Executive Summary

EPS missed consensus as higher R&D spend offset interest income; GAAP diluted EPS was -$0.55 vs S&P Global consensus of -$0.47, driven by a step-up in R&D expenses to $34.7M and no collaboration revenue recognized in the quarter . EPS consensus from S&P Global; actuals from company filings.*
Revenue was $0.00 vs S&P Global consensus of $0.27M, as the company recorded no collaboration revenue in Q2 (vs $8.9M in Q2’24) . Revenue consensus from S&P Global; actuals from company filings.*
Cash, cash equivalents and short-term investments were $996.0M, providing multi‑year runway; management highlighted continued enrollment for lead assets (JANX007, JANX008) and disclosed a recently triggered $10M Merck milestone tied to first patient dosed in a partnered program (timing not reflected in Q2 revenue) .
Near-term stock drivers: 2H’25 data updates for JANX007 and JANX008, advancement of PSMA-TRACIr and TROP2-TRACTr into IND-enabling phases, and progress toward first-in-human for the CD19‑ARM platform in 1H’26 .

What Went Well and What Went Wrong

What Went Well

Strong liquidity: Cash, cash equivalents and short-term investments of $996.0M at 6/30/25, down modestly from $1.01B at 3/31/25, supports clinical execution across multiple programs .
Pipeline momentum: Enrollment ongoing for JANX007 (PSMA TRACTr, mCRPC) and JANX008 (EGFR TRACTr, multiple solid tumors); updates expected in 2H’25 .
Strategic expansion: R&D Day introduced PSMA‑TRACIr (CD28 co‑stimulation) to combine with JANX007, a next‑gen TROP2‑TRACTr, and an ARM platform with lead CD19‑ARM—each positioned for sizable unmet-need markets; management emphasized “ability to enact a strategy” to maximize value of current programs while advancing differentiated candidates .

Quotes:

“The recent expansion of our TRACTr, TRACIr, and ARM development programs displays our ability to enact a strategy that attempts to both maximize the benefit and value of our current clinical programs, including JANX007, while continuing to advance other differentiated candidates in oncology and autoimmune disease.” — David Campbell, President & CEO .
“We view the emerging JANX007 data… makes it a compelling opportunity in prostate cancer.” — David Campbell (R&D Day) .

What Went Wrong

EPS miss: GAAP diluted EPS of -$0.55 missed S&P Global consensus of -$0.47 as operating expenses increased; R&D rose to $34.7M (+133% y/y), and G&A to $10.5M (+35% y/y) . EPS consensus from S&P Global.*
No revenue recognition: Collaboration revenue was $0.0 (vs $8.9M in Q2’24 and $0.0 in Q1’25), contributing to the revenue miss versus S&P Global consensus of $0.27M . Revenue consensus from S&P Global.*
Loss widened: Net loss increased to $33.9M vs $6.0M in Q2’24 and $23.5M in Q1’25 (partly offset by $11.3M in other income from investment yields) .

Analyst concerns likely center on the cadence of collaboration revenue recognition (none this quarter despite a recently triggered $10M Merck milestone) and accelerated R&D spending ahead of multiple INDs and expansion cohorts .

Financial Results

Income statement highlights (USD Millions, except per-share; oldest → newest):

Metric	Q2 2024	Q1 2025	Q2 2025
Collaboration Revenue ($)	$8.897	$0.000	$0.000
R&D Expense ($)	$14.898	$25.055	$34.664
G&A Expense ($)	$7.821	$9.842	$10.454
Total Other Income ($)	$7.863	$11.389	$11.260
Net Loss ($)	$(5.959)	$(23.508)	$(33.858)
Net Loss per Share ($)	$(0.11)	$(0.38)	$(0.55)
Weighted Avg Shares (M)	54.452	61.792	61.902

Balance sheet and liquidity (USD Millions; oldest → newest):

Metric	Dec 31, 2024	Mar 31, 2025	Jun 30, 2025
Cash & Equivalents ($)	$430.605	$73.743	$52.446
Short-Term Investments ($)	$594.568	$940.403	$943.565
Cash + ST Investments ($)	$1,030.0	$1,010.0	$996.0
Total Assets ($)	$1,061.516	$1,050.772	$1,032.212
Total Liabilities ($)	$38.735	$38.303	$41.696
Stockholders’ Equity ($)	$1,022.781	$1,012.469	$990.516

Results vs S&P Global consensus (Q2 2025):

Metric	Actual	Consensus*	Beat/Miss
Revenue ($USD Millions)	$0.000	$0.273*	Miss
Diluted EPS ($)	$(0.55)	$(0.47)*	Miss
EPS - # of Estimates	—	11*	—
Revenue - # of Estimates	—	11*	—
Target Price Consensus Mean ($)	—	77.18*	—
Target Price - # of Estimates	—	17*	—

KPIs (operational highlights):

Enrollment ongoing for JANX007 (mCRPC) and JANX008 (EGFR solid tumors); additional data expected in 2H’25 .
$10M Merck milestone was triggered by first patient dosed in the lead collaboration program under the 2020 agreement (not reflected in Q2 collaboration revenue) .

Guidance Changes

Metric/Program	Period	Previous Guidance	Current Guidance	Change
JANX007 & JANX008 data updates	2H 2025	Updates expected 2H 2025	Updates expected 2H 2025	Maintained
PSMA‑TRACIr (CD28) + JANX007 combo	2026	Not previously disclosed	IND filing H1 2026; patient dosing 2H 2026	New
TROP2‑TRACTr	2025	Not previously disclosed	IND‑enabling planned H2 2025	New
CD19‑ARM (autoimmune)	2026	Not previously disclosed	First‑in‑human start H1 2026	New

No financial guidance (revenue, margins, OpEx, OI&E, tax rate, dividends) was provided in the Q2 materials .

Earnings Call Themes & Trends

Note: No Q2’25 earnings call transcript was available; insights reflect the Q2 press release and the July 24, 2025 R&D Day prepared remarks -.

Topic	Previous Mentions (Q4’24, Q1’25)	Current Period (Q2’25)	Trend
R&D execution (JANX007)	Positive Phase 1 interim data in late-line mCRPC; moving toward Phase 1b expansion	Enrollment ongoing; additional data in 2H’25	Continued execution
R&D execution (JANX008)	Ongoing Phase 1 enrollment	Ongoing enrollment; updates in 2H’25	On track
Platform expansion	Emphasis on TRACTr/TRACIr; future programs indicated	R&D Day unveiled PSMA‑TRACIr, TROP2‑TRACTr, and ARM (CD19) with clear timelines	Expanding pipeline
Collaboration milestones	—	$10M Merck milestone triggered by first patient dosed in lead program	Positive
Cash runway	$1.03B YE’24	$996.0M at 6/30/25; supports multi‑program execution	Solid though trending down with spend

Management Commentary

Strategic focus: “Maximize the benefit and value of our current clinical programs, including JANX007, while continuing to advance other differentiated candidates in oncology and autoimmune disease.” — David Campbell, CEO .
Differentiation via TRACIr: “We’re planning to combine JANX007 with a PSMA CD28 tumor‑activated TRACIr… preclinical data suggests [it] may enhance durability and potentially prolong clinical responses.” — Tommy DiRaimondo, CSO .
ARM platform intent: “A differentiated ARM platform… maintain comparable efficacy with reduced cytokines; we get T cell expansion leading to longer duration and less T cell exhaustion… potential best‑in‑class opportunity for B cell depletion.” — David Campbell .

Q&A Highlights

A Q2’25 earnings call transcript was not available in our document set. Management’s prepared remarks (Q2 release and R&D Day) emphasized 2H’25 clinical updates (JANX007/JANX008), IND‑enabling momentum for PSMA‑TRACIr and TROP2‑TRACTr, and first‑in‑human timing for CD19‑ARM in 1H’26 .

Estimates Context

EPS: Actual -$0.55 vs S&P Global consensus -$0.47 (miss), reflecting higher R&D and G&A with no offsetting collaboration revenue . Consensus from S&P Global.*
Revenue: Actual $0.00 vs S&P Global consensus $0.27M (miss), as no collaboration revenue was recognized in Q2 . Consensus from S&P Global.*
Coverage context: 11 EPS and revenue estimates; target price consensus mean $77.18 on 17 estimates as of Q2’25 cut-off.*

Where estimates may adjust: Analysts may revise near‑term revenue assumptions lower given irregular collaboration revenue recognition and push more value into 2H’25 clinical catalysts and 2026 IND/dosing timelines .

Key Takeaways for Investors

Near‑term catalyst setup: 2H’25 readouts for JANX007/JANX008 are the primary stock drivers; positive efficacy/safety updates could re‑rate the clinical value proposition .
Platform breadth: New PSMA‑TRACIr and TROP2‑TRACTr programs plus the CD19‑ARM platform broaden optionality across oncology and autoimmune—diversifying future value creation .
Funding runway: ~$1.0B of cash and ST investments supports multi‑program development and reduces financing overhang amid rising OpEx .
Execution watch‑items: Track cadence of collaboration receipts (e.g., Merck milestones) and OpEx discipline as multiple IND‑enabling and expansion studies advance .
Estimate dynamics: With no Q2 collaboration revenue and an EPS miss, near‑term consensus may compress on P&L while risk‑reward pivots to pipeline milestones; target price framework remains anchored to clinical progress and 2026 first‑in‑human catalysts.*
Trading implication: Into 2H’25, shares may trade on binary clinical events (JANX007/JANX008 updates) and program starts; consider position sizing around event timing and the evolving competitive landscape in mCRPC and EGFR/TROP2‑driven tumors .

Footnote: *Values retrieved from S&P Global.

Sources: Company 8‑K/press release for Q2’25 and financial statements -; Q1’25 and FY’24 press releases for trend context - -; R&D Day 2025 press release and transcript for strategic updates and timelines - -.

Janux Therapeutics, Inc. (JANX)·Q2 2025 Earnings Summary