Overview

• US biopharma firm's Q1 collaboration revenue reached $3.7 mln, reflecting milestone payment

• Net loss for Q1 widened from prior year on higher R&D and G&A expenses

• Company discontinued JANX008 development, advanced pipeline and secured Bristol Myers Squibb milestone

Outlook

• Janux expects to provide additional clinical data for JANX007 in H1 2027

• Company plans to announce initial clinical update from JANX011 Phase 1 in H2 2026

• Janux plans to initiate clinical development of JANX013 in H2 2026

Result Drivers

• MILESTONE PAYMENT - Collaboration revenue in Q1 was driven by a $35 mln milestone payment from Bristol Myers Squibb

• HIGHER R&D SPENDING - Research and development expenses rose, primarily due to manufacturing activities

• PROGRAM PRIORITIZATION - Discontinued JANX008 development after Phase 1a, reallocating resources to other pipeline programs

Company press release: ID:nBw55v3Dka

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 16 "strong buy" or "buy", 3 "hold" and 1 "sell" or "strong sell"

• The average consensus recommendation for the biotechnology & medical research peer group is "buy"

• Wall Street's median 12-month price target for Janux Therapeutics Inc is $38.00, about 159.9% above its May 6 closing price of $14.62

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