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JANX

Janux Therapeutics, Inc.

JANX

Janux Therapeutics, Inc. • NASDAQ
$34.09 ▼ -1.73% (-0.60)
Market Cap $2.05 B
52w High $71.71
52w Low $21.73
Dividend Yield 0%
P/E -20.41
Volume 502.47K
Outstanding Shares 60.15M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $10M ▲ $44.75M ▼ $-24.313M ▲ -243.13% ▼ $-0.39 ▲ $-23.812M ▲
Q2-2025 $0 $45.118M ▲ $-33.858M ▼ 0% $-0.55 ▼ $-44.577M ▼
Q1-2025 $0 $34.897M ▲ $-23.508M ▼ 0% $-0.38 ▼ $-34.378M ▼
Q4-2024 $0 ▼ $29.022M ▼ $-20.216M ▲ 0% ▲ $-0.36 ▲ $-28.51M ▲
Q3-2024 $439K $36.281M $-28.059M -6.392K% $-0.51 $-35.332M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $988.993M ▼ $1.025B ▼ $48.211M ▲ $976.555M ▼
Q2-2025 $996.011M ▼ $1.032B ▼ $41.696M ▲ $990.516M ▼
Q1-2025 $1.014B ▼ $1.051B ▼ $38.303M ▼ $1.012B ▼
Q4-2024 $1.025B ▲ $1.062B ▲ $38.735M ▼ $1.023B ▲
Q3-2024 $658.031M $695.019M $38.915M $656.104M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-24.313M ▲ $-12.856M ▲ $8.306M ▲ $493K ▼ $-4.057M ▲ $-12.949M ▲
Q2-2025 $-33.858M ▼ $-23.813M ▼ $1.562M ▲ $954K ▲ $-21.297M ▲ $-24.286M ▼
Q1-2025 $-23.508M ▼ $-17.024M ▼ $-340.392M ▼ $554K ▼ $-356.862M ▼ $-17.395M ▼
Q4-2024 $-20.216M ▲ $-16.725M ▼ $33.926M ▲ $386.65M ▲ $403.851M ▲ $-16.767M ▼
Q3-2024 $-28.059M $-2.231M $12.674M $1.649M $12.092M $-2.256M

Five-Year Company Overview

Income Statement

Income Statement Income statement: Janux still behaves like a classic early‑stage biotech company: essentially no product revenue and a steady stream of research and development expenses creating ongoing losses. The loss level has grown as the company has ramped up clinical work, but not in an out‑of‑control way – it looks like a deliberate decision to invest more in trials, people, and platform development. Per‑share losses have been fairly consistent year to year, which suggests the company is scaling its spending in a measured fashion rather than suddenly accelerating. Overall, the income statement reflects a business that is firmly in the investment phase, not yet in the commercialization phase.

Balance Sheet

Balance Sheet Balance sheet: The balance sheet is a relative bright spot. Janux holds a sizable cash and investment cushion compared with its very small amount of debt, and equity makes up almost all of its capital structure. The jump in total assets and cash in the most recent year points to successful capital raising, likely giving the company several years of operating runway at its current burn rate. Debt is minimal, which lowers financial risk, but it also means future funding will likely continue to come mainly from equity or partnerships. Overall, this is a clean, cash‑rich balance sheet for a clinical‑stage biotech, but still dependent on external funding over time.

Cash Flow

Cash Flow Cash flow: Cash flows show a consistent pattern of cash out for operations and essentially no cash generation from the business itself yet, which is normal for a company at this stage. Operating and free cash outflows have grown gradually, mirroring the increase in R&D spend as more programs move forward. Capital spending is very light, so most of the cash is going directly into trials, platform work, and organizational build‑out rather than into heavy infrastructure. Sustainability of the cash burn depends on how quickly the pipeline advances and whether milestone or collaboration payments help offset expenses over time.

Competitive Edge

Competitive Edge Competitive position: Janux is trying to carve out a differentiated niche in cancer immunotherapy with its tumor‑activated T‑cell engager and immunomodulator platforms. The core idea—activating therapies mainly within the tumor to reduce systemic toxicity—directly targets a known weakness of first‑generation T‑cell engagers, which gives the company a clear narrative edge. Its patent portfolio and the partnership with a major pharma player provide validation and some moat around the technology. At the same time, the field is crowded and fast‑moving, with many companies pursuing conditionally activated immunotherapies. Janux’s position will ultimately hinge on how its clinical data, safety profile, and dosing flexibility compare with peers as more results emerge.

Innovation and R&D

Innovation and R&D Innovation & R&D: Innovation is the heart of the Janux story. The TRACTr and TRACIr platforms are designed to be modular, letting the company plug different tumor targets into the same basic framework and iterate quickly. Early data for its lead programs in prostate cancer and EGFR‑positive solid tumors are encouraging, especially on safety and response signals, though still early and subject to change as larger, longer studies read out. The pipeline is broadening into new cancer targets and even into autoimmune disease with the ARM platform, which diversifies future opportunities beyond oncology alone. The main risks are classic for biotech: clinical setbacks, safety surprises, regulatory hurdles, and the challenge of turning strong science into reproducible, late‑stage results. R&D productivity over the next few years will be the key proof point.

Summary

Summary: Janux Therapeutics is a cash‑rich, research‑driven biotech focused on making T‑cell therapies safer and more effective by activating them mainly inside tumors. Financially, it shows the typical profile of a clinical‑stage company: negligible revenue, steady losses, negative cash flow, but supported by a strong balance sheet with substantial cash and little debt. Strategically, its differentiated platform, growing patent estate, promising early clinical signals, and big‑pharma partnership all support a credible competitive story. On the other hand, the company is still several steps away from commercialization, operates in a highly competitive field, and faces meaningful scientific, clinical, and financing uncertainty. The long‑term picture will depend heavily on how its lead programs perform in upcoming trials and whether newer platforms like ARM can successfully expand its opportunity set beyond cancer.

NEWS

November 24, 2025 · 8:00 AM UTC

Janux Therapeutics to Host Virtual Event Discussing Updated Phase 1a and Phase 1b Clinical Data for JANX007 in mCRPC

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November 6, 2025 · 4:01 PM UTC

Janux Therapeutics Reports Third Quarter 2025 Financial Results and Business Highlights

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