Avalon Ventures XI, L.P.

10% holder Avalon Ventures XI sold 1,673,128 shares for $77,472,371.23 across 17 transactions on Oct 16–18

Avalon Ventures XI, a 10% owner of Janux Therapeutics, executed 17 separate sales totaling 1,673,128 shares for $77,472,371.23, reducing holdings by 44.2% from 3,788,501 shares to 2,115,373 shares post-transaction. The blended average sale price of $46.30 falls below the current price of $50.03, and 22.8% below the 52-week high of $64.78. This represents a material reduction in the holder's stake in an unprofitable biotech company (quarterly net income of $-5,959,000.00 and annual revenue decline of -6.1%), occurring after five recent sale transactions in late September 2024. The concentration of sales on October 18 at substantially lower price points ($44.75 in particular, representing the majority share volume) alongside earlier sales at higher prices ($49.69–$51.18) suggests execution across multiple price levels over the filing window rather than a single-moment transaction.

10% Owner Avalon Ventures XI sells 307,779 shares (307.8K shares) for $14,452,393.76 ($14.5M) across 14 transactions, reducing stake by 97.8%.

Avalon Ventures XI, a 10% owner, executed 14 separate sales totaling 307,779 shares (307.8K shares) for $14,452,393.76 ($14.5M) on 2024-09-26 through 2024-09-30, with a blended average price of $46.96. This represents a near-complete exit, reducing holdings by 97.8% from 314,666 shares (314.7K shares) to 6,887 shares (6.9K shares). The timing is notable: the sales occurred 14–29 days before the current price of $45.43, which stands 29.9% below the 52-week high of $64.78. Across the insider's cross-ticker track record, prior sells averaged a 90-day return of -14.2% with a 100% well-timed rate, though this comparison must be weighted against the absence of measurable same-ticker outcomes at JANX (5 prior trades from 2024-09-10 through 2024-09-12 have no yet-measurable 30d or 90d results). The company's fundamentals show an unprofitable state over its most recent full fiscal year, with a latest-quarter net income of -$5,959,000.00 (-$6.0M) against revenue of $8,897,000.00 ($8.9M), alongside negative annual revenue growth of -6.1%.

Avalon Ventures XI sells 451,091 shares for $21,153,619.49 in 9 transactions Sept 9–12, reducing stake 13.0% to 3.02M shares.

Avalon Ventures XI, a 10% owner, executed 9 separate sales totaling 451,091 shares for $21,153,619.49 across September 9–12 at prices ranging from $46.13 to $47.00, reducing its holding by 13.0% to 3,021,414 shares. This represents a substantial reduction by a major shareholder during a period when the stock has rebounded 22.1% over 30 days from what may have been a depressed level (currently 28.2% below its 52-week high of $64.78). The company is unprofitable (net income negative $5,959,000 in the latest quarter, full-year net income negative), with declining annual revenue growth of -6.1%, which underscores the financial headwinds the firm faces. The fund's cross-ticker sell track record shows a 100% well-timed rate across 7 prior sales (average 90-day return -14.2%), but same-ticker timing at JANX is limited and recent—only 1 of 1 prior JANX sales measurable at 90 days, which was well-timed (-14.2% return post-sale in June)—suggesting the fund may have recognized earlier signals at this particular investment.

Major shareholder Avalon Ventures XI sold 242,182 shares (97.2% of holdings) for $10.2M at $42.00 blended average on 2024-09-06 to 2024-09-09.

Avalon Ventures XI, a 10% owner, executed 4 separate sales totaling 242,182 shares for $10,172,364.06, reducing holdings from 249,182 shares to 7,000 shares—a near-complete exit (97.2% reduction). The sales occurred at $42.00 blended average, notably below the current price of $45.52 and well below the 52-week high of $64.78, positioning these trades at -29.7% from peak levels. Cross-ticker, this insider's prior sells showed a 100% well-timed rate (average 90-day return -29.7%), suggesting a pattern of exiting before declines; however, this represents measurable history across multiple tickers, not at JANX specifically. The company remains unprofitable with negative net income of $-5,959,000.00 in the latest quarter and negative full-year results, providing fundamental context for a significant insider reduction in exposure.