Annexon, Inc.
- Open
- 5.74
- Day high
- 6.16
- Day low
- 5.68
- Prev close
- 5.89
- Volume
- 3.3M
- Mkt cap
- $950M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 4.6
- P/S
- —
- Yield
- —
- Per share
- —
- ▲Insiders net buying $3.4M over the last 3 months (2 open-market buys, 0 sales)
- 🏛Institutions accumulating (13F)
Annexon, Inc. (ANNX) is a Healthcare company listed on NASDAQ. The stock is up 150% over the past year. Over the trailing 3 months, insiders filed 2 open-market buys and 0 sales (SEC Form 4).
Annexon, Inc. (ANNX) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ANNX earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $-0.30 | $-0.23 | +23.3% | — | — |
| Mar 30, 2026 | $-0.32 | $-0.28 | +12.5% | — | — |
| Aug 14, 2025 | $-0.36 | $-0.34 | +5.6% | — | — |
| Mar 3, 2025 | $-0.28 | $-0.33 | -17.9% | — | — |
| Nov 14, 2024 | $-0.26 | $-0.25 | +3.8% | — | — |
| Nov 13, 2023 | $-0.50 | $-0.43 | +14.0% | — | — |
| Mar 6, 2023 | $-0.52 | $-0.48 | +7.7% | — | — |
| Nov 3, 2022 | $-0.87 | $-0.51 | +41.4% | — | — |
| Mar 1, 2022 | $-0.90 | $-0.97 | -7.8% | — | — |
| Aug 16, 2021 | $-0.68 | $-0.82 | -20.6% | — | — |
| May 17, 2021 | $-0.60 | $-0.68 | -13.3% | — | — |
| Mar 25, 2021 | $-0.42 | $-0.61 | -45.2% | — | — |
ANNX insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 15, 2026 | JONES WILLIAM A JRdirector | Grant | 65,000 | $4.70 |
| Jun 15, 2026 | Cockroft Bettina M.director | Grant | 65,000 | $4.70 |
| Jun 15, 2026 | Choi Jungdirector | Grant | 65,000 | $4.70 |
| Jun 15, 2026 | Carson William H.director | Grant | 65,000 | $4.70 |
| Jun 15, 2026 | Yednock Tedofficer: EVP & CHIEF INNOVATION OFFICER | Option | 30,646 | $1.85 |
| Jun 15, 2026 | Waddill William D.director | Grant | 65,000 | $4.70 |
| Jun 15, 2026 | Satter Muneer Adirector | Grant | 65,000 | $4.70 |
| May 29, 2026 | Satter Muneer Adirector | Buy | 613,497 | $5.41 |
| May 13, 2026 | Carson William H.director | Buy | 8,000 | $5.78 |
| Apr 14, 2026 | Carson William H.director | Buy | 8,000 | $6.20 |
| Mar 12, 2026 | Carson William H.director | Buy | 8,000 | $5.67 |
| Mar 4, 2026 | Yednock Tedofficer: EVP & CHIEF INNOVATION OFFICER | Sell | 5,566 | $5.42 |
| Mar 4, 2026 | Overdorf Michaelofficer: EVP & CHIEF BUSINESS OFFICER | Sell | 4,339 | $5.42 |
| Mar 4, 2026 | ARTIS DEAN RICHARDofficer: EVP & CHIEF SCIENTIFIC OFFICER | Sell | 5,894 | $5.43 |
| Mar 4, 2026 | Lew Jenniferofficer: EVP & CHIEF FINANCIAL OFFICER | Sell | 5,565 | $5.42 |
Source: ANNX SEC Form 4 filings, latest Jun 15, 2026. For informational purposes only — not investment advice.
See the full ANNX insider & 13F page →Annexon, Inc. company profile
Overview
Annexon, Inc. (NASDAQ:ANNX) is a clinical-stage biopharmaceutical company founded in 2011 and headquartered in Brisbane, California. The company went public in July 2020 and focuses on discovering and developing novel therapeutics that target the complement system, a critical component of the immune system. Annexon's approach centers on inhibiting C1q, the initiating molecule of the classical complement pathway, to treat autoimmune, neurodegenerative, and ophthalmic disorders where excessive complement activation contributes to disease progression.
Business
Annexon operates in the biotechnology sector, specifically developing complement inhibitor therapeutics for serious medical conditions. The complement system is part of the body's immune defense mechanism that helps clear pathogens and damaged cells, but when overactivated, it can cause tissue damage and contribute to various diseases. The company's core innovation lies in targeting C1q, a protein that initiates the classical complement pathway. By blocking C1q with monoclonal antibodies, Annexon aims to prevent the cascade of immune reactions that lead to tissue damage in autoimmune and neurodegenerative diseases. Annexon's pipeline consists of several drug candidates at various stages of clinical development: 1. ANX005 represents the most advanced program, currently in Phase II/III clinical trials for Guillain-Barré syndrome (a rare autoimmune disorder affecting peripheral nerves), Phase II trials for warm autoimmune hemolytic anemia (a blood disorder), and Phase II studies for neurodegenerative diseases including Huntington's disease and amyotrophic lateral sclerosis (ALS). 2. ANX007 is being developed for geographic atrophy, an advanced form of dry age-related macular degeneration that causes progressive vision loss, currently in Phase II clinical trials. 3. ANX009 is in Phase Ib trials for lupus nephritis, a serious kidney complication of systemic lupus erythematosus. 4. Earlier-stage programs include ANX105, another monoclonal antibody for neurodegenerative conditions, and ANX1502, an oral small molecule for autoimmune indications. The company operates as a single business segment focused entirely on drug development, with no current revenue from product sales as all candidates remain in clinical testing phases.
Revenue model
As a clinical-stage biotechnology company, Annexon currently generates no revenue from product sales. The company operates on a traditional biotech business model where it funds research and development through equity financing, with the expectation of future revenue from successful drug commercialization. Annexon's future revenue model will likely include multiple streams: direct product sales of approved therapeutics, potential licensing agreements with larger pharmaceutical companies for certain indications or geographic regions, and possible milestone payments and royalties from partnership deals. The target customers will primarily be healthcare systems, hospitals, specialty clinics, and patients (through insurance coverage) for the various autoimmune, neurodegenerative, and ophthalmic conditions the company addresses. Several factors could significantly impact Annexon's future profitability margins. Positive factors include the large market opportunity for complement-targeted therapies, potential for premium pricing given the serious nature of target diseases and limited treatment options, and the broad applicability of the C1q-targeting platform across multiple therapeutic areas. The company's focus on rare and serious diseases typically allows for higher pricing due to limited competition and significant unmet medical need. However, margin pressures could arise from the high costs associated with manufacturing complex biologics, extensive clinical trial requirements for multiple indications, competitive pressure from other complement inhibitors and alternative treatment approaches, and potential pricing pressure from healthcare payers. The lengthy development timelines typical in biotechnology, particularly for neurodegenerative diseases, also create sustained cash burn without revenue generation. Additionally, the company faces regulatory risks where clinical trial failures could eliminate entire revenue streams, and the need for specialized distribution networks and patient support programs could increase commercialization costs.
Competitive moat
Annexon's competitive moat is relatively narrow but potentially meaningful within the complement inhibition space. The company's primary advantage lies in its C1q-targeting approach, which represents a differentiated mechanism compared to other complement inhibitors that typically target downstream components like C5. This upstream targeting strategy could potentially provide broader therapeutic benefits by preventing the entire classical complement cascade activation. The company has built some intellectual property protection around its C1q-targeting platform and specific antibody candidates, though the strength and duration of these patents would need detailed analysis. Annexon's clinical experience across multiple therapeutic areas using the same underlying mechanism provides operational efficiencies and cross-learning opportunities that newer entrants might lack. However, the moat faces several vulnerabilities. The complement inhibition field is becoming increasingly competitive, with larger pharmaceutical companies developing alternative approaches and mechanisms. Companies like Apellis Pharmaceuticals and others have advanced complement inhibitors, some already approved, which could limit market opportunity. The biotech industry's relatively low barriers to entry for well-funded competitors means that larger companies could develop competing C1q inhibitors or superior alternative mechanisms. Additionally, Annexon's moat is largely unproven until clinical trials demonstrate clear efficacy advantages over existing treatments. The company lacks the manufacturing scale, global distribution capabilities, and financial resources of major pharmaceutical companies, which could limit its ability to fully capitalize on any successful drug approvals. The scientific understanding of complement biology continues to evolve, potentially revealing new and better therapeutic targets that could make C1q inhibition less attractive. Overall, while Annexon has a reasonable scientific rationale for its approach, the competitive moat remains modest and heavily dependent on successful clinical execution.
Risks & safety
Annexon presents a moderate margin of safety profile typical of clinical-stage biotechnology companies, with reasonable liquidity but significant execution risks. • **Cash Position**: Strong liquidity with $97.1 million in cash and short-term investments as of Q1 2025, though this declined from $157.3 million in Q2 2024 • **Burn Rate**: High quarterly cash burn of approximately $50 million in Q1 2025, suggesting roughly 5-6 quarters of runway at current spending levels • **Debt Level**: Minimal debt burden with debt-to-equity ratio of 0.12, indicating low financial leverage risk • **Current Ratio**: Excellent short-term liquidity with current ratio of 8.0, well above the 2.0 threshold for financial stability • **Valuation Metrics**: Trading at 1.2x book value and negative earnings multiples due to development-stage losses • **Graham Net-Net**: Ratio of 1.38 suggests the stock trades reasonably close to tangible book value • **Other Considerations**: No revenue generation creates binary risk profile dependent on clinical trial outcomes; substantial dilution risk from future equity raises needed to fund operations; regulatory approval timelines create extended cash needs uncertainty
Recent development
Based on the available financial data, Annexon has been advancing its clinical pipeline steadily over recent years, though specific strategic details are limited without earnings call transcripts. The company's cash management suggests a focused approach to clinical development, with quarterly operating cash flows showing the typical pattern of clinical-stage biotechnology companies conducting multiple simultaneous trials. The progression from Q2 2024 to Q1 2025 shows increased spending, with operating cash flow burn rising from $21.7 million to $50.1 million quarterly, indicating either expanded clinical activities or advancement to more expensive later-stage trials. This spending pattern aligns with a company moving its lead programs through Phase II and Phase III development stages, which require larger patient populations and more extensive monitoring. The company's asset base has remained relatively stable, suggesting disciplined capital allocation focused on clinical development rather than significant expansion of physical infrastructure or acquisitions. The maintenance of strong current ratios above 8.0 throughout the period indicates careful cash management while supporting multiple clinical programs across different therapeutic areas. Given the company's focus on C1q inhibition across autoimmune, neurodegenerative, and ophthalmic disorders, the increased spending likely reflects advancement of multiple programs simultaneously, particularly the Phase II/III trials for ANX005 in Guillain-Barré syndrome and the various Phase II programs for other indications. This multi-indication strategy represents both an opportunity to maximize the platform's value and a risk management approach to diversify clinical outcomes.
ANNX company profile · for informational purposes only — not investment advice.
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