Annexon (ANNX) Q3 2026 earnings summary

Executive summary

• Q3 2026 net loss was $51.2M, down from $54.9M YoY; 9M net loss was $150.7M versus $158.4M. Cash, cash equivalents and short-term investments totaled $213.4M at quarter-end.

• Tanruprubart and vonaprument are the late-stage priorities, with a Q4 2026 tanruprubart U.S. BLA submission and ARCHER II Month 15 assessment expected; ANX1502 development continues.

• No product candidates are approved for sale, and no product revenue has been generated.

Financial highlights

• Q3 operating expenses were $52.2M, down from $57.0M; R&D declined 17% to $41.4M while G&A rose 49% to $10.9M.

• 9M operating expenses declined 6% to $155.5M; R&D decreased 13% to $123.7M, while G&A increased 32% to $31.8M.

• Q3 interest and other income, net, was $1.9M versus $2.1M; 9M was $5.6M versus $7.7M, reflecting lower rates and lower average cash and investment balances.

• Q3 net loss attributable to common stockholders was $51.2M, or $0.25/share, versus $54.9M, or $0.37/share; 9M loss per share was $0.75 versus $1.08.

Outlook and guidance

• Cash, cash equivalents and short-term investments of $213.4M are expected to fund operations and anticipated milestones into 2028; continued losses and negative operating cash flows are expected for several years.

• Tanruprubart U.S. BLA submission is anticipated in Q4 2026, with FDA alignment discussions planned; EMA review of its GBS MAA continues.

• ARCHER II Month 15 endpoint assessment is expected in Q4 2026; prespecified sub-study results may follow in Q1 2027, or the trial may continue to Month 24, with completion expected in Q3 2027.

• R&D costs may increase with late-stage trials, regulatory work, manufacturing readiness and staffing; G&A may rise with development and commercialization preparation.