Annexon, Inc.

NASDAQ•ANNX

CEO: Mr. Douglas Love Esq., J.D.

Sector: Healthcare

Industry: Biotechnology

Listing Date: 2020-07-24

Annexon, Inc., a clinical-stage biopharmaceutical company, discovers and develops medicines for treating inflammatory-related diseases. Its lead candidate is ANX005, an investigational full-length monoclonal antibody, which is in Phase 3 clinical trial for the treatment of patients with guillain-barré syndrome; completed Phase II clinical trial for treating Huntington's disease; and in Phase II clinical trial for the treatment of amyotrophic lateral sclerosis. The company is also developing ANX007, an antigen-binding fragment (Fab) that is in Phase 3 program for the treatment of patients with geographic atrophy; and ANX1502, a novel oral small molecule inhibitor, which is in Phase 1 clinical trials for autoimmune indications. In addition, it develops ANX009, a C1q-blocking Fab that is in Phase I clinical trial for treating patients with lupus nephritis. The company was incorporated in 2011 and is headquartered in Brisbane, California.

Contact Information

1400 Sierra Point Parkway, Building C Suite 200, Brisbane, CA, 94005, United States

650-822-5500

www.annexonbio.com

Market Cap

$650.60M

P/E (TTM)

-3.9

17.5

Dividend Yield

52W High

$7.18

52W Low

$1.29

52W Range

70%

Rank57Top 83.3%

2.4

F-Score

Modified Piotroski Analysis

Based on 8-year fundamentals

Weak • 2.4 / 9 points

Scoring Range (0-9)

8-9: Excellent Value

6-7: Strong Fundamentals

4-5: Average Quality

0-3: Weak Performance

Data Period: 2018-2025

Financial Dashboard

Q3 2025 Data

Revenue

$0.00+0.00%

4-Quarter Trend

EPS

-$0.37+48.00%

4-Quarter Trend

FCF

-$52.35M+63.48%

4-Quarter Trend

2025 Q3 Earnings Highlights

Key Highlights

R&D Expenses Surge 87% Nine-month R&D expenses reached $142.0M, increasing $65.9M (87%) driven by clinical trial advancement and technology transfer.

Liquid Assets $188.7M Available cash and short-term investments totaled $188.7M as of September 30, 2025, funding operations into Q1 2027.

Net Loss Widens Significantly Nine-month net loss increased 77% to $158.4M in 2025, primarily due to increased operating expenses supporting pipeline progression.

ATM Equity Proceeds Raised Sold $13.5M net proceeds from common stock via 2024 ATM program during the nine months ended September 30, 2025.

Risk Factors

Substantial Additional Financing Needed Future viability beyond Q1 2027 depends on obtaining necessary capital; failure to secure funding could halt development programs.

Clinical Data Uncertainty High Success hinges on positive Phase 3 results for vonaprument (GA) and tanruprubart (GBS); regulatory acceptance is not assured.

Reliance on Third-Party Manufacturing Complete dependence on external partners for clinical and commercial supply introduces risks regarding quality control and delivery timelines.

Intellectual Property Enforcement Costs Commercial success relies on enforcing IP rights, facing risks from costly litigation and potential patent invalidation challenges.

Outlook

GBS MAA Submission Planned Anticipate Marketing Authorization Application (MAA) submission for tanruprubart in GBS to European regulators in January 2026.

GA Phase 3 Data Expected Topline data for the global Phase 3 ARCHER II trial for vonaprument in GA is planned for reporting in the second half of 2026.

Continue High Operating Expenses Expect R&D expenses to increase further while advancing late-stage trials and investing in capabilities to prepare for commercialization.

ANX1502 POC Update 2026 Evaluating ANX1502 in CAD patients; plan to provide profile update upon completion of the ongoing Phase 1 study in 2026.

Peer Comparison

Revenue (TTM)

EDIT

$40.52M

+25.4%

ALEC

$21.05M

-79.1%

BLRX

$12.74M

-42.1%

Gross Margin (Latest Quarter)

ALT

100.0%

-299200.0pp

ACIU

100.0%

+0.0pp

EDIT

96.7%

+2621.3pp

Key Metrics

Symbol	Market Cap	P/E (TTM)	ROE (TTM)	Debt to Assets
ANNX	$650.60M	-3.9	-92.3%	11.8%
REPL	$625.90M	-2.2	-102.7%	23.6%
LYEL	$526.32M	-1.5	-90.5%	12.3%

Long-Term Trends

Last 4 Quarters

Revenue

Net Income

Operating Cash Flow

4Q Revenue CAGR

N/M

Revenue Volatile

4Q Net Income CAGR

N/M

Profitability Shift

Cash Flow Stability

Cash Flow Needs Attention

Deep Research

Next earnings:Mar 16, 2026

EPS:-$0.32

Revenue:-

Financials

Earnings Calls

Reports

News

Income Statement

Balance Sheet

Cash Flow Statement

Ratios

% Chg.

Income Statement	LTM

No Data