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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.
僅僅因為一家企業沒有賺到錢,並不意味着股票會下跌。例如,雖然亞馬遜上市後多年虧損,但如果你從1999年開始買入並持有股票,你就會發大財。儘管如此,只有傻瓜才會忽視這樣一個風險,即一家虧損的公司太快地燒掉了現金。
所以也應該這樣亞努克斯治療公司(納斯達克:JANX)股東擔心其燒錢?就本文而言,我們將現金消耗定義為公司每年為其增長提供資金的現金數量(也稱為負自由現金流)。讓我們從檢查企業的現金與其現金消耗的關係開始。
查看我們對Janux Treeutics的最新分析
Janux治療公司有很長的現金跑道嗎?
你可以通過將公司擁有的現金數量除以它花掉這些現金的速度來計算公司的現金跑道。2022年6月,Janux Treeutics擁有3.54億美元現金,而且沒有債務。重要的是,在接下來的12個月裏,它的現金消耗為3700萬美元。因此,從2022年6月開始,它的現金跑道大約有9.6年。儘管這只是衡量該公司現金消耗的一個指標,但一想到這麼長的現金跑道,我們就會感到欣慰。下圖顯示了其現金餘額在過去幾年中的變化情況。
NasdaqGM:Janx債轉股歷史2022年8月27日Janux Treateutics的現金消耗是如何隨着時間的推移而變化的?
在我們看來,Janux Treeutics還沒有產生大量的運營收入,因為它在過去12個月中只報告了670萬美元。因此,出於本分析的目的,我們將重點關注現金消耗是如何跟蹤的。值得注意的是,它實際上在去年增加了933%的現金消耗。這種大幅增加的支出可能會帶來回報,但通常被認為風險很大。然而,顯然,關鍵因素是該公司是否會在未來實現業務增長。因此,你可能想看看該公司在未來幾年的預期增長速度。
Janux治療公司籌集更多現金以實現增長的難度有多大?
考慮到其現金消耗的軌跡,Janux治療公司的股東可能希望考慮一下,儘管它有堅實的現金跑道,但它籌集更多現金的難度有多大。一般來説,上市企業可以通過發行股票或承擔債務來籌集新的現金。通常情況下,企業會自行發售新股,以籌集現金並推動增長。通過將一家公司的年度現金消耗與其總市值進行比較,我們可以粗略地估計出它需要發行多少股票才能維持公司下一年的運營(以相同的消耗速度)。
Janux治療公司的市值為4.74億美元,去年燒掉了3700萬美元,佔公司市值的7.8%。鑑於這只是一個相當小的比例,該公司很可能很容易通過向投資者發行一些新股,甚至通過貸款來為下一年的增長提供資金。
那麼,我們應該擔心Janux Treateutics的燒錢嗎?
正如你現在可能已經知道的那樣,我們並不太擔心Janux治療公司的燒錢。例如,我們認為它的現金跑道表明該公司正走在一條良好的道路上。儘管我們確實發現它不斷增加的現金消耗有點負面,但一旦我們把本文提到的其他指標放在一起考慮,總體情況是我們感到滿意的。考慮到本文討論的所有因素,我們並不過分擔心公司的現金消耗,儘管我們確實認為股東應該密切關注公司的發展。另一方面,Janux Treeutics已經3個警示標誌(還有一點不可忽視)我們認為你應該知道這一點。
當然了,如果你把目光投向別處,你可能會發現這是一筆很棒的投資。所以讓我們來看看這個免費感興趣的公司名單,以及這份名單中的成長股(根據分析師預測)
對這篇文章有什麼反饋嗎?擔心內容嗎? 保持聯繫直接與我們聯繫。或者,也可以給編輯組發電子郵件,地址是implywallst.com。
本文由Simply Wall St.撰寫,具有概括性。我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論,我們的文章並不打算作為財務建議。它不構成買賣任何股票的建議,也沒有考慮你的目標或你的財務狀況。我們的目標是為您帶來由基本面數據驅動的長期重點分析。請注意,我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內。Simply Wall St.對上述任何一隻股票都沒有持倉。
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moomoo是Moomoo Technologies Inc.公司提供的金融資訊和交易應用程式。
在美國,moomoo上的投資產品和服務由Moomoo Financial Inc.提供,一家受美國證券交易委員會(SEC)監管的持牌主體。 Moomoo Financial Inc.是金融業監管局(FINRA)和證券投資者保護公司(SIPC)的成員。
在新加坡,moomoo上的投資產品和服務是通過Moomoo Financial Singapore Pte. Ltd.提供,該公司受新加坡金融管理局(MAS)監管(牌照號碼︰CMS101000) ,持有資本市場服務牌照 (CMS) ,持有財務顧問豁免(Exempt Financial Adviser)資質。本內容未經新加坡金融管理局的審查。
在澳大利亞,moomoo上的金融產品和服務是通過Futu Securities (Australia) Ltd提供,該公司是受澳大利亞證券和投資委員會(ASIC)監管的澳大利亞金融服務許可機構(AFSL No. 224663)。請閱讀並理解我們的《金融服務指南》、《條款與條件》、《隱私政策》和其他披露文件,這些文件可在我們的網站 https://www.moomoo.com/au中獲取。
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在馬來西亞,moomoo上的投資產品和服務是透過Moomoo Securities Malaysia Sdn. Bhd. 提供,該公司受馬來西亞證券監督委員會(SC)監管(牌照號碼︰eCMSL/A0397/2024) ,持有資本市場服務牌照 (CMSL) 。本內容未經馬來西亞證券監督委員會的審查。
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