Janux Therapeutics Inc
JANXHealthcare|Biotechnology|USA
$16.41
-0.35 (-2.09%)
DCF (FCF)
$5.59
Tangible Book
$15.47
Financials
Financial Snapshot
Market Cap
$1.00B
Enterprise Value
$934.8M
Revenue (TTM)
$13.7M
Net Income (TTM)
$-114.5M
Cash & Equivalents
—
Net Cash/Share
$14.29
Free Cash Flow (TTM)
$-78.5M
Operating CF (TTM)
$-77.5M
Debt/Equity
0.02
Cash Runway & Burn Rate
Cash on Hand
$0.00
Quarterly Burn
$19.4M
Monthly Burn
$6.5M
Est. Runway
—
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $658.0K | $7.8M | $375.0M | $327.0M | $344.0M | $1.03B | $966.6M | $956.4M | |
| Operating Cash Flow | $-3.8M | $-4.4M | $-17.0M | $-42.9M | $-50.6M | $-43.8M | $-82.2M | $-77.5M | |
| Free Cash Flow | $-3.8M | $-4.4M | $-18.5M | $-49.4M | $-52.4M | $-44.2M | $-83.3M | $-78.5M | |
| Capital Expenditure | $0.00 | $0.00 | $-1.5M | $-6.4M | $-1.9M | $-359.0K | $-1.0M | $-945.0K | |
| Financing Cash Flow | $4.0M | $11.5M | $386.5M | $500.0K | $59.5M | $713.2M | $4.9M | $7.9M |
R&D Spending
R&D (TTM)
$127.7M
R&D Intensity
929.5%
R&D Growth YoY
+1.4%
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $3.6M | $8.6M | $8.1M | $10.6M | $10.0M | $13.7M | |
| R&D Expense | $3.0M | $3.0M | $26.2M | $53.4M | $54.9M | $68.4M | $125.9M | $127.7M | |
| R&D % of Revenue | — | — | 721.4% | 620.5% | 679.5% | 645.9% | 1259.0% | 929.5% | |
| SG&A | $772.0K | $1.8M | $10.3M | $22.3M | $26.1M | $41.0M | $41.8M | $43.1M |
Income Statement
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $3.6M | $8.6M | $8.1M | $10.6M | $10.0M | $13.7M | |
| Cost of Goods Sold | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Gross Profit | $0.00 | $0.00 | $3.6M | $8.6M | $8.1M | $10.6M | $10.0M | $13.7M | |
| R&D | $3.0M | $3.0M | $26.2M | $53.4M | $54.9M | $68.4M | $125.9M | $127.7M | |
| SG&A | $772.0K | $1.8M | $10.3M | $22.3M | $26.1M | $41.0M | $41.8M | $43.1M | |
| Operating Income | $-3.8M | $-4.8M | $-32.9M | $-67.1M | $-73.0M | $-98.8M | $-157.7M | $-157.0M | |
| Interest Expense | $-233.0K | $-206.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | $-4.0M | $-6.8M | $-32.7M | $-63.1M | $-58.3M | $-69.0M | $-113.6M | $-114.5M | |
| Net Income | $-4.0M | $-6.8M | $-32.7M | $-63.1M | $-58.3M | $-69.0M | $-113.6M | $-114.5M | |
| EPS (Diluted) | -0.62 | -0.54 | -1.39 | -1.52 | -1.32 | -1.28 | -1.83 | -1.84 | |
| EBITDA | $-3.8M | $-6.6M | $-32.8M | $-66.3M | $-71.0M | $-96.8M | $-155.6M | $-155.0M | |
| Shares Out. (M) | 6.42 | 12.47 | 23.53 | 41.47 | 44.02 | 53.75 | 61.97 | 62.67 |
Balance Sheet
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $658.0K | $7.8M | $35.6M | $51.4M | $19.2M | $430.6M | $52.3M | $51.8M | |
| Marketable Securities | $0.00 | $0.00 | $339.4M | $275.6M | $324.8M | $594.6M | $914.2M | $904.6M | |
| Total Current Assets | $658.0K | $16.1M | $377.0M | $332.4M | $349.2M | $1.03B | $975.9M | $1.00B | |
| Total Assets | $679.0K | $16.2M | $379.8M | $364.0M | $380.4M | $1.06B | $1.00B | $1.03B | |
| Total Current Liabilities | $4.6M | $3.2M | $12.8M | $16.5M | $13.0M | $17.5M | $25.0M | $58.9M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $8.6M | $30.9M | $13.5M | $43.3M | $36.1M | $38.7M | $44.7M | $86.7M | |
| Stockholders' Equity | $-7.9M | $-14.6M | $366.3M | $320.7M | $344.3M | $1.02B | $956.8M | $941.5M | |
| Retained Earnings | $-8.0M | $-14.7M | $-47.4M | $-110.5M | $-168.8M | $-237.8M | $-351.4M | $-375.7M |
Cash Flow Statement
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $-3.8M | $-4.4M | $-17.0M | $-42.9M | $-50.6M | $-43.8M | $-82.2M | $-77.5M | |
| Capital Expenditure | $0.00 | $0.00 | $-1.5M | $-6.4M | $-1.9M | $-359.0K | $-1.0M | $-945.0K | |
| Free Cash Flow | $-3.8M | $-4.4M | $-18.5M | $-49.4M | $-52.4M | $-44.2M | $-83.3M | $-78.5M | |
| Investing Cash Flow | $0.00 | $0.00 | $-341.0M | $58.3M | $-41.2M | $-258.0M | $-301.0M | $47.7M | |
| Financing Cash Flow | $4.0M | $11.5M | $386.5M | $500.0K | $59.5M | $713.2M | $4.9M | $7.9M | |
| Issuance of Stock | $0.00 | $0.00 | $204.2M | $0.00 | $56.5M | $698.3M | $0.00 | $0.00 | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $-347.0K | $0.00 | |
| Issuance of Debt | $4.0M | $2.5M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Payments of Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $6.0K | $72.0K | $6.9M | $17.2M | $20.0M | $33.0M | $40.2M | $38.8M | |
| Net Change in Cash | $172.0K | $7.2M | $28.6M | $15.8M | $-32.2M | $411.4M | $-378.3M | $-21.9M |
Dilution Tracker
Shares outstanding grew 166.3% over 5 years — significant dilution
Shares Outstanding
63M
5-Year Share Growth
+166.3%
Stock Issuance (TTM)
$0.00
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 6.42 | 12.47 | 23.53 | 41.47 | 44.02 | 53.75 | 61.97 | 62.67 | |
| YoY Change % | — | 94.4% | 88.6% | 76.2% | 6.1% | 22.1% | 15.3% | 1.1% | |
| Stock Issuance | $0.00 | $0.00 | $204.2M | $0.00 | $56.5M | $698.3M | $0.00 | $0.00 | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $-347.0K | $0.00 | |
| Stock Based Comp. | $6.0K | $72.0K | $6.9M | $17.2M | $20.0M | $33.0M | $40.2M | $38.8M |
Margins & Profitability
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Operating Margin % | 0.0% | 0.0% | -905.4% | -779.0% | -902.9% | -933.6% | -1576.7% | -1143.1% | |
| Net Margin % | 0.0% | 0.0% | -898.3% | -732.2% | -721.2% | -651.6% | -1136.3% | -833.6% | |
| EBITDA Margin % | 0.0% | 0.0% | -902.3% | -769.3% | -878.7% | -914.1% | -1556.4% | -1128.7% | |
| FCF Margin % | 0.0% | 0.0% | -507.5% | -573.2% | -648.6% | -417.2% | -832.8% | -571.6% | |
| ROE % | 0.0% | 0.0% | -18.6% | -18.4% | -17.5% | -10.1% | -11.5% | -11.7% | |
| ROA % | -589.7% | -80.3% | -16.5% | -17.0% | -15.7% | -9.6% | -11.0% | -11.1% | |
| R&D / Revenue | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)At Loss
HistoricalAt Loss / At Loss / At Loss
Industry Med.27.41
P/S74.23
Historical30.56 / 113.96 / 3300.00
Industry Med.9.51
P/B1.06
Historical0.80 / 1.72 / 6.40
Industry Med.2.93
EV/EBITDA-0.42
Historical-123.94 / -4.30 / 16.34
Industry Med.13.14
EV/Revenue4.78
Historical-216.37 / 48.51 / 2454.65
Industry Med.8.71
P/FCF—
Historical— / — / —
Industry Med.27.54
Intrinsic Value Models
DCF (FCF Based)
$5.59
Tangible Book
$15.47
Net Current Assets
$15.040
Net-Net Working Capital
$14.72
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | N/A | N/A | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | |
| PS Ratio | - | - | 127.29 | 63.32 | 58.32 | 271.78 | 85.71 | 74.23 | |
| PB Ratio | 0.00 | 0.00 | 2.22 | 1.71 | 1.44 | 3.09 | 0.87 | 1.06 | |
| EV/EBITDA | 0.00 | 0.00 | -13.38 | -3.72 | -2.49 | -22.32 | 0.71 | -0.42 | |
| EV/Revenue | 0.00 | 0.00 | 120.69 | 28.61 | 21.87 | 204.02 | -11.11 | 4.78 |
Analyst Estimates & Quality
Altman Z-Score
7.16
Safe
Piotroski F-Score
3
Weak
Beneish M-Score
1.44
Possible Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $24.20M | $4.18M | $13.29M |
| Net Income | $-120.47M | $-187.91M | $-236.27M |
| EPS | -1.86 | -2.82 | -3.49 |
| Book Value per Share | 14.44 | 11.42 | 8.72 |
| Operating Cash Flow per Share | -0.83 | -2.07 | -2.43 |
| Operating CF | $-52.01M | $-129.72M | $-152.28M |
Dividends
Revenue Segments
By Business
| Segment | 2025 |
|---|---|
| Research and development of a broad pipeline of novel immunotherapies | $10.0M |
By Geography
| Segment | 2025 |
|---|---|
| United States | $10.0M |