ANNX

MKT CAP:$710M

Annexon, Inc.

Market Cap

$710M

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$6.06+$1.37 (+29.21%)

Apr 23, 2026

Company Details

Annexon, Inc., a clinical-stage biopharmaceutical company, discovers and develops therapeutics for autoimmune, neurodegenerative, and ophthalmic disorders. The company's C1q is an initiating molecule of the classical complement pathway that...

CEO

Douglas E. Love

IPO Date

Jul 24, 2020

Website

www.annexonbio.com

Key Metrics TTM

Revenue

$0

— YoY

Net Income

-$207M

EPS (Diluted)

-$1.36

Free Cash Flow

-$186M

Revenue / Share

$0.00

Gross Margin

—

Operating Margin

—

Net Margin

—

FCF Margin

—

P/S

—

P/E

—

Earnings Reports

Q1 2026

May 11, 2026

PENDING

FY 2025

Mar 30, 2026

$0EPS -$1.34

Q4 2025

Mar 30, 2026

$0EPS -$0.28

Q3 2025

Nov 10, 2025

$0EPS -$0.37

Q2 2025

Aug 14, 2025

$0EPS -$0.34

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$0	$0	-$35M
Q2 22	$0	$0	-$37M
Q3 22	$0	$0	-$36M
Q4 22	$0	$0	-$37M
Q1 23	$0	$0	-$41M
Q2 23	$0	$0	-$38M
Q3 23	$0	$0	-$35M
Q4 23	$0	$0	-$30M
Q1 24	$0	$0	-$29M
Q2 24	$0	$0	-$34M
Q3 24	$0	$0	-$39M
Q4 24	$0	$0	-$52M
Q1 25	$0	$0	-$57M
Q2 25	$0	$0	-$52M
Q3 25	$0	$0	-$57M
Q4 25	$0	-$945.0K	-$50M

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$30M	-$36M
Q2 22	-$28M	-$29M
Q3 22	-$31M	-$31M
Q4 22	-$27M	-$27M
Q1 23	-$33M	-$33M
Q2 23	-$36M	-$36M
Q3 23	-$28M	-$28M
Q4 23	-$23M	-$23M
Q1 24	-$28M	-$28M
Q2 24	-$22M	-$22M
Q3 24	-$32M	-$32M
Q4 24	-$36M	-$36M
Q1 25	-$50M	-$50M
Q2 25	-$38M	-$38M
Q3 25	-$52M	-$52M
Q4 25	-$46M	-$46M

Capital Expenditures

Quarter	CapEx
Q1 22	$5M
Q2 22	$861.0K
Q3 22	$169.0K
Q4 22	$282.0K
Q1 23	$137.0K
Q2 23	$30.0K
Q3 23	$19.0K
Q4 23	$7.0K
Q1 24	$0
Q2 24	$0
Q3 24	$9.0K
Q4 24	$6.0K
Q1 25	$74.0K
Q2 25	$15.0K
Q3 25	$48.0K
Q4 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	—	+35.2%
Q2 22	—	+19.2%
Q3 22	—	+1.1%
Q4 22	—	-2.0%
Q1 23	—	+16.4%
Q2 23	—	+0.8%
Q3 23	—	-3.6%
Q4 23	—	-18.2%
Q1 24	—	-30.7%
Q2 24	—	-10.9%
Q3 24	—	+13.4%
Q4 24	—	+74.9%
Q1 25	—	+100.9%
Q2 25	—	+54.0%
Q3 25	—	+44.6%
Q4 25	—	-4.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$0	—
Q2 22	$0	—
Q3 22	$0	—
Q4 22	$0	—
Q1 23	$5M	—
Q2 23	$0	—
Q3 23	$5M	—
Q4 23	$4M	—
Q1 24	$5M	—
Q2 24	$5M	—
Q3 24	$5M	—
Q4 24	$5M	—
Q1 25	$5M	—
Q2 25	$4M	—
Q3 25	$4M	—
Q4 25	$3M	—

OpEx Breakdown

Quarter	R&D	G&A
Q1 22	$27M	$8M
Q2 22	$29M	$8M
Q3 22	$28M	$8M
Q4 22	$29M	$8M
Q1 23	$32M	$9M
Q2 23	$30M	$7M
Q3 23	$28M	$7M
Q4 23	$23M	$7M
Q1 24	$21M	$8M
Q2 24	$25M	$8M
Q3 24	$30M	$9M
Q4 24	$43M	$7M
Q1 25	$48M	$9M
Q2 25	$44M	$7M
Q3 25	$50M	$7M
Q4 25	$43M	$8M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$113M	$94M	$207M
Q2 22	$105M	$73M	$178M
Q3 22	$211M	$59M	$270M
Q4 22	$140M	$103M	$243M
Q1 23	$144M	$84M	$228M
Q2 23	$114M	$79M	$193M
Q3 23	$133M	$32M	$165M
Q4 23	$225M	$35M	$260M
Q1 24	$152M	$113M	$265M
Q2 24	$157M	$211M	$369M
Q3 24	$80M	$261M	$340M
Q4 24	$49M	$263M	$312M
Q1 25	$97M	$167M	$264M
Q2 25	$132M	$95M	$227M
Q3 25	$139M	$49M	$189M
Q4 25	$162M	$76M	$238M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	39M	+0.2%	+1.0%
Q2 22	39M	+0.1%	+0.8%
Q3 22	69M	+77.9%	+79.1%
Q4 22	72M	+5.4%	+88.1%
Q1 23	74M	+2.1%	+91.5%
Q2 23	75M	+1.9%	+95.0%
Q3 23	75M	+0.1%	+9.7%
Q4 23	78M	+3.8%	+8.1%
Q1 24	123M	+56.8%	+66.1%
Q2 24	130M	+6.1%	+73.0%
Q3 24	140M	+7.5%	+85.7%
Q4 24	148M	+5.6%	+89.0%
Q1 25	148M	+0.2%	+20.7%
Q2 25	148M	+0.1%	+14.0%
Q3 25	149M	+0.5%	+6.6%
Q4 25	155M	+4.0%	+4.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$0	61
Q2 22	$0	61
Q3 22	$0	61
Q4 22	$0	80
Q1 23	$0	80
Q2 23	$0	80
Q3 23	$0	80
Q4 23	$0	71
Q1 24	$0	71
Q2 24	$0	71
Q3 24	$0	71
Q4 24	$0	100
Q1 25	$0	100
Q2 25	$0	100
Q3 25	$0	100
Q4 25	$0	96

Revenue / Employee