Janux Therapeutics, Inc. (JANX) Stock

Janux Therapeutics, Inc. (JANX) is a Healthcare stock trading at $17.09 (as of 2026-09-11), with a market capitalization of $1.04B. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Janux Therapeutics, Inc. is a biopharmaceutical company developing cancer therapies using its Tumor Activated T Cell Engager (TRACTr) platform. It is advancing TRACTr and related immunomodulator programs targeting antigens such as prostate-specific membrane antigen, EGFR, and trophoblast cell surface antigen 2, and a costimulatory bispecific program aimed at PD-L1 and CD28.

Understand Janux Therapeutics, Inc.: how it makes money

Janux Therapeutics builds T-cell engager cancer drugs using its proprietary TRACTr platform, targeting prostate, lung, and other solid tumors, with no product revenue until a drug clears clinical trials. The business is a pure discovery-to-Phase-1 pipeline: all value hinges on validating one engineering mechanism that can spawn multiple sellable oncology assets.

The economic case is binary: the TRACTr platform either produces multiple sellable cancer drugs from a single engineering approach, or it produces nothing, and until the first candidate advances beyond Phase 1 the company is a funded option with no cash flow.

Business quality (Unprofitable): Unprofitable, pre-revenue, and pre-commercial. Every dollar of value is a bet on clinical-trial catalysts and platform optionality; there is no existing earnings or cash flow to anchor a floor.

Bull case

  • First-in-platform efficacy catalyst: JANX007 is the lead TRACTr candidate in Phase 1a for metastatic prostate cancer, and its readouts (tracked via ORR and rPFS) are the binary catalyst for validating the entire platform. A compelling signal here de-risks the downstream PSMA, EGFR, and TROP2 candidates and anchors the whole pipeline.

Bear case

  • Cash burn without revenue: Operating margin sits at -309% with zero product revenue, meaning every quarter deepens the cash deficit. Survival depends on continued equity issuance, making the stock highly sensitive to biotech funding windows and IPO/secondary conditions.
Valuation — source: SEC EDGAR (first-party)
Price$17.09
Market Cap$1.04B
Price / Book1.13
Price / Sales43.53
FCF Yield-4.0%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$10.00M
Net Margin-1136.3%
Return on Equity-11.1%
Current Ratio16.35
Revenue Growth (YoY)-5.6%
EPS Growth (YoY)43.0%
FCF Growth (YoY)88.5%
Financial Health — source: SEC EDGAR
Altman Z-Score14.08 (safe)
Valuation vs Sector & Industry
Sector P/E (Healthcare)19.4
Industry P/E (Pharmaceutical Products)15.1
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderRA CAPITAL MANAGEMENT, L.P. ($171.87M)
Institutional Holders Tracked10
Company
SectorHealthcare
IndustryPharmaceutical Products
CEODavid Alan Campbell
Employees91
CountryUS
IPO Date2021-06-11

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JANX earnings history · JANX institutional & insider holders · JANX KPIs & operating metrics · JANX financials · JANX filings, presentations & press releases · JANX investor presentations & press releases · JANX SEC filings · JANX peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-09-11.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.