7Baggers

Janux Therapeutics
(NASDAQ:JANX) 

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Janux Therapeutics is an innovative clinical-stage biopharmaceutical company developing next-generation therapeutics based on applying its proprietary technology to its Tumor Activated T Cell Engager (TRACTr) and Tumor Activated Immunomodulator (TRACIr) platforms to better treat patients suffering f...

Founded: 2017
IPO Price: $17 (Jun 11, 2021)
CEO: David Campbell  
Sector:
Industry:
Biotechnology
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At a glance:
Bull Thesis:
Bear Thesis:
Main Competitors:
Moat:
Income Statements:
Quarterly
Annual
    Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 
                        
      collaboration revenue
    		3,733,000  10,000,000    439,000 8,897,000 1,252,000 2,461,000 2,517,000 1,057,000 2,048,000 2,845,000 1,813,000 2,365,000 1,589,000 1,616,000 1,159,000 482,000 
      operating expenses:
    		                    
      research and development
    		26,813,000 31,548,000 34,629,000 34,664,000 25,055,000 20,806,000 18,614,000 14,898,000 14,070,000 12,241,000 11,892,000 14,924,000 15,865,000 15,434,000 13,737,000 14,086,000 10,184,000 11,169,000 8,406,000 4,737,000 
      general and administrative
    		11,133,000 10,853,000 10,622,000 10,454,000 9,842,000 8,216,000 17,667,000 7,821,000 7,343,000 6,357,000 6,438,000 6,881,000 6,464,000 5,677,000 6,098,000 5,540,000 4,947,000 3,937,000 3,656,000 1,997,000 
      total operating expenses
    		37,946,000 42,401,000 45,251,000 45,118,000 34,897,000 29,022,000 36,281,000 22,719,000 21,413,000 18,598,000 18,330,000 21,805,000 22,329,000 21,111,000 19,835,000 19,626,000 15,131,000 15,106,000 12,062,000 6,734,000 
      income from operations
    		-34,213,000 -42,401,000 -35,251,000 -45,118,000 -34,897,000 -29,022,000 -35,842,000 -13,822,000 -20,161,000 -16,137,000 -15,813,000 -20,748,000 -20,281,000 -18,266,000 -18,022,000 -17,261,000 -13,542,000 -13,490,000 -10,903,000 -6,252,000 
      yoy
    		-1.96% 46.10% -1.65% 226.42% 73.09% 79.85% 126.66% -33.38% -0.59% -11.66% -12.26% 20.20% 49.76% 35.40% 65.29% 176.09%     
      qoq
    		-19.31% 20.28% -21.87% 29.29% 20.24% -19.03% 159.31% -31.44% 24.94% 2.05% -23.79% 2.30% 11.03% 1.35% 4.41% 27.46% 0.39% 23.73% 74.39%  
      other income:
    		                    
      interest income
    		9,852,000 10,455,000 10,938,000 11,260,000 11,389,000 8,806,000 7,783,000 7,863,000 5,401,000 4,379,000 4,245,000 3,240,000 2,822,000 2,201,000 1,326,000 373,000 132,000 74,000 137,000 46,000 
      total other income
    		9,852,000 10,455,000 10,938,000 11,260,000 11,389,000 8,806,000 7,783,000 7,863,000 5,401,000 4,379,000 4,245,000 3,240,000 2,822,000 2,201,000 1,326,000 373,000 132,000 74,000 137,000 46,000 
      net income
    		-24,361,000 -31,946,000 -24,313,000 -33,858,000 -23,508,000 -20,216,000 -28,059,000 -5,959,000 -14,760,000 -11,758,000 -11,568,000 -17,508,000 -17,459,000 -16,065,000 -16,696,000 -16,888,000 -13,410,000 -13,416,000 -10,766,000 -6,206,000 
      yoy
    		3.63% 58.02% -13.35% 468.18% 59.27% 71.93% 142.56% -65.96% -15.46% -26.81% -30.71% 3.67% 30.19% 19.75% 55.08% 172.12%     
      qoq
    		-23.74% 31.39% -28.19% 44.03% 16.28% -27.95% 370.87% -59.63% 25.53% 1.64% -33.93% 0.28% 8.68% -3.78% -1.14% 25.94% -0.04% 24.61% 73.48%  
      other comprehensive gain:
    		                    
      unrealized gain on available-for-sale securities
    		-3,740,000 -246,000 815,000 -9,000 1,593,000 -5,668,000 9,447,000 -1,092,000 -1,189,000 1,840,000 -115,000 -321,000 796,000 -501,750 -370,000 -340,000  -294,000 7,000 -17,000 
      comprehensive loss
    		-28,101,000 -32,192,000 -23,498,000 -33,867,000 -21,915,000 -25,884,000 -18,612,000 -7,051,000 -15,949,000 -9,918,000 -11,683,000 -17,829,000 -16,663,000 -15,323,000 -17,066,000 -17,228,000 -14,977,000 -13,710,000 -10,759,000 -6,223,000 
      net loss per common share, basic and diluted
    		-390 -510 -390 -550 -380 -350 -510 -110 -300 -240 -250 -420 -420 -390 -400 -410 -320 -290 -260 -620 
      weighted-average shares of common stock outstanding, basic and diluted
    		62,665,717,000 61,966,999,000 62,023,685,000 61,902,411,000 61,791,721,000 53,751,480,000 54,628,670,000 54,451,666,000 49,049,741,000 44,016,283,000 45,708,649,000 41,836,238,000 41,763,971,000 41,469,631,000 41,526,524,000 41,448,743,000 41,315,482,000 23,530,252,000 41,134,102,000 10,033,328,000 
      other comprehensive loss:
    		                    
      unrealized loss on available-for-sale securities
    		                -1,567,000    
      interest expense – related parties
    		                    
      change in fair value of convertible promissory notes – related parties
    		                    
      increase in fair value of convertible promissory notes – related parties
    		                    
    Balance Sheets:
    Quarterly
    Annual
      Unit: USD2026-03-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 
                         
        assets
      		                   
        current assets:
      		                   
        cash and cash equivalents
      		51,828,000 48,389,000 52,446,000 73,743,000 430,605,000 26,754,000 14,662,000 212,803,000 19,205,000 17,152,000 33,703,000 30,355,000 51,426,000 64,752,000 58,403,000 55,129,000 35,582,000 39,389,000 251,625,000 
        accounts receivable
      		35,000,000      7,500,000 519,000    750,000  500,000     375,000 
        short-term investments
      		904,558,000 940,604,000 943,565,000 940,403,000 594,568,000 631,277,000 631,631,000 438,960,000 324,823,000 332,560,000 269,586,000 286,520,000 275,590,000 274,008,000 295,893,000 306,071,000 339,383,000 348,118,000 142,570,000 
        prepaid expenses and other current assets
      		10,663,000 9,093,000 9,542,000 9,193,000 8,493,000 8,290,000 8,146,000 6,384,000 5,213,000 5,483,000 6,013,000 3,774,000 5,423,000 5,070,000 3,769,000 3,454,000 2,054,000 2,081,000 2,038,000 
        total current assets
      		1,002,049,000 998,086,000 1,005,553,000 1,023,339,000 1,033,666,000 666,321,000 661,939,000 658,666,000 349,241,000 355,195,000 309,302,000 321,399,000 332,439,000 344,330,000 358,065,000 364,654,000 377,019,000 389,588,000 396,608,000 
        restricted cash
      		816,000 816,000 816,000 816,000 816,000 816,000 816,000 816,000 816,000 816,000 816,000 816,000 816,000 816,000 816,000 816,000 816,000   
        property and equipment
      		3,546,000 4,314,000 4,688,000 4,947,000 4,864,000 5,373,000 5,940,000 6,517,000 7,003,000 7,317,000 7,378,000 7,203,000 7,086,000 6,514,000 3,517,000 2,660,000 1,412,000 1,118,000 215,000 
        operating lease right-of-use assets
      		17,870,000 18,923,000 18,462,000 18,878,000 19,286,000 19,686,000 20,077,000 20,461,000 20,838,000 21,208,000 21,571,000 21,927,000 22,279,000 22,663,000 22,760,000 130,000 185,000 238,000  
        other long-term assets
      		3,944,000 2,627,000 2,693,000 2,792,000 2,884,000 2,823,000 2,640,000 2,524,000 2,509,000 2,314,000 2,433,000 1,611,000 1,390,000 1,433,000 207,000 337,000 392,000 140,000  
        total assets
      		1,028,225,000 1,024,766,000 1,032,212,000 1,050,772,000 1,061,516,000 695,019,000 691,412,000 688,984,000 380,407,000 386,850,000 341,500,000 352,956,000 364,010,000 375,756,000 385,365,000 368,597,000 379,824,000 391,084,000 396,823,000 
        liabilities and stockholders’ equity
      		                   
        current liabilities:
      		                   
        accounts payable
      		3,376,000 3,395,000 3,477,000 2,351,000 4,026,000 2,462,000 1,253,000 2,254,000 2,424,000 2,505,000 1,910,000 2,051,000 2,159,000 2,866,000 3,000,000 1,939,000 2,458,000 3,613,000 354,000 
        accrued expenses
      		15,476,000 22,156,000 16,029,000 13,340,000 11,684,000 13,022,000 8,568,000 5,810,000 7,387,000           
        current portion of deferred revenue
      		37,591,000      94,000 972,000 1,705,000 3,648,000 5,340,000 4,935,000 5,406,000 5,906,000 5,371,000 4,649,000 5,163,000 5,264,000 5,065,000 
        current portion of operating lease liabilities
      		2,472,000 2,280,000 1,873,000 1,811,000 1,749,000 1,689,000 1,630,000 1,573,000 1,517,000 1,462,000 1,408,000 1,356,000 763,000  88,000 153,000 194,000 212,000  
        total current liabilities
      		58,915,000 27,831,000 21,379,000 17,502,000 17,459,000 17,173,000 11,545,000 10,609,000 13,033,000 14,471,000 17,904,000 16,114,000 16,507,000 16,335,000 12,994,000 12,515,000 12,797,000 12,471,000 9,205,000 
        deferred revenue, net of current portion
      		8,676,000          307,000 1,394,000 2,221,000 3,816,000 5,289,000  700,000 1,840,000 2,823,000 
        operating lease liabilities, net of current portion
      		19,099,000 20,380,000 20,317,000 20,801,000 21,276,000 21,742,000 22,190,000 22,612,000 23,025,000 23,431,000 23,820,000 24,184,000 24,542,000 24,092,000 23,268,000   23,000  
        total liabilities
      		86,690,000 48,211,000 41,696,000 38,303,000 38,735,000 38,915,000 33,735,000 33,221,000 36,058,000 37,902,000 42,031,000 41,692,000 43,270,000 44,243,000 41,551,000 12,515,000 13,497,000 14,334,000 12,028,000 
        commitments and contingencies
      		                   
        stockholders’ equity:
      		                   
        preferred stock, 0.001 par value...
      		                   
        common stock, 0.001 par value...
      		60,000 60,000 59,000 59,000 59,000 52,000 52,000 51,000 46,000 46,000 42,000 42,000 42,000 42,000 42,000 41,000 41,000 41,000 41,000 
        additional paid-in capital
      		1,316,642,000 1,291,369,000 1,281,833,000 1,269,919,000 1,258,316,000 865,762,000 848,723,000 839,759,000 512,401,000 507,082,000 445,924,000 439,890,000 432,703,000 428,153,000 423,388,000 418,429,000 413,967,000 410,680,000 407,966,000 
        accumulated other comprehensive income
      		576,000 4,562,000 3,747,000 3,756,000 2,163,000 7,831,000 -1,616,000 -524,000 665,000        -270,000 24,000 17,000 
        accumulated deficit
      		-375,743,000 -319,436,000 -295,123,000 -261,265,000 -237,757,000 -217,541,000 -189,482,000 -183,523,000 -168,763,000 -157,005,000 -145,437,000 -127,929,000 -110,470,000 -94,405,000 -77,709,000 -60,821,000 -47,411,000 -33,995,000 -23,229,000 
        total stockholders’ equity
      		941,535,000 976,555,000 990,516,000 1,012,469,000 1,022,781,000 656,104,000 657,677,000 655,763,000 344,349,000 348,948,000 299,469,000 311,264,000 320,740,000 331,513,000 343,814,000 356,082,000 366,327,000 376,750,000 384,795,000 
        total liabilities and stockholders’ equity
      		1,028,225,000 1,024,766,000 1,032,212,000 1,050,772,000 1,061,516,000 695,019,000 691,412,000 688,984,000 380,407,000 386,850,000 341,500,000 352,956,000 364,010,000 375,756,000 385,365,000 368,597,000    
        accrued liabilities
      		         6,831,000 9,216,000 7,737,000 8,010,000 7,240,000 4,043,000 5,074,000 3,779,000 2,030,000 2,286,000 
        unvested stock liabilities
      		         25,000 30,000 35,000 169,000 323,000 492,000 700,000 1,203,000 1,352,000  
        accumulated other comprehensive loss
      		         -1,175,000 -1,060,000 -739,000 -1,535,000 -2,277,000 -1,907,000 -1,567,000    
        liabilities, convertible preferred stock and stockholders’ equity
      		                   
        convertible preferred stock, 0.001 par value...
      		                   
        stockholders’ equity
      		                   
        total liabilities, convertible preferred stock and stockholders’ equity
      		                379,824,000 391,084,000 396,823,000 
        unvested stock liability
      		                  1,500,000 
      Cashflow Statements:
      Quarterly
      Annual
        Unit: USD2026-03-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 
                          
          cash flows from operating activities
        		                  
          net loss
        		-24,361,000 -24,313,000 -33,858,000 -23,508,000 -20,216,000 -28,059,000 -5,959,000 -14,760,000 -11,758,000 -11,568,000 -17,508,000 -17,459,000 -16,065,000 -16,696,000 -16,888,000 -13,410,000 -13,416,000 -10,766,000 
          adjustments to reconcile net loss to net cash from operating activities:
        		                  
          depreciation
        		469,000 501,000 541,000 519,000 512,000 510,000 506,000 532,000 531,000 500,000 471,000 453,000 403,000 249,000 108,000 81,000 64,000 27,000 
          stock-based compensation
        		9,269,000 9,044,000 10,960,000 10,702,000 6,251,000 15,387,000 5,757,000 5,625,000 4,483,000 4,548,000 5,501,000 5,473,000 4,205,000 4,596,000 4,444,000 3,958,000 2,944,000 2,566,000 
          accretion of discounts on investments
        		-2,624,000 -4,623,000 -5,206,000 -4,221,000 -2,927,000 -2,898,000 -2,973,000 -1,787,000 -2,061,000 -2,108,000 -1,841,000 -1,678,000       
          changes in operating assets and liabilities:
        		                  
          accounts receivable
        		-35,000,000      -6,981,000 -519,000    -750,000     0 375,000 
          prepaid expenses and other current assets
        		-1,343,000 449,000 -349,000 -700,000 -203,000 -144,000 -1,762,000 -1,171,000 270,000 530,000 -2,239,000 1,649,000 -81,000 -1,301,000 -587,000 -1,400,000 27,000 -43,000 
          other long-term assets
        		-1,336,000 66,000 99,000 92,000 -61,000 -183,000 -116,000 -15,000 -195,000 119,000 -822,000 -221,000 -313,000 -1,142,000 130,000 55,000 -252,000  
          accounts payable
        		-1,612,000 -168,000 1,113,000 -1,637,000 1,559,000 1,175,000 -694,000 -456,000 327,000 228,000 -171,000 -107,000 223,000 -634,000 857,000 -740,000 -482,000 2,584,000 
          accrued expenses
        		-2,030,000 6,179,000 2,893,000 1,734,000 -1,634,000 4,573,000 3,060,000 -1,573,000 426,000 -1,987,000 1,443,000 -560,000 1,005,000 2,887,000 -894,000 1,158,000 1,921,000 409,000 
          deferred revenue
        		46,267,000    0 -94,000 -878,000 -733,000 -1,943,000 -1,999,000 -682,000 -1,298,000 -2,095,000 -938,000 6,011,000 -1,214,000 -1,241,000 -784,000 
          operating lease right-of-use assets and liabilities
        		-36,000 9,000 -6,000 -5,000 -6,000 2,000 19,000 20,000 19,000 28,000 44,000 587,000 1,597,000 833,000 845,000 14,000 12,000  
          net cash from operating activities
        		-12,337,000 -12,856,000 -23,813,000 -17,024,000 -16,725,000 -2,231,000 -10,021,000 -14,837,000 -9,901,000 -11,709,000 -15,054,000 -13,911,000 -11,913,000 -13,414,000 -6,073,000 -11,522,000 -10,481,000 -5,854,000 
          capital expenditures
        		-273,000 -93,000 -473,000 -371,000 -42,000 -25,000 -95,000 -197,000 -515,000 -470,000 -580,000 -285,000 -2,056,000 -2,520,000 -898,000 -971,000 -1,173,000 -77,000 
          free cash flows
        		-12,610,000 -12,949,000 -24,286,000 -17,395,000 -16,767,000 -2,256,000 -10,116,000 -15,034,000 -10,416,000 -12,179,000 -15,634,000 -14,196,000 -13,969,000 -15,934,000 -6,971,000 -12,493,000 -11,654,000 -5,931,000 
          cash flows from investing activities
        		                  
          purchases of property and equipment
        		-273,000 -93,000 -473,000 -371,000 -42,000 -25,000 -95,000 -197,000 -515,000 -470,000 -580,000 -285,000 -2,056,000 -2,520,000 -898,000 -971,000 -1,173,000 -77,000 
          purchases of short-term investments
        		-112,751,000 -117,969,000 -92,685,000 -371,291,000 -24,032,000 -32,466,000 -235,540,000 -178,539,000 -33,112,000 -135,981,000 -76,546,000 -71,705,000 -86,048,000 -94,467,000 -68,813,000 -45,061,000 -103,501,000 -227,607,000 
          maturities of short-term investments
        		121,310,000 126,368,000 94,720,000 31,270,000 58,000,000 45,165,000 44,750,000 65,000,000 44,750,000 75,000,000 95,000,000 63,250,000 86,500,000 116,750,000 78,750,000 77,100,000 112,000,000  
          net cash from investing activities
        		8,286,000 8,306,000 1,562,000 -340,392,000 33,926,000 12,674,000 -190,885,000 -113,736,000 11,123,000 -61,451,000 17,874,000 -8,740,000 -1,604,000 19,763,000 9,039,000 31,068,000 7,326,000 -205,539,000 
          cash flows from financing activities
        		                  
          proceeds from exercise of common stock options
        		3,545,000   901,000    1,657,000           
          payments of issuance costs
        		                  
          net cash from financing activities
        		3,545,000 493,000 954,000 554,000 386,650,000 1,649,000 2,765,000 322,171,000 831,000 56,609,000 528,000 1,580,000 191,000 0 308,000 1,000 164,000 -843,000 
          net decrease in cash, cash equivalents and restricted cash
        		-506,000                  
          cash, cash equivalents and restricted cash – beginning of year
        		53,150,000 0 0 431,421,000 0 0 0 20,021,000 0 0 0 52,242,000 0 0 0 36,398,000   
          cash, cash equivalents and restricted cash – end of period
        		52,644,000 -4,057,000 -21,297,000 74,559,000 403,851,000 12,092,000 -198,141,000 213,619,000 2,053,000 -16,551,000 3,348,000 31,171,000       
          supplemental disclosure of noncash investing and financing activities
        		                  
          unpaid property and equipment
        		25,000 54,000 -190,000 237,000 -36,000    -298,000 -30,000 65,000 395,000 -1,080,000 726,000     
          unrealized gain on available-for-sale securities
        		-3,740,000 815,000 -9,000 1,593,000 -5,668,000 9,447,000 -1,092,000 -1,189,000 1,840,000 -115,000 -321,000 796,000  -370,000     
          proceeds from exercise of common stock options and employee stock purchase plan
        		 493,000   8,442,000 1,649,000   831,000          
          proceeds from the issuance of common stock and pre-funded common stock warrants, net of issuance costs
        		 0 0 -347,000 378,208,000 0 -455,000 320,514,000 0          
          net increase in cash, cash equivalents and restricted cash
        		   -356,862,000 403,851,000   193,598,000 2,053,000 -16,551,000 3,348,000 -21,071,000 -13,326,000 6,349,000 3,274,000 19,547,000   
          operating lease liabilities arising from right-of-use assets
        		            344,000 0   0  
          unpaid issuance costs
        		                  
          vesting of restricted common stock
        		    7,000 3,000 5,000 5,000 5,000 5,000 5,000 134,000 154,000 169,000 208,000 503,000 149,000 148,000 
          unpaid equity issuance costs
        		       438,000          -843,000 
          proceeds from exercise of vested and unvested common stock options and employee stock purchase plan
        		          528,000 1,580,000 191,000 0 308,000 1,000   
          loss on disposal of assets
        		                0 0 
          amortization of premiums/discounts on investments
        		            -1,292,000 -768,000 -99,000 -24,000 -58,000 -79,000 
          proceeds from issuance of series a convertible preferred stock, net of issuance costs
        		                0 0 
          proceeds from issuance of series b convertible preferred stock, net of issuance costs
        		                0 0 
          proceeds from initial public offering, net of issuance costs
        		                0 -843,000 
          cash, cash equivalents and restricted cash – end of year
        		              3,274,000 55,945,000   
          conversion of convertible preferred stock in connection with initial public offering
        		                0 0 
          unrealized loss on available-for-sale securities
        		                  
          payment of initial public offering costs
        		                  
          unpaid fixed asset additions
        		               396,000 -815,000  
          unrealized loss on short-term investments
        		               -1,297,000   
          noncash interest – related parties
        		                  
          increase in fair value of convertible promissory notes – related parties
        		                  
          proceeds from issuance of convertible promissory notes
        		                  
          proceeds from issuance of series seed 2 convertible preferred stock, net of issuance costs
        		                  
          conversion of convertible promissory notes and accrued interest into shares of convertible preferred stock
        		                  
          unrealized gain on short-term investments
        		                -294,000 7,000 
          proceeds from exercise of vested and unvested common stock options
        		                 0 
          net increase in cash and cash equivalents
        		                 -212,236,000 
          cash and cash equivalents – beginning of period
        		                 0 
          cash and cash equivalents – end of period
        		                 -212,236,000