On August 10, 2021 Janux Therapeutics, Inc. (Nasdaq: JANX) (Janux), a biopharmaceutical company developing novel T cell engager immunotherapies based on its TRACTr platform technology, reported financial results for the quarter ended June 30, 2021 (Press release, Janux Therapeutics, AUG 10, 2021, View Source [SID1234586226]).
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"With the successful completions of a Series B financing and IPO this past quarter, we are well-capitalized to advance our novel TRACTr platform technology and next-generation T cell engager immunotherapies, with the potential to improve the treatment of cancer," said David Campbell, Ph.D., President and CEO of Janux. "Janux has also significantly strengthened the organization with key hires to our senior management team. These team members bring invaluable expertise and decades of drug development experience, specifically in T cell therapeutics, to propel our broad preclinical pipeline toward the clinic."
Recent Business Highlights:
TRACTr product candidates advancing as planned. Janux’s lead TRACTr programs of next-generation T cell engagers for PSMA, EGFR, TROP2, and its costimulatory bispecific TRACIr program remain on track as they move through preclinical development. Janux continues to expect to submit at least two Investigational New Drug (IND) applications by the end of 2022.
Strengthened management team with appointment of Shahram Salek-Ardakani, Ph.D., as Chief Scientific Officer, and Wayne Godfrey, M.D., as Chief Medical Officer. Dr. Salek-Ardakani brings more than 20 years of experience as a scientific leader and drug developer in multiple disease areas, most recently serving as the Senior Director of Cancer Immunology at Pfizer, Inc., where he was responsible for formulating first-in-class discovery programs and platform initiatives to implement Pfizer’s T cell targeted therapeutics strategy. Dr. Godfrey brings more than 25 years of drug development, clinical strategy, and research experience in cancer immunology and immunotherapy at leading pharmaceutical and biotechnology companies, most recently serving as the Vice President of Clinical Development at IGM Biosciences, Inc., where he led the global clinical development of IGM’s emerging pipeline of proprietary bispecific T cell engaging IgM antibodies.
Completed Series B financing and initial public offering (IPO). In April 2021, Janux completed a Series B financing, raising gross proceeds of $125.0 million. In June 2021, Janux completed an initial public offering, selling 13,110,000 shares of its common stock at a price to the public of $17.00 per share, for aggregate gross proceeds of $222.9 million (before deducting underwriting discounts and commissions and offering costs).
Second Quarter 2021 Financial Highlights:
Cash and cash equivalents and short-term investments: As of June 30, 2021, Janux reported cash and cash equivalents and short-term investments of $394.2 million, compared to $7.8 million at December 31, 2020.
Research and development expenses: Research and development expenses for the quarter ended June 30, 2021 were $4.7 million, compared to $0.7 million for the comparable period in 2020. The increase in research and development expenses in 2021 was primarily attributable to the development of the TRACTr platform technology and programs. Janux also incurred additional personnel-related expenses, including stock-based compensation, as operations grew in support of program advances.
General and administrative expenses: General and administrative expenses for the quarter ended June 30, 2021 were $2.0 million, compared to $0.4 million for the same period in 2020. The increase in general and administrative expenses was primarily attributable to an increase in personnel-related expenses including stock-based compensation, due to increased headcount in 2021. The increase in general and administrative expenses were also due to an increase in legal fees, professional fees, and other various general and administrative expenses, as Janux now operates as a public company.
Net loss: For the quarter ended June 30, 2021, Janux reported a net loss of $6.2 million, compared to a net loss of $2.5 million for the comparable period in 2020.