Annexon (ANNX) TD Cowen 46th Annual Health Care Conference summary

Company overview and strategic direction

• Focused on neuroinflammatory diseases via classical complement pathway inhibition, with three late-stage programs targeting over 10 million patients and a $10B+ commercial opportunity.

• Key strengths include innovation and first-mover advantage in targeted indications, with challenges around market education and shifting clinical dogma.

• Plans to create shareholder value through late-stage clinical readouts, regulatory filings, and commercial launches over the next 1–2 years.

• Cash position exceeds $200M, providing runway into late 2027 and covering all major upcoming catalysts.

Geographic atrophy (GA) program

• Lead asset in GA is in a 659-patient Phase III trial, with primary endpoint of best corrected visual acuity, reading out at month 15.

• Phase II data showed significant, dose-dependent vision preservation and photoreceptor neuron protection, with a strong safety profile and minimal conversion to wet AMD.

• Differentiated mechanism via C1q inhibition targets inflammation at the photoreceptor level, unlike C3/C5 inhibitors that act downstream.

• Phase III design excludes advanced disease patients to maximize efficacy, based on Phase II learnings.

• Commercial strategy emphasizes education, strong relationships with key practices, and patient outreach to drive adoption.

Guillain-Barré syndrome (GBS) program

• Tanruprubart demonstrated landmark Phase III results, with rapid and sustained improvement in muscle strength and disability scores versus placebo and IVIG.

• Real-world evidence (RWE) study confirmed generalizability of results to US and European populations, with additional open-label data being collected for FDA submission.

• Market opportunity includes 7,000 US and 15,000 EU patients annually, with nearly all diagnosed patients treated, and a highly concentrated provider landscape.

• Commercial buildout is focused on education, formulary access, and reimbursement, with pricing estimates in the $100,000–$150,000 range per course.

• Health economic analyses are underway to support value-based pricing and demonstrate cost savings from reduced ICU and hospital stays.