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Janux Therapeutics (JANX) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Janux Therapeutics (JANX) Q3 2026 earnings results →

Q3 2026 Revenue down 7% year over year to $9.3M · 232¢ of every $1 of revenue lost · operating margin -336.5%

Janux Therapeutics made $9.3M in Q3 2026 (-7% Y/Y). Operating margin -336.5%, net loss $21.6M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.

Revenue$9.3M
Year over year-7%
Operating margin-336.5%
Net earnings−$21.6M
Operating cash flow−$25.2M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $9.3M in Q3 2026, down 7% year over year and down 10% from the previous quarter.

Operating costs exceeded revenue by $31.3M, an operating margin of -336.5%. Total costs fell 10% while revenue fell 7%. The quarter ended with a net loss of $21.6M, narrower than the previous quarter's $22.0M loss. Non-operating items added $9.7M, -45% of pre-tax earnings, so the bottom line overstates operating performance.

Operating cash flow was −$25.2M. Non-cash charges added back $458K of depreciation and $8.5M of share-based compensation. Working capital and other items used $12.6M. Capital expenditures of $2K exceeded it, leaving free cash flow of −$25.2M.

Quarterly history

Janux Therapeutics revenue by quarterJanux Therapeutics revenue by quarter$10.0MQ3 2025$3.7MQ1 2026$10.3MQ2 2026$9.3MQ3 2026
Janux Therapeutics net earnings by quarterJanux Therapeutics net earnings by quarter−$24.3MQ3 2025−$24.4MQ1 2026−$22.0MQ2 2026−$21.6MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 5, 2026$9.3M-7%-336.5%−$21.6M−$25.2M
Q2 202610-QAug 6, 2026$10.3M—-308.7%−$22.0M$12.5M
Q1 202610-QMay 7, 2026$3.7M—-916.5%−$24.4M−$12.3M
Q3 202510-QNov 6, 2025$10.0M23×-352.5%−$24.3M−$12.9M

Charts

Janux Therapeutics: revenue growth, year over year and quarter over quarterJanux Therapeutics: revenue growth, year over year and quarter over quarterY/YQ/Q+400%Q3 2025-63%Q1 2026+175%Q2 2026-7%-10%Q3 2026
Latest (Q3 2026): Y/Y -7%, Q/Q -10%.
Janux Therapeutics: where the cash came from (+) and went (−), TTM to Q3 2026Janux Therapeutics: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow−$53.6MOther investing$38.0MOther financing$9.6MCash drawn (+) / kept (−)$6.6MCapital spending−$583K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Janux Therapeutics: profit against cash, quarter by quarterJanux Therapeutics: profit against cash, quarter by quarterNet incomeOperating cash flow−$20.2M−$16.7MQ4 2024−$23.5M−$17.0MQ1 2025−$33.9M−$23.8MQ2 2025−$24.3M−$12.9MQ3 2025−$31.9M−$28.5MQ4 2025−$24.4M−$12.3MQ1 2026−$22.0M$12.5MQ2 2026−$21.6M−$25.2MQ3 2026
Latest (Q3 2026): Net income −$21.6M, Operating cash flow −$25.2M.
Janux Therapeutics: diluted shares by fiscal year (split-adjusted)Janux Therapeutics: diluted shares by fiscal year (split-adjusted)2MFY202047MFY202141MFY202244MFY202354MFY202462MFY2025
+3285.6% since FY2020: more shares outstanding (issuance, stock pay); earlier years scaled for the 2-for-1 split before FY2022.
Janux Therapeutics in its industry: growth against margin (225 companies, SIC 2834)Janux Therapeutics in its industry: growth against margin (225 companies, SIC 2834)revenue growth, year over year →↑ operating marginmedian +11%median -50%JNJLLYMRKABBVPFEBMYABTREGNTEVAVTRSVRTXBHCZTSONCOGNALNYELANJAZZBMRNPRGOAMRXUTHRRPRXNRIXINSMKeenova Therapeutics plcALKSMDGLPAHCSRPTPTCTINDVBBIOACADCORTPBHANIPKNSAPTGXHRMYIONSAXSMTGTXSUPNTVTXCOLLVREOFAMPHMIRMPCRXRARELQDAARQTIRWDARDXNATRXNCREBSZLABXERSINVACRMDMNKDRYTMURGNPHATAUPHSNDXRIGLLGNDEOLSARWRPGENHROWVNDAOPKSDGRGERNETONAGIOPBYITNGXCYRXCYTKMRVIORGONUVBLFVNSIGAKROSAMRNZVRASPRYHRTXAKBABCYCKPTIGYREMGNXELTPSEPNVRDNLFCRCrinetics Pharmaceuticals, Inc.VSTMKURATBPHLABADCTNAMSFBIOXLODERMARCTRMTIAYTUFHTXENTATNXPOCULASMBWVEAPMDBFRIABEOSTOKLXRXCAPRIDYANKTRZOMDFINBPSBFMGOSSETSTRCUSCPIXLIFDCUEAQSTPRAXWHWKVERUEMMAGENBVRCACELUQUREZYMEEQABCLIMNMKYNBAKTSRNACVSICNTBTRAWISCOEVFMTVRDLPCNCAMPAtaiBeckley Inc.CTMXALMSPMHSACRSVTGNROIVKRROJAGXENSCKRSAABUSPRPHSTTKCPHITRDATXMDGOVXNWBOBIOEUPBIRDOVIDSPRBXBIOPRTAMCRBARVNMNOVSLNIGCBIOALGVNDNTHCPMDSPRORFLCOYASCYXBFRGSXTPBTAIQHCWBSERYARWRNACRGBPAVTXCLNNNTHIHINDAAGHALTONCOCRVOSKVIBOLTBDPTLYELIBOPULMJANX (-7%, -100%)
Pharmaceutical Preparations; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Janux Therapeutics

Unless the context otherwise requires, the terms “Janux Therapeutics,” “Janux,” “we,” “us,” “our” and similar references in this Annual Report on Form 10-K refer to Janux Therapeutics, Inc. We are an innovative clinical-stage biopharmaceutical company developing a broad pipeline of novel immunotherapies by applying our proprietary technologies to our Tumor Activated T Cell Engager (TRACTr), Tumor Activated Immunomodulator (TRACIr), and Adaptive Immune Response Modulator (ARM) platforms. The TRACTr platform produces T cell engagers (TCEs) with a tumor antigen-binding domain and a CD3 T cell binding domain, while the TRACIr platform produces bispecifics with a tumor antigen-binding domain and a costimulatory CD28 binding domain.

In its own words, from its 10-K, filed Feb 26, 2026.

Janux Therapeutics against its Pharmaceutical Preparations peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -7% against the peers' median +7%. Operating margin: -336.5% against the peers' median 20.4%.

CompanyQuarterRevenueY/YOp. margin
JANX Janux TherapeuticsQ3 2026$9.3M-7%-336.5%
JNJ Johnson & JohnsonQ3 2026$25.4B+6%0.1%
LLY ELI LillyQ3 2026$24.4B+39%34.5%
MRK MerckQ3 2026$18.1B+5%30.7%
ABBV AbbVieQ3 2026$17.4B+10%36.0%
PFE PfizerQ3 2026$16.6B-0.4%20.4%
BMY Bristol Myers SquibbQ3 2026$13.1B+7%19.4%
ABT Abbott LaboratoriesQ3 2026$13.0B+14%10.4%
REGN Regeneron PharmaceuticalsQ3 2026$5.1B+36%40.0%

Source: Janux Therapeutics 10-Q on SEC EDGAR · CIK 1817713 · Pharmaceutical Preparations

13F: who owns JANX and who is buying

Largest holders of JANX (13F)Largest holders of JANX (13F)RA Capital Management, L.P.$172MBlackRock$94.2MProsight Management, LP$58.4MJanus Henderson Group$58.3MState Street$46.2MVanguard Group$40.1MFMR LLC$37.1MFederated Hermes$36.1MPoint72 Asset Management, L.P.$30.6MVanguard Capital Management LLC$28.5M
Funds' net buying of JANX by quarter (13F)Funds' net buying of JANX by quarter (13F)−$79.4M2024-09−$255M2024-12$69.9M2025-03−$17.6M2025-06−$10.0M2025-09−$38.2M2025-12−$48.0M2026-03$90.2M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on JANX

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q3 2025 results

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