Janux Therapeutics
Engineers antibodies that stay dormant until reaching a tumor, then engage T cells.
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Profile
Builds bispecific biologics carrying protective masks removed only inside a tumor, aiming to widen the safety margin that has limited earlier T-cell-engaging cancer drugs. Two internal platforms anchor a clinical pipeline in prostate and other solid cancers, with a related platform now advancing into autoimmune disease.
Designs bispecific biologics that stay inactive in circulation and unmask only inside a tumor, then link a cancer cell to a T cell to trigger an immune attack. The approach targets a known weakness of earlier T-cell engagers: toxicity outside the tumor.
Two internal platforms anchor the pipeline, pairing a tumor-binding arm with either a T-cell arm or a costimulatory one. A newer platform applies the same masking logic to autoimmune disease, entering clinical testing in 2026.
Lead programs target prostate cancer and solid tumors including colorectal, lung, and head and neck, all in early-to-mid clinical trials. Two large pharmaceutical partners have licensed specific platform programs, adding external validation and milestone funding.
Founded in 2017 and listed on Nasdaq in 2021, revenue depends on trial outcomes with no approved products yet.
Company facts
Key statistics
Year to date +31.9% · Average volume (30d) 727.9K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 24, 2026 | Wolfe Research | Upgrade | Peer Perform | Outperform | $23 | |
| Aug 7, 2026 | Stifel Nicolaus | Target | $38 | $35 | ||
| Aug 7, 2026 | Guggenheim | Reiterate | Buy | $72 | $55 | |
| Jun 25, 2026 | Truist Financial | Target | $26 | |||
| May 11, 2026 | Evercore ISI | Target | $22 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 6, 2026Q2 FY26 | −$0.25 | −$0.35 | −39.3% | $19.1M | $10.3M | −46.2% | −1.55% |
| May 7, 2026Q1 FY26 | −$0.52 | −$0.39 | +25.0% | $4.4M | $3.7M | −14.3% | −2.48% |
| Feb 26, 2026Q4 FY25 | −$0.65 | −$0.51 | +21.5% | $83.3K | $7.9M | +9,356.0% | −1.38% |
| Nov 6, 2025Q3 FY25 | −$0.60 | −$0.39 | +35.0% | — | $10.0M | — | −7.61% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $10.0M | $7.9M | $3.7M | $10.3M | |
| Gross profit | −$25.1M | −$29.2M | $9.5M | −$1.1M | $3.3M | $10.3M | |
| Operating income | −$34.9M | −$45.1M | −$35.3M | −$42.4M | −$34.2M | −$31.7M | |
| Net income | −$23.5M | −$33.9M | −$24.3M | −$31.9M | −$24.4M | −$22.0M | |
| Diluted EPS | −$0.38 | −$0.55 | −$0.39 | −$0.51 | −$0.39 | −$0.35 | |
| Gross margin | — | — | 95.0% | -13.5% | 87.4% | 100.0% | |
| Operating margin | — | — | -352.5% | -538.1% | -916.5% | -308.7% |
Fiscal years (4-quarter sums)FY21 $3.6M · FY22 $8.6M · FY23 $8.1M · FY24 $10.6M · FY25 $17.9M
Balance sheet, Jun 30, 2026Cash & short-term investments $970.9M · Total debt $21.0M · Total assets $1.01B · Shareholders' equity $928.0M
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 60.98M · Float 57.09M · 93.6% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Ra Capital Management, L.P. | 11.19M | 18.35% | 13F | Aug 14, 2026 |
| BlackRock, Inc. | 6.13M | 10.06% | 13F | Aug 7, 2026 |
| Janus Henderson Group PLC | 4.20M | 6.90% | 13G | May 15, 2026 |
| Prosight Management, LP | 3.80M | 6.24% | 13F | Aug 14, 2026 |
| State Street Corp | 3.00M | 4.93% | 13F | Aug 7, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 2, 2026 | Janeen Noel Doyle | officer: Chief Corp. & Bus. Dev. Ofcr | −4,059 | $14.03 |
| May 11, 2026 | Maria Dobek | officer: Vice President, Accounting | −2,038 | $14.17 |
| Jan 2, 2026 | Maria Dobek | officer: Vice President, Accounting | −1,462 | $13.73 |
| Jan 2, 2026 | Zachariah McIver | officer: Chief Medical Officer | −2,714 | $13.73 |
| Jan 2, 2026 | Charles M. Winter | officer: Chief Technical Officer | −2,401 | $13.73 |
Peers
- CytomX Therapeutics
Direct platform peer with a masked, tumor-activated bispecific approach.
- Novartis (ADR)
Owns PLUVICTO, the approved PSMA-targeted therapy that anchors the mCRPC market.
- Amgen
T-cell engager incumbent with BLINCYTO, IMDELLTRA, and solid-tumor TCE pipeline.
- Lantheus
PSMA-radiopharm developer with PYLARIFY and clinical-stage PSMA therapeutics.
- Kyverna Therapeutics
Late-stage CD19 autoimmune franchise with a rolling BLA underway.
- Werewolf Therapeutics
Mechanism peer building conditionally-activated cytokine and TCE prodrugs.
- Cabaletta Bio
CD19 CAR-T developer targeting the autoimmune indications JANX011 is entering.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Janux Therapeutics | $18.10 | +0.50% | $1.10B | — | — | 34.5 | — |
| CytomX Therapeutics | $3.20 | −0.47% | $698.8M | — | — | 38.2 | −92.4% |
| Novartis (ADR) | $153.81 | 0.00% | $292.35B | 23.2 | 16.4 | 5.3 | +0.9% |
| Amgen | $430.27 | −0.49% | $233.38B | 26.9 | 18.4 | 6.1 | +9.7% |
| Lantheus | $100.51 | −0.24% | $6.56B | 24.3 | 18.3 | 4.2 | +2.7% |
| Kyverna Therapeutics | $8.53 | +2.03% | $508.9M | — | — | — | — |
| Werewolf Therapeutics | $0.9251 | −1.93% | $45.8M | — | — | 2.2 | — |
| Cabaletta Bio | $3.18 | +2.25% | $508.7M | — | — | — | — |
| Median | 24.3 | 18.3 | 5.3 | +1.8% |