ANNX · Annexon, Inc.

Annexon, Inc. announced first quarter 2026 financial results alongside significant pipeline updates, highlighting a strengthened cash position and cost discipline amid advancing late-stage programs. Cash, cash equivalents, and short-term investments stood at $225.0 million as of March 31, 2026, providing runway into the second half of 2027 based on focused investments in lead programs. R&D expenses declined 26% year-over-year to $35.8 million, primarily due to efficiencies in the Phase 3 ARCHER II trial for vonaprument in geographic atrophy (GA), global regulatory filings for tanruprubart in Guillain-Barré Syndrome (GBS), and contract manufacturing. G&A expenses rose modestly to $10.3 million from ongoing consulting and professional services. This drove a narrower net loss of $44.1 million, or $0.23 per share, versus $54.4 million, or $0.37 per share, in Q1 2025, on higher weighted-average shares of 194.2 million. CEO Douglas Love emphasized execution toward 2026 milestones, including Q4 topline data from the pivotal ARCHER II Phase 3 trial of vonaprument, which targets photoreceptor preservation in GA with established global registration paths and PRIME/Fast Track designations. Tanruprubart's EU MAA is under EMA review, supported by placebo-controlled and real-world data, with FORWARD study enrollment ongoing to bolster a 2026 BLA submission. ANX1502 POC data in cold agglutinin disease is also slated for 2026. These catalysts underscore Annexon's complement platform momentum in neuroinflammatory diseases.