Janux Therapeutics Inc (JANX) AI Stock Analysis

• Market Cap: $821.02M
• Dividend Yield: N/A
• Average Volume (3M): 1.38M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.61
• Revenue Growth: -23.37%
• EPS Growth: -42.45%
• Country: US
• Employees: 91
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.51
• Shares Outstanding: 60,147,808
• 10 Day Avg. Volume: 893,035
• 30 Day Avg. Volume: 1,377,142
• PEG Ratio: -0.13
• Price to Book (P/B): 0.89
• Price to Sales (P/S): 85.51
• P/FCF Ratio: 0.00
• Enterprise Value/Market Cap: 0.97
• Enterprise Value/Revenue: 44.65
• Enterprise Value/Gross Profit: 94.60
• Enterprise Value/Ebitda: -5.52
• 1Y Price Target: $49.14
• Price Target Upside: 256.11% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 17
• EPS Forecast (FY): -2.87
• Revenue Forecast (FY): $1.89M

• Rating: 50 Neutral
• Price Target: $14.00 ▲(1.45% Upside)
• Action: Reiterated Date: 02/27/26
• Date: Action: Reiterated 02/27/26

The score is held back primarily by weak financial performance (widening losses and cash burn risk) and a weak longer-term technical trend. These are partially offset by a strong, low-leverage balance sheet and a notable positive corporate event (the BMS collaboration) that could enhance long-term prospects.

Positive Factors

Strong balance sheet

Very low debt and a large equity base give Janux multi-quarter runway to advance clinical programs and absorb R&D volatility. This financial flexibility reduces refinancing risk, supports partnerships or milestone-funded development, and preserves optionality while programs mature.

Bristol Myers Squibb collaboration

The BMS deal transfers later-stage development and commercialization risk while providing validation, near-term non-dilutive capital and large milestone/royalty upside. This materially de-risks select programs and strengthens Janux's strategic position in solid tumor oncology.

Platform and clinical progress

Demonstrated clinical activity and predictable safety for JANX007 plus initiation of JANX011 broaden the company’s pipeline and validate its tumor-activated and immune-modulator platforms. These durable clinical milestones increase development optionality and partnership leverage.

Negative Factors

Weak cash generation

Persistent negative operating and free cash flows indicate ongoing cash burn and dependence on external funding. Until operating cash flow sustainably improves or milestone receipts recur, the company faces funding dilution risk and constrained flexibility for parallel program investments.

Widening losses & flat revenue

Revenues remain minimal and stagnant while R&D and operating costs drove a sharp increase in net losses. This negative profitability profile is structural for a clinical-stage biotech and will pressure capital needs and returns until clinical success yields material commercialization or sustained milestone income.

Leadership change risk

A CMO transition during active clinical expansion introduces execution risk around trial design, regulatory interactions and program continuity. While succession can be positive, leadership turnover in clinical development can delay timelines or alter strategic priorities during key IND/Phase 1 milestones.

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 (very low leverage and large equity base) is a major positive, but operating fundamentals are weak: revenue remains small and flat, losses widened sharply in 2025, and historical cash flows indicate ongoing cash burn with limited visibility from the latest cash flow figures.

Income Statement

Revenue remains very small (about $10.0M in 2025 vs. $10.6M in 2024) and growth has turned flat after prior volatility. Profitability is weak: the company is deeply loss-making, with net losses widening materially in 2025 (net income of -$157.7M vs. -$69.0M in 2024) and margins remaining sharply negative. Gross profit also fell to $0 in 2025 from $8.5M in 2024, underscoring inconsistent underlying economics typical of early-stage biotech.

Balance Sheet

The balance sheet is a clear strength: leverage is low (debt-to-equity ~0.02 in both 2024 and 2025) and equity is very large ($956.8M in 2025) relative to total debt ($22.1M). Total assets remain substantial (~$1.0B in 2025), providing financial flexibility. The key weakness is ongoing losses driving negative returns on equity (about -16% in 2025), which can pressure the capital base over time if losses persist.

Cash Flow

Cash generation is weak and inconsistent. The company reported negative operating and free cash flow in 2021–2024 (for example, operating cash flow of -$43.8M and free cash flow of -$44.2M in 2024), reflecting ongoing cash burn. 2025 shows operating cash flow and free cash flow at $0 with a -100% free cash flow growth figure, which suggests volatility and limited visibility from the provided cash flow data. Overall, cash flow profile remains a risk until operating cash flow consistently improves.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	10.00M	10.59M	8.08M	8.61M	3.64M
Gross Profit	0.00	8.53M	6.13M	7.77M	3.64M
EBITDA	-157.67M	-96.79M	-71.02M	-66.25M	-32.82M
Net Income	-157.67M	-68.99M	-58.29M	-63.06M	-32.67M
Balance Sheet
Total Assets	1.00B	1.06B	380.41M	364.01M	379.82M
Cash, Cash Equivalents and Short-Term Investments	966.57M	1.03B	344.03M	327.02M	374.96M
Total Debt	22.14M	23.02M	24.54M	25.30M	194.00K
Total Liabilities	44.74M	38.73M	36.06M	43.27M	13.50M
Stockholders Equity	956.82M	1.02B	344.35M	320.74M	366.33M
Cash Flow
Free Cash Flow	0.00	-44.17M	-52.42M	-49.37M	-18.46M
Operating Cash Flow	0.00	-43.81M	-50.58M	-42.92M	-16.98M
Investing Cash Flow	-300.98M	-258.02M	-41.19M	58.27M	-340.96M
Financing Cash Flow	4.95M	713.24M	59.55M	500.00K	386.52M

Janux Therapeutics Inc Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 13.80
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

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 13.8 is above the 20-day moving average (MA) of 13.36, above the 50-day MA of 13.79, and below the 200-day MA of 22.06, indicating a neutral trend. The MACD of -0.25 indicates Negative momentum. The RSI at 50.62 is Neutral, neither overbought nor oversold. The STOCH value of 80.33 is Negative, 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
EWTX	61 Neutral	$3.27B	-19.10	-30.02%	―	―	-5.73%
PHVS	56 Neutral	$1.79B	-8.59	-51.80%	―	―	-20.08%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
JANX	50 Neutral	$821.02M	-8.18	-12.48%	―	-23.37%	-42.45%
VRDN	49 Neutral	$2.81B	-8.19	-47.40%	―	23340.07%	18.06%
VERA	48 Neutral	$2.97B	-10.45	-73.25%	―	―	-53.44%
BHVN	48 Neutral	$1.72B	-1.51	-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.