Annexon, Inc.

Listed Company

ANNXCIK 0001528115NasdaqNon-AcceleratedSmaller ReportingPharmaceutical PreparationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-206.69M

Total Assets

$277.57M

Equity

$211.65M

Shares Out

149.36M

Op. Cash Flow

$-186.36M

Business

Annexon, Inc. is a clinical-stage biopharmaceutical company developing complement medicines that inhibit C1q to treat inflammatory and complement-mediated diseases. It develops monoclonal antibodies, antigen-binding fragments and a first-in-class oral small molecule to block the classical complement pathway. Its key programs target Guillain-Barré syndrome, geographic atrophy (dry AMD) and autoimmune diseases, with additional neurodegeneration and lupus nephritis programs. Annexon conducts global clinical trials and holds worldwide development and commercialization rights, planning to use healthcare providers, partners and contract manufacturers for distribution.

Summary from filing dated 2025-03-03

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Research and development	185	119	114	113	100
General and administrative	32	35	30	33	31
Total operating expenses	216	154	144	146	131
Loss from operations	−216	−154	−144	−146	−131
Interest and other income, net	10	16	9	4	390,000
Net loss	−207	−138	−134	−142	−130
Deemed dividend on modification of common stock warrants	−2	0	—	—	—
Net loss attributable to common stockholders	−209	−138	—	−142	−130
Net loss per share, basic	−1.34	−1.01	−1.77	−2.6	−3.4
Net loss per share, diluted	−1.34	−1.01	−1.77	−2.6	−3.4
Weighted-average shares used in computing net loss per share, basic	155	137	76	55	38
Weighted-average shares used in computing net loss per share, diluted	155	137	76	55	38

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	162	49	225	140	75
Short-term investments	76	263	35	103	168
Prepaid expenses and other current assets	4	4	4	5	5
Total current assets	242	316	264	248	248
Restricted cash	1	1	1	1	1
Property and equipment, net	11	13	15	17	18
Operating lease right-of-use assets	15	17	18	19	20
Other non-current assets	9	3	—	—	—
Total assets	278	350	298	285	287
Accounts payable	15	10	5	7	11
Accrued and other current liabilities	25	18	10	—	—
Operating lease liabilities, current	3	3	2	1	1
Total current liabilities	43	31	18	22	22
Operating lease liabilities, non-current	23	26	29	32	33
Total liabilities	66	57	47	54	55
Commitments and contingencies (Note 5)	—	—	—	—	—
Common stock, $0.001 par value; 300,000,000 shares authorized as of December 31, 2025 and 2024; 149,362,800 and 109,381,556 shares issued and outstanding as of December 31, 2025 and 2024, respectively	149,000	109,000	78,000	48,000	39,000
Additional paid-in capital	1,129	1,004	823	670	528
Accumulated other comprehensive (loss) income	−29,000	10,000	−52,000	−372,000	−180,000
Accumulated deficit	−917	−711	−572	−438	−296
Total stockholders' equity	212	293	251	231	232
Total liabilities and stockholders equity	278	350	298	285	287

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	2	2	2	2	2
Accretion of discount on available-for-sale securities	−4	−9	−3	73,000	1
Stock-based compensation	16	19	18	19	16
Reduction in the carrying amount of right-of-use assets	2	1	1	1	1
Prepaid expenses and other current assets	598,000	−300,000	1	−463,000	−3
Other non-current assets	−5	−3	—	—	—
Accounts payable	4	5	−2	−287,000	4
Accrued and other current liabilities	7	7	−4	6	773,000
Operating lease liabilities	−3	−2	−2	−2	1
Net cash used in operating activities	−186	−118	−121	−116	−106
Purchases of property and equipment	−137,000	−15,000	−193,000	−7	−2
Purchases of available-for-sale securities	−212	−584	−108	−113	−226
Proceeds from maturities of available-for-sale securities	402	365	179	178	133
Net cash provided by (used in) investing activities	190	−219	71	58	−88
Proceeds from the exercise of common stock options	461,000	1	90,000	80,000	2
Proceeds from employee stock purchase plan purchases	454,000	362,000	479,000	340,000	185,000
Proceeds from the issuance of common stock	28	44	18	—	—
Proceeds from the issuance of common stock and pre-funded warrants, net of commissions	81	118	118	—	—
Payment of financing costs	−2	−2	−555,000	−8	—
Net cash provided by financing activities	109	161	136	123	2
Increase (decrease) in cash, cash equivalents and restricted cash	113	−176	85	65	−193
Effect of exchange rate changes on cash, cash equivalents and restricted cash	2,000	−15,000	5,000	1,000	−5,000
Cash paid for amounts included in the measurement of lease liability	5	5	5	10	996,000
Deemed dividend on modification of common stock warrants	2	—	—	—	—
Deferred offering costs included in other non-current assets	—	51,000	—	—	—

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