., and the cover data shows shared voting power and shared dispositive power for the full 2,525,000 shares and no sole voting or dispositive power.

The filing states these securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer. The reporting persons list their principal business office at 200 Clarendon Street, 52nd Floor, Boston, Massachusetts, and identify ACM as Delaware organized and Messrs. Atchinson and Gross as U.S. citizens.