Annexon (ANNX) Investor presentation summary

Investment highlights

• Two registrational-stage programs target Guillain-Barré syndrome (GBS) and geographic atrophy (GA), with lead programs addressing combined markets estimated at $10B+.

• Cash runway extends into 2028, supporting regulatory submissions, trial advancement and clinical readouts.

Tanruprubart in GBS

• Phase 3 met its primary endpoint: treated patients were 2.4x more likely than placebo patients to improve on GBS-DS at Week 8 (p=0.0058); the primary outcome was supported by sensitivity analyses.

• At Week 1, 94% of treated patients improved or stabilized versus 50% on placebo; 86% improved, with an average 10-point MRC Sumscore gain.

• At Week 26, 21.5% reached GBS-DS 0 versus 8.6% on placebo; treated patients were more than 2x as likely to fully recover.

• Safety was generally comparable to placebo, with no new drug-related signals, increased infection rate or difference in all-cause mortality reported; topline results remain subject to change.

• EU MAA filed Jan 2026; US BLA submission anticipated Q4 2026. In the FORWARD study, all five patients showed clinically meaningful improvement, with rapid functional gains and no new safety signals.

Vonaprument in GA

• Phase 2 monthly dosing reduced the risk of confirmed 15-letter BCVA loss by 73% at Month 12 versus sham (HR 0.272; nominal p=0.0119); every-other-month dosing showed a 50% risk reduction.

• Monthly dosing showed no confirmed 15-letter BCVA loss among patients with less advanced disease; vision protection was observed in both foveal and non-foveal subgroups.

• Vonaprument preserved photoreceptor structure in Phase 2, with EZ loss reduced 27% pan-macula, 48% in the central 2.0 mm and 59% in the central 1.5 mm versus sham.

• Phase 2 showed no significant reduction in RPE loss at Month 12, although treatment effects increased in the second half of the study; treatment was well tolerated, with CNV rates generally similar across arms.

• ARCHER II enrolled 659 patients and evaluates confirmed 15-letter BCVA loss; the Month 15 primary analysis is expected Q4 2026, with Month 24 results anticipated Q3 2027.