JANX
Janux Therapeutics, Inc.Healthcare·Biotechnology
$14.59
$890M market cap
Revenue
$11.6M
Free Cash Flow
$-41.3M
Rev Growth
+0.0%
FCF Margin
-355.3%
P/FCF
--
EV/FCF
--
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Janux Therapeutics, Inc., a biopharmaceutical company, develops therapeutics based on proprietary Tumor Activated T Cell Engager (TRACTr) platform technology to treat patients suffering from cancer. The company's lead TRACTr product candidates that are in preclinical or discovery stage target prostate-specific membrane antigen, epidermal growth factor receptor, and trophoblast cell surface antigen 2. Janux Therapeutics, Inc. is also developing a Tumor Activated Immunomodulator (TRACIr) costimula
2-Year Price History
$14.52-72.9%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 3.7 | -33.7 | -34.2 | -24.4 | -12.3 | -12.6 | -0.3 | 956.4 | 21.6 | 62.7 | -43.8% | -- | -- |
| Act | 2025-Q4 | 7.9 | -31.4 | -42.4 | -32.0 | -28.5 | -28.7 | -0.1 | 966.6 | 22.1 | 62.0 | -50.9% | -- | -- |
Valuation & Metrics
Market Stats
Price$14.59
Market Cap$890M
Enterprise Value$-45M
P/S Ratio76.6x
P/FCF--
EV/FCF--
FCF Margin (TTM)-355.3%
FCF Yield-4.6%
Dividend Yield (TTM)--
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$11.6M
Net Income$-56.3M
Free Cash Flow$-41.3M
Revenue Growth (YoY)+0.0%
EBITDA Margin-561.2%
Net Margin-484.9%
FCF Margin-355.3%
CapEx % of Revenue3.3%
SBC % of Revenue81.9%
ROIC-47.4%
WC Change % Rev-324.0%
Interest Coverage--
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares7.9M
Days to Cover7.4
Change (vs Prior)+6.6%
Need at least 2 settlement dates for chart
Employees
Headcount91
Revenue / Employee$127,615
Gross Profit / Employee$24,220
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
73.3%(-108.2% YoY)
168 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
20.6%(-2.9% YoY)
11 filers
Vanguard, iShares, SPDR
Market makers
0.7%(-0.6% YoY)
8 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| RA CAPITAL MANAGEMENT, L.P. | $156M | $36.32 | +$0 | +$0 | -4.5% | $9.44B |
| BlackRock, Inc.Passive | $75.5M | $32.05 | +$18.8M | +$35.6M | -0.2% | $5.69T |
| JANUS HENDERSON GROUP PLC | $58.3M | $34.00 | −$16.0M | −$5.6M | +1.2% | $209.29B |
| Prosight Management, LP | $49.3M | $18.86 | +$16.1M | +$39.8M | -15.7% | $610M |
| FMR LLC | $35.2M | $31.23 | −$13.6M | −$88.2M | -0.0% | $1.89T |
| STATE STREET CORPPassive | $34.2M | $23.43 | −$19.3M | +$15.2M | -0.2% | $2.89T |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $25.2M | $13.90 | +$25.2M | +$25.2M | — | $4.04T |
| TCG Crossover Management, LLC | $24.9M | $13.80 | +$0 | +$24.9M | +4.6% | $3.50B |
| Alyeska Investment Group, L.P. | $22.3M | $18.27 | +$4.2M | +$16.6M | -0.5% | $35.33B |
| WELLINGTON MANAGEMENT GROUP LLP | $22.2M | $27.75 | −$174K | +$16.7M | -0.3% | $533.98B |
| VANGUARD PORTFOLIO MANAGEMENT LLCPassive | $17.9M | $13.90 | +$17.9M | +$17.9M | — | $1.91T |
| Deep Track Capital, LP | $16.5M | $13.89 | +$15.3M | +$16.5M | -1.2% | $4.85B |
| Point72 Asset Management, L.P. | $16.1M | $28.30 | +$2.7M | +$10.8M | +0.9% | $54.88B |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $15.9M | $28.54 | +$461K | +$5.1M | +2.3% | $1.61T |
| BALYASNY ASSET MANAGEMENT LLC | $15.2M | $15.23 | +$2.8M | +$15.2M | -0.4% | $48.01B |
| Logos Global Management LP | $13.9M | $39.34 | +$0 | −$9.0M | -1.3% | $1.94B |
| ORBIMED ADVISORS LLC | $13.7M | $25.63 | −$13.5M | +$3.1M | -8.2% | $4.38B |
| Nantahala Capital Management, LLC | $11.3M | $13.90 | +$11.3M | +$11.3M | -2.4% | $1.60B |
| BANK OF AMERICA CORP /DE/ | $11.1M | $39.42 | +$880K | +$727K | -0.1% | $1.36T |
| Irenic Capital Management LP | $10.6M | $13.90 | +$10.6M | +$10.6M | -2.9% | $1.05B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)BEARISH
Holders
-2.44%
avg per quarter
Holders (ex-self)
-2.42%
excl. this stock
Buyers (this Q)
-3.17%
102 buyers · $0.18B in
Sellers (this Q)
-1.72%
57 sellers · $0.15B out
alpha coverage: 94% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
+7.1%
how holders react when this stock falls
On quiet Qs
+6.3%
−10% to +10% baseline
On rallies (+10%+)
-0.5%
how they react when this stock rises
Holders' portfolio flow this Q
+3.2%
inflows — adds are organic
Sellers' portfolio flow this Q
+1.7%
Sellers grew AUM elsewhere — opinionated cut of this stock.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-2.5%
Holder mid (any stock)
-3.1%
Holder rally (any stock)
-7.3%
Biggest decreases this quarter
STATE STREET CORP−$19.3Mα-0.2JANUS HENDERSON GROUP PLC−$16.0Mα+1.2FMR LLC−$13.6Mα-0.0ORBIMED ADVISORS LLC−$13.5Mα-8.2Cormorant Asset Management, LLCexited−$9.0MGOLDMAN SACHS GROUP INC−$6.6Mα-0.2ADAGE CAPITAL PARTNERS GP, L.L.C.exited−$5.5MUniversity of Wisconsin Foundationexited−$5.0MWoodline Partners LP−$4.0Mα-0.1Pictet Asset Management Holding SAexited−$3.8M
New buyers this quarter
Top-5 holders · 45.2%
RA CAPITAL MANAGEMENT, L.P.--
BlackRock, Inc.--
JANUS HENDERSON GROUP PLC--
Prosight Management, LP--
FMR LLC--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
RA CAPITAL MANAGEMENT, L.P.11.2MFMR LLC2.5MJANUS HENDERSON GROUP PLC4.2MParadigm Biocapital Advisors LP—ADAGE CAPITAL PARTNERS GP, L.L.C.—ORBIMED ADVISORS LLC984KCormorant Asset Management, LLC—BVF INC/IL—Woodline Partners LP738KCITADEL ADVISORS LLC352K
Analyst Coverage
Analyst Coverage
Price Targets
Last Quarter (4 analysts)$21.754910.0%
Last Year (13 analysts)$39.6217160.0%
Current Price$14.59
Analyst Ratings
11
3
Buy: 11Hold: 3Sell: 1Consensus: Buy
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Sells ($, 12mo)
$1.00M
10 txns · 6 insiders · 44,402 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-05-11 | SELL | Dobek Maria | officer: Vice President, Accounting | 2,038 | $14.17 | $29K | $457K |
| 2026-01-02 | SELL | Campbell David Alan | director, officer: President and CEO | 8,072 | $13.73 | $111K | $3.91M |
| 2026-01-02 | SELL | DiRaimondo Thomas | officer: Chief Scientific Officer | 2,505 | $13.73 | $34K | $1.71M |
| 2026-01-02 | SELL | Dobek Maria | officer: Vice President, Accounting | 1,462 | $13.73 | $20K | $211K |
| 2026-01-02 | SELL | McIver Zachariah | officer: Chief Medical Officer | 2,714 | $13.73 | $37K | $320K |
| 2026-01-02 | SELL | Meyer Andrew Hollman | officer: Chief Business Officer | 1,879 | $13.73 | $26K | $1.14M |
| 2026-01-02 | SELL | Winter Charles M. | officer: Chief Technical Officer | 2,401 | $13.73 | $33K | $1.07M |
| 2025-12-01 | SELL | Meyer Andrew Hollman | officer: Chief Business Officer | 3,333 | $32.98 | $110K | $2.80M |
| 2025-11-14 | SELL | Meyer Andrew Hollman | officer: Chief Business Officer | 3,333 | $30.00 | $100K | $2.55M |
| 2025-10-28 | SELL | Meyer Andrew Hollman | officer: Chief Business Officer | 16,665 | $30.06 | $501K | $2.47M |
Order Flow (FINRA, ~3w lag)
18.1%retail-4.5pp
18.9%dark+2.9pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
Janux Therapeutics, Inc.: Massive Capital Buffer Shadowed by Aggressive Dilution Overhang
Overall Risk
3/10
Fraud
2/10
Dilution
8/10
Insolvency
1/10
Earnings Overstated
3/10
Hidden Liabilities
2/10
Legal
2/10
Audit Warnings
2/10
Hidden Upside
8/10
Contextually Acceptable
9/10