Janux Therapeutics, Inc.

JANX

HealthcareBiotechnologyNASDAQ

$14.62

Market Cap: $889.36M

Janux Therapeutics, Inc. (JANX) Valuation Summary

Updated Apr 6, 2026 22:26

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.09 – $11.73	$1.31	-91.2%
Revenue DCF 10Y	—	N/A	—
▸ Trading Multiples
EV/Revenue	$1.71 – $4.05	$2.34	-84.3%

Valuation History

DCF Analysis

Janux Therapeutics, Inc. (JANX) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$1.31

Market Price

$14.62

Upside / Downside

-91.0%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -1576.7% to a target of 13.3% over 5 years, discounted at a WACC of 8.7%, Janux Therapeutics, Inc. (JANX) has an intrinsic value of $1.31 per share (range: $0.09 – $11.73).

Key Assumptions

Current Operating Margin

-1576.7%

Target Operating Margin

13.3%

WACC

8.7%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

30.5%

Target CapEx/Rev

16.9%

D&A/Revenue

11.3%

Tax Rate

21.0%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	10	1.3%	-1258.7%	-127	-127	1	(3)	2	-131	-126
2027	6	-45.7%	-940.7%	-52	-52	1	(1)	1	-54	-48
2028	39	609.6%	-622.7%	-243	-243	4	(9)	-11	-237	-192
2029	112	185.9%	-304.7%	-340	-340	13	(22)	-23	-326	-244
2030	233	108.7%	13.3%	31	25	26	(39)	-39	50	34

Enterprise Value Bridge

Sum of PV(FCFF)-575

Terminal Value (Gordon Growth at 3.0%)910

PV of Terminal Value626

Enterprise Value51

(–) Net Debt-30

Equity Value81

(÷) Shares Outstanding62

Fair Value per Share$1.31

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.7%	$4	$6	$8	$10	$12
7.7%	$1	$2	$4	$5	$7
8.7%	$-1	$0	$1	$3	$4
9.7%	$-2	$-1	$-0	$1	$2
10.7%	$-3	$-2	$-2	$-1	$0

Current price: $14.62. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at -31.9% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$2.88

Market Price

$14.62

Upside / Downside

-80.3%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Janux Therapeutics, Inc. (JANX) has a fair value of $2.88 based on 6 comparable companies in the Biotechnology industry.

EV/Revenue Valuation — Biotechnology

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Janux Therapeutics, Inc.JANX	906	87.6x	45.1x
Zymeworks Inc.ZYME	1,920	17.9x	6.4x
Immunome, Inc.IMNM	1,887	178.3x	—
Harmony Biosciences Holdings, Inc.HRMY	1,603	1.3x	1.1x
Nuvation Bio Inc.NUVB	1,542	22.1x	7.2x
Maze Therapeutics, Inc.MAZE	1,442	7.6x	169.5x
AbCellera Biologics Inc.ABCL	1,028	13.5x	34.0x
Industry Median		15.7x	7.2x
(*) Revenue		10	19
= Enterprise Value		157	140
(-) Net Debt		-30	-30
Equity Value		187	170
(/) Outstanding shares		62	62
Fair Price		$3	$3

Selected Fair Value (avg of trailing + forward)

$2.88

-80.3%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

$0.09 – $11.73

$1.31

-91.2%

Revenue DCF 10Y

—

N/A

—

▸ Trading Multiples

EV/Revenue

$1.71 – $4.05

$2.34

-84.3%

DCF Analysis

Janux Therapeutics, Inc. (JANX) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$1.31

Market Price

$14.62

Upside / Downside

-91.0%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-1576.7%

Target Operating Margin

13.3%

WACC

8.7%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

30.5%

Target CapEx/Rev

16.9%

D&A/Revenue

11.3%

Tax Rate

21.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	10	1.3%	-1258.7%	-127	-127	1	(3)	2	-131	-126
2027	6	-45.7%	-940.7%	-52	-52	1	(1)	1	-54	-48
2028	39	609.6%	-622.7%	-243	-243	4	(9)	-11	-237	-192
2029	112	185.9%	-304.7%	-340	-340	13	(22)	-23	-326	-244
2030	233	108.7%	13.3%	31	25	26	(39)	-39	50	34

Enterprise Value Bridge

Sum of PV(FCFF)-575

Terminal Value (Gordon Growth at 3.0%)910

PV of Terminal Value626

Enterprise Value51

(–) Net Debt-30

Equity Value81

(÷) Shares Outstanding62

Fair Value per Share$1.31

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.7%	$4	$6	$8	$10	$12
7.7%	$1	$2	$4	$5	$7
8.7%	$-1	$0	$1	$3	$4
9.7%	$-2	$-1	$-0	$1	$2
10.7%	$-3	$-2	$-2	$-1	$0

Current price: $14.62. Green = undervalued, Red = overvalued.

Working Capital Assumption

Trading Multiples

Fair Value

$2.88

Market Price

$14.62

Upside / Downside

-80.3%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Janux Therapeutics, Inc. (JANX) has a fair value of $2.88 based on 6 comparable companies in the Biotechnology industry.

EV/Revenue Valuation — Biotechnology

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Janux Therapeutics, Inc.JANX	906	87.6x	45.1x
Zymeworks Inc.ZYME	1,920	17.9x	6.4x
Immunome, Inc.IMNM	1,887	178.3x	—
Harmony Biosciences Holdings, Inc.HRMY	1,603	1.3x	1.1x
Nuvation Bio Inc.NUVB	1,542	22.1x	7.2x
Maze Therapeutics, Inc.MAZE	1,442	7.6x	169.5x
AbCellera Biologics Inc.ABCL	1,028	13.5x	34.0x
Industry Median		15.7x	7.2x
(*) Revenue		10	19
= Enterprise Value		157	140
(-) Net Debt		-30	-30
Equity Value		187	170
(/) Outstanding shares		62	62
Fair Price		$3	$3

Selected Fair Value (avg of trailing + forward)

$2.88

-80.3%