10-K · February 26, 2026
Janux reports advancement of its clinical pipeline with JANX007 moving into Phase 1b expansion cohorts (designed to inform registrational strategies) and JANX008 and JANX011 advancing into expansion / Phase 1 studies;…
Earnings analysis · 10-Q
JANX earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Janux Therapeutics reported a revenue of $3.73 million for Q1 2026, exceeding expectations, while net losses increased slightly to $24.36 million. The company's strong cash position stands at $957.2 million, providing…
Read full summary
Janux Therapeutics reported a revenue of $3.73 million for Q1 2026, exceeding expectations, while net losses increased slightly to $24.36 million. The company's strong cash position stands at $957.2 million, providing sufficient funds for the next 12 months, despite ongoing significant cash burn. Management anticipates increasing operating expenses due to ongoing R&D activities.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.39
What stood out
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Revenue Exceeds Consensus
Reported revenue of $3.73 million, above the consensus estimate of $3 million.
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Cash Position Strong
As of March 31, 2026, cash, cash equivalents and short-term investments totaled $957.2 million.
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Reduced Operating Losses
Loss from operations decreased to $34.21 million in Q1 2026 from $34.90 million in Q1 2025.
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Positive Collaboration Revenue
Collaboration revenue recognized was $3.7 million for Q1 2026, up from zero in Q1 2025.
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Increased R&D Spending
R&D expenses rose to $26.81 million in Q1 2026 from $25.06 million in Q1 2025 due to increased investments in preclinical and clinical programs.
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Sufficient Liquidity
Management states that existing cash resources will be enough to fund operations for at least the next 12 months.
What to watch
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Increasing Cash Burn
Net losses rose to $24.36 million in Q1 2026 from $23.51 million in Q1 2025, indicating higher cash burn.
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Billions in Future R&D Costs
Management anticipates that R&D expenses will increase significantly as clinical trials progress, further straining cash flows.
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Dependence on Third-Party Collaborations
Future success heavily relies on partnerships with entities like Bristol-Myers Squibb, which if terminated, could disrupt operations.
Management's outlook
Management anticipates increasing revenues from collaboration agreements and expects operating losses to continue.
Earlier filings 4
10-Q · November 6, 2025
Janux reported Q3 collaboration revenue of $10,000 (in thousands) compared with $439 (in thousands) in Q3 2024, producing GAAP net loss per share of $(0.39) vs $(0.51) a year ago. Operating loss remained large at…
10-Q · August 7, 2025
Janux reported no collaboration revenue in Q2 2025 (versus $8,897 in Q2 2024) while operating expenses nearly doubled to $45,118 in the quarter, driving a wider net loss of $33,858 (Q2 2024: $5,959) and EPS of $(0.55)…
10-Q · May 8, 2024
Janux reported collaboration revenue of $1,252,000 and a net loss of $14,760,000 (EPS -$0.30) for the quarter ended March 31, 2024. Revenue declined from $2,048,000 a year earlier while EPS improved versus prior-year…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.