Annexon (ANNX) Q4 2025 earnings summary

Executive summary

• Advanced two late-stage registrational programs targeting neuroinflammatory diseases impacting nearly 10 million people worldwide.

• Vonaprument positioned as a potential first vision-preserving therapy for geographic atrophy (GA) in dry AMD; pivotal Phase 3 ARCHER II data expected Q4 2026.

• Tanruprubart MAA filed in Europe for Guillain-Barré Syndrome (GBS); U.S./EU FORWARD study data to support planned BLA submission in 2026.

• ANX1502 advancing as first oral C1 inhibitor for autoimmune disease; proof-of-concept data anticipated in 2026.

• Strong cash position of $238.3 million as of December 31, 2025, with runway into the second half of 2027.

Financial highlights

• Cash, cash equivalents, and short-term investments totaled $238.3 million at year-end 2025, including $86.3 million from a November 2025 public offering.

• R&D expenses were $42.7 million for Q4 2025 and $184.7 million for FY 2025, up from $43.4 million and $119.4 million in the prior year, mainly due to Phase 3 trial and regulatory filings.

• G&A expenses were $7.6 million for Q4 2025 and $31.7 million for FY 2025, down from $9.1 million and $34.6 million in the prior year, reflecting corporate efficiencies.

• Net loss attributable to common stockholders was $48.3 million ($0.28/share) for Q4 2025 and $208.5 million ($1.34/share) for FY 2025, compared to $48.6 million ($0.33/share) and $138.2 million ($1.01/share) in the prior year.

Outlook and guidance

• Topline Phase 3 ARCHER II data for vonaprument in GA expected in Q4 2026.

• BLA submission for tanruprubart in GBS anticipated in 2026, supported by FORWARD study data.

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

• Anticipated cash runway into the second half of 2027 based on current investment focus.