Annexon, Inc.
ANNX evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for ANNX—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · ANNX
Annexon, Inc. is a clinical-stage biopharmaceutical company developing complement-based therapies for autoimmune and neurodegenerative diseases, with lead programs in Guillain-Barré syndrome and other inflammatory conditions.
Key risk: Clinical trial failure
BioSniper Score
Based on 6 of 6 signals
Market Cap
$942.2M
Cash Runway
13.2 moLead Asset
ANX005 (Phase 3)
Next Catalyst
Phase3_Topline · Jul 31, 2027Financial data as of Jun 30, 2026.
Tracking 2 pipeline candidates · 6 clinical trials · 2 catalysts for Annexon, Inc..
Annexon, Inc. is a clinical-stage biopharmaceutical company developing complement-based therapies for autoimmune and neurodegenerative diseases, with lead programs in Guillain-Barré syndrome and other inflammatory conditions.
- Cash and equivalents of $200.3M as of 2026-06-30 [sec].
- Net loss of $55.3M for the quarter ended 2026-06-30 [sec].
- Shareholders' equity of $211.6M as of 2026-06-30 [sec].
- Expects existing cash to fund operations into 2028 (as of 2026-08-12) [sec_mda].
- Lead product candidate is in Phase 3 trials for Guillain-Barré syndrome and other indications [sec_mda].
What works
- Cash runway extended to 2028, providing a multi-year development horizon without near-term financing pressure [sec_mda · as of 2026-08-12].
- Advancing late-stage clinical programs (Phase 3) targeting large unmet needs in autoimmune neurology [sec_mda].
- Positive regulatory feedback and ongoing clinical trials support potential for future approvals [sec_mda].
What to weigh
- Significant net loss ($55.3M in Q2 2026) and accumulated deficit, reflecting high R&D spending [sec].
- Substantial additional financing required to complete development and commercialization; failure to obtain capital could force delays or program cuts [sec_mda · as of 2026-08-12].
- Operating expenses expected to increase as late-stage trials and regulatory activities expand, pressuring cash burn [sec_mda · as of 2026-08-12].
- No approved products or revenue, making the company entirely dependent on clinical success and funding [sec_mda].
From the filings
Quoted directly from source documents.
Cash runway into 2028
“Based upon our current operating plan, we believe that our existing cash and cash equivalents and short-term investments will enable us to fund operating expenses into 2028.”
SEC MD&A · August 12, 2026
Need for additional financing
“We will require substantial additional financing to achieve our goals, and a failure to obtain this necessary capital when needed on acceptable terms, or at all, could force us to delay, limit, reduce or terminate our product development programs, commercialization efforts or other operations.”
SEC MD&A · August 12, 2026
Increasing R&D and G&A expenses
“we expect our general and administrative expenses to increase as we continue to support our research and development activities, grow our business, advance our product candidates in late-stage clinical trials and toward regulatory approval and commercialization activities”
SEC MD&A · August 12, 2026
Catalyst timeline
- 2027-07-31 · Phase3_Topline — Phase 3 Topline: A Phase 3, Multicenter, Randomized, Parallel-Group, Double-Masked, 2-Arm, Sham Controlled Study of t — Topline results from a Phase 3 sham-controlled study of the lead candidate in Guillain-Barré syndrome.
- 2028-06-30 · Phase3_Topline · guillain-barré — Phase 3 Topline: An Open-Label Study to Evaluate the Pharmacokinetics, Pharmacodynamics, Efficacy, and Safety of a Si — Topline results from an open-label Phase 3 study evaluating pharmacokinetics, pharmacodynamics, efficacy, and safety in Guillain-Barré syndrome.
Risks & what to watch (4)›
Key risks
- Clinical trial failure — Phase 3 trials may fail to meet endpoints, delaying or preventing regulatory approval [sec_mda].
- Financing dependency — Substantial additional capital needed; failure to raise funds could halt operations [sec_mda · as of 2026-08-12].
- Regulatory uncertainty — No approved products; regulatory pathway for complement inhibitors is complex [sec_mda].
- Competitive landscape — Multiple companies developing complement-targeted therapies may limit market share [sec_mda].
What to watch
- Phase 3 topline data for Guillain-Barré syndrome expected around 2027-07-31 [catalyst].
- Phase 3 topline data for another indication expected around 2028-06-30 [catalyst].
- Cash burn rate and any new financing rounds or partnerships [sec_mda].
- Regulatory milestones (e.g., FDA feedback, breakthrough designation) [sec_mda].
Sources: SEC MD&A · Generated August 29, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 6 of 6 signals · derived from public data
13.2 months
D/E 0.32 · 0% dilution
Lead: Phase 3
2 candidates
2 upcoming, next in ~335d
4 buys · 0 sells (180d)
Runway
Catalysts
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
214
Total value held
$770.0M
| Holder | Shares | Value |
|---|---|---|
| vanguard capital management llc | 11,913,178 | $66.0M |
| blackrock, inc. | 10,938,509 | $60.6M |
| fmr llc | 10,635,648 | $58.9M |
| bvf inc/il | 8,698,173 | $48.2M |
| state street corp | 6,919,255 | $38.3M |
| mak capital one llc | 4,724,043 | $26.2M |
| woodline partners lp | 4,674,274 | $25.9M |
| adage capital partners gp, l.l.c. | 4,300,000 | $23.8M |
| bank of america corp /de/ | 4,259,995 | $23.6M |
| nuveen, llc | 4,246,330 | $23.5M |
Showing top 10 of 214 institutional holders of Annexon, Inc.. Open the full 13F history after sign-in.
Short Interest
as of Apr 19, 2026- % of float
- 13.5%
- Days to cover
- 6.2
- Shares short
- 18,637,378
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
ANNX short interestGovernance
Frequently asked questions
What is the AI investment thesis for Annexon, Inc.?
Annexon, Inc. is a clinical-stage biopharmaceutical company developing complement-based therapies for autoimmune and neurodegenerative diseases, with lead programs in Guillain-Barré syndrome and other inflammatory conditions.
What is Annexon, Inc.'s lead drug candidate?
Annexon, Inc.'s most advanced tracked candidate is ANX005 (Phase 3) for Warm Autoimmune Hemolytic Anemia (wAIHA); Huntington Disease; Guillain-Barre Syndrome.
What is Annexon, Inc.'s next catalyst?
Annexon, Inc.'s next tracked catalyst is a Phase3_Topline event — "Phase 3 Topline: A Phase 3, Multicenter, Randomized, Parallel-Group, Double-Masked, 2-Arm, Sham Controlled Study of t" — expected July 31, 2027.
Who is the CEO of Annexon, Inc.?
Mr. Douglas E. Love Esq., J.D. is the chief executive officer of Annexon, Inc. (ANNX).
Where is Annexon, Inc. headquartered?
Annexon, Inc. (ANNX) is headquartered in Brisbane, CA, United States.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.