The company's liquidity position has deteriorated significantly, with cash reserves declining to $51.8M in 2026Q1 from $430.6M in 2024Q4, while total equity has been eroded by a $375.7M accumulated deficit.
| Total Current Assets | 1B | 975.89M | 1.03B | 349.24M | 332.44M | 377.02M | 16.06M | 658K |
| Cash & Short-Term Investments | 956.39M | 966.57M | 1.03B | 344.03M | 327.02M | 374.96M | 7.81M | 658K |
| Cash Only | 51.83M | 52.33M | 430.61M | 19.2M | 51.43M | 35.58M | 7.81M | 658K |
| Short-Term Investments | 904.56M | 914.23M | 594.57M | 324.82M | 275.59M | 339.38M | 0 | 0 |
| Accounts Receivable | 42.46M | 6.43M | 5.38M | 0 | 700K | 0 | 8M | 0 |
| Days Sales Outstanding | 257.11 | 234.62 | 185.5 | - | 29.67 | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | -700K | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 0 | 0 | 5.21M | 5.42M | 0 | 0 | 0 |
| Total Non-Current Assets | 26.18M | 31.64M | 27.85M | 31.17M | 31.57M | 2.81M | 155K | 21K |
| Property, Plant & Equipment | 21.42M | 22.25M | 24.15M | 27.84M | 29.36M | 1.6M | 155K | 21K |
| Fixed Asset Turnover | 0.96x | 0.45x | 0.44x | 0.29x | 0.29x | 2.28x | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 2.45M | 816K | 0 | 0 | 816K | 0 | 0 | 0 |
| Other Non-Current Assets | 4.76M | 2.61M | 3.7M | 3.33M | 1.39M | 1.21M | 0 | 0 |
| Total Assets | 1.03B | 1.01B | 1.06B | 380.41M | 364.01M | 379.82M | 16.22M | 679K |
| Asset Turnover | 0.02x | 0.01x | 0.01x | 0.02x | 0.02x | 0.01x | - | - |
| Asset Growth % | 89.5% | -5.09% | 179.05% | 4.5% | -4.16% | 2242.13% | 2288.37% | - |
| Total Current Liabilities | 58.91M | 25M | 17.46M | 13.03M | 16.51M | 12.8M | 3.18M | 4.63M |
| Accounts Payable | 3.38M | 4.97M | 4.03M | 2.42M | 2.16M | 2.46M | 428K | 267K |
| Days Payables Outstanding | 140.13 | 894.24 | 713.34 | 452.56 | 937.02 | - | 12.02K | 16.24K |
| Short-Term Debt | 2.47M | 2.39M | 0 | 0 | 0 | 0 | 0 | 4M |
| Deferred Revenue (Current) | 37.59M | 0 | 0 | 1.71M | 5.41M | 5.16M | 1.95M | 0 |
| Other Current Liabilities | 15.48M | 13.04M | 11.68M | 3.3M | 5.51M | 2.37M | 338K | 82K |
| Current Ratio | 17.01x | 39.04x | 59.21x | 26.80x | 20.14x | 29.46x | 5.05x | 0.14x |
| Quick Ratio | 17.01x | 39.04x | 59.21x | 26.80x | 20.18x | 29.46x | 5.05x | 0.14x |
| Cash Conversion Cycle | 116.97 | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 27.77M | 25.7M | 21.28M | 23.02M | 26.76M | 700K | 27.67M | 4M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 79.54M | 19.75M | 21.28M | 23.02M | 24.54M | 0 | 0 | 0 |
| Deferred Tax Liabilities | 5.96M | 5.96M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 21.62M | 4M |
| Total Liabilities | 86.69M | 50.7M | 38.73M | 36.06M | 43.27M | 13.5M | 30.86M | 8.62M |
| Total Debt | 21.57M | 22.14M | 23.02M | 24.54M | 25.3M | 194K | 0 | 4M |
| Net Debt | -30.26M | -30.2M | -407.58M | 5.34M | -26.12M | -35.39M | -7.81M | 3.34M |
| Debt / Equity | 0.02x | 0.02x | 0.02x | 0.07x | 0.08x | 0.00x | - | - |
| Debt / EBITDA | -0.14x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.20x | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | - | - | -31.93x | -16.18x |
| Total Equity | 941.53M | 956.82M | 1.02B | 344.35M | 320.74M | 366.33M | -14.64M | -7.94M |
| Equity Growth % | 85.99% | -6.45% | 197.02% | 7.36% | -12.44% | 2602.58% | -84.26% | - |
| Book Value per Share | 15.02 | 15.44 | 19.03 | 7.82 | 7.73 | 8.88 | -0.35 | -0.19 |
| Total Shareholders' Equity | 941.53M | 956.82M | 1.02B | 344.35M | 320.74M | 366.33M | -14.64M | -7.94M |
| Common Stock | 60K | 60K | 59K | 46K | 42K | 41K | 1K | 1K |
| Retained Earnings | -375.74M | -351.38M | -237.76M | -168.76M | -110.47M | -47.41M | -14.74M | -7.96M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 576K | 4.32M | 2.16M | 665K | -1.53M | -270K | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial funding dependency
As reported in recent financial filings, JANX has seen its cash position contract from a peak of $430.6M in 2024Q4 to $51.8M by 2026Q1, signaling a rapid depletion of liquidity as the company aggressively funds its clinical development pipeline without consistent offsetting revenue streams.
The trajectory of the balance sheet reflects a classic pre-commercial biotech profile where asset growth is driven by equity-funded R&D rather than operational self-sufficiency. Investors should monitor the narrowing gap between current assets and the escalating burn rate, as the current trajectory suggests a looming requirement for further capital market intervention.
Based on the latest quarterly data, the company's cash reserves have fallen to $51.8M, a significant decline from the $430.6M reported in 2024Q4, which indicates that the firm's liquidity buffer is shrinking rapidly relative to its ongoing clinical trial and operational expenditure requirements.
While the current ratio remains high at 17.01, this metric is heavily influenced by the accounting treatment of deferred revenue and does not accurately reflect the immediate cash runway available for operations. The rapid consumption of cash reserves warrants close investigation into the company's ability to maintain its current clinical pace without dilutive financing.
According to the provided balance sheet figures, total equity has declined from $1.0B in 2025Q1 to $941.5M in 2026Q1, a trend driven by the accumulation of a $375.7M deficit in retained earnings as the company prioritizes R&D investment over near-term profitability.
The erosion of equity through persistent losses highlights the high-risk nature of the company's current development stage. The reliance on equity as the primary funding source suggests that shareholders should remain cautious regarding potential future dilution, especially if clinical milestones are delayed or if the cost of capital remains elevated.
As indicated by the 2026Q1 balance sheet, the appearance of $46.3M in deferred revenue represents a significant shift from previous quarters where this line item was zero, suggesting that recent collaboration milestones are being amortized rather than providing immediate, unrestricted cash flow for operations.
This accounting nuance is critical because it creates a disconnect between headline revenue recognition and the actual cash available to fund the company's high-burn R&D activities. Investors should be wary of interpreting this deferred revenue as a sign of financial stability, as it is essentially a liability that must be satisfied through future performance obligations.
Quick answers to the most common questions about buying JANX stock.
As of 2025, Janux Therapeutics, Inc. (JANX) had total assets of $1.01B including $975.9M in current assets.
Janux Therapeutics, Inc. (JANX) carries total debt of $22.1M, offset by $966.6M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Janux Therapeutics, Inc. (JANX) has total shareholders' equity (book value) of $956.8M ($15.44 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Janux Therapeutics, Inc. (JANX) reported a current ratio of 39.04x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.