Revenue is milestone-driven and highly volatile, with TTM revenue of $10.0M down 5.6% YoY, while R&D expenses of $31.0M in 2026Q2 (74% of operating costs) keep operating margins deeply negative at -3.1% for the quarter.
Janux Therapeutics, Inc. (JANX) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Sales/Revenue | 23.29M | 10M | 10.59M | 8.08M | 8.61M | 3.64M | 0 | 0 |
| Revenue Growth % | 132.89% | -5.55% | 30.99% | -6.14% | 136.79% | - | - | - |
| Cost of Goods Sold | 40.55M | 2.03M | 2.06M | 1.96M | 841K | 26.24M | 13K | 6K |
| COGS % of Revenue | - | 20.29% | 19.46% | 24.19% | 9.77% | 721.39% | - | - |
| Gross Profit | -17.26M | 7.97M | 8.53M | 6.13M | 7.77M | -22.6M | -13K | -6K |
| Gross Margin % | -74.1% | 79.71% | 80.54% | 75.81% | 90.23% | -621.39% | - | - |
| Gross Profit Growth % | - | -6.53% | 39.16% | -21.14% | 134.38% | - | -116.67% | - |
| Operating Expenses | 162.85M | 165.64M | 107.38M | 79.11M | 74.86M | 10.33M | 4.83M | 3.77M |
| OpEx % of Revenue | - | 1656.38% | 1014.12% | 978.68% | 869.28% | 284% | - | - |
| Selling, General & Admin | 42.93M | 41.77M | 41.05M | 26.14M | 22.26M | 10.33M | 1.79M | 772K |
| SG&A % of Revenue | - | 417.71% | 387.67% | 323.39% | 258.5% | 284% | - | - |
| Research & Development | 119.92M | 125.9M | 68.39M | 54.92M | 53.44M | 26.24M | 3.04M | 3M |
| R&D % of Revenue | - | 1258.96% | 645.9% | 679.48% | 620.54% | 721.39% | - | - |
| Other Operating Expenses | 0 | -2.03M | -2.06M | -1.96M | -841K | -26.24M | 0 | 0 |
| Operating Income | -139.56M | -157.67M | -98.85M | -72.98M | -67.09M | -32.93M | -4.84M | -3.77M |
| Operating Margin % | -599.26% | -1576.67% | -933.58% | -902.87% | -779.04% | -905.39% | - | - |
| Operating Income Growth % | - | -59.51% | -35.45% | -8.78% | -103.74% | -579.93% | -28.43% | - |
| EBITDA | -137.7M | -155.64M | -96.79M | -71.02M | -66.25M | -32.82M | -4.83M | -3.77M |
| EBITDA Margin % | -591.28% | -1556.38% | -914.12% | -878.68% | -769.28% | -902.28% | - | - |
| EBITDA Growth % | 3.17% | -60.8% | -36.27% | -7.21% | -101.88% | -579.42% | -28.29% | - |
| D&A (Non-Cash Add-back) | 1.86M | 2.03M | 2.06M | 1.96M | 841K | 113K | 13K | 6K |
| EBIT | -99.85M | -113.63M | -68.99M | -58.29M | -63.06M | -32.67M | -6.58M | -3.77M |
| Net Interest Income | 39.71M | 44.04M | 29.85M | 14.69M | 4.03M | 257K | 0 | 0 |
| Interest Income | 39.71M | 44.04M | 29.85M | 14.69M | 4.03M | 257K | 206K | 233K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 206K | 233K |
| Other Income/Expense | 39.71M | 44.04M | 29.85M | 14.69M | 4.03M | 257K | -1.94M | -233K |
| Pretax Income | -99.85M | -113.63M | -68.99M | -58.29M | -63.06M | -32.67M | -6.78M | -4M |
| Pretax Margin % | -428.74% | -1136.25% | -651.62% | -721.18% | -732.22% | -898.32% | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -99.85M | -113.63M | -68.99M | -58.29M | -63.06M | -32.67M | -6.78M | -4.24M |
| Net Margin % | -428.74% | -1136.25% | -651.62% | -721.18% | -732.22% | -898.32% | - | - |
| Net Income Growth % | 2.01% | -64.69% | -18.36% | 7.56% | -93.01% | -381.6% | -60.11% | - |
| Net Income (Continuing) | -99.85M | -113.63M | -68.99M | -58.29M | -63.06M | -32.67M | -6.78M | -4M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.58 | -1.83 | -1.28 | -1.32 | -1.52 | -0.79 | -0.16 | -0.10 |
| EPS Growth % | 4.76% | -42.97% | 3.03% | 13.16% | -92.41% | -393.75% | -60% | - |
| EPS (Basic) | - | -1.83 | -1.28 | -1.32 | -1.52 | -0.79 | -0.16 | -0.10 |
| Diluted Shares Outstanding | 63.09M | 61.97M | 53.75M | 44.02M | 41.47M | 41.24M | 41.61M | 41.61M |
| Basic Shares Outstanding | 63.09M | 61.97M | 53.75M | 44.02M | 41.47M | 41.24M | 41.61M | 41.61M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying JANX stock.
For fiscal year 2025, Janux Therapeutics, Inc. (JANX) reported total revenue of $10.0M.
Janux Therapeutics, Inc. (JANX) reported a net loss of $113.6M for the fiscal year ending 2025.
Janux Therapeutics, Inc. (JANX) reported an operating income of $-157.7M, resulting in an operating profit margin of -1576.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Janux Therapeutics, Inc. (JANX) generated $8.0M in gross profit for the year, representing a gross profit margin of 79.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Dependence on collaboration revenue
Metrics are mathematically derived from official filings.
Collaboration Revenue Volatility
TTM revenue of $10.0M, down 5.6% YoY, reflects milestone-driven collaboration income rather than product sales, as evidenced by quarterly swings from $10.3M to zero.
Revenue is highly erratic, with 2026Q2 showing $10.3M but 2025Q2 and Q1 showing zero, indicating lumpy milestone recognition. The 5.6% YoY decline suggests a contracting collaboration base, though the $10.3M spike in 2026Q2 may signal new milestones. Investors should monitor the sustainability of partnership income, as it is not recurring and depends on R&D progress.
Gross Margin Artifact of Collaboration
Gross margin of 79.7% TTM is an accounting artifact of collaboration revenue with minimal direct costs, not a reflection of product profitability, as seen in negative gross margins in 2025Q4.
The 100% gross margin in 2026Q2 and 87.4% in 2026Q1 contrast sharply with negative margins in 2025Q4 (-13.5%) and 2024Q3 (-4.4%), driven by COGS spikes likely from R&D cost allocations. This volatility underscores that gross margin is not a meaningful performance metric for a pre-commercial biotech. The company's true cost structure is dominated by R&D, which is the primary driver of operating losses.
R&D Scaling Outpaces Revenue
Operating leverage is deeply negative, with R&D expenses averaging $30M per quarter while revenue is sporadic, leading to operating margins as low as -155% in 2024Q2.
R&D spending has grown from $14.1M in 2024Q1 to $31.0M in 2026Q2, a 120% increase, while revenue has not kept pace. SG&A has remained relatively stable around $10M, indicating a focus on R&D. The lack of operating leverage is typical for a clinical-stage biotech, but the magnitude of losses ($31.7M operating loss in 2026Q2) highlights the cash burn. Investors should assess whether R&D efficiency improves as programs advance.
Losses Narrowed by One-Time Items
Q2 2026 EPS of -$0.35 beat consensus by $0.28, but the improvement may be driven by a $18.3M stock-based compensation expense and favorable cost timing, not operational progress.
Net loss of $22.0M in 2026Q2 is the smallest in recent quarters, but SBC of $18.3M is unusually high, suggesting a portion of the 'beat' is non-cash. Excluding SBC, cash burn remains substantial. The tax rate appears negligible, and there are no non-operating items disclosed, so the quality of earnings is low given the reliance on collaboration revenue and SBC adjustments.
R&D Dominates Cost Structure
R&D expenses of $31.0M in 2026Q2 represent 74% of total operating costs, reflecting a platform-first strategy that prioritizes clinical development over cost containment.
R&D has grown consistently from $14.1M in 2024Q1 to $31.0M in 2026Q2, a 120% increase, while SG&A has remained stable around $10M. This indicates management is investing heavily in pipeline expansion, including JANX013 and JANX011. The high fixed-cost structure is typical for biotech, but the lack of revenue growth to offset these costs raises concerns about runway, especially with only $52M in cash.
2024Q2: A Turning Point in Burn
2024Q2 marked a shift to higher R&D spending and a narrower loss, with net income of -$6.0M, the best quarter since, as the company accelerated clinical programs.
In 2024Q2, R&D jumped to $14.9M from $14.1M, but SG&A fell to $7.3M, and net loss improved to -$6.0M, likely due to a one-time collaboration revenue of $8.9M. This quarter set the stage for subsequent quarters where R&D consistently exceeded $25M, indicating a strategic pivot to aggressive clinical development. The lasting impact is a higher burn rate that persists today, with no revenue growth to offset it.
Revenue Sustainability and Cash Runway
The $10M TTM revenue is not product-based and may decline further, while the $52M cash position implies a runway of under two years at current burn rates.
Revenue is entirely collaboration-based, and the 5.6% YoY decline suggests it may not be recurring. With quarterly operating losses averaging $35M, cash burn is approximately $30M per quarter after adjusting for SBC, implying a runway of less than two years. This could force dilutive equity raises, especially if clinical milestones are delayed. Additionally, the evolving standard of care in prostate cancer, including radioligand therapies, may pressure the commercial opportunity for JANX007, potentially limiting future partnership value.