Estados financieros detallados de Janux Therapeutics, Inc. (JANX): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Márgenes de los últimos 12 meses: margen bruto 68.9%, margen operativo -450.3%, margen neto -321.8%.
Al precio actual de $16.25, JANX presenta beneficios negativos (P/E no significativo) y un ROE del -10.79%. La capitalización bursátil es de $991M.
Cuenta de Resultados (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | 0 | 0 | $3.6M | $8.6M | $8.1M | $10.6M | $10.0M |
| Coste de Ventas | $6000 | $13000 | $26.2M | $841000 | $2.0M | $2.1M | $2.0M |
| Beneficio Bruto | -$6000 | -$13000 | -$22.6M | $7.8M | $6.1M | $8.5M | $8.0M |
| I+D | $3.0M | $3.0M | $26.2M | $53.4M | $54.9M | $68.4M | $125.9M |
| Generales y Administrativos | $772000 | $1.8M | $10.3M | $22.3M | $26.1M | $41.0M | $41.8M |
| Gastos Operativos | $3.8M | $4.8M | $10.3M | $74.9M | $79.1M | $107.4M | $165.6M |
| Beneficio Operativo | -$3.8M | -$4.8M | -$32.9M | -$67.1M | -$73.0M | -$98.8M | -$157.7M |
| EBITDA | -$3.8M | -$6.6M | -$32.6M | -$62.2M | -$56.3M | -$66.9M | -$111.6M |
| Gastos por Intereses | $233000 | $206000 | 0 | 0 | 0 | 0 | 0 |
| Beneficio Antes de Impuestos | -$4.0M | -$6.8M | -$32.7M | -$63.1M | -$58.3M | -$69.0M | -$113.6M |
| Impuestos | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Beneficio Neto | -$4.2M | -$6.8M | -$32.7M | -$63.1M | -$58.3M | -$69.0M | -$113.6M |
| BPA | $-0.10 | $-0.16 | $-0.79 | $-1.52 | $-1.32 | $-1.28 | $-1.83 |
| BPA Diluido | $-0.10 | $-0.16 | $-0.79 | $-1.52 | $-1.32 | $-1.28 | $-1.83 |
| Acciones en Circulación (Diluidas) | $41.6M | $41.6M | $41.2M | $41.5M | $44.0M | $53.8M | $62.0M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $10.0M | $7.9M | $3.7M | $10.3M |
| Beneficio Bruto | $9.5M | -$1.1M | $3.3M | $10.3M |
| Beneficio Operativo | -$35.3M | -$42.4M | -$34.2M | -$31.7M |
| EBITDA | -$23.8M | -$31.4M | -$23.9M | -$22.0M |
| Beneficio Neto | -$24.3M | -$31.9M | -$24.4M | -$22.0M |
| BPA | $-0.39 | $-0.51 | $-0.39 | $-0.35 |
| BPA Diluido | $-0.39 | $-0.51 | $-0.39 | $-0.35 |
Balance (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $658000 | $7.8M | $35.6M | $51.4M | $19.2M | $430.6M | $52.3M |
| Inversiones a Corto | 0 | 0 | $339.4M | $275.6M | $324.8M | $594.6M | $914.2M |
| Cuentas por Cobrar | 0 | $8.0M | $200000 | $700000 | $2.2M | $5.4M | $6.4M |
| Inventario | 0 | 0 | 0 | -$700000 | 0 | 0 | 0 |
| Activos Corrientes | $658000 | $16.1M | $377.0M | $332.4M | $349.2M | $1.03B | $975.9M |
| Inmovilizado Material | $21000 | $155000 | $1.6M | $29.4M | $27.8M | $24.1M | $22.3M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Totales | $679000 | $16.2M | $379.8M | $364.0M | $380.4M | $1.06B | $1.01B |
| Cuentas por Pagar | $267000 | $428000 | $2.5M | $2.2M | $2.4M | $4.0M | $5.0M |
| Deuda a Corto | $4.0M | 0 | 0 | 0 | 0 | 0 | $2.4M |
| Pasivos Corrientes | $4.6M | $3.2M | $12.8M | $16.5M | $13.0M | $17.5M | $25.0M |
| Deuda a Largo | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Totales | $8.6M | $30.9M | $13.5M | $43.3M | $36.1M | $38.7M | $50.7M |
| Reservas | -$8.0M | -$14.7M | -$47.4M | -$110.5M | -$168.8M | -$237.8M | -$351.4M |
| Patrimonio Neto | -$7.9M | -$14.6M | $366.3M | $320.7M | $344.3M | $1.02B | $956.8M |
| Deuda Total | $4.0M | 0 | $194000 | $25.3M | $24.5M | $23.0M | $22.1M |
| Deuda Neta | $3.3M | -$7.8M | -$374.8M | -$301.7M | -$319.5M | -$1.00B | -$944.4M |
| Capital Circulante | -$4.0M | $12.9M | $364.2M | $315.9M | $336.2M | $1.02B | $950.9M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $48.4M | $52.3M | $51.8M | $27.8M |
| Activos Totales | $1.02B | $1.01B | $1.03B | $1.01B |
| Pasivos Totales | $48.2M | $50.7M | $86.7M | $79.7M |
| Patrimonio Neto | $976.6M | $956.8M | $941.5M | $928.0M |
| Deuda Total | $22.7M | $22.1M | $21.6M | $21.0M |
Flujo de Caja (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$4.0M | -$6.8M | -$32.7M | -$63.1M | -$58.3M | -$69.0M | -$113.6M |
| Amortizaciones | $6000 | $13000 | $113000 | $841000 | $2.0M | $2.1M | $2.0M |
| Compensación en Acciones | $6000 | $72000 | $6.9M | $17.2M | $20.0M | $33.0M | $40.2M |
| Cambio en Capital Circulante | -$69000 | $389000 | $8.8M | $4.3M | -$6.6M | $685000 | $6.7M |
| Flujo de Caja Operativo | -$3.8M | -$4.4M | -$17.0M | -$42.9M | -$50.6M | -$43.8M | -$82.2M |
| Inversiones (CapEx) | 0 | 0 | -$1.5M | -$6.4M | -$1.9M | -$359000 | -$1.0M |
| Adquisiciones | 0 | 0 | $339.5M | -$64.7M | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | -$347000 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$3.8M | -$4.4M | -$18.5M | -$49.4M | -$52.4M | -$44.2M | -$83.3M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$12.9M | -$28.5M | -$12.3M | $147000 |
| Inversiones (CapEx) | -$93000 | -$106000 | -$273000 | -$475000 |
| Flujo de Caja Libre | -$12.9M | -$28.6M | -$12.6M | -$328000 |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $9.0M | $9.5M | $9.3M | $18.3M |
Crecimiento y Márgenes (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | | | +136.8% | -6.1% | +31.0% | -5.6% |
| Crecimiento Beneficio Neto (anual) | | -60.1% | -381.6% | -93.0% | +7.6% | -18.4% | -64.7% |
| Crecimiento BPA (anual) | | -60.0% | -393.8% | -92.4% | +13.2% | +3.0% | -43.0% |
| Cambio en Acciones (anual) | | +0.0% | -0.9% | +0.5% | +6.1% | +22.1% | +15.3% |
| Crecimiento FCF (anual) | | -14.1% | -322.5% | -167.5% | -6.2% | +15.7% | -88.5% |
| Margen Bruto | | | -621.4% | 90.2% | 75.8% | 80.5% | 79.7% |
| Margen Operativo | | | -905.4% | -779.0% | -902.9% | -933.6% | -1576.7% |
| Margen EBITDA | | | -895.2% | -722.5% | -697.0% | -632.2% | -1116.0% |
| Margen Neto | | | -898.3% | -732.2% | -721.2% | -651.6% | -1136.2% |
| Margen FCF | | | -507.5% | -573.2% | -648.6% | -417.2% | -832.8% |
| Tasa Impositiva Efectiva | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Datos por Acción (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-0.09 | $-0.10 | $-0.45 | $-1.19 | $-1.19 | $-0.82 | $-1.34 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $41.6M | $41.6M | $41.2M | $41.5M | $44.0M | $53.8M | $62.0M |
Qué mirar en Biotech
La mayoría de biotechs pequeñas pierden dinero. Analizarlas con P/E no tiene sentido — mira caja y pipeline.
- Cash Runway — Meses de caja al ritmo de gasto actual. <18 meses = riesgo de dilución urgente
- Cash burn anual — Ritmo al que queman caja operativa. Comparar con posición de caja para proyectar runway
- Total Debt — Biotech sin ingresos + deuda = receta para bancarrota
- I+D / Capitalización — Cuánto invierten en pipeline vs lo que vale la empresa — indicador de intensidad investigadora
- Market cap / Cash — Si cotiza cerca de su caja, el mercado le da ~0 valor al pipeline — puede ser oportunidad o trampa
Rentabilidad
| Rentabilidad sobre capital | -10.79% |
| Rentabilidad sobre capital invertido | -15.11% |
| Rentabilidad sobre activos | -10.18% |
| Margen bruto | 68.91% |
| Margen operativo | -450.30% |
| Margen neto | -321.81% |
Salud financiera
| Deuda / Patrimonio | 0.02 |
| Ratio corriente | 16.35 |
Ratios Clave (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -251.50 | -157.19 | -24.97 | -8.66 | -8.13 | -41.83 | -7.54 |
| P/VC | -131.74 | -71.49 | 2.22 | 1.70 | 1.37 | 2.81 | 0.89 |
| P/V | 0.00 | 0.00 | 223.74 | 63.42 | 58.43 | 271.80 | 85.51 |
| Margen Bruto | 0.0% | 0.0% | -621.4% | 90.2% | 75.8% | 80.5% | 79.7% |
| Margen Operativo | 0.0% | 0.0% | -905.4% | -779.0% | -902.9% | -933.6% | -1576.7% |
| Margen Neto | 0.0% | 0.0% | -898.3% | -732.2% | -721.2% | -651.6% | -1136.2% |