Janux Therapeutics announced that it has nominated a new development candidate under its exclusive worldwide license agreement with Bristol Myers Squibb, triggering a $35 million milestone payment that has been added to the company’s cash reserves.
The nomination is part of the collaboration’s development milestone schedule. Janux is responsible for preclinical development through IND submission, while Bristol Myers Squibb will hold the IND and assume responsibility for subsequent clinical development and global commercialization. Janux will continue to support Bristol Myers Squibb through the completion of the first Phase 1 clinical study of the candidate, which targets an undisclosed solid‑tumor antigen using the company’s TRACTr platform.
The $35 million infusion brings Janux’s cash and equivalents to $966.6 million as of December 31 2025, down from $1.03 billion a year earlier. The company’s research and development expenses have increased year‑over‑year, reflecting its continued investment in pipeline programs. The milestone payment therefore provides a significant non‑dilutive boost to the balance sheet and extends runway for ongoing Phase 1b and Phase 2 studies.
"This milestone underscores the strength of our approach to generating value through both internal innovation and strategic partnerships, and reflects the continued promise of our tumor‑activated platforms," said David Campbell, Ph.D., President and Chief Executive Officer of Janux. "The nomination of a development candidate highlights our ability to translate platform insights into differentiated therapeutics in collaboration with leading oncology companies." "We are pleased to reach this important milestone with Bristol Myers Squibb, which reflects strong collaboration between our teams and the disciplined execution of our research and development efforts," added Janeen Doyle, Chief Corporate and Business Development Officer.
Janux’s pipeline includes other clinical programs such as JANX007 (PSMA‑TRACTr for metastatic castration‑resistant prostate cancer), JANX008 (EGFR‑TRACTr for solid tumors) and JANX011 (CD19‑ARM for autoimmune diseases). The milestone payment not only validates the TRACTr platform but also positions Janux to pursue additional milestones and royalties under the partnership, reinforcing its strategic trajectory in solid‑tumor oncology.
Investors welcomed the milestone, reinforcing confidence in the partnership and the company’s ability to generate non‑dilutive capital while advancing its pipeline.
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