Free cash flow remains structurally negative with consistent quarterly outflows exceeding $10M, further complicated by stock-based compensation that reached as high as $15.4M in 2024Q3.
| Cash from Operations | -77.55M | -82.23M | -43.81M | -50.58M | -42.92M | -16.98M | -4.37M | -3.83M |
| Operating CF Margin % | - | -822.35% | -413.81% | -625.7% | -498.4% | -466.76% | - | - |
| Operating CF Growth % | -657% | -87.69% | 13.37% | -17.83% | -152.84% | -288.56% | -14.13% | - |
| Net Income | -114.48M | -113.63M | -68.99M | -58.29M | -63.06M | -32.67M | -6.78M | -4M |
| Depreciation & Amortization | 1.51M | 2.03M | 2.06M | 1.96M | 841K | 113K | 13K | 6K |
| Stock-Based Compensation | 29.52M | 40.22M | 33.02M | 20M | 17.2M | 6.91M | 72K | 6K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -6.24M | -17.57M | -10.59M | -7.69M | -2.18M | -169K | 1.94M | 233K |
| Working Capital Changes | 12.14M | 6.71M | 685K | -6.55M | 4.28M | 8.84M | 389K | -69K |
| Change in Receivables | -35M | 0 | 0 | 0 | 0 | 8M | -8M | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 831K | 0 | 0 |
| Change in Payables | 1M | 977K | 1.58M | 277K | -294K | 2.14M | 14K | 4K |
| Cash from Investing | 47.7M | -300.98M | -258.02M | -41.19M | 58.27M | -340.96M | 0 | 0 |
| Capital Expenditures | -945K | -1.04M | -359K | -1.85M | -6.45M | -1.48M | 0 | 0 |
| CapEx % of Revenue | 4.37% | 10.43% | 3.39% | 22.89% | 74.84% | 40.75% | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | -64.71M | 339.48M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 64.71M | -339.48M | 0 | 0 |
| Cash from Financing | 7.94M | 4.95M | 713.24M | 59.55M | 500K | 386.52M | 11.52M | 4M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 2.5M | 4M |
| Equity Issued (Net) | 7.94M | 4.95M | 698.27M | 56.53M | 500K | 384.71M | 8.95M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | -347K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 14.97M | 3.02M | 0 | 1.81M | 70K | 0 |
| Net Change in Cash | -21.91M | -378.27M | 411.4M | -32.22M | 15.84M | 28.59M | 7.16M | 172K |
| Free Cash Flow | -78.49M | -83.28M | -44.17M | -52.42M | -49.37M | -18.46M | -4.37M | -3.83M |
| FCF Margin % | -363.17% | -832.78% | -417.2% | -648.58% | -573.24% | -507.51% | - | - |
| FCF Growth % | -68.68% | -88.53% | 15.74% | -6.19% | -167.46% | -322.48% | -14.13% | - |
| FCF per Share | -1.25 | -1.34 | -0.82 | -1.19 | -1.19 | -0.45 | -0.10 | -0.09 |
| FCF Conversion (FCF/Net Income) | 0.69x | 0.72x | 0.64x | 0.87x | 0.68x | 0.52x | 0.64x | 0.90x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial execution failure
As reported in financial statements, JANX exhibits a volatile relationship between net income and operating cash flow, with the OCF/NI ratio fluctuating significantly from 0.08 in 2024Q3 to 1.68 in 2024Q2, suggesting that non-cash items and working capital swings heavily distort the underlying cash burn reality.
The wide variance in the OCF/NI ratio indicates that net income is a poor proxy for the company's actual cash consumption. Investors should interpret these swings as evidence of the episodic nature of milestone-based revenue recognition rather than a stable conversion of earnings into cash.
Based on recent SEC filings, JANX's free cash flow trajectory remains deeply negative, with quarterly outflows consistently exceeding $10M, reflecting a business model that prioritizes aggressive clinical development over the achievement of self-sustaining cash flow margins in the near-to-medium term.
The persistent negative FCF confirms that the company is in a capital-intensive phase where cash burn is the primary operational metric. The lack of a clear path to positive FCF suggests that the company will remain dependent on external financing to bridge the gap between R&D spending and potential future commercialization.
According to the provided cash flow data, working capital changes have been highly erratic, swinging from a $12.8M inflow in 2024Q3 to a $7.4M outflow in 2024Q2, which complicates the assessment of the company's true operational efficiency and underlying cash requirements.
These fluctuations appear to be driven by the timing of milestone payments and the settlement of research-related liabilities. Analysts should monitor these shifts closely, as they may temporarily mask the true underlying rate of cash consumption required to support the company's clinical trial infrastructure.
As indicated by the quarterly data, stock-based compensation has reached as high as $15.4M in a single quarter, effectively acting as a non-cash expense that hides the true magnitude of the company's operational cash burn from the perspective of equity dilution.
While SBC is a standard tool for talent retention in biotechnology, its scale relative to the company's cash position warrants caution. Investors should adjust for these non-cash charges to understand the true economic cost of operations and the potential for future shareholder dilution.
Quick answers to the most common questions about buying JANX stock.
Janux Therapeutics, Inc. (JANX) generated $-82.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Janux Therapeutics, Inc. (JANX) reported negative free cash flow of $83.3M in 2025, indicating capital requirements exceeded cash from operations.
Janux Therapeutics, Inc. (JANX) spent $1.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Janux Therapeutics, Inc. (JANX) spent $0.3M on share repurchases. This shows the company's commitment to returning capital to its equity investors.