MeritValue

Janux Therapeutics, Inc.

JANXdata completeness 88%6 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

Janux Therapeutics, Inc. earns about -13% on equity, but has diluted owners by 163% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$3.64M1$8.61M2$8.08M3$10.6M3$10M3
Net income−$32.7M4−$63.1M5−$58.3M6−$69M6−$113.6M6
Operating cash flow−$17M7−$42.9M8−$50.6M9−$43.8M9−$82.2M9
Capital expenditure$1.48M10$6.45M11$1.85M12$359,00012$1.04M12
Free cash flow (derived)−$18.5M7−$49.4M8−$52.4M9−$44.2M9−$83.3M9
Total debt—————
Cash & equivalents$35.6M13$51.4M14$19.2M15$430.6M16$52.3M16
Diluted shares23.5M41.5M44.0M53.8M62.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$154.41
your share of equity
Profit it earned you last year
−$18.34
Free cash flow it threw off
−$13.44
Debt you’d be carrying
—

10 shares is a claim on $154.41 of net worth that earned you −$18.34 and generated −$13.44 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-13% avg · 5y
FY21 -9%FY22 -20%FY23 -17%FY24 -7%FY25 -12%

It earned an average -13% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+163% shares · 5y

Share count is up 163% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000950170-23-007311 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-25-029177 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-076918 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-23-007311 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-029177 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-076918 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-23-007311 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-25-029177 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001193125-26-076918 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-23-007311 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000950170-25-029177 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001193125-26-076918 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-23-007311 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-028659 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-25-029177 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001193125-26-076918 (CashAndCashEquivalentsAtCarryingValue)