What Janux Therapeutics does

Janux Therapeutics is a clinical-stage biopharmaceutical company founded in 2017 and headquartered in La Jolla/San Diego, California, that develops bispecific T cell engagers designed to be activated selectively within tumor tissue. The company's product engine rests on three proprietary platforms: TRACTr (tumor-activated T cell engagers with cleavable peptide masking), TRACIr (tumor-activated immunomodulators), and ARM (albumin-binding masked T cell recruiters), all engineered to circulate inertly until tumor-associated proteases unmask the binding domain, with albumin binding used to extend serum half-life and support flat rather than continuous dosing.

The current clinical-stage pipeline is concentrated in prostate cancer and autoimmune disease. Lead oncology assets include JANX007 and JANX014, both PSMA-directed TRACTr molecules in Phase 1 for metastatic castration-resistant prostate cancer, with JANX007 interim data reported in late 2025 showing median rPFS of roughly 7.9-8.9 months. JANX011 is a CD19-directed ARM candidate being advanced into autoimmune indications, while JANX013 (PSMA-TRACIr) and JANX008 (a TRACIr prostate candidate discontinued in April 2026) illustrate the iterative scope of the program.

Janux operates as a licensing- and collaboration-driven development company. Revenue is generated almost entirely from upfront and milestone payments tied to pharmaceutical partnerships: an initial collaboration with Merck covering multiple TRACTr programs (signed December 2020, valued at over $1B in potential milestones), and a January 2026 Bristol Myers Squibb collaboration worth up to $850M with $50M paid upfront, followed by an April 2026 $35M development milestone. Janux is publicly traded on NASDAQ under the ticker JANX following its June 2021 IPO and, with Q4 2025 revenue of $7.88M and a net loss of $113.6M for full-year 2025 against approximately $966.6M of cash at year-end, is funded principally through equity and partnership economics rather than product sales.

Name

Janux Therapeutics

Legal name

Janux Therapeutics, Inc.

Website

https://januxrx.com

Company type

Public

Founded year

2017

Operating status

Operating

Headcount range

101–250 employees

Short description

Janux Therapeutics is a clinical-stage biopharmaceutical company that develops tumor-activated bispecific T cell engagers using proprietary TRACTr, TRACIr and ARM platforms to treat prostate cancer and autoimmune diseases, monetized through licensing and milestone payments from Merck and Bristol Myers Squibb.

Ownership category

akta.pro rank

Headquarters

HQ city

La Jolla

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Strategic Partnerships and Licensing (Merck): In December 2020, Janux entered a research collaboration and exclusive license agreement with Merck to develop TRACTr product candidates. Merck exercised its right to select both collaboration targets. Janux receives upfront, milestone, and potential royalty payments. Merck leads clinical development and commercialization. In August 2025, the first patient was dosed in the lead collaboration program.
2. Strategic Partnerships and Licensing (Bristol Myers Squibb): In January 2026, Janux entered a collaboration and exclusive worldwide license agreement with Bristol Myers Squibb for a novel tumor-activated therapeutic targeting a validated solid tumor antigen. Janux receives $50 million in upfront and near-term payments plus up to approximately $800 million in development, regulatory, and commercial milestones, plus tiered royalties on global sales. Janux conducts preclinical development through IND submission, then BMS leads clinical development and global commercialization.
3. Milestone Payments from Partnerships: Janux generates non-dilutive capital through milestone payments triggered by development, regulatory, and commercial achievements under its partnership agreements. The company received a $35 million milestone payment from Bristol Myers Squibb in April 2026 following nomination of a development candidate.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Janux Therapeutics is a clinical-stage biopharmaceutical company developing tumor-activated immunotherapies using three proprietary platforms (TRACTr, TRACIr, and ARM) that employ peptide masking technology to keep T cell-binding domains inactive until cleaved by tumor-specific proteases in the tumor microenvironment. Its pipeline includes PSMA-directed T cell engagers for metastatic castration-resistant prostate cancer (JANX007, JANX014), a CD19-targeted candidate for autoimmune disease (JANX011), and a PSMA-directed T cell costimulator (JANX013), with commercialization rights primarily licensed to Merck and Bristol Myers Squibb.

Product overview

Janux Therapeutics is a clinical-stage biopharmaceutical company developing precision-engineered immunotherapies using three proprietary technology platforms: TRACTr (Tumor Activated T Cell Engager), TRACIr (Tumor Activated Immunomodulator), and ARM (Adaptive Immune Response Modulator). The TRACTr and TRACIr platforms are designed to selectively activate T cells in the tumor microenvironment while minimizing systemic toxicity, using tumor-specific protease-cleavable peptide masks. The ARM platform enables redesigned bispecific T-cell engagers for autoimmune disease applications. The company's pipeline includes wholly-owned programs (JANX007, JANX014, JANX011, JANX013) targeting PSMA for prostate cancer and CD19 for autoimmune diseases, as well as partnered programs with Merck and Bristol Myers Squibb.

Differentiator

Problem solved

Functional benefit

Products and services

• JANX007 (PSMA-TRACTr) Lead Tumor Activated T Cell Engager (TRACTr) targeting PSMA (prostate-specific membrane antigen) for treatment of metastatic castration-resistant prostate cancer (mCRPC). Single-masked TRACTr where the PSMA-binding domain is unmasked and CD3 is masked to minimize cytokine release syndrome.
• JANX014 (PSMA-TRACTr) Novel double-masked Tumor Activated T Cell Engager (TRACTr) targeting PSMA for metastatic castration-resistant prostate cancer. Both PSMA-binding and CD3 domains are masked to enable tumor-selective T cell activation and refined safety including minimization of cytokine release syndrome risk.
• JANX011 (CD19-ARM) CD19-targeted Adaptive Immune Response Modulator designed for autoimmune diseases. JANX011 drives prolonged drug-free remissions as an off-the-shelf re-dosable therapeutic, demonstrating deep and durable B-cell depletion with prolonged memory B-cell reset and no evidence of cytokine release syndrome in preclinical studies.
• JANX013 (PSMA-TRACIr) Novel tumor-activated immune modulator targeting PSMA engineered to deliver CD28-mediated co-stimulation selectively within the tumor microenvironment. Designed to be developed in combination with JANX007 in patients with metastatic castration-resistant prostate cancer.
• TRACTr Platform Tumor Activated T Cell Engager platform that uses proprietary masking technology to engineer novel drug candidates designed to overcome traditional TCE toxicity and efficacy limitations. TRACTrs comprise a tumor antigen-binding domain and a T cell binding domain (CD3), with the CD3 binding domain protected by a domain-optimized peptide mask cleaved at the tumor via tumor-specific proteases.
• TRACIr Platform Tumor Activated Immunomodulator platform that utilizes a tumor antigen-binding domain linked to a T cell costimulatory CD28 binding domain. The CD28 binding domain is masked and selectively activated in the tumor microenvironment to deliver CD28-mediated co-stimulation within the tumor.
• ARM Platform Adaptive Immune Response Modulator platform for developing redesigned bispecific T-cell engagers to improve efficacy and durability of response with a large safety window, intended for autoimmune disease applications. First clinical candidate JANX011 targets CD19 for deep and durable B-cell depletion in autoimmune diseases.

Quantifiable outcome

• Median radiographic progression-free survival of 7.9 to 8.9 months in mCRPC patients treated with JANX007 (Phase 1 data, December 2025)
• +3 more outcomes

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Two partnerships are on record, tiered core.

• Bristol Myers Squibb (BMS)coreStrategic or Co-development Partner · 22 January 2026In January 2026, Janux entered a collaboration and exclusive worldwide license agreement with Bristol Myers Squibb to develop a novel tumor-activated therapeutic targeting a validated solid tumor antigen expressed across multiple cancer types. Janux receives $50M in upfront and near-term payments plus up to approximately $800M in additional milestones, plus tiered royalties on global sales. Janux conducts preclinical development through IND submission; BMS leads subsequent clinical development and global commercialization, with Janux remaining actively involved through completion of the first Phase 1 clinical study. A $35M milestone was triggered in April 2026 following nomination of a development candidate.
• Merck & Co. (Merck Sharp & Dohme)coreStrategic or Co-development Partner · 1 December 2020In December 2020, Janux entered a research collaboration and exclusive license agreement with Merck to develop TRACTr two product candidates distinct from Janux's internally developed pipeline. Merck exercised its right to select both collaboration targets related to next-generation TCE immunotherapies for cancer treatment. In August 2025, Janux announced the first patient was dosed in the lead collaboration program. Deal value exceeds $1 billion in total potential payments.

Scale indicators8 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Compass Therapeutics: Clinical-stage biotech with bispecific antibody candidates (e.g., CD3-engaging formats) for oncology. Small capitalization peer with a comparable technology platform and indication focus.
• MacroGenics: Develops DART and TRIDENT bispecific antibody platforms, including T cell engagers and ADCs targeting oncology antigens; partnered with multiple Big Pharma. Closely comparable format and indication overlap (solid tumors, hematologic cancers).
• Xencor: Clinical-stage biotech with the XmAb bispecific antibody platform used by multiple partners to build T cell engagers (e.g., CD3-engaging formats) for oncology and autoimmune. Operates a similar platform-plus-partnership business model.
• Zymeworks: Develops Azymetric bispecific antibodies and other multispecific platforms for oncology and autoimmune indications, including T cell engaging constructs; similar pipeline breadth and partnership-driven commercialization model.
• Maverick Therapeutics: Pre-IPO developer of conditional T cell engagers (COBRA platform) targeting solid tumors, including a PSMA-directed candidate; acquired by Takeda in 2022. Closest technology competitor in masking-based TCEs.
• Harpoon Therapeutics: Developed T cell engagers with a proprietary masking/half-life-extension platform (TriTAC) targeting solid tumor antigens including PSMA; acquired by Merck in 2024. Closest technology analog to Janux's TRACTr platform and now a program counterpart inside Janux's Merck partner.
• Genmab: Owns the DuoBody bispecific platform used in oncology therapeutics including T cell engagers and antibody-drug conjugates; partnered broadly with Big Pharma. Direct structural analog to Janux's bispecific platform strategy.

Broad incumbents

• Amgen: Pioneered the BiTE platform (blinatumomab is approved) and continues to develop CD3-bispecifics across solid and hematologic tumors; sets the competitive baseline for any new TCE entrant in oncology.
• Regeneron Pharmaceuticals: Develops CD3-engaging bispecific antibodies (e.g., CD20×CD3 linvoseltamab, earlier REGN1979) as part of a large oncology and immunology portfolio. Operates bispecific programs at greater scale and commercial reach than Janux.

Emerging players

• Cullinan Therapeutics: Clinical-stage developer of precision oncology biologics including T cell engaging modalities; smaller-cap competitor with overlapping bispecific/TCE approaches for solid tumors.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xtwitter.com/januxrx
• LinkedInlinkedin.com/company/janux-therapeutics

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 records

Funding overview

Funding rounds6 records

Investors12 records

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M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Janux Therapeutics