JANX Janux Therapeutics, Inc. - Common Stock
NASDAQ · Biotechnology · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Aug 6, 2026
$16.93
· of 52w range
· above low
· to high
$12.4252w low
$35.3452w high
Market Cap (MRQ)
$1.03B
P/E (TTM)
-10.3
EPS (TTM)
$-1.64
Revenue (TTM)
$24M
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52W Range
$12–$35
Analyst Rating
BUY
Price Target
$36
P/E
-10.3
ROE
-10.7%
Net Profit Margin
-427.5%
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JANX Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$16.93
Market Cap (MRQ)
$1.03B
P/E (TTM)
-10.3
EPS (TTM)
$-1.64
Revenue (TTM)
$24M
ROE (TTM)
-10.7%
52W Range
$12–$35
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue$10M2020-12-31 → 2025-12-31
EPS$-1.832021-12-31 → 2025-12-31
Free Cash Flow$-83M2021-12-31 → 2025-12-31
Net margin-427.5%2021-12-31 → 2025-12-31
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | JANX | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | -10.35Y avg ≈-16.1 | ≈-16.1 | · | · | |
| P/S (TTM) | 43.15Y avg ≈146.2 | ≈146.2 | 12.6 | Overvalued | |
| P/B (MRQ) | 1.15Y avg ≈1.9 | ≈1.9 | 4.2 | Undervalued | |
| Price / FCF (TTM) | -24.75Y avg ≈-29.2 | ≈-29.2 | · | · | |
| Price / Cash Flow (TTM) | -25.15Y avg ≈-30.6 | ≈-30.6 | · | · | |
| Price / Tangible Book | 1.15Y avg ≈1.9 | ≈1.9 | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | JANX | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Operating Margin (TTM) | -598.1%5Y avg ≈-1019.5% | ≈-1019.5% | -329.2% | In line | |
| EBITDA Margin | -1576.7%5Y avg ≈-1019.5% | ≈-1019.5% | -329.2% | In line | |
| Net Profit Margin (TTM) | -427.5%5Y avg ≈-827.9% | ≈-827.9% | -270.7% | Top tier | |
| ROA (TTM) | -10.1%5Y avg ≈-13.9% | ≈-13.9% | -29.5% | Top tier | |
| ROE (TTM) | -10.7%5Y avg ≈-13.0% | ≈-13.0% | -18.5% | Top tier |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | JANX | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Current Ratio (MRQ) | 16.35Y avg ≈34.9 | ≈34.9 | 10.4 | Strong liquidity | |
| Quick Ratio (MRQ) | 16.15Y avg ≈34.6 | ≈34.6 | 2.5 | Strong liquidity |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | JANX | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | -5.5%5Y avg ≈39.0% | ≈39.0% | · | · | |
| Revenue CAGR 3Y | 5.1% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | JANX | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.05Y avg ≈0.0 | ≈0.0 | 0.3 | Weak | |
| Revenue / Employee | ≈$88.5K | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
14.8%
Next Report
Nov 04, 2026
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Aug 11, 2026 | $-0.35 | $-0.39 | 10.7% |
| March 31, 2026 | May 12, 2026 | $-0.39 | $-0.54 | 27.4% |
| Dec. 31, 2025 | $-0.51 | $-0.66 | 22.4% | |
| Sept. 30, 2025 | $-0.39 | $-0.63 | 38.1% | |
| June 30, 2025 | $-0.55 | $-0.48 | -15.5% | |
| March 31, 2025 | $-0.38 | $-0.40 | 5.5% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue | $10M | $11M | $8M | $9M | $4M | $0 | |
| R&D Expense | $126M | $68M | $55M | $53M | $26M | $3M | |
| SG&A Expense | $42M | $41M | $26M | $22M | $10M | $2M | |
| Operating Income | $-158M | $-99M | $-73M | $-67M | $-33M | $-5M | |
| Other Non-op | $44M | $30M | $15M | $4M | $257.0K | $-2M | |
| Income Tax | $0 | $0 | $0 | · | · | · | |
| Net Income | $-114M | $-69M | $-58M | $-63M | $-33M | $-7M | |
| EPS (Basic) | $-1.83 | $-1.28 | $-1.32 | $-1.52 | $-1.39 | · | |
| EPS (Diluted) | $-1.83 | $-1.28 | $-1.32 | $-1.52 | $-1.39 | · | |
| Shares (Basic) | 61,966,999 | 53,751,480 | 44,016,283 | 41,469,631 | 23,530,252 | 233,726 | |
| Shares (Diluted) | 61,966,999 | 53,751,480 | 44,016,283 | 41,469,631 | 23,530,252 | · | |
| EBITDA | $-158M | $-99M | $-73M | $-67M | $-33M | · |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $52M | $431M | $19M | $51M | $36M | $8M | |
| Short-term Investments | $914M | $595M | $325M | $276M | $339M | $0 | |
| Receivables | $0 | · | $0 | $0 | $0 | $8M | |
| Prepaid Expense | $9M | $8M | $5M | $5M | $2M | $249.0K | |
| Current Assets | $976M | $1.03B | $349M | $332M | $377M | $16M | |
| PP&E (Net) | $4M | $5M | $7M | $7M | $1M | $155.0K | |
| PP&E (Gross) | $11M | $10M | $10M | $8M | $2M | $176.0K | |
| Accum. Depreciation | $7M | $5M | $3M | $972.0K | $131.0K | $21.0K | |
| Other Non-current Assets | $3M | $3M | $3M | $1M | $392.0K | $0 | |
| Total Assets | $1.00B | $1.06B | $380M | $364M | $380M | $16M | |
| Accounts Payable | $5M | $4M | $2M | $2M | $2M | $428.0K | |
| Accrued Liabilities | $18M | $12M | $7M | $8M | $4M | $751.0K | |
| Current Liabilities | $25M | $17M | $13M | $17M | $13M | $3M | |
| Capital Leases | $20M | $21M | $23M | $25M | $0 | $0 | |
| Total Liabilities | $45M | $39M | $36M | $43M | $13M | $9M | |
| Common Stock | $60.0K | $59.0K | $46.0K | $42.0K | $41.0K | $1.0K | |
| Retained Earnings | $-351M | $-238M | $-169M | $-110M | $-47M | $-15M | |
| AOCI | $4M | $2M | $665.0K | $-2M | $-270.0K | $0 | |
| Stockholders' Equity | $957M | $1.02B | $344M | $321M | $366M | $-15M | |
| Liabilities + Equity | $1.00B | $1.06B | $380M | $364M | $380M | $16M | |
| Shares Outstanding | 60,384,283 | 59,064,606 | 46,252,440 | 41,616,260 | 41,243,137 | 1,046,599 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Stock-based Comp | $40M | $33M | $20M | $17M | $7M | $72.0K | |
| Deferred Tax | · | $0 | $0 | $0 | $0 | $0 | |
| Operating Cash Flow | $-82M | $-44M | $-51M | $-43M | $-17M | $-4M | |
| CapEx | $1M | $359.0K | $2M | $6M | $1M | $0 | |
| Investing Cash Flow | $-301M | $-258M | $-41M | $58M | $-341M | $0 | |
| Financing Cash Flow | $5M | $713M | $60M | $500.0K | $387M | $12M | |
| Free Cash Flow | $-83M | $-44M | $-52M | $-49M | $-18M | · |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Operating Margin | -1576.7% | -933.6% | -902.9% | -779.0% | -905.4% | · | |
| Net Margin | -1136.2% | -651.6% | -721.2% | -732.2% | -898.3% | · | |
| EBITDA Margin | -1576.7% | -933.6% | -902.9% | -779.0% | -905.4% | · | |
| ROA | -11.0% | -9.6% | -15.7% | -17.0% | -16.5% | · | |
| ROE | -11.7% | -8.2% | -16.8% | -19.3% | -8.8% | · |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 39.0 | 59.2 | 26.8 | 20.1 | 29.5 | · | |
| Quick Ratio | 38.7 | 58.7 | 26.4 | 19.8 | 29.3 | · |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | · | |
| Receivables Turnover | · | · | · | · | 0.9 | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Book Value / Share | $15.85 | $17.32 | $7.45 | $7.71 | $8.88 | · | |
| Revenue / Share | $0.16 | $0.20 | $0.18 | $0.21 | · | · | |
| Cash Flow / Share | $-1.33 | $-0.82 | $-1.15 | $-1.03 | · | · | |
| Cash / Share | $0.87 | $7.29 | $0.42 | $1.24 | $0.86 | · | |
| EPS (TTM) | $-1.83 | $-1.28 | $-1.32 | $-1.52 | $-1.39 | · |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue YoY | -5.5% | 31.0% | -6.1% | 136.8% | · | · | |
| Revenue CAGR 3Y | 5.1% | 42.8% | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue TTM | $10M | $11M | $8M | $9M | $4M | · | |
| Net Income TTM | $-114M | $-69M | $-58M | $-63M | $-33M | · | |
| Market Cap | $833M | $3.16B | $496M | $548M | $814M | · | |
| P/E | -7.5 | -41.8 | -8.1 | -8.7 | -14.2 | · | |
| P/S | 83.3 | 298.7 | 61.4 | 63.6 | 223.7 | · | |
| P/B | 0.9 | 3.1 | 1.4 | 1.7 | 2.2 | · | |
| P / Tangible Book | 0.9 | 3.1 | 1.4 | 1.7 | 2.2 | · | |
| P / Cash Flow | -10.1 | -72.2 | -9.8 | -12.8 | -47.9 | · | |
| P / FCF | -10.0 | -71.6 | -9.5 | -11.1 | -44.1 | · | |
| Earnings Yield | -13.3% | -2.4% | -12.3% | -11.5% | -7.0% | · |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $10M | $4M | $0 | $10M | $0 | $0 | $0 | $439.0K | $9M | $1M | $3M | $1M | $2M | $2M | $2M | $2M | |
| R&D Expense | $31M | $27M | $32M | $35M | $35M | $25M | $21M | $19M | $15M | $14M | $12M | $15M | $16M | $14M | $14M | $10M | |
| SG&A Expense | $11M | $11M | $11M | $11M | $10M | $10M | $8M | $18M | $8M | $7M | $6M | $7M | $6M | $6M | $6M | $5M | |
| Operating Income | $-32M | $-34M | $-42M | $-35M | $-45M | $-35M | $-29M | $-36M | $-14M | $-20M | $-16M | $-21M | $-20M | $-18M | $-17M | $-14M | |
| Other Non-op | $10M | $10M | $10M | $11M | $11M | $11M | $9M | $8M | $8M | $5M | $4M | $3M | $3M | $1M | $373.0K | $132.0K | |
| Net Income | $-22M | $-24M | $-32M | $-24M | $-34M | $-24M | $-20M | $-28M | $-6M | $-15M | $-12M | $-18M | $-17M | $-17M | $-17M | $-13M | |
| EPS (Basic) | $-0.35 | $-0.39 | $-0.51 | $-0.39 | $-0.55 | $-0.38 | $-0.36 | $-0.51 | $-0.11 | $-0.30 | $-0.25 | $-0.42 | $-0.42 | $-0.40 | $-0.41 | $-0.32 | |
| EPS (Diluted) | $-0.35 | $-0.39 | $-0.51 | $-0.39 | $-0.55 | $-0.38 | $-0.36 | $-0.51 | $-0.11 | $-0.30 | $-0.25 | $-0.42 | $-0.42 | $-0.40 | $-0.41 | $-0.32 | |
| Shares (Basic) | 62,937,295 | 62,665,717 | · | 62,023,685 | 61,902,411 | 61,791,721 | · | 54,628,670 | 54,451,666 | 49,049,741 | 45,708,649 | 41,836,238 | 41,763,971 | 41,526,524 | 41,448,743 | 41,315,482 | |
| Shares (Diluted) | 62,937,295 | 62,665,717 | · | 62,023,685 | 61,902,411 | 61,791,721 | · | 54,628,670 | 54,451,666 | 49,049,741 | 45,708,649 | 41,836,238 | 41,763,971 | 41,526,524 | 41,448,743 | 41,315,482 | |
| EBITDA | $-32M | $-34M | · | $-35M | $-45M | $-35M | · | $-36M | $-14M | $-20M | $-16M | $-21M | $-20M | $-18M | $-17M | $-14M |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $28M | $52M | $52M | $48M | $52M | $74M | $431M | $27M | $15M | $213M | $17M | $34M | $30M | $65M | $58M | $55M | |
| Short-term Investments | $943M | $905M | $914M | $941M | $944M | $940M | $595M | $631M | $632M | $439M | $333M | $270M | $287M | $274M | $296M | $306M | |
| Receivables | $149.0K | $35M | · | · | · | · | · | · | $8M | $519.0K | $0 | $0 | $750.0K | $500.0K | $0 | $0 | |
| Prepaid Expense | $12M | $11M | $9M | $9M | $10M | $9M | $8M | $8M | $8M | $6M | $5M | $6M | $4M | $5M | $4M | $3M | |
| Current Assets | $983M | $1.00B | $976M | $998M | $1.01B | $1.02B | $1.03B | $666M | $662M | $659M | $355M | $309M | $321M | $344M | $358M | $365M | |
| PP&E (Net) | $3M | $4M | $4M | $4M | $5M | $5M | $5M | $5M | $6M | $7M | $7M | $7M | $7M | $7M | $4M | $3M | |
| PP&E (Gross) | $11M | $11M | $11M | $11M | $11M | $10M | $10M | $10M | $10M | $10M | $10M | $9M | $9M | $7M | $4M | $3M | |
| Accum. Depreciation | $8M | $7M | $7M | $6M | $6M | $5M | $5M | $4M | $4M | $3M | $2M | $2M | $1M | $567.0K | $320.0K | $212.0K | |
| Other Non-current Assets | $3M | $4M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $2M | $2M | $2M | $1M | $207.0K | $337.0K | |
| Total Assets | $1.01B | $1.03B | $1.00B | $1.02B | $1.03B | $1.05B | $1.06B | $695M | $691M | $689M | $387M | $342M | $353M | $376M | $385M | $369M | |
| Accounts Payable | $3M | $3M | $5M | $3M | $3M | $2M | $4M | $2M | $1M | $2M | $3M | $2M | $2M | $3M | $3M | $2M | |
| Accrued Liabilities | $20M | $15M | $18M | $22M | $16M | $13M | $12M | $13M | $9M | $6M | $7M | $9M | $8M | $7M | $4M | $5M | |
| Current Liabilities | $60M | $59M | $25M | $28M | $21M | $18M | $17M | $17M | $12M | $11M | $14M | $18M | $16M | $16M | $13M | $13M | |
| Capital Leases | $18M | $19M | $20M | $20M | $20M | $21M | $21M | $22M | $22M | $23M | $23M | $24M | $24M | $24M | $23M | $0 | |
| Total Liabilities | $80M | $87M | $45M | $48M | $42M | $38M | $39M | $39M | $34M | $33M | $38M | $42M | $42M | $44M | $42M | $13M | |
| Common Stock | $61.0K | $60.0K | $60.0K | $60.0K | $59.0K | $59.0K | $59.0K | $52.0K | $52.0K | $51.0K | $46.0K | $42.0K | $42.0K | $42.0K | $42.0K | $41.0K | |
| Retained Earnings | $-398M | $-376M | $-351M | $-319M | $-295M | $-261M | $-238M | $-218M | $-189M | $-184M | $-157M | $-145M | $-128M | $-94M | $-78M | $-61M | |
| AOCI | $-2M | $576.0K | $4M | $5M | $4M | $4M | $2M | $8M | $-2M | $-524.0K | $-1M | $-1M | $-739.0K | $-2M | $-2M | $-2M | |
| Stockholders' Equity | $928M | $942M | $957M | $977M | $991M | $1.01B | $1.02B | $656M | $658M | $656M | $349M | $299M | $311M | $332M | $344M | $356M | |
| Liabilities + Equity | $1.01B | $1.03B | $1.00B | $1.02B | $1.03B | $1.05B | $1.06B | $695M | $691M | $689M | $387M | $342M | $353M | $376M | $385M | $369M | |
| Shares Outstanding | 61,077,980 | 60,865,458 | 60,384,283 | 60,123,602 | 59,297,814 | 59,168,490 | 59,064,606 | 52,337,239 | 52,162,215 | 51,840,571 | 46,151,427 | 41,867,536 | 41,802,807 | 41,550,704 | 41,501,269 | 41,393,660 |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $9M | $9M | $10M | $9M | $11M | $11M | $6M | $15M | $6M | $6M | $5M | $6M | $5M | $5M | $4M | $4M | |
| Operating Cash Flow | $12M | $-12M | $-29M | $-13M | $-24M | $-17M | $-17M | $-2M | $-10M | $-15M | $-12M | $-15M | $-14M | $-13M | $-6M | $-12M | |
| CapEx | $202.0K | $273.0K | $106.0K | $93.0K | $473.0K | $371.0K | $42.0K | $25.0K | $95.0K | $197.0K | $470.0K | $580.0K | $285.0K | $3M | $898.0K | $971.0K | |
| Investing Cash Flow | $-39M | $8M | $30M | $8M | $2M | $-340M | $34M | $13M | $-191M | $-114M | $-61M | $18M | $-9M | $20M | $9M | $31M | |
| Financing Cash Flow | $2M | $4M | $3M | $493.0K | $954.0K | $554.0K | $387M | $2M | $3M | $322M | $57M | $528.0K | $2M | $0 | $308.0K | $1.0K | |
| Free Cash Flow | · | $-13M | · | · | · | $-17M | · | · | · | $-15M | · | · | $-14M | · | · | $-12M |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -308.7% | -916.5% | · | -352.5% | · | · | · | -8164.5% | -155.4% | -1610.3% | -628.2% | -1962.9% | -990.3% | -994.0% | -729.9% | -852.2% | |
| Net Margin | -214.0% | -652.6% | · | -243.1% | · | · | · | -6391.6% | -67.0% | -1178.9% | -459.6% | -1656.4% | -852.5% | -920.9% | -714.1% | -843.9% | |
| EBITDA Margin | -308.7% | -916.5% | · | -352.5% | · | · | · | -8164.5% | -155.4% | -1610.3% | -628.2% | -1962.9% | -990.3% | -994.0% | -729.9% | -852.2% | |
| ROA | -2.1% | -2.3% | · | -2.8% | -3.9% | -2.7% | · | -5.2% | -1.1% | -2.8% | -3.0% | -4.8% | -4.8% | -4.3% | -4.3% | -7.3% | |
| ROE | -2.3% | -2.5% | · | -3.0% | -4.1% | -2.8% | · | -5.6% | -1.2% | -3.0% | -3.4% | -5.4% | -5.2% | -4.7% | -4.6% | -7.5% |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 16.3 | 17.0 | · | 35.9 | 47.0 | 58.5 | · | 38.8 | 57.3 | 62.1 | 24.5 | 17.3 | 19.9 | 21.1 | 27.6 | 29.1 | |
| Quick Ratio | 16.1 | 16.8 | · | 35.5 | 46.6 | 57.9 | · | 38.3 | 56.6 | 61.5 | 24.2 | 16.9 | 19.7 | 20.8 | 27.3 | 28.9 |
Efficiency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
| Receivables Turnover | 2.7 | 0.2 | · | · | · | · | · | · | 2.4 | 2.0 | 10.1 | · | 5.5 | 7.3 | 12.6 | · |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $15.19 | $15.47 | · | $16.24 | $16.70 | $17.11 | · | $12.54 | $12.61 | $12.65 | $7.56 | $7.15 | $7.45 | $7.98 | $8.28 | $8.60 | |
| Revenue / Share | $0.16 | $0.06 | · | $0.16 | $0.00 | $0.00 | · | $0.01 | $0.16 | $0.03 | $0.06 | $0.03 | $0.05 | $0.04 | $0.06 | · | |
| Cash Flow / Share | · | $-0.20 | · | · | · | $-0.28 | · | · | · | $-0.30 | · | · | $-0.33 | · | · | · | |
| Cash / Share | $0.45 | $0.85 | · | $0.80 | $0.88 | $1.25 | · | $0.51 | $0.28 | $4.11 | $0.37 | $0.81 | $0.73 | $1.56 | $1.41 | $1.33 | |
| EPS (TTM) | $-1.64 | $-1.84 | · | $-1.68 | $-1.80 | $-1.36 | · | $-1.15 | $-0.89 | $-1.20 | $-1.48 | $-1.63 | $-1.62 | $-1.42 | $-1.28 | $-1.49 |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $24M | $14M | · | $10M | $439.0K | $9M | · | $13M | $15M | $7M | $8M | $8M | $9M | $7M | $7M | $5M | |
| Net Income TTM | $-103M | $-114M | · | $-102M | $-106M | $-78M | · | $-61M | $-44M | $-56M | $-63M | $-68M | $-67M | $-60M | $-54M | $-44M | |
| Market Cap | $938M | $846M | · | $1.47B | $1.37B | $1.60B | · | $2.38B | $2.19B | $1.95B | $465M | $497M | $506M | $563M | $507M | $594M | |
| P/E | -9.4 | -7.6 | · | -14.5 | -12.8 | -19.9 | · | -39.5 | -47.1 | -31.4 | -6.8 | -7.3 | -7.5 | -9.5 | -9.5 | -9.6 | |
| P/S | 39.1 | 61.6 | · | 146.9 | 3120.2 | 171.1 | · | 182.2 | 144.4 | 267.8 | 54.9 | 64.0 | 55.8 | 76.2 | 75.3 | 122.5 | |
| P/B | 1.0 | 0.9 | · | 1.5 | 1.4 | 1.6 | · | 3.6 | 3.3 | 3.0 | 1.3 | 1.7 | 1.6 | 1.7 | 1.5 | 1.7 | |
| P / Tangible Book | 1.0 | 0.9 | · | 1.5 | 1.4 | 1.6 | · | 3.6 | 3.3 | 3.0 | 1.3 | 1.7 | 1.6 | 1.7 | 1.5 | 1.7 | |
| P / Cash Flow | · | -68.6 | · | · | · | -93.8 | · | · | · | -131.5 | · | · | -36.4 | · | · | -51.5 | |
| Earnings Yield | -10.7% | -13.2% | · | -6.9% | -7.8% | -5.0% | · | -2.5% | -2.1% | -3.2% | -14.7% | -13.7% | -13.4% | -10.5% | -10.5% | -10.4% |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Revenue | $10M | $11M | $8M | $9M | $4M |
| Operating Margin % | -1576.7% | -933.6% | -902.9% | -779.0% | -905.4% |
| Net Income | $-114M | $-69M | $-58M | $-63M | $-33M |
| Diluted EPS | $-1.83 | $-1.28 | $-1.32 | $-1.52 | $-1.39 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Current Ratio | 39.0 | 59.2 | 26.8 | 20.1 | 29.5 |
| Quick Ratio | 38.7 | 58.7 | 26.4 | 19.8 | 29.3 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $-83M | $-44M | $-52M | $-49M | $-18M |
Institutional owners (13F) 216 filers · $1.0B total · As of Sept. 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Holders
216
Value held
$1.0B
New positions
40
Exited positions
29
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 40 (-8 vs prior Q) | 29 (+1 vs prior Q) | 81 (+12 vs prior Q) | 49 (-5 vs prior Q) | +700K |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| RA CAPITAL MANAGEMENT, L.P. | $171,873,684 | 11,189,693 | 16.64% | Shares |
| BlackRock, Inc. | $94,228,481 | 6,134,667 | 9.12% | Shares |
| Prosight Management, LP | $58,436,828 | 3,804,481 | 5.66% | Shares |
| JANUS HENDERSON GROUP PLC | $58,279,971 | 4,196,409 | 5.64% | Shares |
| STATE STREET CORP | $46,155,249 | 3,004,899 | 4.47% | Shares |
| VANGUARD GROUP INC | $40,108,126 | 2,906,386 | 3.88% | Shares |
| FMR LLC | $37,060,986 | 2,412,825 | 3.59% | Shares |
| FEDERATED HERMES, INC. | $36,140,959 | 2,352,927 | 3.50% | Shares |
| Point72 Asset Management, L.P. | $30,625,336 | 1,993,837 | 2.97% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $28,528,911 | 1,857,351 | 2.76% | Shares |
| TCG Crossover Management, LLC | $27,488,517 | 1,789,617 | 2.66% | Shares |
| Alyeska Investment Group, L.P. | $25,300,070 | 1,647,140 | 2.45% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $23,153,049 | 1,507,360 | 2.24% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $20,439,706 | 1,330,710 | 1.98% | Shares |
| TWO SIGMA INVESTMENTS, LP | $18,543,360 | 1,207,250 | 1.80% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $18,499,798 | 1,204,150 | 1.79% | Shares |
| CITADEL ADVISORS LLC | $18,443,321 | 1,200,737 | 1.79% | Shares |
| ALGERT GLOBAL LLC | $17,063,255 | 1,110,889 | 1.65% | Shares |
| D. E. Shaw & Co., Inc. | $16,842,378 | 1,096,509 | 1.63% | Shares |
| GOLDMAN SACHS GROUP INC | $14,633,088 | 952,675 | 1.42% | Shares |
| BANK OF AMERICA CORP /DE/ | $13,984,665 | 910,460 | 1.35% | Shares |
| MORGAN STANLEY | $12,855,801 | 836,966 | 1.24% | Shares |
| Nantahala Capital Management, LLC | $12,440,279 | 809,914 | 1.20% | Shares |
| Qube Research & Technologies Ltd | $10,783,596 | 702,057 | 1.04% | Shares |
| Squarepoint Ops LLC | $8,176,451 | 532,321 | 0.79% | Shares |
| ORBIMED ADVISORS LLC | $8,059,392 | 524,700 | 0.78% | Shares |
| MILLENNIUM MANAGEMENT LLC | $7,749,796 | 504,544 | 0.75% | Shares |
| ADAR1 Capital Management, LLC | $6,464,732 | 420,881 | 0.63% | Shares |
| Cubist Systematic Strategies, LLC | $6,293,960 | 257,527 | 0.61% | Shares |
| NORTHERN TRUST CORP | $6,118,902 | 398,366 | 0.59% | Shares |
| JANE STREET GROUP, LLC | $6,020,981 | 391,991 | 0.58% | Shares |
| Nationale-Nederlanden Powszechne Towarzystwo Emerytalne S.A. | $5,782,979 | 376,496 | 0.56% | Shares |
| Woodline Partners LP | $5,683,692 | 370,032 | 0.55% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $5,670,774 | 369,191 | 0.55% | Shares |
| Rock Springs Capital Management LP | $5,637,258 | 367,009 | 0.55% | Shares |
| Jump Financial, LLC | $5,555,174 | 361,665 | 0.54% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $5,525,376 | 359,725 | 0.54% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $4,842,563 | 315,271 | 0.47% | Shares |
| PANAGORA ASSET MANAGEMENT INC | $4,133,576 | 269,113 | 0.40% | Shares |
| Man Group plc | $3,821,583 | 248,801 | 0.37% | Shares |
| Balyasny Asset Management L.P. | $3,250,714 | 211,635 | 0.31% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $3,219,348 | 209,593 | 0.31% | Shares |
| Y-Intercept (Hong Kong) Ltd | $3,018,040 | 196,487 | 0.29% | Shares |
| JPMORGAN CHASE & CO | $2,736,049 | 178,535 | 0.26% | Shares |
| Allspring Global Investments Holdings, LLC | $2,434,909 | 166,092 | 0.24% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $2,403,840 | 156,500 | 0.23% | Put option |
| BML Capital Management, LLC | $2,380,201 | 154,961 | 0.23% | Shares |
| UBS Group AG | $2,314,767 | 150,701 | 0.22% | Shares |
| Springhill Fund Asset Management (HK) Co Ltd | $2,119,500 | 78,500 | 0.21% | Shares |
| Bank of New York Mellon Corp | $2,074,706 | 135,072 | 0.20% | Shares |
Activists & 5%+ owners 4 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| RA Capital Management, L.P., Peter Kolchinsky, Rajeev Shah, RA Capital Healthcare Fund, L.P. ×5 filings | March 10, 2025 | 19.90% | Amendment | · | SEC |
| Avalon Ventures XI, L.P., Avalon BioVentures SPV I, L.P., Avalon BioVentures I, LP, Avalon Ventures XI GP LLC, ABV SPV I GP LLC, Avalon BioVentures GP, LLC, Kevin Kinsella, Richard Levandov, Braden Bohrmann, Jay Lichter, Ph.D., Tighe Reardon, Sergio G. Duron, Ph.D., Sanford Madigan, Ph.D. ×6 filings | Nov. 8, 2024 | · | Initial filing | · | SEC |
| OrbiMed Advisors LLC, OrbiMed Capital GP VIII LLC, OrbiMed Genesis GP LLC, OrbiMed Capital LLC ×3 filings | Aug. 9, 2024 | · | Initial filing | · | SEC |
| Avalon Ventures XI, L.P. (“Avalon Ventures”), Avalon BioVentures SPV I, L.P. (“ABV SPV”), Avalon Bioventures I, LP (“ABV I”), Avalon Ventures XI GP LLC (“Avalon XI GP”), ABV SPV I GP LLC (“ABV SPV GP”), Avalon BioVentures GP, LLC (“ABV GP”), Kevin Kinsella (“Kinsella”), Richard Levandov (“Levandov”), Braden Bohrmann (“Bohrmann”), Jay Lichter, Ph.D. (“Lichter”), Tighe Reardon (“Reardon”), Sergio Duron (“Duron”), Sanford Madigan, Ph.D. (“Madigan”) ×2 filings | Nov. 16, 2023 | · | Initial filing | Passive investment | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
Company insiders 24 insiders · 12 officers · 11 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| David Alan Campbell | President and CEO | July 31, 2026 G | 264,742 | 0 | 1 | $-110,829 |
| Tighe Reardon | Acting Chief Financial Officer | June 3, 2024 S | 3,340,018 | 0 | 0 | $0 |
| Janeen Noel Doyle | Chief Corp. & Bus. Dev. Ofcr | June 2, 2026 S | 75,941 | 0 | 1 | $-56,948 |
| Maria Dobek | Vice President, Accounting | May 11, 2026 S | 32,270 | 0 | 2 | $-48,951 |
| William Go | Chief Medical Officer | Feb. 2, 2026 A | 44,000 | 0 | 0 | $0 |
| Zachariah Mciver | Chief Medical Officer | Jan. 2, 2026 A | 52,286 | 0 | 1 | $-37,263 |
| Thomas Diraimondo | Chief Scientific Officer | Jan. 2, 2026 A | 155,825 | 0 | 1 | $-34,394 |
| Charles M. Winter | Chief Technical Officer | Jan. 2, 2026 A | 106,321 | 0 | 1 | $-32,966 |
| Andrew Hollman Meyer | Chief Business Officer | Jan. 2, 2026 S | 83,095 | 0 | 5 | $-736,652 |
| Byron Robinson | Chief Strategy Officer | Jan. 2, 2025 A | 28,000 | 0 | 0 | $0 |
| Wayne Godfrey | Chief Medical Officer | Jan. 3, 2023 A | · | 0 | 0 | $0 |
| Shahram Salek-Ardakani | Chief Scientific Officer | Jan. 3, 2022 A | · | 0 | 0 | $0 |
| Jake Simson | Director | June 11, 2026 A | 11,750 | 0 | 0 | $0 |
| Natasha Hernday | Director | June 11, 2026 A | 15,481 | 0 | 0 | $0 |
| Winston Kung | Director | June 11, 2026 A | 11,750 | 0 | 0 | $0 |
| Ronald W Barrett | Director | June 11, 2026 A | 11,750 | 0 | 0 | $0 |
| Vickie L Capps | Director | June 11, 2026 A | 79,598 | 0 | 0 | $0 |
| Eric Dobmeier | Director | June 11, 2026 A | 15,481 | 0 | 0 | $0 |
| Alana B. Mcnulty | Director | June 11, 2025 A | 6,250 | 0 | 0 | $0 |
| Sheila Gujrathi | Director | June 11, 2025 A | 118,889 | 0 | 0 | $0 |
| Stefan Heller | Director | June 14, 2022 A | · | 0 | 0 | $0 |
| Peter A. Thompson | Director | June 14, 2022 A | 231,098 | 0 | 0 | $0 |
| Jay Lichter | 10% owner | Sept. 13, 2024 M | 7,000 | 0 | 0 | $0 |
| Bregua Corp | 10% owner | June 15, 2021 C | 3,749,250 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 29 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| IDNA · iShares Trust | 0.98% | 142,050 SH | Sept. 11, 2026 | Daily |
| BBC · ETFis Series Trust I | 0.75% | 22,923 NS | July 31, 2026 | N-PORT |
| LABU · Direxion Shares ETF Trust | 0.20% | 65,529 NS | July 31, 2026 | N-PORT |
| ESSC · Strategy Shares | 0.12% | 2,826 NS | July 31, 2026 | N-PORT |
| IBB · iShares Trust | 0.07% | 435,895 SH | Sept. 11, 2026 | Daily |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.07% | 4,350 SH | Oct. 2, 2026 | Daily |
| PWS · Pacer Funds Trust | 0.06% | 895 NS | July 31, 2026 | N-PORT |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.04% | 37,644 SH | Aug. 19, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.03% | 47,185 SH | Oct. 2, 2026 | Daily |
| FBCG · FIDELITY COVINGTON TRUST | 0.03% | 123,298 NS | July 31, 2026 | N-PORT |
| IWM · iShares Trust | 0.03% | 1,107,172 SH | Sept. 11, 2026 | Daily |
| RSSL · Global X Funds | 0.02% | 20,662 NS | July 31, 2026 | N-PORT |
| TECB · iShares Trust | 0.02% | 5,624 SH | Sept. 11, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.02% | 248,060 SH | Aug. 19, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.01% | 123,038 NS | July 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.01% | 552,164 SH | Aug. 19, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.01% | 117,899 SH | Aug. 19, 2026 | Daily |
| FHLC · FIDELITY COVINGTON TRUST | 0.01% | 18,188 NS | July 31, 2026 | N-PORT |
| WSML · iShares Trust | 0.01% | 2,569 SH | Sept. 11, 2026 | Daily |
| TILT · FlexShares Trust | 0.00% | 5,688 NS | July 31, 2026 | N-PORT |
| DXUV · Dimensional ETF Trust | 0.00% | 1,318 NS | July 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 68,785 SH | Sept. 11, 2026 | Daily |
| IWV · iShares Trust | 0.00% | 13,661 SH | Sept. 11, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 1,263,837 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 3,110 SH | Aug. 19, 2026 | Daily |
| IWN · iShares Trust | · | 402,945 SH | Sept. 11, 2026 | Daily |
| ISCB · iShares Trust | · | 2,013 SH | Sept. 11, 2026 | Daily |
| ISCV · iShares Trust | · | 9,972 SH | Sept. 11, 2026 | Daily |
| SMLF · iShares Trust | · | 53,769 SH | Sept. 11, 2026 | Daily |
JANX Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 26 analysts
BUY
Median target
$29.00
+71.3%
10 38.5%
Strong Buy
12 46.2%
Buy
3 11.5%
Hold
1 3.8%
Sell
0 0.0%
Strong Sell
12-Month Price Target
17 analysts · 2026-09-28Mean target $36.24 +114.0%
Now
Current price $16.93
Low$14.00
Mean$36.24
High$75.00
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| JANX | $833M | -7.5 | -5.5% | -1136.2% | -11.7% | · |
| BCAX | $953M | -6.7 | · | · | -33.0% | · |
| TRAX | · | · | · | · | · | · |
| VOR | $506M | -0.2 | · | · | 83.4% | · |
| MGTX | $645M | -5.6 | 144.6% | -140.3% | 8062.2% | · |
| AKTS | · | · | · | · | · | · |
| ODTX | · | · | · | · | · | · |
| SVRA | $1.23B | -11.4 | · | · | -73.4% | · |
| KURA | $913M | -3.3 | 25.2% | -413.0% | -116.2% | · |
| CGEM | $624M | -3.2 | · | · | -44.0% | · |
My Metrics Your personal watchlist — selected rows from Full Fundamentals
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Source: SEC 10-Q filed Aug 6, 2026