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Annexon (ANNX) investor relations material
Annexon Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary10 Nov, 2025
Executive summary
Focused on late-stage clinical development for neuroinflammatory diseases, with priority programs: tanruprubart for GBS, vonaprument for GA in dry AMD, and ANX1502 for autoimmune indications, including ongoing proof-of-concept in CAD.
No products approved or revenue from product sales; operations funded primarily through equity offerings.
Net loss for Q3 2025 was $54.9 million, up from $34.8 million in Q3 2024; nine-month net loss was $158.4 million, up from $89.6 million year-over-year.
On track for EU MAA filing for tanruprubart in GBS in January 2026 and ongoing FDA discussions for BLA submission.
Phase 3 ARCHER II trial for vonaprument in GA completed enrollment, topline data expected in H2 2026.
Financial highlights
Cash, cash equivalents, and short-term investments totaled $188.7 million as of September 30, 2025.
Accumulated deficit reached $869.1 million as of September 30, 2025.
R&D expenses for Q3 2025 were $49.7 million, up from $30.1 million in Q3 2024, mainly due to late-stage clinical programs.
G&A expenses declined to $7.3 million in Q3 2025 from $9.3 million in Q3 2024, reflecting corporate efficiencies.
Net loss per share for Q3 2025: $0.37; weighted-average shares outstanding: 149.1 million.
Outlook and guidance
Existing cash and investments expected to fund operations into late Q1 2027.
Substantial additional financing will be required to achieve long-term goals; failure to secure funding could delay or terminate programs.
Topline data for vonaprument Phase 3 expected in H2 2026; MAA submission for tanruprubart in GBS planned for January 2026.
ANX1502 CAD proof-of-concept study completion and update anticipated in 2026.
GBS BLA generalizability package details
What informed ARCHER II's BCVA primary endpoint?
ANX1502: Next steps for PK/PD profile
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Frequently asked questions
Annexon, Inc. is a clinical-stage biopharmaceutical company engaged in discovering and developing therapeutics for autoimmune, neurodegenerative, and ophthalmic disorders. The company focuses on targeting C1q, an initiating molecule of the classical complement pathway, which plays a critical role in various disease processes, including antibody-mediated autoimmune diseases and complement-mediated neurodegeneration. Annexon's pipeline includes several product candidates such as ANX005, which is in clinical trials for Guillain-Barré syndrome, and other trials for warm autoimmune hemolytic anemia, Huntington's disease, and amyotrophic lateral sclerosis. Annexon is headquartered in Brisbane, California, and its shares are listed on the Nasdaq.
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