ANNX (Annexon, Inc.) Stock Financials & Earnings | Market Cap Arena

ANNX (Annexon, Inc.) Stock Financials & Earnings | Market Cap Arena

ANNXAnnexon, Inc.

Mkt Cap$713M

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Revenue (TTM)$0

Net Income (TTM)-$207M

EPS (TTM)-$1.41

Free Cash Flow (TTM)-$177M

Gross Margin—

Op. Margin—

Net Margin—

FCF Margin—

P/S Ratio (TTM)—

P/E Ratio (TTM)—

YoY Rev Growth—

Employees—

Earnings Reports

Next: Q4 2025 · Mar 16

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
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

Operating Cash Flow

Quarter	Operating CF	Free CF
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

Capital Expenditures

CapEx

Quarter	CapEx
Q4 22	$282K
Q1 23	$137K
Q2 23	$30K
Q3 23	$19K
Q4 23	$7K
Q1 24	$0
Q2 24	$0
Q3 24	$9K
Q4 24	$6K
Q1 25	$74K
Q2 25	$15K
Q3 25	$48K

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
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%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
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	—

OpEx Breakdown

Quarter	R&D	G&A
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

War Chest

Quarter	Cash	Short-term Investments	Total
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

Shares Outstanding

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q4 22	72M	+5.4%
Q1 23	74M	+2.1%
Q2 23	75M	+1.9%
Q3 23	75M	+0.1%
Q4 23	78M	+3.8%
Q1 24	123M	+56.8%
Q2 24	130M	+6.1%
Q3 24	140M	+7.5%
Q4 24	148M	+5.6%
Q1 25	148M	+0.2%
Q2 25	148M	+0.1%
Q3 25	149M	+0.5%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 17	—	—
FY 18	—	—
FY 19	—	—
FY 20	$0	48
FY 21	$0	61
FY 22	$0	80
FY 23	$0	71
FY 24	$0	100