Janux Therapeutics, Inc. · NASDAQ:JANX
Janux Therapeutics — Investor Day (July 2025)
41 slides from Janux Therapeutics's investor day presentation, Jul 24, 2025
Slide 1: Creating Transformative Medicines to Improve Patients’ Lives
Creating Transformative Medicines to Improve Patients’ Lives July 24, 2025
Slide 2: Forward-Looking Statements and Disclaimers
Forward-Looking Statements and Disclaimers This presentation includes certain forward-looking statements that involve risks and uncertainties that could cause actual results to be materially different from historical results or from any future results expressed or implied by such forward-looking sta
Slide 3: Janux – multiple near-term high value opportunities in cancer and I&I
Janux – multiple near-term high value opportunities in cancer and I&I Clinical Programs • JANX007: PSMAxCD3-TRACTr undergoing P1b dose expansion trials in mCRPC • Position JANX007 to move into early lines of mCRPC therapy • JANX008: EGFRxCD3-TRACTr undergoing clinical P1a evaluation in multiple soli
Slide 4: Summary of new programs
Summary of new programs PSMAxCD28-TRACIr Program • Combination with JANX007 to further differentiate depth and durability of patient responses • CD28-based TRACIr platform designed to enhance T cell activation and durability of CD3-based TRACTr platform • TRACTr and TRACIr platforms built on same te
Slide 5: Janux pipeline
Janux pipeline Target Indications Discovery IND-Enabling Phase 1 Phase 2 Phase 3 Wholly owned TRACTr Programs JANX007 PSMA x CD3 mCRPC EGFR+ solid JANX008 EGFR x CD3 tumors TROP2+ solid TROP2-TRACTr TROP2 x CD3 tumors Wholly owned TRACIr Program PSMA-TRACIr PSMA x CD28 mCRPC Wholly owned ARM Program
Slide 6: Janux Tumor Activated T-Cell Engager (TRACTr) platform design principles
Janux Tumor Activated T-Cell Engager (TRACTr) platform design principles Each program is designed as a potent T-cell engager with reduced toxicity Healthy Tissue Tumor Tissue TRACTr Design Healthy Tissue Masks block activity against healthy TCE is rapidly cleared from Tumor specific activation to ma
Slide 7: Tumor Activated Immunomodulator (TRACIr) Platform
Tumor Activated Immunomodulator (TRACIr) Platform Introduction
Slide 8: TRACIr platform designed to enhance activity and durability of TRACTr platform
TRACIr platform designed to enhance activity and durability of TRACTr platform Combination with JANX007 to further differentiate depth and durability of patient responses Janux raised the bar with JANX007† Best-in-treatment potential in prostate cancer Median rPFS (mo) % rPFS Best PSA ≥ PSA50 at ≥ P
Slide 9: PSMA is an ideal target to evaluate TRACIr platform
PSMA is an ideal target to evaluate TRACIr platform Opportunity for rapid proof of concept What we know in prostate cancer PSMA-TRACTr + PSMA-TRACIr rationale JANX007 clinical results validate* tumor PSMA-TRACIr built with the same technology 1 activated platform in mCRPC and design principles as PS
Slide 10: CD28-costimulation to potentially enhance duration of TRACTr mediated anti-tumor activity
CD28-costimulation to potentially enhance duration of TRACTr mediated anti-tumor activity Combination designed to further improve T cell immune response against the tumor Enhanced durability from TRACTr plus CD28-costimulation T cell activation Signal-1 + Signal-2 PSMAxCD3 (TRACTr) + PSMAxCD28 (TRAC
Slide 11: TRACTr and TRACIr combination approach
TRACTr and TRACIr combination approach Unique opportunity to differentiate from non-masked approaches Non-masked CD28 approaches limited by toxicity TRACTr + TRACIr – Competitive differentiation PSMA x CD28 (REGN5678)* Masked TAA x CD3 + Masked TAA x CD28 Clinical activity of REGN5678 validates that
Slide 12: PSMA-TRACIr enhancement of T cell mediated tumor cell killing
PSMA-TRACIr enhancement of T cell mediated tumor cell killing Masking designed to reduce CRS and healthy tissue toxicity CD28 co-stimulation enhances TCE activity Cleavage dependent functional activity LNCaP tumor cell killing LNCaP tumor cell killing 100 EC20 PSMA-TCE 120 + PSMA-TCI Tumor cell viab
Slide 13: TRACIr extends duration of TRACTr mediated tumor killing
TRACIr extends duration of TRACTr mediated tumor killing CD28 co-stimulation prolongs T cell cytolytic function CD28 co-stimulation improves duration of T cell durability assay T cell mediated cytolytic activity Assay designed to drive rapid T cell exhaustion Tumor outgrowth after 10,000 three treat
Slide 14: PSMA-TRACIr profile in cynomolgus monkey
PSMA-TRACIr profile in cynomolgus monkey Well tolerated as a single agent or in combination with PSMA-TRACTr No adverse findings in cynos Large safety window in NHPs Non-masked PSMA-TCE Single agent TRACIr Combination TRACTr + TRACIr Single agent TRACTr 1mg/kg IV 1mg/kg IV Active dose Active dose Tr
Slide 15: First patient treated with PSMA TRACIr in combination with JANX007 planned in 2H-2026
First patient treated with PSMA TRACIr in combination with JANX007 planned in 2H-2026 IND enabling studies in progress IND in 1H-2026 Phase 1 planned in 2H-2026 PSMA-TRACTr Disease Prior clinical experience guides JANX007 dosing Dosing progression IND enabling studies Prostate Cancer • Non-clinical
Slide 16: Janux positioning to strengthen its prostate cancer franchise
Janux positioning to strengthen its prostate cancer franchise Opportunity to raise the bar again in prostate cancer with a TRACTr + TRACIr combination Clinically validated design principles Combination with potentially best-in-class JANX007 • JANX007 exhibits predictable dose dependent clinical acti
Slide 17: TROP2-TRACTr
TROP2-TRACTr
Slide 18: TRACTr platform unlocks opportunity for a potential first-in-class TROP2-TCE
TRACTr platform unlocks opportunity for a potential first-in-class TROP2-TCE Expansion into a high value target opportunity via clinically validated TRACTr platform Target Selection Rationale – Strategic Focus High unmet need – Market Potential Leverage learnings from JANX007 and JANX008 clinical 1
Slide 19: TROP2-TCEs likely require tumor-activated approach
TROP2-TCEs likely require tumor-activated approach Contemporary TCEs unable to access TROP2 target due to broad healthy tissue expression Healthy tissue expression limits contemporary TCEs TRACTr designed to reduce healthy tissue toxicity Broad TROP2 expression in skin, kidney, bladder, parotid, Mas
Slide 20: Optimized TROP2-TRACTr exhibits large activity multiples across tumor cell lines
Optimized TROP2-TRACTr exhibits large activity multiples across tumor cell lines TROP2-TRACTr exhibits a large functional potency shift relative to non-masked TCE Skin Cancer: Lung Cancer: Breast cancer: Colon cancer: A431 H292 MDAMB231 HCT116 600,000 TROP2/cell 225,000 TROP2/cell 35,000 TROP2/cell
Slide 21: TROP2-TRACTr active at low TROP2 expression density levels
TROP2-TRACTr active at low TROP2 expression density levels Opportunity to treat patients across all levels of TROP2 expression TROP2-TRACTr is active in low TROP2 expression TROP2-ADCs exhibit minimal activity in low TROP2 tumor model expression tumor models Vehicle NC-TRACTr (1.5mg/kg) TCE (0.5mg/k
Slide 22: Outcomes in TROP2-ADC treated TNBC patients deteriorate if tumor TROP2 expression is low
Outcomes in TROP2-ADC treated TNBC patients deteriorate if tumor TROP2 expression is low TROP2-TRACTr aims to provide stronger benefit to patients with low TROP2 expression TROP2 expression impacts ADC clinical benefit in TNBC‡ TROP2 Number mPFS mOS Expression % Patients Treatment ORR CR + PR Patien
Slide 23: TROP2-TRACTr is well tolerated in NHP
TROP2-TRACTr is well tolerated in NHP TRACTr reduced CRS and healthy tissue toxicity compared to non-masked TROP2-TCE Masking prevents toxicity in NHP TROP2-TRACTr large safety multiple Minimal cytokine release TROP2-TRACTr – IV bolus TROP2-TRACTr – IV bolus Non-masked TROP2-TCE 100 0.3mg/kg 1,000 0
Slide 24: Janux well-positioned to access high-value target with clinically validated TRACTr platform
Janux well-positioned to access high-value target with clinically validated TRACTr platform Opportunity for First-In-Class TROP2 targeted TCE Clinically validated TRACTr platform Robust Non-clinical Safety and Activity • Activity across full spectrum of TROP2 Tumor binding T cell TROP2-TRACTr expres
Slide 25: Adaptive Immune Response Modulator (ARM) Platform
Adaptive Immune Response Modulator (ARM) Platform Redesigned bispecific T-cell engagers
Slide 26: Reimagining T-cell engagers to overcome TCE limitations for improved patient treatments
Reimagining T-cell engagers to overcome TCE limitations for improved patient treatments Janux ARMs are designed to improve efficacy and safety of TCEs in oncology and I&I Contemporary TCEs Janux ARMs Efficacy Efficacy Response Depth & Response Depth & Rate Durability Rate Durability TCE ARM CRS Heal
Slide 27: Robust T-cell expansion is a key mediator of successful anti-tumor immune responses
Robust T-cell expansion is a key mediator of successful anti-tumor immune responses Expanded memory reservoir replenishes effector cells to maintain immune response Adaptive T-Cell Immune Response • Tumor clearance • Checkpoint antibody responders* • CAR-T responders** *Reiner 2025, **Dreyzin 2025 T
Slide 28: Robust T-cell expansion is a key mediator of successful anti-tumor immune responses
Robust T-cell expansion is a key mediator of successful anti-tumor immune responses Expanded memory reservoir replenishes effector cells to maintain immune response Adaptive T-Cell Immune Response • Tumor clearance • Checkpoint antibody responders* • CAR-T responders** *Reiner 2025, **Dreyzin 2025 I
Slide 29: Recent clinical studies have shown that TCEs elicit minimal T-cell expansion
Recent clinical studies have shown that TCEs elicit minimal T-cell expansion in heme-onc and AID patients TCE T-Cell Immune Response • Decline in cytolytic function has been reported in ALL patients treated with Blincyto (Ma 2024) • Naïve, central memory, effector memory, and effector subsets were u
Slide 30: ARM demonstrates comparable potency with reduced cytokine release compared to TCE
ARM demonstrates comparable potency with reduced cytokine release compared to TCE Healthy human PBMCs – similar data with CD4 T-cells B-Cell Depletion T-Cell Expansion Cytokine Release IFNƴ TNFα IL-6 IL-2 120 64 20,000 1,500 1,000 250 CD8+ T-cell fold change 100 32 1,200 800 200 15,000 16 CD19 80 pg
Slide 31: Comparison of TCE and ARM CD8 profiles and B-cell depletion
Comparison of TCE and ARM CD8 profiles and B-cell depletion TCE treatment reduces effector populations which limits B-cell depletion CD20-TCE Limited B-cell 120% 2048 depletion Nominal effector or CD8 T-Cell Fold Change 100% 512 memory expansion B-Cell Survival (%) 128 80% 32 60% 8 40% 2 Tn 0.5 20%
Slide 32: ARM demonstrates improved duration of T cell function compared to a TCE
ARM demonstrates improved duration of T cell function compared to a TCE Provides potential to improve clinical durability and reduce infection risk CD20-TCE 4096 2048 100% 1024 Limited B-cell CD8+ T-Cell Fold Change Learnings from clinical TCE programs* Tn 512 256 80% depletion 128 • Loss in T-cell
Slide 33: CD19-ARM to Treat AID Patients
CD19-ARM to Treat AID Patients Lead Program – Planned FIH Phase 1 for 1H2026
Slide 34: CD19-ARM aims to reset the immune system of autoimmune disease (AID) patients
CD19-ARM aims to reset the immune system of autoimmune disease (AID) patients Deep and rapid B cell depletion from blood and tissue followed by naïve B cell re-population ARM single T cell expansion T cell contraction Immune reset Normal B cell re-population SC dose B cell depletion B cell aplasia R
Slide 35: Deep B-cell depletion in periphery and tissues with a prolonged memory cell reset
Deep B-cell depletion in periphery and tissues with a prolonged memory cell reset Single dose NHP results support an extended dosing interval in autoimmune patients Rapid B-Cell Depletion Deep Tissue B-cell Depletion Durable Memory B Cell Reset 800 800 100mg/kg SC 3 mpk SC 100 mpk SC B cell count /
Slide 36: CD19-ARM has best-in-class safety multiple in NHP relative to contemporary TCEs
CD19-ARM has best-in-class safety multiple in NHP relative to contemporary TCEs ARM overcomes CRS limitations of contemporary TCEs B-Cell Depletion CD19-ARM *CLN-978 †Blincyto ‡Epcoritamab ₶Glofitamab ₼Mosunetuzumab (from pre-dose to 1 week) 0 Competitor’s B-cell % change in B cells -20 depletion de
Slide 37: CD19-ARM demonstrates activity in multiple autoimmune patient samples
CD19-ARM demonstrates activity in multiple autoimmune patient samples Consistent B-cell depletion in disease patient PBMCs Potent B-Cell Depletion Full B-Cell Depletion SLE SLE RA RA IIM IIM MG MG Healthy Healthy 0.1 1 10 100 0 20 40 60 80 100 EC50 (pM) B cell killing (%) Systemic Lupus Erythematosu
Slide 38: Phase 1 study design - first patient treated in HNV trial planned in 1H2026
Phase 1 study design - first patient treated in HNV trial planned in 1H2026 Healthy Normal Volunteer (HNV) Study Rapidly understand B-cell depletion and CRS risk Autoimmune Patient Study CD19-ARM Dose Observation CD19-ARM End of DLT Observation 1st Dose Period Period Dose Period Period AID Indicatio
Slide 39: Key CD19-ARM developments
Key CD19-ARM developments Clinical Development • CD19-ARM planned FIH Phase 1 for 1H2026 • Regulatory filing planned for 4Q2025 • GMP bispecific antibody manufacturing in-progress Human Dose Projection • Human efficacious dose projection range is 0.07-0.17 mg/kg SC (5-12 mg total dose) • Based upon
Slide 40: Janux is leading the development of novel TCEs that address efficacy and safety limitations
Janux is leading the development of novel TCEs that address efficacy and safety limitations TRACTr and ARM platforms provide the opportunity to develop best-in-class drugs Differentiated ARM Platform Expertise At All Stages of Drug Development Advantageous design principles • Demonstrated track reco
Slide 41: David Campbell, Ph.D.
JanuxRx.com David Campbell, Ph.D. President and CEO 10955 Vista Sorrento Parkway San Diego, CA 92130 dcampbell@januxrx.com