Annexon, Inc. ANNX
We are a biopharmaceutical company advancing the next generation platform of targeted immunotherapies aimed at complement-mediated neuroinflammatory diseases that impact nearly 10 million people worldwide. The classical complement pathway is a core component to the body's immune system that activates a powerful inflammatory cascade. We believe that by stopping the classical complement pathway at its start by targeting C1q, the initiating molecule of the classical complement pathway, our approach may have the potential to provide more complete protection against complement-mediated disorders of the body, brain and eye.
Using our proprietary platform, we are identifying and characterizing the role of the classical complement pathway in three therapeutic areas—autoimmune, neurodegeneration and ophthalmology. In so doing, we are advancing a pipeline of product candidates designed to block the early classical cascade and all downstream pathway components and their tissue-damaging functions. Our goal is to suppress excessive or aberrant classical complement activity that contributes to chronic inflammation and tissue damage to slow or even halt disease progression, while preserving the beneficial immune functions of the lectin and alternative complement pathways involved in the clearance of pathogens and damaged cells. Building on more than a decade of expertise stopping acute and chronic neuroinflammation at its source, we have demonstrated robust target engagement in the body, brain and eye, and clinical proof of concept in multiple diseases.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| R&D | $184.7M | $119.4M | $113.8M | $112.5M | $100.1M | $49.3M | $24.5M | — |
| SG&A | $31.7M | $34.6M | $30.0M | $33.1M | $30.6M | $14.2M | $8.0M | — |
| Total 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 | — |
| Pre-tax income | -$206.7M | -$138.2M | $134.2M | $141.9M | $130.3M | -$63.4M | -$37.2M | — |
| Income tax | $0 | $0 | $0 | $0 | — | — | $4.0K | — |
| Net income | -$206.7M | -$138.2M | -$134.2M | -$141.9M | -$130.3M | -$63.4M | -$37.2M | — |
| EPS, basic | -1.34 | -1.01 | -1.77 | -2.60 | -3.40 | — | — | — |
| EPS, diluted | -1.34 | -1.01 | -1.77 | -2.60 | -3.40 | -4.15 | -88.30 | — |
| Shares, diluted (wtd. avg.) | 155.1M | 137.4M | 75.7M | 54.7M | 38.3M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $162.1M | $49.5M | $226.1M | $141.1M | $76.0M | $268.6M | $43.9M | $44.2M |
| Short-term investments | $76.3M | $262.5M | $34.6M | $102.6M | $167.9M | $82.6M | — | — |
| Total current assets | $242.2M | $316.5M | $263.9M | $248.1M | $247.7M | $354.0M | $45.4M | — |
| Property, plant and equipment | $10.6M | $12.6M | $14.8M | $16.8M | $17.8M | $1.9M | $2.1M | — |
| Total assets | $277.6M | $350.1M | $297.7M | $285.1M | $287.0M | $355.9M | $49.9M | — |
| Accounts payable | $14.9M | $10.4M | $5.5M | $7.4M | $11.2M | $3.7M | $2.4M | — |
| Total current liabilities | $42.6M | $30.5M | $17.9M | $22.4M | $21.7M | $10.6M | $4.9M | — |
| Total liabilities | $65.9M | $57.0M | $47.1M | $53.9M | $55.1M | $11.7M | $6.4M | — |
| Retained earnings | -$917.4M | -$710.7M | -$572.5M | -$438.3M | -$296.3M | -$166.0M | -$102.6M | — |
| Total equity | $211.6M | $293.1M | $250.6M | $231.2M | $231.9M | $344.3M | -$100.5M | -$64.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$186.4M | -$118.0M | -$121.1M | -$116.3M | -$106.1M | -$53.1M | -$28.4M | — |
| Depreciation and amortisation | $2.2M | $2.1M | $2.1M | $2.1M | $2.1M | $667.0K | $493.0K | — |
| Stock-based compensation | $16.4M | $19.4M | $18.2M | $18.5M | $16.3M | $4.9M | $2.0M | — |
| Capital expenditure | $137.0K | $15.0K | $193.0K | $6.5M | $1.7M | $464.0K | $267.0K | — |
| Investing cash flow | $190.1M | -$218.8M | $70.7M | $58.4M | -$88.2M | -$83.2M | -$267.0K | — |
| Financing cash flow | $108.9M | $161.2M | $135.5M | $122.9M | $1.8M | $360.9M | $28.4M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-017085.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — | — | — |
| Net income | — | -$37.2M | -$63.4M | -$130.3M | -$141.9M | -$134.2M | -$138.2M | -$206.7M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Other event Item 8.01
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Other event Item 8.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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