Schedule 13G/A: Paradigm BioCapital Reports 2.92M JANX Shares

Rhea-AI Filing Summary

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.

Positive

• Full disclosure of beneficial ownership by Paradigm BioCapital entities and individuals, including exact share counts.
• Positions are below 5% thresholds (4.9% and 4.4%), consistent with Schedule 13G reporting for passive investors.
• Certification included that the securities were not acquired to change or influence control of the issuer.

Negative

• None.

Insights

Financial Analyst

TL;DR: Reporting persons hold under 5% each, with an aggregate position disclosed; ownership is modest relative to total shares outstanding.

The filing shows Paradigm BioCapital Advisors LP, its GP, and managing member Senai Asefaw each report beneficial ownership of 2,920,258 shares (4.9% of the class), while the Paradigm BioCapital International Fund Ltd. reports 2,593,376 shares (4.4%). Percentages are calculated using 59,175,157 shares outstanding per the issuer's May 6, 2025 disclosure. As a Schedule 13G amendment, the statement signals passive investment reporting rather than an active proxy or control intent, consistent with the certification included in Item 10.

Corporate Governance Expert

TL;DR: Disclosure is routine for passive investors; no group formation or control claim is asserted.

The Schedule 13G/A names four related reporting persons and clarifies relationships: the Adviser manages the Fund and accounts, the Adviser GP is the Adviser's general partner, and Senai Asefaw is the managing member. The filing states the Adviser and affiliates "may be deemed" to beneficially own the Fund's and Account's shares but includes disclaimers of ownership beyond directly held shares. Item 8 and related group notices are marked not applicable, indicating no formal group claim in this amendment.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Janux Therapeutics, Inc.

(Name of Issuer)

Common Stock, $0.001 par value per share

(Title of Class of Securities)

47103J105

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 47103J105

1

Names of Reporting Persons

Paradigm BioCapital Advisors LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,920,258.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,920,258.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,920,258.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.9 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 47103J105

1

Names of Reporting Persons

Paradigm BioCapital Advisors GP LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,920,258.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,920,258.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,920,258.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.9 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Limited liability company

SCHEDULE 13G

CUSIP No. 47103J105

1

Names of Reporting Persons

Senai Asefaw, M.D.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,920,258.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,920,258.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,920,258.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.9 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

CUSIP No. 47103J105

1

Names of Reporting Persons

Paradigm BioCapital International Fund Ltd.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,593,376.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,593,376.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,593,376.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.4 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Janux Therapeutics, Inc.
(b)	Address of issuer's principal executive offices: 10955 Vista Sorrento Parkway, Suite 200, San Diego, CA 92130
Item 2.
(a)	Name of person filing: This Schedule 13G is filed by the following (the "Reporting Persons"): (1) Paradigm BioCapital Advisors LP (the "Adviser"); (2) Paradigm BioCapital Advisors GP LLC (the "Adviser GP"); (3) Senai Asefaw, M.D. ("Senai Asefaw"); and (4) Paradigm BioCapital International Fund Ltd. (the "Fund"). The Fund is a private investment vehicle. The Fund and one or more separately managed accounts managed by the Adviser (the "Account") directly beneficially own the Common Stock reported in this statement. The Adviser is the investment manager of the Fund and the Account. The Adviser GP is the general partner of the Adviser. Senai Asefaw is the managing member of the Adviser GP. The Adviser, the Adviser GP and Senai Asefaw may be deemed to beneficially own the Common Stock directly beneficially owned by the Fund and the Account. Each Reporting Person disclaims beneficial ownership with respect to any Common Stock other than the Common Stock directly beneficially owned by such Reporting Person.
(b)	Address or principal business office or, if none, residence: The principal business office of the Fund is c/o Walkers, 190 Elgin Avenue, George Town, Grand Cayman KY1-9001, Cayman Islands. The principal business office of the Adviser, the Adviser GP and Senai Asefaw is 767 Third Avenue, 17th Floor, New York, NY 10017.
(c)	Citizenship: For citizenship or place of organization see Item 4 of the cover page of each Reporting Person.
(d)	Title of class of securities: Common Stock, $0.001 par value per share
(e)	CUSIP No.: 47103J105
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See Item 9 on the cover page for each Reporting Person, and Item 2, which information is given as of the close of business on June 30, 2025, the Date of Event which requires the filing of this Schedule 13G.
(b)	Percent of class: See Item 11 on the cover page for each Reporting Person. The percentages of beneficial ownership contained herein are based on 59,175,157 shares of Common Stock outstanding as of May 6, 2025, as reported in the Issuer's Form 10-Q filed with the SEC on May 8, 2025.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See Item 5 on the cover page for each Reporting Person.
	(ii) Shared power to vote or to direct the vote: See Item 6 on the cover page for each Reporting Person.
	(iii) Sole power to dispose or to direct the disposition of: See Item 7 on the cover page for each Reporting Person.
	(iv) Shared power to dispose or to direct the disposition of: See Item 8 on the cover page for each Reporting Person.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Paradigm BioCapital Advisors LP

Signature:	/s/ David K. Kim
Name/Title:	David K. Kim / Authorized Signatory
Date:	08/14/2025

Paradigm BioCapital Advisors GP LLC

Signature:	/s/ David K. Kim
Name/Title:	David K. Kim / Authorized Signatory
Date:	08/14/2025

Senai Asefaw, M.D.

Signature:	/s/ Senai Asefaw, M.D.
Name/Title:	N/A
Date:	08/14/2025

Paradigm BioCapital International Fund Ltd.

Signature:	/s/ David K. Kim
Name/Title:	David K. Kim / Authorized Signatory
Date:	08/14/2025

FAQ

What stake in Janux Therapeutics (JANX) does Paradigm BioCapital Advisors LP report?

Paradigm BioCapital Advisors LP reports beneficial ownership of 2,920,258 shares, representing 4.9% of the common stock.

How many shares does Paradigm BioCapital International Fund Ltd. hold in JANX?

The Fund reports holding 2,593,376 shares, representing 4.4% of the outstanding shares.

What share count was used to calculate the ownership percentages?

Percentages are based on 59,175,157 shares outstanding as of May 6, 2025, per the issuer's SEC filing.

What date is the event that required this Schedule 13G filing?

The Date of Event requiring the filing is June 30, 2025.

Does the filing indicate an intent to influence control of Janux Therapeutics?

No; Item 10 contains a certification stating the securities were not acquired and are not held to change or influence control of the issuer.