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ANNX

Annexon, Inc.

ANNX

Annexon, Inc. • NASDAQ
$4.50 ▲ 4.17% (+0.18)
Market Cap $538.18 M
52w High $5.66
52w Low $1.28
Dividend Yield 0%
P/E -3.19
Volume 1.76M
Outstanding Shares 119.60M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $57.018M ▲ $-54.922M ▼ 0% $-0.37 ▼ $-54.376M ▼
Q2-2025 $0 $51.726M ▼ $-49.156M ▲ 0% $-0.34 ▲ $-51.111M ▲
Q1-2025 $0 $57.405M ▲ $-54.356M ▼ 0% $-0.37 ▼ $-56.868M ▼
Q4-2024 $0 $52.479M ▲ $-48.59M ▼ 0% $-0.33 ▼ $-51.942M ▼
Q3-2024 $0 $39.442M $-34.824M 0% $-0.25 $-38.904M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $188.721M ▼ $229.142M ▼ $67.7M ▲ $161.442M ▼
Q2-2025 $227.017M ▼ $264.573M ▼ $65.556M ▲ $199.017M ▼
Q1-2025 $263.696M ▼ $303.027M ▼ $59.239M ▲ $243.788M ▼
Q4-2024 $312.017M ▼ $350.071M ▼ $56.966M ▲ $293.105M ▼
Q3-2024 $340.116M $378.776M $47.216M $331.56M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-54.922M ▼ $-52.304M ▼ $45.871M ▼ $13.564M ▲ $7.131M ▼ $-52.352M ▼
Q2-2025 $-49.156M ▲ $-38.071M ▲ $73.082M ▼ $153K ▲ $35.166M ▼ $-38.086M ▲
Q1-2025 $-54.356M ▼ $-50.055M ▼ $97.62M ▲ $59K ▼ $47.624M ▲ $-50.129M ▼
Q4-2024 $-48.59M ▼ $-36.015M ▼ $1.012M ▲ $4.967M ▲ $-30.042M ▲ $-36.021M ▼
Q3-2024 $-34.824M $-32.015M $-45.926M $175K $-77.764M $-32.024M

Five-Year Company Overview

Income Statement

Income Statement Annexon is still a classic clinical‑stage biotech: it has no product revenue yet and its entire income statement is driven by research and development and overhead costs. Losses have been consistent over the past several years, reflecting ongoing trial activity rather than any commercial shortfall. The good news is that the level of losses has not exploded over time, suggesting relatively disciplined spending as programs advance. Per‑share losses have gradually narrowed, which points to a combination of expense control and prior capital raises spreading costs over a larger shareholder base. Overall, the income statement shows a company fully in investment mode, with future value hinging on drug approvals rather than current earnings.

Balance Sheet

Balance Sheet The balance sheet shows a small but reasonably solid platform for a development‑stage biotech. Assets are dominated by cash and equivalents, with only modest use of debt. Shareholders’ equity remains clearly positive, meaning the company is not over‑levered and still has a tangible financial cushion. As with most biotechs, the real value is not captured in physical assets but in the pipeline and intellectual property, so traditional balance sheet metrics only tell part of the story. Still, the combination of a clean capital structure, low debt, and a cash position expected to fund operations into early 2027 provides a measure of financial stability for upcoming milestones.

Cash Flow

Cash Flow Cash flow reflects the predictable pattern of a research‑driven biotech: steady cash burn from operations and essentially no meaningful investment in physical assets. Operating and free cash flows are both negative and have been fairly stable year to year, aligning with ongoing trial costs and corporate expenses. Capital expenditure needs are minimal, so almost all cash usage directly supports the pipeline. This means the key questions are the pace of cash burn versus the timing of clinical and regulatory events, and whether the company can convert its current runway into value‑creating milestones before needing additional funding beyond its stated horizon.

Competitive Edge

Competitive Edge Annexon is trying to build a differentiated position in the crowded immunology and neurology space by focusing on C1q, an upstream part of the classical complement pathway. This gives it a first‑mover angle in C1q inhibition, supported by late‑stage clinical data, orphan drug designations, and a growing patent estate. Its lead programs target conditions with high unmet need, such as Guillain‑Barré syndrome and geographic atrophy, where there are few or only recently approved alternatives. However, Annexon is much smaller than many competitors working on other complement targets and will face tough competition, especially in eye disease where established players already have marketed drugs. Commercial execution, pricing, and safety profile versus rivals will be critical to how strong this competitive position ultimately becomes.

Innovation and R&D

Innovation and R&D Innovation is the core of Annexon’s story. The company is pioneering C1q inhibition as a way to quiet damaging inflammation at its source, with a platform that spans injected antibodies, eye‑directed therapies, and an oral small‑molecule pill. Three main programs stand out: an intravenous antibody for Guillain‑Barré syndrome with positive late‑stage data and a planned filing for approval; an eye injection for geographic atrophy that showed encouraging protection of vision and is moving into large Phase 3 studies; and an oral drug aimed at autoimmune diseases, initially in cold agglutinin disease, with early data backing further trials. This strategy gives Annexon multiple shots on goal across rare neurologic, eye, and autoimmune conditions. At the same time, the pipeline is still clinically and regulatorily risky, with major value inflection points concentrated around a few key readouts in the next several years.

Summary

Overall, Annexon is a pre‑revenue, research‑heavy biotech with a focused scientific thesis and a late‑stage pipeline, funded for several more years at its current pace. Financial statements show a typical pattern for its stage: recurring losses, steady cash burn, a cash‑rich balance sheet, and minimal debt. The real story lies in its potential first‑in‑class C1q inhibitors, especially the upcoming regulatory filing in Guillain‑Barré syndrome and large trials in eye disease and autoimmune conditions. The opportunity is significant if the science continues to translate into strong clinical outcomes and eventual approvals, but the company remains exposed to the usual binary risks of drug development and the need for future funding once the current cash runway is used. Investors and stakeholders will likely focus on execution against the near‑term milestones and how effectively Annexon can turn its scientific lead into sustainable commercial traction over time.

NEWS

November 14, 2025 · 4:01 PM UTC

Annexon Announces Closing of Public Offering and Full Exercise of Underwriters' Option to Purchase Additional Shares for Gross Proceeds of $86.25 Million

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November 12, 2025 · 10:55 PM UTC

Annexon Announces Pricing of $75 Million Public Offering of Common Stock and Pre-Funded Warrants

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November 12, 2025 · 4:12 PM UTC

Annexon Announces Proposed Public Offering of Common Stock and Pre-Funded Warrants

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November 10, 2025 · 4:05 PM UTC

Annexon Reports Third Quarter 2025 Financial Results, Portfolio Progress and Key Anticipated Milestones

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