New York, June 4, 2026, 18:33 (EDT)
Janux Therapeutics shares climbed in late U.S. trading Thursday, finishing the regular Nasdaq session ahead but trailing gains seen across biotech. The stock last traded at $13.76, up 16.5 cents, or roughly 1.2%. It moved between $13.60 and $14.07.
The SPDR S&P Biotech ETF climbed 2.7%, while the iShares Nasdaq Biotechnology ETF added 2.3%. Both are ETFs tracking the biotech sector. The Invesco QQQ Trust slipped 0.5%. It tracks bigger Nasdaq growth stocks.
Janux isn’t moving much on the day. Investors are focused on cash, timing for the trial, and how its prostate cancer push stacks up against rivals, not on new sales headlines right now.
Janux said in a May 7 update that JANX007, its T-cell engager aimed at PSMA in metastatic castration-resistant prostate cancer, is still recruiting for a Phase 1b study. PSMA shows up on many prostate cancer cells, and T-cell engagers are built to push T cells to attack tumors. CEO David Campbell called it “continued progress with JANX007,” also naming programs JANX014 and JANX013. Janux said it’s looking for more JANX007 data in the first half of 2027, a first JANX011 update in the second half of 2026, and said JANX008 has been dropped after Phase 1a. Janux
Balance sheet figures are key here. Janux said it had $956.4 million in cash, cash equivalents and short-term investments at the end of March 31. First-quarter net loss was $24.4 million, and R&D expenses came in at $26.8 million. The latest quarterly filing lists 60,984,354 common shares outstanding as of May 5.
The company has more time but no guarantees. Small biotech stocks often trade on hope, and there’s still a big gap between raising money and actually delivering a medicine that works.
Janux’s tie-up with Bristol Myers Squibb is still a key part of the story. In January, the two signed a deal to develop a tumor-activated treatment for solid tumors—cancers found in organs like the lung, breast, colon or pancreas. That agreement could reach $850 million. Campbell called it a “significant milestone,” saying the partnership links Janux’s tech with Bristol Myers’ ability to develop and sell new drugs. Reuters
Janux has its annual meeting on June 11 at 1:30 p.m. Pacific. Investors will vote on board seats, auditor ratification and pay for executives. The event is the main thing on the calendar for next week, not any data release.
Novartis isn’t slowing down. The company said May 31 that its PSMA-targeted radioligand therapy Pluvicto delivered steady radiographic progression-free survival in key groups with metastatic hormone-sensitive prostate cancer. Radiographic progression-free survival tracks the time until scans pick up worsening disease. Novartis oncology development chief Mark Rutstein described the company’s actinium program as the “next frontier in radioligand therapy.” Novartis
Amgen has a presence in the prostate-cancer space too. The company’s xaluritamig, which targets STEAP1, is in a Phase 1 trial for metastatic castration-resistant prostate cancer. STEAP1 isn’t the same target as PSMA, but investors tracking immune-based treatments will likely want to watch both.
Janux Therapeutics JANX007 sparked big hopes earlier this year. Shares jumped on early results, and TD Cowen’s Marc Frahm called it a “multi-billion-dollar potential” therapy. Now, investors watch as trials stretch longer and the field gets new rival data. Reuters
Downside is still clear. A delay on JANX007 data, softer results versus peers, or safety issues like cytokine release syndrome—an immune system problem seen with T-cell drugs—could put the stock under fast pressure. The move to drop JANX008 also signals Janux is trimming its pipeline.
Shares were in step with biotech on Thursday, not outpacing the sector. A bigger move looks like it will take a company-specific trigger.
