Janux Therapeutics, Inc. (JANX)

Price$19.96Cached quoteAs of 2026-09-04 16:23 UTC

AI: Fair-priced

Price checkThe valuation sits near liquid assets, but future research spending can consume that cushion.

Using 61.1 million shares outstanding and the verified closing price, Janux's equity value is about $1.04 billion. June cash and short-term investments were $970.9 million, so the stock trades at roughly 1.08 times those liquid funds. Adding about $21.0 million of lease debt leaves only around $95 million of value for the drug pipeline. That looks inexpensive, but the funds must finance trials rather than a payout, and 2025 operations used $82.2 million of cash. The balanced conclusion is fair-priced.

Big pictureJanux has no approved medicine, so trial results matter far more than current revenue.

Janux has never sold an approved product. Revenue was $10.0 million in 2025 and $14.0 million in the first half of 2026, mainly recognition from research partnerships. Net loss widened from $69.0 million in 2024 to $113.6 million in 2025 as research spending rose 84% to $125.9 million; the first-half 2026 loss was $46.3 million. Operating cash was slightly positive then only because deferred partnership revenue and noncash share pay offset losses. This business is not conventionally cyclical; trial results and financing conditions drive abrupt swings.

Business strengthA deep cash reserve buys time, but the pipeline remains early and concentrated.

June current assets of $983.3 million covered current liabilities more than 16 times, and liquid funds changed little from December despite ongoing work. The lead drug, JANX007, produced tumor shrinkage in 8 of 27 evaluable patients and 7.9 to 8.9 months before disease worsening in early data. Bristol Myers Squibb's deal adds external validation and contingent payments. Yet those results remain preliminary, JANX008 was stopped for insufficiently consistent activity, and no candidate has passed late-stage testing. Financial strength buys time; it does not prove the platform.

What could change the storyStronger clinical proof could unlock value, while delays or dilution would erase the asset cushion.

Initial JANX011 healthy-volunteer data and the planned JANX013 trial start are due in the second half of 2026; further JANX007 data are planned for the first half of 2027. A larger JANX007 dataset preserving roughly eight months without disease worsening, with manageable side effects and better results in earlier patients or the darolutamide combination, would support meaningful pipeline value. Delays or weaker data would not. The large 2024 financing secured the runway, but shares grew 32% from year-end 2023 to June 2026; renewed issuance could dilute owners despite ample cash.

AI: News

Quarterly pipeline updateTrials advanced and liquid funds held near one billion dollars, reducing near-term financing pressure.

On August 6, Janux said JANX007 and JANX014 prostate-cancer trials remained enrolling, JANX011's healthy-volunteer study was progressing, and JANX013 was still targeted to enter the clinic in the second half of 2026. It reported $970.9 million of cash and short-term investments and a $22.0 million quarterly loss, improved from $33.9 million a year earlier. The update reduced near-term funding and schedule concerns, but supplied no fresh efficacy results, leaving the main value question unresolved.

JANX008 development stoppedJanux dropped one cancer program after uneven activity, exposing the platform's limits.

On April 27, Janux stopped JANX008 after Phase 1a testing across several solid tumors. Management said some patients had durable responses, but the overall strength and consistency did not clear its development bar. Redirecting resources can conserve cash and sharpen focus on higher-priority programs. The negative read-through is specific but important: one asset built on the tumor-activated platform failed to show enough activity, so success should not be assumed across the remaining pipeline.

Bristol Myers partnershipA major drugmaker validated the platform, while leaving most potential payments dependent on future success.

On January 22, Janux licensed an undisclosed solid-tumor program to Bristol Myers Squibb. Janux may receive up to $50 million in upfront and near-term payments, about $800 million of additional milestone payments, and tiered royalties if sales occur. Janux handles work through the application to start human trials; Bristol Myers then leads development. Reuters reported a 17% premarket rise, while historical data show shares closed about 14% higher. The deal provided cash and third-party validation, but most payments remain contingent.

Lead-drug data resetUpdated prostate cancer results disappointed investors and sharply lowered expectations for the lead drug.

On December 1, 2025, Janux reported 109 treated patients, tumor shrinkage in 8 of 27 evaluable patients, and 7.9 to 8.9 months before disease worsening. Reuters reported shares fell nearly 50% the next day, attributing the reaction to limited disclosure and a response rate below the prior 50% figure. The data still showed activity and manageable side effects, but the selloff reset expectations and helps explain why the current valuation assigns little value beyond liquid assets.

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Revenue

2020

2021

2022

2023

2024

2025

Net income

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2021

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2023

2024

2025

Free cash flow

2020

2021

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Total cash / debt

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Financial statements

	2025	2024	2023	2022	2021	2020
Revenue	$10.0M	$10.6M	$8.1M	$8.6M	$3.6M	$0
Research & development	$125.9M	$68.4M	$54.9M	$53.4M	$26.2M	$3.0M
Operating expenses	$167.7M	$109.4M	$81.1M	$75.7M	$36.6M	$4.8M
Operating income	−$157.7M	−$98.8M	−$73.0M	−$67.1M	−$32.9M	−$4.8M
Operating margin	−1,576.67%	−933.58%	−902.87%	−779.04%	−905.39%	—
EBITDA	−$155.6M	−$96.8M	−$71.0M	−$66.3M	−$32.8M	−$4.8M
EBITDA margin	−1,556.38%	−914.12%	−878.68%	−769.28%	−902.28%	—
Net income	−$113.6M	−$69.0M	−$58.3M	−$63.1M	−$32.7M	−$6.8M
Net profit margin	−1,136.25%	−651.62%	−721.18%	−732.22%	−898.32%	—
Basic EPSper basic share	-$1.83	-$1.28	-$1.32	-$1.52	-$1.39	-$7.41
Diluted EPSper diluted share	-$1.83	-$1.28	-$1.32	-$1.52	-$1.39	-$7.41

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

18.32%of listed shares

RA CAPITAL MANAGEMENT, L.P.11.19M shares · Jun 30, 2026

View holders

Top 20 reported holders of JANX
Holder	% owned
RA CAPITAL MANAGEMENT, L.P.	18.32%11.19M shares
BlackRock, Inc.	10.04%6.13M shares
Prosight Management, LP	6.23%3.8M shares
STATE STREET CORP	4.92%3M shares
FMR LLC	3.95%2.41M shares
FEDERATED HERMES, INC.	3.85%2.35M shares
Point72 Asset Management, L.P.	3.26%1.99M shares
VANGUARD CAPITAL MANAGEMENT LLC	3.04%1.86M shares
TCG Crossover Management, LLC	2.93%1.79M shares
Alyeska Investment Group, L.P.	2.70%1.65M shares
Nantahala Capital Management, LLC	2.65%1.62M shares
WELLINGTON MANAGEMENT GROUP LLP	2.47%1.51M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	2.18%1.33M shares
TWO SIGMA INVESTMENTS, LP	1.98%1.21M shares
GEODE CAPITAL MANAGEMENT, LLC	1.97%1.2M shares
CITADEL ADVISORS LLC	1.97%1.2M shares
ALGERT GLOBAL LLC	1.82%1.11M shares
D. E. Shaw & Co., Inc.	1.80%1.1M shares
GOLDMAN SACHS GROUP INC	1.56%952.68K shares
BANK OF AMERICA CORP /DE/	1.49%910.46K shares

Percentages use 61.08M shares of this listed class outstanding on Jun 30, 2026.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys5$79.04M disclosed value

Sells (SEC code S)83$134.70M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 2, 2026Form 4	Doyle Janeen NoelChief Corp. & Bus. Dev. Ofcr	SellCommon Stock	4.1K	$14.03	$56.9K	75.9K
May 11, 2026Form 4	Dobek MariaVice President, Accounting	SellCommon Stock	2.0K	$14.17	$28.9K	32.3K
Jan 2, 2026Form 4	McIver ZachariahChief Medical Officer	SellCommon Stock	2.7K	$13.73	$37.3K	23.3K
Jan 2, 2026Form 4	Dobek MariaVice President, Accounting	SellCommon Stock	1.5K	$13.73	$20.1K	15.4K
Jan 2, 2026Form 4	DiRaimondo ThomasChief Scientific Officer	SellCommon Stock	2.5K	$13.73	$34.4K	124.4K