JANX Healthcare

Janux Therapeutics, Inc.

$17.82+2.06%

Price as of close on Nov 3, 2026 · Financials updated Oct 9, 2026

Basics

Sector: Healthcare
Industry: Biotechnology
Country: United States
Market cap: 1.1B USD
Enterprise value: 139.5M USD
Full-time employees: 113

Overall health

Strength: growing faster than most peersgrowing faster than peers
Strength: lower risk than most peers: more short-term liquidity and less debt relative to equitylower risk: more liquidity and less debt vs equity
Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: its share price swings more than most peers’ (beta 2.39 vs a peer median of 0.63)bigger price swings (beta 2.39 vs peers 0.63)

Ranks #625 of 1,157 healthcare companies (bottom 47%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 47% from December 2022 to August 2026.
Janux Therapeutics had 47% more shares at August 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Janux Therapeutics had 47% more shares at August 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Stock-based pay is a large cost. Stock pay was 402% of revenue in 2025.
Janux Therapeutics paid employees $40M in stock in 2025, 402% of its $10M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.
Relative to its free cash flow, Janux Therapeutics looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.
Growing fast, still losing money. Revenue grew faster than 95% of peers, at an operating loss, from a small base ($24M of revenue over 12 months).
Revenue grew faster than 95% of peers, but the business runs at an operating loss (margin -598%).

StockQuotient Score

50/ 100

Oct 5 50 → Nov 4 50

Valuation

Is the price right?

8/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-9.4%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0148 · MAD: 0.0148

EBITDA yield-101.5%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 monthsNegative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.00Sector median: 0.0401 · MAD: 0.0401

Free cash flow yield-3.8%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score 0.00Sector median: 0.0000 · MAD: 0.0000

Other data (not scored)

Book yield85.2%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3716 · MAD: 0.2313

Growth

Is it growing?

95/100

Strong

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 74.8%

Why

Stronger than most peers on:

▲ Revenue growth
▲ 3-yr revenue

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Still loss-making, but the loss per share narrowed33% base weight · Z-score 0.29Sector median: 0.0976 · MAD: 0.2991

3-year revenue growth45.7%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 4.74Sector median: 0.0584 · MAD: 0.0840

Revenue growth5367.0%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score 10.15Sector median: 0.0609 · MAD: 0.0974

Profitability

Does it earn well?

7/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Operating margin
▼ ROA
▼ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-598.1%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -49.72Sector median: 0.0706 · MAD: 0.1217

Return on assets-10.2%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -2.21Sector median: 0.0166 · MAD: 0.0537

Return on invested capital-12.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.72Sector median: 0.0471 · MAD: 0.1004

Other data (not scored)

Gross margin0.0%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.4697 · MAD: 0.2310

Return on equity-11.1%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0330 · MAD: 0.1225

Risk

Debt, liquidity, price swings

Lower

Lower relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ Current ratio
▲ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta2.39

Yahoo Finance · 5-year monthly beta vs the marketOutlier capped at sector 5th/95th percentile33% base weight · Z-score -4.28Sector median: 0.6250 · MAD: 0.3380

Current ratio16.35×

SEC filings · latest balance sheetReported value33% base weight · Z-score 9.94Sector median: 2.5860 · MAD: 1.3850

Debt / equity0.02×

Yahoo Finance fallback · no standard SEC debt tagReported value33% base weight · Z-score 0.98Sector median: 0.2215 · MAD: 0.2039

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Janux Therapeutics

Is Janux Therapeutics getting weaker?: Its latest SEC filing (Aug 6, 2026) showed no major changes. Its overall score is unchanged at 50/100 since Oct 28, 2026.
How is Janux Therapeutics valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,393 healthcare peers. Earnings yield -9.4% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -9.4% vs peers 1.5% (weaker than 100% of peers).
Is Janux Therapeutics growing?: Yes, faster than most of its peers. Growth scores 95/100 against 1,393 healthcare peers. Revenue growth 5367.0% vs a peer median of 6.1% (stronger than 95% of peers).Revenue growth 5367.0% vs peers 6.1% (stronger than 95% of peers).
How profitable is Janux Therapeutics?: Less profitable than most of its peers. Profitability scores 7/100 against 1,393 healthcare peers. Operating margin -598.1% vs a peer median of 7.1% (weaker than 94% of peers).Operating margin -598.1% vs peers 7.1% (weaker than 94% of peers).
How risky is Janux Therapeutics?: Lower risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 16.35× vs a peer median of 2.59× (stronger than 94% of peers).Current ratio 16.35× vs peers 2.59× (stronger than 94% of peers). Beta 2.39 vs a peer median of 0.63 (weaker than 100% of peers).Beta 2.39 vs peers 0.63 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 6, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

Worth watching: Janux Therapeutics is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	13.7M USD	24.0M USD	+74.8%
Net income (12 months)	−114.5M USD	−102.6M USD	−10.4%
Operating margin	-1143.1%	-598.1%	+545.0 pts
Free cash flow (12 months)	−78.5M USD	−41.9M USD	−46.6%
Cash	51.8M USD	27.8M USD	−46.4%
Shares outstanding	61.0M	61.1M	+0.2%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Biotechnology · 132 companies

Valuations in Biotechnology are within their usual range since 2016.

48% of months since 2016 were valued lower than now.
22% of companies are in the most expensive fifth of their own price-to-sales history.
Median price-to-sales is +530% vs the whole market, against a usual +637%.

2016Shaded: most expensive fifth of its range2026

Earnings-based measures are left out for now because many companies in Biotechnology are losing money.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Operating margin	-905.4%	-779.0%	-902.9%	-933.6%	-1576.7%	▼ 643 pts
Net margin	-898.3%	-732.2%	-721.2%	-651.6%	-1136.3%	▼ 485 pts
Return on assets (ROA)	-8.6%	-17.3%	-15.3%	-6.5%	-11.3%	▼ 4.8 pts
Return on equity (ROE)	-8.9%	-19.7%	-16.9%	-6.7%	-11.9%	▼ 5.1 pts
Free cash flow margin	-507.5%	-573.2%	-648.6%	-417.2%	-832.8%	▼ 416 pts
Current ratio	29.46×	20.14×	26.80×	59.21×	39.04×	▼ 34%

JANX price history

Price history is added with the daily price update and will appear after the next one.

Similar companies

Sector leaderboards

BB Biotech AGBBZA.DE100/ 100

Arbutus Biopharma CorporationABUS97/ 100

Q32 Bio Inc.QTTB97/ 100

Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Strength: lower risk than most peers: more short-term liquidity and less debt relative to equitylower risk: more liquidity and less debt vs equity

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: its share price swings more than most peers’ (beta 2.39 vs a peer median of 0.63)bigger price swings (beta 2.39 vs peers 0.63)

Ranks #625 of 1,157 healthcare companies (bottom 47%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 47% from December 2022 to August 2026.

Janux Therapeutics had 47% more shares at August 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Janux Therapeutics had 47% more shares at August 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Stock-based pay is a large cost. Stock pay was 402% of revenue in 2025.

Janux Therapeutics paid employees $40M in stock in 2025, 402% of its $10M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.

Relative to its free cash flow, Janux Therapeutics looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

Growing fast, still losing money. Revenue grew faster than 95% of peers, at an operating loss, from a small base ($24M of revenue over 12 months).

Revenue grew faster than 95% of peers, but the business runs at an operating loss (margin -598%).

Questions investors ask about Janux Therapeutics

Is Janux Therapeutics getting weaker?

Its latest SEC filing (Aug 6, 2026) showed no major changes. Its overall score is unchanged at 50/100 since Oct 28, 2026.

How is Janux Therapeutics valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,393 healthcare peers. Earnings yield -9.4% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -9.4% vs peers 1.5% (weaker than 100% of peers).

Is Janux Therapeutics growing?

Yes, faster than most of its peers. Growth scores 95/100 against 1,393 healthcare peers. Revenue growth 5367.0% vs a peer median of 6.1% (stronger than 95% of peers).Revenue growth 5367.0% vs peers 6.1% (stronger than 95% of peers).

How profitable is Janux Therapeutics?

Less profitable than most of its peers. Profitability scores 7/100 against 1,393 healthcare peers. Operating margin -598.1% vs a peer median of 7.1% (weaker than 94% of peers).Operating margin -598.1% vs peers 7.1% (weaker than 94% of peers).

How risky is Janux Therapeutics?

Lower risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 16.35× vs a peer median of 2.59× (stronger than 94% of peers).Current ratio 16.35× vs peers 2.59× (stronger than 94% of peers). Beta 2.39 vs a peer median of 0.63 (weaker than 100% of peers).Beta 2.39 vs peers 0.63 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

13.7M USD

24.0M USD

+74.8%

Net income (12 months)

−114.5M USD

−102.6M USD

−10.4%

Operating margin

-1143.1%

-598.1%

+545.0 pts

Free cash flow (12 months)

−78.5M USD

−41.9M USD

−46.6%

Cash

51.8M USD

27.8M USD

−46.4%

Shares outstanding

61.0M

61.1M

+0.2%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Operating margin

-905.4%

-779.0%

-902.9%

-933.6%

-1576.7%

▼ 643 pts

Net margin

-898.3%

-732.2%

-721.2%

-651.6%

-1136.3%

▼ 485 pts

Return on assets (ROA)

-8.6%

-17.3%

-15.3%

-6.5%

-11.3%

▼ 4.8 pts

Return on equity (ROE)

-8.9%

-19.7%

-16.9%

-6.7%

-11.9%

▼ 5.1 pts

Free cash flow margin

-507.5%

-573.2%

-648.6%

-417.2%

-832.8%

▼ 416 pts

Current ratio

29.46×

20.14×

26.80×

59.21×

39.04×

▼ 34%