Annexon, Inc. Commitments Disclosure
Leases
The Company leases its offices and laboratory in Brisbane, California, or the Brisbane Lease, under a ten-year noncancelable lease agreement that ends in October 2031 with a ten-year renewable option.
As of December 31, 2025, the operating lease right-of-use assets were $15.2 million and lease liabilities were $26.2 million in the consolidated balance sheet. The weighted average remaining lease term is 5.8 years.
The weighted average incremental borrowing rate used to measure the operating lease liability is 8.4%.
Operating lease cost for each of the years ended December 31, 2025 and 2024 was $3.8 million. Variable lease payments for the years ended December 31, 2025 and 2024 were $2.7 million and $2.3 million, respectively.
Future minimum lease payments and related lease liabilities as of December 31, 2025 were as follows:
|
|
(in thousands) |
|
|
2026 |
|
|
5,242 |
|
2027 |
|
|
5,425 |
|
2028 |
|
|
5,615 |
|
2029 |
|
|
5,812 |
|
2030 and thereafter |
|
|
11,173 |
|
Total undiscounted lease payments |
|
|
33,267 |
|
Less: Imputed interest |
|
|
(7,066 |
) |
Total lease liabilities |
|
$ |
26,201 |
|
Guarantees and Indemnifications
In the normal course of business, the Company enters into agreements that contain a variety of representations and provide for general indemnification. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. As of December 31, 2025, the Company did not have any material indemnification claims that were probable or reasonably possible and consequently has not recorded related liabilities.
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 30, 2026 | Showing above |
| 2024 | Mar 3, 2025 | |
| 2023 | Mar 26, 2024 | |
| 2022 | Mar 6, 2023 | |
| 2021 | Mar 1, 2022 | |
| 2020 | Mar 25, 2021 | |
About Commitments Disclosures
Commitments and contingencies disclosures catalog a company's off-balance-sheet obligations and legal exposures — purchase commitments, guarantee arrangements, pending litigation, and regulatory proceedings. These items represent potential future cash outflows that may not appear as liabilities on the balance sheet until they become probable and estimable.
Key signals: litigation reserves and disclosed loss ranges quantify management's estimate of legal exposure, but unquantified "reasonably possible" losses often represent the larger risk. Watch for changes in language around pending cases — shifts from "remote" to "reasonably possible" or increases in estimated loss ranges signal deteriorating outcomes. Unconditional purchase obligations and take-or-pay contracts create fixed cost structures that reduce operational flexibility. Guarantee arrangements for subsidiaries or joint ventures can create cascading obligations. Compare the total commitment schedule against projected free cash flow to assess whether the company can meet its obligations without additional financing.