JANX

MKT CAP:$914M

Janux Therapeutics, Inc.

Market Cap

$914M

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$15.39+$1.74 (+12.75%)

Apr 22, 2026

Company Details

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 candida...

CEO

David Alan Campbell

IPO Date

Jun 11, 2021

Website

www.januxrx.com

Key Metrics TTM

Revenue

$10M

-23.4% YoY

Net Income

-$102M

EPS (Diluted)

-$1.68

Free Cash Flow

-$71M

Revenue / Share

$0.16

Gross Margin

95.0%

Operating Margin

-1442.9%

Net Margin

-1019.0%

FCF Margin

-714.0%

P/S

91.4x

P/E

—

Earnings Reports

Q4 2025

May 14, 2026

PENDING

Q3 2025

Nov 6, 2025

$10M+2177.9%EPS -$0.39

Q2 2025

Aug 7, 2025

$0-100.0%EPS -$0.55

Q1 2025

May 8, 2025

$0-100.0%EPS -$0.38

FY 2024

Feb 27, 2025

$11M+31.0%EPS -$1.28

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$2M	-$10M	-$13M
Q1 22	$2M	-$9M	-$14M
Q2 22	$2M	-$12M	-$17M
Q3 22	$2M	-$12M	-$18M
Q4 22	$3M	$3M	-$18M
Q1 23	$2M	-$14M	-$20M
Q2 23	$1M	-$14M	-$21M
Q3 23	$3M	$2M	-$16M
Q4 23	$2M	$2M	-$16M
Q1 24	$1M	$720.0K	-$20M
Q2 24	$9M	$8M	-$14M
Q3 24	$439.0K	$439.0K	-$36M
Q4 24	$0	$0	-$29M
Q1 25	$0	$0	-$35M
Q2 25	$0	$0	-$45M
Q3 25	$10M	$9M	-$35M

Valuation

Quarter	P/S	P/E
Q4 21	229.9x	—
Q1 22	112.9x	—
Q2 22	77.6x	—
Q3 22	72.7x	—
Q4 22	69.1x	—
Q1 23	57.0x	—
Q2 23	72.3x	—
Q3 23	52.4x	—
Q4 23	65.5x	—
Q1 24	253.7x	—
Q2 24	135.3x	—
Q3 24	189.6x	—
Q4 24	270.9x	—
Q1 25	164.4x	—
Q2 25	3251.5x	—
Q3 25	146.7x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	-$10M	-$12M
Q1 22	-$12M	-$12M
Q2 22	-$6M	-$7M
Q3 22	-$13M	-$16M
Q4 22	-$12M	-$14M
Q1 23	-$14M	-$14M
Q2 23	-$15M	-$16M
Q3 23	-$12M	-$12M
Q4 23	-$10M	-$10M
Q1 24	-$15M	-$15M
Q2 24	-$10M	-$10M
Q3 24	-$2M	-$2M
Q4 24	-$17M	-$17M
Q1 25	-$17M	-$17M
Q2 25	-$24M	-$24M
Q3 25	-$13M	-$13M

Capital Expenditures

Quarter	CapEx
Q4 21	$1M
Q1 22	$971.0K
Q2 22	$898.0K
Q3 22	$3M
Q4 22	$2M
Q1 23	$285.0K
Q2 23	$580.0K
Q3 23	$470.0K
Q4 23	$515.0K
Q1 24	$197.0K
Q2 24	$95.0K
Q3 24	$25.0K
Q4 24	$42.0K
Q1 25	$371.0K
Q2 25	$473.0K
Q3 25	$93.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	—	+812.7%
Q1 22	+318.2%	+468.0%
Q2 22	+390.7%	+191.4%
Q3 22	+56.4%	+64.4%
Q4 22	+76.1%	+39.8%
Q1 23	+28.9%	+47.6%
Q2 23	-55.3%	+11.1%
Q3 23	+38.8%	-7.6%
Q4 23	-13.5%	-11.9%
Q1 24	-38.9%	-4.1%
Q2 24	+741.7%	+4.2%
Q3 24	-82.6%	+97.9%
Q4 24	-100.0%	+56.0%
Q1 25	-100.0%	+63.0%
Q2 25	-100.0%	+98.6%
Q3 25	+2177.9%	+24.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$3M	182.2%
Q1 22	$4M	249.1%
Q2 22	$4M	187.9%
Q3 22	$5M	253.5%
Q4 22	$4M	147.8%
Q1 23	$5M	267.2%
Q2 23	$6M	520.4%
Q3 23	$5M	180.7%
Q4 23	$4M	182.2%
Q1 24	$6M	449.3%
Q2 24	$6M	64.7%
Q3 24	$15M	3505.0%
Q4 24	$6M	—
Q1 25	$11M	—
Q2 25	$11M	—
Q3 25	$9M	90.4%

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q4 21	$11M	$4M	—
Q1 22	$10M	$5M	—
Q2 22	$14M	$6M	—
Q3 22	$14M	$6M	—
Q4 22	$15M	$6M	—
Q1 23	$16M	$6M	—
Q2 23	$15M	$7M	—
Q3 23	$12M	$6M	—
Q4 23	$12M	$6M	—
Q1 24	$14M	$7M	—
Q2 24	$15M	$8M	—
Q3 24	$19M	$18M	—
Q4 24	$21M	$8M	—
Q1 25	$25M	$10M	—
Q2 25	$35M	$10M	—
Q3 25	$35M	—	$10M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$55M	$306M	$361M
Q2 22	$58M	$296M	$354M
Q3 22	$65M	$274M	$339M
Q4 22	$51M	$276M	$327M
Q1 23	$30M	$287M	$317M
Q2 23	$34M	$270M	$303M
Q3 23	$17M	$333M	$350M
Q4 23	$19M	$325M	$344M
Q1 24	$213M	$439M	$652M
Q2 24	$15M	$632M	$646M
Q3 24	$27M	$631M	$658M
Q4 24	$431M	$595M	$1.0B
Q1 25	$74M	$940M	$1.0B
Q2 25	$52M	$944M	$996M
Q3 25	$48M	$941M	$989M
Q4 25	$52M	$914M	$967M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	41M	+0.2%	+230.4%
Q1 22	41M	+0.3%	+3.5%
Q2 22	41M	+0.3%	+313.1%
Q3 22	42M	+0.2%	+1.0%
Q4 22	42M	+0.1%	+0.9%
Q1 23	42M	+0.4%	+1.1%
Q2 23	42M	+0.2%	+0.9%
Q3 23	46M	+9.3%	+10.1%
Q4 23	47M	+2.1%	+12.3%
Q1 24	49M	+5.1%	+17.4%
Q2 24	54M	+11.0%	+30.2%
Q3 24	55M	+0.3%	+19.5%
Q4 24	57M	+4.0%	+21.7%
Q1 25	62M	+8.7%	+26.0%
Q2 25	62M	+0.2%	+13.7%
Q3 25	62M	+0.2%	+13.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$49.0K	33
Q1 22	$48.2K	33
Q2 22	$71.7K	33
Q3 22	$54.9K	33
Q4 22	$47.4K	60
Q1 23	$34.1K	60
Q2 23	$17.6K	60
Q3 23	$42.0K	60
Q4 23	$38.5K	64
Q1 24	$19.6K	64
Q2 24	$139.0K	64
Q3 24	$6.9K	64
Q4 24	$0	81
Q1 25	$0	81
Q2 25	$0	81
Q3 25	$123.5K	81

Revenue / Employee