# Janux Therapeutics, Inc. (JANX)

> Source: Nexqual · https://nexqual.com/JANX · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, Janux Therapeutics, Inc. (JANX), nexqual.com/JANX" · informational, not investment advice.

**Price:** USD 17.83 (-1.22% on the day) · last close of Oct 29, 2026; US market closed, not a live price. Prev close 18.05 · day 17.71–18.62 · 52w 12.12–35.34 · market cap $1.09B · NGM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $24.0M, net income -$103M (-427.5% margin), free cash flow -$41.9M (SEC filings).
- Analysts: Buy (mean 2.11 on a 1–5 scale) (18 analysts), mean target USD 33.81 (range 14–60).
- Total return with dividends: 1Y -36.7% vs S&P 500 +14.8%; 5Y -26.8% vs S&P 500 +79.1%.
- Next earnings: 2026-11-05 (date not yet confirmed by the company), EPS estimate USD -0.49, revenue estimate $6.4M. All companies reporting that day: https://nexqual.com/earnings/2026-11-05
- Dividend: JANX paid no cash dividend in the last five years.
- Short interest: 11.15% of float (as of 2026-10-15), 5.7 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $3.6M | $8.6M | $8.1M | $10.6M | $10.0M | $24.0M |
| Operating income | -$32.9M | -$67.1M | -$73.0M | -$98.8M | -$158M | -$144M |
| Net income | -$32.7M | -$63.1M | -$58.3M | -$69.0M | -$114M | -$103M |
| EPS (diluted) | -$1.39 | -$1.52 | -$1.32 | -$1.28 | -$1.83 | — |
| Free cash flow | -$18.5M | -$49.4M | -$52.4M | -$44.2M | -$83.3M | -$41.9M |
| Operating margin | -905.4% | -779.0% | -902.9% | -933.6% | -1576.7% | -598.1% |
| Net margin | -898.3% | -732.2% | -721.2% | -651.6% | -1136.3% | -427.5% |
| Revenue growth | — | +136.8% | -6.1% | +31.0% | -5.6% | — |
| Cash + short-term investments | $375M | $327M | $344M | $1.03B | $967M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 45.4x · P/B 1.2x · FCF yield -3.85% · Earnings yield -9.41%

## Analysts
Consensus Buy (mean 2.11 on a 1–5 scale), 18 analysts; mean target USD 33.81 (low 14, high 60).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-24 | Wolfe Research | Upgrade | Peer Perform → Outperform | $23 |
| 2026-08-07 | Guggenheim | Target lowered | Buy | $58 → $55 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-30) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -36.7% | -26.8% |
| S&P 500 (SPY) | +14.8% | +79.1% |
| Per year | -36.9% | -6.0% |
| Volatility (annualized) | 89.9% | 99.2% |
| Max drawdown | -64.9% (Nov 2025→Feb 2026) | -79.9% (Dec 2024→Feb 2026) |

## Dividends
JANX paid no cash dividend in the last five years.

## Short interest
5,327,163 shares sold short, 11.15% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 5,891,965 shares (-9.6%). Days to cover: 5.7 (short shares ÷ average daily volume).

## Peers (Biotechnology)
ORKA (Oruka Therapeutics, Inc.) USD 96.65 +0.71% · LGND (Ligand Pharmaceuticals Incorpor) USD 317.33 -0.45% · IOVA (Iovance Biotherapeutics, Inc.) USD 9.56 -35.45% · IONS (Ionis Pharmaceuticals, Inc.) USD 44.39 -1.14% · AXSM (Axsome Therapeutics, Inc.) USD 143.45 -0.04% · ABVX (Abivax SA) USD 89.06 -0.87%

## More
Full page: https://nexqual.com/JANX · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.49 | $-0.52 | +$0.03 | $6.4M | 14 |
| Next quarter (ends 2026-12-31) | $-0.57 | $-0.61 | +$0.05 | $7.3M | 14 |
| Current fiscal year (ends 2026-12-31) | $-1.73 | $-1.76 | +$0.03 | $29.4M | 14 |
| Next fiscal year (ends 2027-12-31) | $-2.62 | $-2.70 | +$0.07 | $8.1M | 13 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-05): ±15.3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 22 | 77.9% | ±15.3% |
| 2026-12-18 | 50 | 86.0% | ±25.2% |
| 2027-01-15 | 78 | 78.8% | ±28.9% |
| 2027-02-19 | 113 | 85.2% | ±37.2% |
| 2027-05-21 | 204 | 70.8% | ±41.4% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | −$0.35 | −$0.29 | Miss −20.7% | — |
| — | Quarter ended Mar 31, 2026 | −$0.39 | −$0.52 | Beat +25.0% | — |
| — | Quarter ended Dec 31, 2025 | −$0.51 | −$0.64 | Beat +20.3% | — |
| — | Quarter ended Sep 30, 2025 | −$0.39 | −$0.61 | Beat +36.1% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).