JANXJanux Therapeutics, Inc.
Pharmaceutical Preparations
- Revenue
- $10M
- 5.6% YoY
- Operating margin
- -1576.7%
- 69% YoY
- EBITDA
- −$156M
- 61% YoY
- Market cap
- $1.1B
- Employees
- 109
- $92K revenue each
- Net debt / EBITDA
- —
- AI in 10-K
- 0.6
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 1 of 7
- TSR below peersNo2 of 3 years3+ of last 5 years
- High CEO pay despite TSRNo$9M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCYes402% of revenueOver 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentNo90% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeNo$92K · 32nd pctBottom quartile of its SIC industry
- Quiet on AIYes0.6 per 10K words · 25th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$1.1B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$557K netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $4M | $9M | $8M | $11M | $10M | 5.6% |
| Operating income | −$33M | −$67M | −$73M | −$99M | −$158M | 60% |
| Net income | −$33M | −$63M | −$58M | −$69M | −$114M | 65% |
| Operating cash flow | −$17M | −$43M | −$51M | −$44M | −$82M | 88% |
| Capex | $1M | $6M | $2M | $359K | $1M | 191% |
| Stock-based comp | $7M | $17M | $20M | $33M | $40M | 22% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Mar 10, 2025 | RA CAPITAL MANAGEMENT, L.P. | SCHEDULE 13D/A | 19.9% | Passive |
| Nov 8, 2024 | Avalon Ventures XI, L.P. | SC 13D/A | 5.0% | Passive |
| Oct 25, 2024 | Avalon Ventures XI, L.P. | SC 13D/A | 3.5% | Active |
| Oct 22, 2024 | Avalon Ventures XI, L.P. | SC 13D/A | 4.0% | Active |
| Oct 22, 2024 | RA CAPITAL MANAGEMENT, L.P. | SC 13D/A | 20.0% | Passive |
| Sep 16, 2024 | RA CAPITAL MANAGEMENT, L.P. | SC 13D/A | 20.0% | Passive |
| Sep 16, 2024 | Avalon Ventures XI, L.P. | SC 13D/A | 7.7% | Passive |
| Aug 9, 2024 | ORBIMED ADVISORS LLC | SC 13D/A | 3.8% | Passive |
| Jun 5, 2024 | Avalon Ventures XI, L.P. | SC 13D/A | 20.7% | Passive |
| Mar 6, 2024 | RA CAPITAL MANAGEMENT, L.P. | SC 13D/A | 20.0% | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $557K · 11
- Net
- −$557K
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $14M | −$18M | 105 | 135 |
| FY2024 | $9M | $55M | 407 | 102 |
| FY2023 | $4M | $1M | 81 | 104 |