Filing Flows › Janux Therapeutics (JANX) › Q3 2025
Janux Therapeutics (JANX) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Janux Therapeutics (JANX) reported revenue of $10.0M for the third quarter 2025 (Q3 2025), up 23-fold from a year earlier. Operating margin was -352.5%, net loss $24.3M (243.1% of revenue).
Janux Therapeutics, Q3 2025: revenue $10.0M (23× year over year), operating margin -352.5%, net loss $24.3M, operating cash flow −$12.9M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $10.0M | — | 23× |
| Operating profit | −$35.3M | — | — |
| Net earnings | −$24.3M | — | — |
| Operating cash flow | −$12.9M | — | — |
What changed
Revenue was $10.0M in Q3 2025, up 2178% year over year.
Operating costs exceeded revenue by $35.3M, an operating margin of -352.5%. Total costs grew 25% against revenue growth of 2178%. The fastest-growing cost line was Research & development (+86%). The quarter ended with a net loss of $24.3M. Non-operating items added $10.9M, -45% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$12.9M. Non-cash charges added back $501K of depreciation and $9.0M of share-based compensation. Working capital and other items added $1.9M. Capital expenditures of $93K exceeded it, leaving free cash flow of −$12.9M.
Questions
What was Janux Therapeutics' revenue in the third quarter 2025?
Janux Therapeutics (JANX) reported revenue of $10.0M for the third quarter 2025 (Q3 2025), up 23-fold from a year earlier.
Was Janux Therapeutics profitable in the third quarter 2025?
Operating loss was $35.3M (-352.5% of revenue) and net loss $24.3M.
Source: Janux Therapeutics 10-Q on SEC EDGAR.