Janux Therapeutics, Inc.

januxrx.com

What Do They Do?

Develops potential medicines for cancer and autoimmune diseases, including treatments that direct immune cells against tumors and remove B cells.

How Do They Make Money?

Janux received research funding and upfront payments from Merck for licensed targets; it may receive development and sales milestone payments and royalties on resulting product sales.

FY2025 revenue

Who Are Their Customers?

Merck funds research under a collaboration and holds exclusive worldwide licenses for selected cancer targets.

Do Revenues Turn Into Profits?

No. It lost $113.6M in FY2025.

Operating income, FY2025

−1577% of revenue

▲ +60% (Loss) vs FY2024 (−$98.8M, −934%)

Net income, FY2025

−1136% of revenue

▲ +65% (Loss) vs FY2024 (−$69M, −652%)

Free cash flow, FY2025

−833% of revenue

▲ +89% (Loss) vs FY2024 (−$44.2M, −417%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: vs $0 in Q2 FY2025
Net income: ▼ −35% (Loss); vs −$33.9M in Q2 FY2025

Growing. Revenue grew 2.7x in 4 years, from $3.6M in FY2021 to $10M in FY2025, about 29% a year.

Autoimmune disease program The earlier report framed the pipeline around cancer; the latest report also describes an ARM program for autoimmune diseases.

Who Do They Compete With?

Competes with AbbVie, Amgen, AstraZeneca, Biogen, Bristol Myers Squibb, Gilead, GSK, Johnson & Johnson, Lilly, Novartis, Pfizer, Regeneron, Sanofi, Takeda, and Roche/Genentech

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