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We're Hopeful That Janux Therapeutics (NASDAQ:JANX) Will Use Its Cash Wisely
We're Hopeful That Janux Therapeutics (NASDAQ:JANX) Will Use Its Cash Wisely
Just because a business does not make any money, does not mean that the stock will go down. For example, although Amazon.com made losses for many years after listing, if you had bought and held the shares since 1999, you would have made a fortune. Nonetheless, only a fool would ignore the risk that a loss making company burns through its cash too quickly.
So should Janux Therapeutics (NASDAQ:JANX) shareholders be worried about its cash burn? For the purpose of this article, we'll define cash burn as the amount of cash the company is spending each year to fund its growth (also called its negative free cash flow). Let's start with an examination of the business' cash, relative to its cash burn.
See our latest analysis for Janux Therapeutics
Does Janux Therapeutics Have A Long Cash Runway?
You can calculate a company's cash runway by dividing the amount of cash it has by the rate at which it is spending that cash. In June 2022, Janux Therapeutics had US$354m in cash, and was debt-free. Importantly, its cash burn was US$37m over the trailing twelve months. So it had a cash runway of about 9.6 years from June 2022. Even though this is but one measure of the company's cash burn, the thought of such a long cash runway warms our bellies in a comforting way. The image below shows how its cash balance has been changing over the last few years.
NasdaqGM:JANX Debt to Equity History August 27th 2022How Is Janux Therapeutics' Cash Burn Changing Over Time?
In our view, Janux Therapeutics doesn't yet produce significant amounts of operating revenue, since it reported just US$6.7m in the last twelve months. Therefore, for the purposes of this analysis we'll focus on how the cash burn is tracking. Remarkably, it actually increased its cash burn by 933% in the last year. That kind of sharp increase in spending may pay off, but is generally considered quite risky. Clearly, however, the crucial factor is whether the company will grow its business going forward. So you might want to take a peek at how much the company is expected to grow in the next few years.
How Hard Would It Be For Janux Therapeutics To Raise More Cash For Growth?
Given its cash burn trajectory, Janux Therapeutics shareholders may wish to consider how easily it could raise more cash, despite its solid cash runway. Generally speaking, a listed business can raise new cash through issuing shares or taking on debt. Commonly, a business will sell new shares in itself to raise cash and drive growth. By comparing a company's annual cash burn to its total market capitalisation, we can estimate roughly how many shares it would have to issue in order to run the company for another year (at the same burn rate).
Janux Therapeutics has a market capitalisation of US$474m and burnt through US$37m last year, which is 7.8% of the company's market value. Given that is a rather small percentage, it would probably be really easy for the company to fund another year's growth by issuing some new shares to investors, or even by taking out a loan.
So, Should We Worry About Janux Therapeutics' Cash Burn?
As you can probably tell by now, we're not too worried about Janux Therapeutics' cash burn. For example, we think its cash runway suggests that the company is on a good path. Although we do find its increasing cash burn to be a bit of a negative, once we consider the other metrics mentioned in this article together, the overall picture is one we are comfortable with. Considering all the factors discussed in this article, we're not overly concerned about the company's cash burn, although we do think shareholders should keep an eye on how it develops. On another note, Janux Therapeutics has 3 warning signs (and 1 which shouldn't be ignored) we think you should know about.
Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of interesting companies, and this list of stocks growth stocks (according to analyst forecasts)
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
仅仅因为一家企业没有赚到钱,并不意味着股票会下跌。例如,虽然亚马逊上市后多年亏损,但如果你从1999年开始买入并持有股票,你就会发大财。尽管如此,只有傻瓜才会忽视这样一个风险,即一家亏损的公司太快地烧掉了现金。
所以也应该这样亚努克斯治疗公司(纳斯达克:JANX)股东担心其烧钱?就本文而言,我们将现金消耗定义为公司每年为其增长提供资金的现金数量(也称为负自由现金流)。让我们从检查企业的现金与其现金消耗的关系开始。
查看我们对Janux Treeutics的最新分析
Janux治疗公司有很长的现金跑道吗?
你可以通过将公司拥有的现金数量除以它花掉这些现金的速度来计算公司的现金跑道。2022年6月,Janux Treeutics拥有3.54亿美元现金,而且没有债务。重要的是,在接下来的12个月里,它的现金消耗为3700万美元。因此,从2022年6月开始,它的现金跑道大约有9.6年。尽管这只是衡量该公司现金消耗的一个指标,但一想到这么长的现金跑道,我们就会感到欣慰。下图显示了其现金余额在过去几年中的变化情况。
NasdaqGM:Janx债转股历史2022年8月27日Janux Treateutics的现金消耗是如何随着时间的推移而变化的?
在我们看来,Janux Treeutics还没有产生大量的运营收入,因为它在过去12个月中只报告了670万美元。因此,出于本分析的目的,我们将重点关注现金消耗是如何跟踪的。值得注意的是,它实际上在去年增加了933%的现金消耗。这种大幅增加的支出可能会带来回报,但通常被认为风险很大。然而,显然,关键因素是该公司是否会在未来实现业务增长。因此,你可能想看看该公司在未来几年的预期增长速度。
Janux治疗公司筹集更多现金以实现增长的难度有多大?
考虑到其现金消耗的轨迹,Janux治疗公司的股东可能希望考虑一下,尽管它有坚实的现金跑道,但它筹集更多现金的难度有多大。一般来说,上市企业可以通过发行股票或承担债务来筹集新的现金。通常情况下,企业会自行发售新股,以筹集现金并推动增长。通过将一家公司的年度现金消耗与其总市值进行比较,我们可以粗略地估计出它需要发行多少股票才能维持公司下一年的运营(以相同的消耗速度)。
Janux治疗公司的市值为4.74亿美元,去年烧掉了3700万美元,占公司市值的7.8%。鉴于这只是一个相当小的比例,该公司很可能很容易通过向投资者发行一些新股,甚至通过贷款来为下一年的增长提供资金。
那么,我们应该担心Janux Treateutics的烧钱吗?
正如你现在可能已经知道的那样,我们并不太担心Janux治疗公司的烧钱。例如,我们认为它的现金跑道表明该公司正走在一条良好的道路上。尽管我们确实发现它不断增加的现金消耗有点负面,但一旦我们把本文提到的其他指标放在一起考虑,总体情况是我们感到满意的。考虑到本文讨论的所有因素,我们并不过分担心公司的现金消耗,尽管我们确实认为股东应该密切关注公司的发展。另一方面,Janux Treeutics已经3个警示标志(还有一点不可忽视)我们认为你应该知道这一点。
当然了,如果你把目光投向别处,你可能会发现这是一笔很棒的投资。所以让我们来看看这个免费感兴趣的公司名单,以及这份名单中的成长股(根据分析师预测)
对这篇文章有什么反馈吗?担心内容吗? 保持联系直接与我们联系。或者,也可以给编辑组发电子邮件,地址是implywallst.com。
本文由Simply Wall St.撰写,具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论,我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议,也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意,我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。
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在美国,moomoo上的投资产品和服务由Moomoo Financial Inc.提供,一家受美国证券交易委员会(SEC)监管的持牌主体。 Moomoo Financial Inc.是金融业监管局(FINRA)和证券投资者保护公司(SIPC)的成员。
在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Futu Securities (Australia) Ltd提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
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在马来西亚,moomoo上的投资产品和服务是通过Moomoo Securities Malaysia Sdn. Bhd. 提供,该公司受马来西亚证券监督委员会(SC)监管(牌照号码︰eCMSL/A0397/2024) ,持有资本市场服务牌照 (CMSL) 。本内容未经马来西亚证券监督委员会的审查。
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