Detailed financial statements for Janux Therapeutics, Inc. (JANX): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Janux Therapeutics, Inc. is a biopharmaceutical company dedicated to developing innovative cancer therapies. The firm leverages its proprietary Tumor Activated T Cell Engager (TRACTr) platform technology to create treatments designed to activate the body's T cells to fight tumors.
Analysis Summary
Trailing-twelve-month margins: gross margin 68.9%, operating margin -450.3%, net margin -321.8%.
At the current price of $16.25, JANX has negative trailing earnings (P/E not meaningful) and an ROE of -10.79%. Market capitalisation stands at $991M.
Balance sheet quality for JANX: current ratio of 39.0, net cash position of $944.4M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | $3.6M | $8.6M | $8.1M | $10.6M | $10.0M |
| Cost of Revenue | $6000 | $13000 | $26.2M | $841000 | $2.0M | $2.1M | $2.0M |
| Gross Profit | -$6000 | -$13000 | -$22.6M | $7.8M | $6.1M | $8.5M | $8.0M |
| Research & Development | $3.0M | $3.0M | $26.2M | $53.4M | $54.9M | $68.4M | $125.9M |
| Selling, General & Admin | $772000 | $1.8M | $10.3M | $22.3M | $26.1M | $41.0M | $41.8M |
| Operating Expenses | $3.8M | $4.8M | $10.3M | $74.9M | $79.1M | $107.4M | $165.6M |
| Operating Income | -$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 |
| Interest Expense | $233000 | $206000 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$4.0M | -$6.8M | -$32.7M | -$63.1M | -$58.3M | -$69.0M | -$113.6M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$4.2M | -$6.8M | -$32.7M | -$63.1M | -$58.3M | -$69.0M | -$113.6M |
| EPS | $-0.10 | $-0.16 | $-0.79 | $-1.52 | $-1.32 | $-1.28 | $-1.83 |
| EPS (Diluted) | $-0.10 | $-0.16 | $-0.79 | $-1.52 | $-1.32 | $-1.28 | $-1.83 |
| Shares Outstanding (Diluted) | $41.6M | $41.6M | $41.2M | $41.5M | $44.0M | $53.8M | $62.0M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $10.0M | $7.9M | $3.7M | $10.3M |
| Gross Profit | $9.5M | -$1.1M | $3.3M | $10.3M |
| Operating Income | -$35.3M | -$42.4M | -$34.2M | -$31.7M |
| EBITDA | -$23.8M | -$31.4M | -$23.9M | -$22.0M |
| Net Income | -$24.3M | -$31.9M | -$24.4M | -$22.0M |
| EPS | $-0.39 | $-0.51 | $-0.39 | $-0.35 |
| EPS (Diluted) | $-0.39 | $-0.51 | $-0.39 | $-0.35 |
Balance Sheet (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $658000 | $7.8M | $35.6M | $51.4M | $19.2M | $430.6M | $52.3M |
| Short-term Investments | 0 | 0 | $339.4M | $275.6M | $324.8M | $594.6M | $914.2M |
| Receivables | 0 | $8.0M | $200000 | $700000 | $2.2M | $5.4M | $6.4M |
| Inventory | 0 | 0 | 0 | -$700000 | 0 | 0 | 0 |
| Total Current Assets | $658000 | $16.1M | $377.0M | $332.4M | $349.2M | $1.03B | $975.9M |
| Property, Plant & Equipment | $21000 | $155000 | $1.6M | $29.4M | $27.8M | $24.1M | $22.3M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $679000 | $16.2M | $379.8M | $364.0M | $380.4M | $1.06B | $1.01B |
| Accounts Payable | $267000 | $428000 | $2.5M | $2.2M | $2.4M | $4.0M | $5.0M |
| Short-term Debt | $4.0M | 0 | 0 | 0 | 0 | 0 | $2.4M |
| Total Current Liabilities | $4.6M | $3.2M | $12.8M | $16.5M | $13.0M | $17.5M | $25.0M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $8.6M | $30.9M | $13.5M | $43.3M | $36.1M | $38.7M | $50.7M |
| Retained Earnings | -$8.0M | -$14.7M | -$47.4M | -$110.5M | -$168.8M | -$237.8M | -$351.4M |
| Total Equity | -$7.9M | -$14.6M | $366.3M | $320.7M | $344.3M | $1.02B | $956.8M |
| Total Debt | $4.0M | 0 | $194000 | $25.3M | $24.5M | $23.0M | $22.1M |
| Net Debt | $3.3M | -$7.8M | -$374.8M | -$301.7M | -$319.5M | -$1.00B | -$944.4M |
| Working Capital | -$4.0M | $12.9M | $364.2M | $315.9M | $336.2M | $1.02B | $950.9M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $48.4M | $52.3M | $51.8M | $27.8M |
| Total Assets | $1.02B | $1.01B | $1.03B | $1.01B |
| Total Liabilities | $48.2M | $50.7M | $86.7M | $79.7M |
| Total Equity | $976.6M | $956.8M | $941.5M | $928.0M |
| Total Debt | $22.7M | $22.1M | $21.6M | $21.0M |
Cash Flow (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$4.0M | -$6.8M | -$32.7M | -$63.1M | -$58.3M | -$69.0M | -$113.6M |
| Depreciation & Amortization | $6000 | $13000 | $113000 | $841000 | $2.0M | $2.1M | $2.0M |
| Stock-based Compensation | $6000 | $72000 | $6.9M | $17.2M | $20.0M | $33.0M | $40.2M |
| Change in Working Capital | -$69000 | $389000 | $8.8M | $4.3M | -$6.6M | $685000 | $6.7M |
| Operating Cash Flow | -$3.8M | -$4.4M | -$17.0M | -$42.9M | -$50.6M | -$43.8M | -$82.2M |
| Capital Expenditure | 0 | 0 | -$1.5M | -$6.4M | -$1.9M | -$359000 | -$1.0M |
| Acquisitions | 0 | 0 | $339.5M | -$64.7M | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | -$347000 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$3.8M | -$4.4M | -$18.5M | -$49.4M | -$52.4M | -$44.2M | -$83.3M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$12.9M | -$28.5M | -$12.3M | $147000 |
| Capital Expenditure | -$93000 | -$106000 | -$273000 | -$475000 |
| Free Cash Flow | -$12.9M | -$28.6M | -$12.6M | -$328000 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $9.0M | $9.5M | $9.3M | $18.3M |
Growth & Margins (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | | | +136.8% | -6.1% | +31.0% | -5.6% |
| Net Income Growth (YoY) | | -60.1% | -381.6% | -93.0% | +7.6% | -18.4% | -64.7% |
| EPS Growth (YoY) | | -60.0% | -393.8% | -92.4% | +13.2% | +3.0% | -43.0% |
| Shares Change (YoY) | | +0.0% | -0.9% | +0.5% | +6.1% | +22.1% | +15.3% |
| FCF Growth (YoY) | | -14.1% | -322.5% | -167.5% | -6.2% | +15.7% | -88.5% |
| Gross Margin | | | -621.4% | 90.2% | 75.8% | 80.5% | 79.7% |
| Operating Margin | | | -905.4% | -779.0% | -902.9% | -933.6% | -1576.7% |
| EBITDA Margin | | | -895.2% | -722.5% | -697.0% | -632.2% | -1116.0% |
| Net Margin | | | -898.3% | -732.2% | -721.2% | -651.6% | -1136.2% |
| FCF Margin | | | -507.5% | -573.2% | -648.6% | -417.2% | -832.8% |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-0.09 | $-0.10 | $-0.45 | $-1.19 | $-1.19 | $-0.82 | $-1.34 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $41.6M | $41.6M | $41.2M | $41.5M | $44.0M | $53.8M | $62.0M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -10.79% |
| Return on Invested Capital | -15.11% |
| Return on Assets | -10.18% |
| Gross Margin | 68.91% |
| Operating Margin | -450.30% |
| Net Margin | -321.81% |
Financial Health
| Debt / Equity | 0.02 |
| Current Ratio | 16.35 |
Key Ratios (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -251.50 | -157.19 | -24.97 | -8.66 | -8.13 | -41.83 | -7.54 |
| P/B | -131.74 | -71.49 | 2.22 | 1.70 | 1.37 | 2.81 | 0.89 |
| P/S | 0.00 | 0.00 | 223.74 | 63.42 | 58.43 | 271.80 | 85.51 |
| Gross Margin | 0.0% | 0.0% | -621.4% | 90.2% | 75.8% | 80.5% | 79.7% |
| Operating Margin | 0.0% | 0.0% | -905.4% | -779.0% | -902.9% | -933.6% | -1576.7% |
| Net Margin | 0.0% | 0.0% | -898.3% | -732.2% | -721.2% | -651.6% | -1136.2% |