ANNX · Annexon, Inc.

Annexon reported fourth quarter and full-year 2025 financial results reflecting increased investment in its late-stage pipeline, with R&D expenses rising to $42.7 million in Q4 and $184.7 million for the year, driven primarily by advancement of the Phase 3 ARCHER II trial for vonaprument in geographic atrophy (GA) and regulatory filings for tanruprubart in Guillain-Barré Syndrome (GBS). G&A expenses declined slightly to $7.6 million in Q4 and $31.7 million annually, indicating corporate efficiencies. This resulted in a Q4 net loss of $48.3 million ($0.28 per share), stable versus prior year, and a full-year net loss of $208.5 million ($1.34 per share), up due to higher operating costs partially offset by $9.7 million in interest income. Cash position strengthened to $238.3 million as of December 31, 2025, bolstered by $86.3 million from a November 2025 public offering, providing runway into second half 2027 amid focused spending on lead programs. CEO Douglas Love emphasized the company's C1q platform's potential across neuroinflammatory diseases, with vonaprument on track for ARCHER II topline data in Q4 2026 as the first trial with vision preservation as primary endpoint. Tanruprubart's EU MAA filing positions it as a potential first targeted GBS therapy, with U.S. FORWARD study data supporting 2026 BLA. ANX1502 POC in cold agglutinin disease also slated for 2026 updates. These milestones underscore Annexon's execution on high-unmet-need indications, balancing burn with extended cash visibility for investors.