Janux Therapeutics Inc (JANX) AI Stock Analysis

• Market Cap: $880.56M
• Dividend Yield: N/A
• Average Volume (3M): 1.98M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.60
• Revenue Growth: -23.37%
• EPS Growth: -42.45%
• Country: US
• Employees: 91
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.39
• Shares Outstanding: 60,147,808
• 10 Day Avg. Volume: 1,876,667
• 30 Day Avg. Volume: 1,980,182
• PEG Ratio: 13.76
• Price to Book (P/B): 2.81
• Price to Sales (P/S): 271.80
• P/FCF Ratio: -65.15
• Enterprise Value/Market Cap: 0.92
• Enterprise Value/Revenue: 81.33
• Enterprise Value/Gross Profit: 85.62
• Enterprise Value/Ebitda: -6.20
• 1Y Price Target: $52.58
• Price Target Upside: 256.96% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 16
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 49 Neutral
• Price Target: $13.00 ▼(-11.74% Downside)

The score is held back primarily by worsening losses and cash burn, alongside weak technical trends. These are partly offset by a strong balance sheet and a notable positive corporate event (BMS collaboration) that could improve funding and long-term prospects.

Positive Factors

Balance Sheet Strength

Very low leverage and ~ $1.02B in assets give Janux durable financing flexibility to fund multi-year clinical programs. This reduces near-term refinancing pressure, lowers bankruptcy risk, and supports partnerships or selective bolt-on investments without immediate reliance on dilutive equity.

Proprietary Platform

A platform-focused R&D model (TRACTr/TRACIr) offers structural competitive advantage: potential for multiple product candidates from shared engineering, faster iteration, and higher partnership/licensing value. Platform durability helps de-risk single-asset failure over a multi-year development horizon.

Collaboration Revenue Trajectory

Growing collaboration and licensing revenue, though modest, shows external validation and provides non-product funding. Milestone and R&D arrangements can sustain program work and reduce absolute reliance on capital markets, supporting development runway over the coming 2-6 months.

Negative Factors

High Cash Burn

Substantial and worsening operating cash burn consumes reserves quickly, forcing choices between program prioritization, partnerships, or new financing. Over a multi-quarter horizon this increases dilution risk and could slow clinical progress if additional capital terms are unfavorable.

Persistent Losses / Negative ROE

Sustained large operating losses and negative ROE indicate the company is not yet converting R&D investment into value for shareholders. If losses persist, equity could erode, constraining strategic options and making it harder to attract favorable long-term capital or partnership terms.

No Commercialized Products

Absence of product revenue leaves Janux dependent on milestone payments, partners, and capital markets. This structure creates execution and financing risk across long clinical timelines: regulatory setbacks or slow readouts can materially delay sustainable revenue generation.

Janux Therapeutics Inc Business Overview & Revenue Model

Company Description

Janux Therapeutics, Inc., a biopharmaceutical company, develops therapeutics based on proprietary Tumor Activated T Cell Engager (TRACTr) platform technology to treat patients suffering from cancer. The company's lead TRACTr product candidates that are in preclinical or discovery stage target prostate-specific membrane antigen, epidermal growth factor receptor, and trophoblast cell surface antigen 2. Janux Therapeutics, Inc. is also developing a Tumor Activated Immunomodulator (TRACIr) costimulatory bispecific product candidate against programmed death-ligand 1 and CD28 designed to improve the anti-tumor activity of T cells. In addition, its EGFR-TRACTr is designed to target EGFR in many cancer types with multiple approved monoclonal antibodies. The company was incorporated in 2017 and is headquartered in La Jolla, California.

How the Company Makes Money

Janux Therapeutics generates revenue primarily through strategic partnerships and collaborations with larger pharmaceutical companies, which often involve upfront payments, milestone payments, and royalties on future sales of products developed from their technologies. Additionally, the company may generate revenue through grants and funding from government entities or non-profit organizations dedicated to cancer research. As they advance their product candidates through clinical trials and towards commercialization, potential licensing agreements with other firms can also serve as a significant source of income.

Janux Therapeutics Inc Financial Statement Overview

Summary

Balance sheet strength (low leverage; large equity base) is a key positive, but it is outweighed by widening operating/net losses and worsening negative operating cash flow in TTM, indicating elevated ongoing burn and execution/funding risk.

Income Statement

JANX shows meaningful top-line expansion, with revenue rising from $8.1M (2023) to $10.6M (2024) and $10.0M in TTM (Trailing-Twelve-Months), including an unusually large TTM growth rate off a smaller base. However, profitability remains weak: operating losses widened materially in TTM (Trailing-Twelve-Months) (EBIT about -$144.3M vs. -$98.8M in 2024) and net losses also deepened (-$101.9M vs. -$69.0M). Gross profit is positive in dollar terms, but the margin profile is volatile and overall losses far exceed revenue, consistent with heavy R&D investment typical for biotech.

Balance Sheet

The balance sheet is a relative strength. Leverage is low, with total debt of ~$22.7M against stockholders’ equity of ~$976.6M in TTM (Trailing-Twelve-Months) (debt-to-equity around 0.02), which provides flexibility to fund development. Total assets are sizable (~$1.02B TTM). The key weakness is ongoing negative returns on equity (roughly -10% TTM), reflecting continued losses and the risk that equity could erode over time if cash burn persists.

Cash Flow

Cash generation remains pressured, with operating cash flow negative across all periods and worsening in TTM (Trailing-Twelve-Months) (about -$70.4M vs. -$43.8M in 2024). Free cash flow is also negative (about -$71.4M TTM), indicating continued cash burn to support operations and pipeline progress. A positive note is that free cash flow broadly tracks net loss (free cash flow to net income around 1.0 in recent periods), suggesting losses are not disproportionately driven by non-cash items—still, the absolute burn level is the primary concern.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	10.00M	10.59M	8.08M	8.61M	3.64M	0.00
Gross Profit	9.50M	8.53M	6.13M	7.77M	3.64M	-13.00K
EBITDA	-131.28M	-96.79M	-71.02M	-66.25M	-32.82M	-6.57M
Net Income	-101.89M	-68.99M	-58.29M	-63.06M	-32.67M	-6.78M
Balance Sheet
Total Assets	1.02B	1.06B	380.41M	364.01M	379.82M	16.22M
Cash, Cash Equivalents and Short-Term Investments	988.99M	1.03B	344.03M	327.02M	374.96M	7.81M
Total Debt	22.66M	23.02M	24.54M	25.30M	194.00K	0.00
Total Liabilities	48.21M	38.73M	36.06M	43.27M	13.50M	30.86M
Stockholders Equity	976.55M	1.02B	344.35M	320.74M	366.33M	-14.64M
Cash Flow
Free Cash Flow	-71.40M	-44.17M	-52.42M	-49.37M	-18.46M	-4.37M
Operating Cash Flow	-70.42M	-43.81M	-50.58M	-42.92M	-16.98M	-4.37M
Investing Cash Flow	-296.60M	-258.02M	-41.19M	58.27M	-340.96M	0.00
Financing Cash Flow	388.65M	713.24M	59.55M	500.00K	386.52M	11.52M

Janux Therapeutics Inc Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 14.73
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JANX, the sentiment is Neutral. The current price of 14.73 is above the 20-day moving average (MA) of 13.99, below the 50-day MA of 18.45, and below the 200-day MA of 23.76, indicating a neutral trend. The MACD of -0.77 indicates Negative momentum. The RSI at 46.53 is Neutral, neither overbought nor oversold. The STOCH value of 71.62 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for JANX.

Janux Therapeutics Inc Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
VRDN	60 Neutral	$3.16B	-9.49	-47.40%	―	23340.07%	18.06%
PHVS	56 Neutral	$1.77B	-8.45	-51.81%	―	―	-20.08%
VERA	56 Neutral	$3.31B	-11.72	-73.25%	―	―	-53.44%
EWTX	55 Neutral	$2.97B	-18.62	-30.02%	―	―	-5.73%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
JANX	49 Neutral	$880.56M	-8.79	-12.48%	―	-23.37%	-42.45%
BHVN	48 Neutral	$1.85B	―	-522.08%	―	―	18.76%

Janux Therapeutics Inc Corporate Events

Janux Therapeutics Inks Global Oncology Collaboration With BMS

On January 22, 2026, Janux Therapeutics announced a collaboration and exclusive worldwide license agreement with Bristol Myers Squibb to co-develop a novel, tumor-activated therapeutic targeting a validated solid tumor antigen expressed across multiple human cancer types. Under the deal, Janux will lead preclinical development through IND submission while Bristol Myers Squibb will hold the IND and take responsibility for subsequent clinical development and global commercialization, with Janux supporting through the completion of the first Phase 1 trial. The agreement underscores external validation of Janux’s tumor-activated platforms and could significantly bolster its financial position and long-term revenue prospects, with up to $50 million in upfront and near-term milestone payments, a potential further $800 million in development, regulatory and commercial milestones, and tiered royalties on global product sales, strengthening its strategic positioning in solid tumor oncology and providing potential upside for investors and other stakeholders.

The most recent analyst rating on (JANX) stock is a Hold with a $12.00 price target. To see the full list of analyst forecasts on Janux Therapeutics Inc stock, see the JANX Stock Forecast page.