We Think Janux Therapeutics (NASDAQ:JANX) Can Afford To Drive Business Growth
We Think Janux Therapeutics (NASDAQ:JANX) Can Afford To Drive Business Growth
There's no doubt that money can be made by owning shares of unprofitable businesses. By way of example, Janux Therapeutics (NASDAQ:JANX) has seen its share price rise 241% over the last year, delighting many shareholders. Nonetheless, only a fool would ignore the risk that a loss making company burns through its cash too quickly.
毫無疑問,擁有不盈利企業的股份可以獲得收益。Janux Therapeutics(納斯達克代碼:JANX)的股價在過去一年中上漲了241%,令許多股東感到欣喜。然而,只有愚蠢的人才會忽視虧損公司燒完現金的風險。
Given its strong share price performance, we think it's worthwhile for Janux Therapeutics shareholders to consider whether its cash burn is concerning. 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). First, we'll determine its cash runway by comparing its cash burn with its cash reserves.
考慮到Janux Therapeutics的股價強勁表現,我們認爲其負現金流是否令人擔憂值得股東們考慮一下。對於本文而言,我們將負現金流定義爲公司爲資助其在市場上的成長而每年支出的現金數額(也稱爲自由現金流)。首先,我們將通過比較其負現金流和現金儲備來確定其現金儲備的運營時間。
When Might Janux Therapeutics Run Out Of Money?
Janux Therapeutics什麼時候會耗盡資金?
A company's cash runway is the amount of time it would take to burn through its cash reserves at its current cash burn rate. In March 2024, Janux Therapeutics had US$652m in cash, and was debt-free. Looking at the last year, the company burnt through US$53m. That means it had a cash runway of very many years as of March 2024. 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. Depicted below, you can see how its cash holdings have changed over time.
公司的現金儲備運營時間是指以其目前的負現金流速率耗盡現金儲備所需的時間。2024年3月,Janux Therapeutics的現金爲6.52億美元,並且沒有債務。回顧過去一年,公司負現金流爲5,300萬美元。這意味着截至2024年3月,公司的現金儲備已足夠支撐多年。即使這只是衡量公司負現金流的一個指標,這樣長的現金儲備時間也讓我們感到欣慰。如下圖所示,您可以看到其現金持有量隨時間的變化。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240701/0-f60f73417fc8a8961b4f01e8f52ff448-0-a6dc1de99d4d321c1c23fd85dec9b13f.png/big)
How Well Is Janux Therapeutics Growing?
Janux Therapeutics的增長表現如何?
Some investors might find it troubling that Janux Therapeutics is actually increasing its cash burn, which is up 4.3% in the last year. And we must say we find it concerning that operating revenue dropped 20% over the same period. Taken together, we think these growth metrics are a little worrying. Clearly, however, the crucial factor is whether the company will grow its business going forward. For that reason, it makes a lot of sense to take a look at our analyst forecasts for the company.
一些投資者可能會發現,Janux Therapeutics實際上正在增加其負現金流,過去一年中增加了4.3%。我們必須說我們認爲公司營收在同期下降20%令人擔憂。綜合考慮,我們認爲這些增長指標有點令人擔憂。然而,顯然,關鍵因素是公司今後能否增長業務。因此,看看我們的分析師對該公司的預測是非常有意義的。在增加Janux Therapeutics的負現金流情況如何?
Can Janux Therapeutics Raise More Cash Easily?
Janux Therapeutics能否輕鬆籌集更多資金?
Janux Therapeutics seems to be in a fairly good position, in terms of cash burn, but we still think it's worthwhile considering how easily it could raise more money if it wanted to. Companies can raise capital through either debt or equity. Commonly, a business will sell new shares in itself to raise cash and drive growth. We can compare a company's cash burn to its market capitalisation to get a sense for how many new shares a company would have to issue to fund one year's operations.
在資金燒損方面,Janux Therapeutics似乎處於相當好的位置,但我們仍然認爲考慮它是否容易籌集更多資金是值得的。企業可以通過債務或權益融資來籌集資金。通常,企業將出售自身的新股份以籌集資金並推動增長。我們可以將公司的負現金流與市值進行比較,以了解公司需要發行多少新股份來爲一年的運營資金提供資助。
Janux Therapeutics' cash burn of US$53m is about 2.5% of its US$2.2b market capitalisation. So it could almost certainly just borrow a little to fund another year's growth, or else easily raise the cash by issuing a few shares.
Janux Therapeutics的負現金流爲5300萬美元,約佔其22億美元的市值的2.5%。因此,它幾乎肯定可以借一些錢來爲另一年的增長提供資金,或者輕鬆發行一些股份來籌集資金。
How Risky Is Janux Therapeutics' Cash Burn Situation?
Janux Therapeutics的現金燒損情況有多大的風險?
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 its falling revenue does give us reason for pause, the other metrics we discussed in this article form a positive picture overall. 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. Separately, we looked at different risks affecting the company and spotted 4 warning signs for Janux Therapeutics (of which 1 is a bit unpleasant!) you should know about.
正如您現在可以看到的那樣,我們對Janux Therapeutics的現金燒損情況並不太擔心。例如,我們認爲其現金儲備豐厚,表明公司正在良好的道路上。儘管其營業額下降令我們有些擔憂,我們在本文中討論的其他指標總體上呈現出積極的態勢。考慮到本文討論的所有因素,我們對該公司的現金燒損情況並不過於擔心,儘管我們認爲股東們應該關注其發展情況。另外,我們還查看了影響該公司的不同風險,並發現Janux Therapeutics存在4種警告信號(其中1種有點不愉快!)需要您知道。
If you would prefer to check out another company with better fundamentals, then do not miss this free list of interesting companies, that have HIGH return on equity and low debt or this list of stocks which are all forecast to grow.
如果您希望查詢其他基本面更好的公司,則不要錯過具有高淨資產回報率和低債務的有趣公司免費列表,或者這個預計所有股票都會增長的股票列表。
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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.
對本文有反饋?關於內容有所顧慮?直接和我們聯繫。或電郵 editorial-team (at) simplywallst.com。
這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
對本文有反饋?關於內容有所顧慮?直接和我們聯繫。或者,也可以發送電子郵件至editorial-team@simplywallst.com