Janux Therapeutics is a clinical-stage biopharmaceutical company developing immunotherapies for cancer and autoimmune disease. Janux has no approved products and generates no product revenue. The company's core focus is T cell engager (TCE) therapies — drugs that direct a patient's T cells to attack tumor cells — which have historically struggled in solid tumors due to cytokine release syndrome (CRS), off-tumor toxicity, and short half-life. Janux's proprietary TRACTr platform addresses these problems by engineering molecular "masks" that keep the drug inactive until tumor-specific proteases cleave them at the tumor site, limiting systemic exposure and CRS. An albumin-binding domain extends the drug's half-life, enabling infrequent subcutaneous dosing. The two lead TRACTr programs are JANX007, targeting PSMA in metastatic castration-resistant prostate cancer, and JANX008, targeting EGFR across multiple solid tumor types, both in Phase 1 trials. Janux is also applying its masking approach to autoimmune disease through its ARM platform, with JANX011, a CD19-targeting B cell depleter, in Phase 1 for conditions like lupus and rheumatoid arthritis. Janux funds development through equity raises and pharma partnerships — it has collaborations with Merck and Bristol Myers Squibb, each covering undisclosed oncology targets, with combined potential milestones exceeding $1B plus royalties. Janux does not own manufacturing facilities and relies on contract manufacturers. The company's strategy is to advance JANX007 toward a registrational trial, select tumor types for JANX008, expand the platform into new targets, and selectively pursue additional partnerships.