Annexon (ANNX) Q2 2026 earnings summary

Executive summary

• Expanded ARCHER II Phase III trial for vonaprument in geographic atrophy (GA) with a new independent month 24 dual primary endpoint, in addition to the existing month 15 endpoint; open-label extension study initiated.

• Reported rapid, positive clinical outcomes from the FORWARD study for tanruprubart in GBS, with all treated patients showing improvement and a BLA submission planned for Q4 2026.

• Proof-of-concept data for ANX1502 in autoimmune disease anticipated in Fall 2026.

• Strengthened financial position with a $200 million credit facility, extending cash runway into 2028.

• Advanced regulatory filings for both GBS and GA programs, with BLA submission for tanruprubart planned in Q4 and ongoing EMA review.

Financial highlights

• Cash, cash equivalents, and short-term investments totaled $209.2 million as of June 30, 2026.

• Q2 2026 operating expenses rose 11% year-over-year to $57.2 million, driven by higher R&D and G&A costs.

• R&D expenses were $46.6 million for Q2 2026, mainly due to Phase 3 trial and manufacturing costs.

• G&A expenses rose to $10.6 million for Q2 2026, reflecting increased consulting and professional services.

• Net loss attributable to common stockholders was $55.3 million ($0.28 per share) for Q2 2026.

Outlook and guidance

• BLA submission for tanruprubart in GBS on track for Q4 2026, with EMA review ongoing.

• ARCHER II month 15 primary endpoint readout expected in Q4 2026, with month 24 analysis to follow if needed.

• Proof-of-concept data for ANX1502 in CAD anticipated in Fall 2026.

• Cash runway projected to fund operations and milestones into 2028, but substantial additional financing may be required for long-term goals.

• Anticipates increased R&D and G&A expenses as late-stage trials progress and commercialization preparations continue.