Annexon, Inc. (ANNX)

Price$4.83Cached quoteAs of 2026-09-04 16:23 UTC

AI: Fair-priced

Verified clinical-stage company with multiple upcoming regulatory decisionsANNX is the Nasdaq-listed, USD-quoted common stock of California-based Annexon, a developer of complement-targeting immunotherapies. Latest results and the Form 10-Q, issued August 12, cover June 30, 2026. The company has no approved products or product-sales revenue; quarterly net loss was $55.3 million.

Tanruprubart targets Guillain-Barré syndrome, with its European marketing application under review and a U.S. application targeted for fourth-quarter 2026. Vonaprument is in Phase 3 for geographic atrophy. Oral C1s inhibitor ANX1502 is undergoing proof-of-concept evaluation in cold agglutinin disease. These remain investigational programs, not approved commercial products.

Valuation represents substantial contingent pipeline valueApplying the latest quotation to August 10's 189,579,134 common shares plus 14,865,799 near-zero-exercise-price pre-funded warrants gives approximately $819.8 million of illustrative equity value. This is a calculation using dated securities counts, not a verified September fully diluted capitalization. Earnings and sales multiples are not meaningful for a company without product revenue.

The valuation materially exceeds June's financial reserves and therefore depends on successful clinical development and commercialization. First-half at-the-market issuance raised $63.8 million net, already included in June liquidity. Further issuance and employee awards can dilute existing ownership. September 28 trading volume was approximately 5.07 million shares; active trading does not prevent clinical-news price gaps.

Cash supports development, but projected runway depends partly on conditional financingJune-end cash, equivalents and short-term investments totalled $209.2 million. First-half operations consumed $94.803 million before $137,000 of capital expenditure. Management projects funding into 2028 using cash and credit-facility funds; this is an operating-plan estimate, not guaranteed funding through approval or launch.

On July 30, Annexon drew $50 million under a facility of up to $200 million. Another $100 million requires milestones and conditions; the final $50 million is uncommitted. Interest is one-month SOFR plus 4.6%, subject to a 7.6% floor. Loans are secured substantially across company assets and mature in July 2031, subject to conditional extension. Neither the facility ceiling nor June cash is a verified September liquidity balance.

Encouraging clinical signals still have important evidentiary limitsAnnexon reported rapid strength improvements in the first ten U.S. and European patients in the open-label FORWARD study of tanruprubart. However, this small, uncontrolled cohort cannot independently establish superiority to standard care or characterize uncommon adverse events. NeurologyLive separately reported the announcement; that coverage is not independent trial validation.

For vonaprument, Phase 2 ARCHER showed favorable vision-related outcomes but failed its original primary endpoint of reducing geographic-atrophy lesion growth. Phase 3 must establish the prospectively selected vision endpoint. Regulatory acceptance, safety, third-party manufacturing, reimbursement and competing treatments remain material risks even with positive data.

AI: News

September 24–25: Retina Society presentations precede the pivotal efficacy assessmentAnnexon's September 24 announcement scheduled September 25 presentations comparing ARCHER II baseline characteristics with Phase 2 participants and presenting a post-hoc Phase 2 analysis. The ongoing Phase 3 trial enrolled 659 patients. These presentations were not new Phase 3 efficacy results.

The trial evaluates confirmed loss of at least 15 best-corrected-visual-acuity letters. Management expects the independent monitoring committee's month-15 assessment in fourth-quarter 2026. Success could enable sub-study analyses in first-quarter 2027; otherwise, the study may continue to its month-24 assessment, expected in third-quarter 2027. Baseline similarity does not establish treatment benefit, and these dates remain targets.

September 16: New employee options add potential dilutionAnnexon announced grants of options covering 275,500 shares to two new non-executive employees. The awards were approved September 12 and granted September 15 under the employment-inducement plan.

The options have ten-year terms and generally vest over four years, subject to continued service. Granting options is not the same as issuing all underlying shares or receiving financing cash. The awards create potential dilution but do not establish clinical progress, regulatory clearance or commercialization readiness.

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Revenue

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2025

Net income

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Free cash flow

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Financial statements

	2025	2024	2023	2022	2021	2020	2019
Revenue	$0	$0	$0	$0	—	—	—
Research & development	$184.7M	$119.4M	$113.8M	$112.5M	$100.1M	$49.3M	$24.5M
Operating expenses	$216.4M	$154.1M	$143.7M	$145.6M	$130.7M	$63.5M	$32.5M
Operating income	−$216.4M	−$154.1M	−$143.7M	−$145.6M	−$130.7M	−$63.5M	−$32.5M
EBITDA	−$214.2M	−$151.9M	−$141.6M	−$143.5M	−$128.6M	−$62.8M	−$32.0M
Net income	−$206.7M	−$138.2M	−$134.2M	−$141.9M	−$130.3M	−$63.4M	−$37.2M
Basic EPSper basic share	-$1.34	-$1.01	-$1.77	-$2.60	-$3.40	-$4.15	-$88.30
Diluted EPSper diluted share	-$1.34	-$1.01	-$1.77	-$2.60	-$3.40	-$4.15	-$88.30

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of ANNX
Holder	Shares held
FMR LLC	19.52M
BlackRock, Inc.	13.54M
Redmile Group, LLC	11.87M
Satter Muneer A	10.34M
STATE STREET CORP	9.82M
BVF INC/IL	8.7M
Woodline Partners LP	6.93M
VANGUARD CAPITAL MANAGEMENT LLC	6.87M
MAK CAPITAL ONE LLC	5.86M
GOLDMAN SACHS GROUP INC	5.83M
Siren, L.L.C.	4.46M
Bain Capital Life Sciences Investors, LLC	4.44M
Bellevue Group AG	4.1M
GEODE CAPITAL MANAGEMENT, LLC	4.04M
MPM BIOIMPACT LLC	3.54M
AMERIPRISE FINANCIAL INC	3.51M
ADAGE CAPITAL PARTNERS GP, L.L.C.	3.5M
GREAT POINT PARTNERS LLC	3.5M
MORGAN STANLEY	3.14M
Palo Alto Investors LP	2.95M

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys22$12.44M disclosed value

Sells (SEC code S)30$635.5K disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 28, 2026Form 4	Satter Muneer ADirector	BuyCommon Stock · indirect	613.5K	$5.41	$3.32M	10.34M
May 11, 2026Form 4 · 10b5-1	Carson William H.Director	BuyCommon Stock	8.0K	$5.78	$46.2K	78.4K
Apr 10, 2026Form 4 · 10b5-1	Carson William H.Director	BuyCommon Stock	8.0K	$6.20	$49.6K	70.4K
Mar 10, 2026Form 4 · 10b5-1	Carson William H.Director	BuyCommon Stock	8.0K	$5.67	$45.4K	62.4K
Mar 2, 2026Form 4	ARTIS DEAN RICHARDEVP & CHIEF SCIENTIFIC OFFICER	SellCommon Stock	5.9K	$5.43	$32.0K	180.1K