Deep Value: cash covers about 92% of the stock price

This company holds roughly $971M in cash and investments — about 92% of its entire stock-market value, based on its latest quarterly filing. You're paying very little for the actual business. Sometimes that's a genuine bargain or a takeover target, sometimes it's cheap for a reason. Not a buy signal on its own — always ask why it's this cheap.

Janux Therapeutics

JANX

Biotechnology · Healthcare

Price

$17.39

+0.11 (+0.64%)

Market Cap

$1.06B

Exchange

NASDAQ

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Share count rising — dilution

+50.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 41.2M (2021) → 62.0M (2025)

Winston Score History

The full picture

Janux Therapeutics is a clinical-stage biotechnology company working on new cancer treatments. It focuses on a type of drug called T cell engagers, which are designed to recruit the body's own immune cells to attack cancer tumors. The company's main drug candidates target prostate cancer and other solid tumors, and its potential customers would be cancer patients and the hospitals or clinics that treat them.

Janux makes no product revenue yet — it funds its research through investor capital and partnership deals with larger pharmaceutical companies. It operates primarily in the United States, based in La Jolla, California, and is a small company with a market cap under $1 billion. Its competitive edge, if proven, would come from its proprietary TRACTr and TRACIr platform technologies, which aim to improve the safety profile of T cell engagers. The key risk is that its drug candidates must still pass clinical trials before any product can reach patients or generate meaningful revenue.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

YoY Growth Rate

Revenue data limited

EPS Growth

+36.4% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$126M/ year

↑ Rising (+84% vs prior year)

>1,000% of revenue

69.9x the sector average (18%)

Investing heavily in future products and technology

Insider Activity

6.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

5+ years

Quarterly Free Cash Flow

↑ Burn rate improving

$971M cash & investments at current burn rate

Heavy R&D investment

Janux Therapeutics is putting 1259% of revenue into R&D and that number is rising. That's 69.9x the sector average. With 10+ years of cash runway, they have time to let it pay off.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

100.0%

Premium pricing power — 100.0% gross margin

Profit after running costs

Operating Margin

-308.7%

Losing money on operations — -308.7%

Return on the money invested

ROCE

-15.2%

Weak — -15.2% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

>+1,000%

Fast-growing sales (>+1,000% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

-171.1%

Burning cash (-171.1%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.02

Conservative — low debt load (0.02)

Covers its interest

Interest Cover

N/A

—

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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