Janux Therapeutics, Inc. 8-K

What Happened
Janux Therapeutics, Inc. announced on January 21, 2026 that it entered an exclusive license and collaboration agreement with Bristol-Myers Squibb Company to develop and commercialize a novel tumor-activated therapeutic targeting a validated solid tumor antigen. Under the deal Janux granted BMS global, sublicensable rights to the licensed compounds and will handle preclinical development through IND submission for one compound; BMS will fund and lead development, manufacturing and commercialization thereafter. Janux filed an 8-K and issued a press release on January 22, 2026.

Key Details

• Date: Collaboration Agreement executed January 21, 2026; press release furnished January 22, 2026.
• Upfront and milestones: $15 million upfront plus up to $785 million in potential development, regulatory and sales milestone payments (including a $35 million near‑term milestone).
• Royalties: Tiered royalties on net sales ranging from high-single digit to low-double digit percentages, country- and product‑by‑product, ending on the later of 10 years after first sale, patent expiry, or regulatory exclusivity expiration.
• Responsibilities and limits: Janux will fund preclinical work to IND for one licensed compound and supply early clinical material for a limited time; BMS has the sole right thereafter. Janux agreed not to pursue or enable third parties to pursue T‑cell engagers directed to the Collaboration Target outside the collaboration (with customary exceptions).
• Termination: Agreement continues on a product‑by‑product/country basis until applicable royalty terms expire. Either party can terminate for uncured material breach or bankruptcy; BMS may also terminate for convenience or safety reasons; Janux may terminate if BMS stops development/commercial activities.

Why It Matters
The deal provides Janux with immediate non-dilutive revenue ($15M) and the potential for substantial milestone and royalty income, while partnering with a large pharma (BMS) to advance clinical development and commercialization. For investors, the agreement transfers late‑stage development and commercial risk to BMS but also limits Janux’s ability to independently develop T‑cell engager programs against the same target. Future value to Janux depends on successful clinical development, regulatory approvals, and commercial uptake of any licensed product; the company’s 8‑K also includes forward‑looking risk disclosures.