ANNX Stock — Annexon Inc.: Cash, EV, Pipeline

What they do

We believe that by stopping the classical complement pathway at its start by targeting C1q, the initiating molecule of the classical complement pathway, our approach may have the potential to provide more complete protection against complement-mediated disorders of the body, brain and eye.

Source: 10-K FY2025 via SEC EDGAR

Share price

$4.20

Market cap

$796.2M

Cash

$209.2M

Enterprise value

$587.0M

Balance sheet

Cash	$209.2M
Debt	$0.0M
Net cash	$209.2M
Enterprise value	$587.0M
Basic shares	189.6M shares
Fully diluted shares	234.1M shares
Fully diluted market cap	$983.3M
Cash per share	$1.10
Quarterly burn	$48.0M
Cash runway	4.4 quarters

Cash figures as of 2026-06-30. Database snapshot: 2026-11-07.

Share structure

Common

189.6M

Pre-funded warrants

14.9M

Options

23.2M

RSUs

2.4M

Warrants

0.0M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

4.1M

FDSO

234.1M

Cap table as of 2026-06-30.

Price history

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Next catalyst

ANX1502 · Est. Nov 7, 2026 · guidance midpoint · guided Now

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
GUIDEDEst. Nov 7, 2026 Now guidance midpoint	ANX1502 Proof-of-concept trial in cold agglutinin disease	Not disclosed	cold agglutinin disease	Fall 2026
GUIDEDEst. Nov 15, 2026 Now quarter midpoint	tanruprubart FORWARD in Guillain-Barre syndrome, BLA submission	Not disclosed	Guillain-Barre syndrome	Q4 2026
Dec 12, 2026 - Jan 23, 2027 in 5 wks	Vonaprument	Phase 3	Geographic Atrophy	Q4 2026 Est. Dec 12, 2026 · PCD + 6 wks (Nov 28-Dec 26) Q3 2027 Est. Jul 1, 2027 · PCD + 6 wks (Jul 1-Jul 1)
Feb 11 - Mar 25 in 14 wks	Tanruprubart	Phase 3	Guillain-Barre Syndrome	—
Sep 11 - Oct 23 in 35 mo	Vonaprument	Phase 3	Geographic Atrophy	Q4 2026 Est. Dec 31, 2026 · PCD + 6 wks (Dec 31-Dec 31) Q3 2027 Est. Sep 30, 2027 · PCD + 6 wks (Sep 30-Sep 30)

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

Vonaprument

Phase 3 · Active Modality: intravitreal inhibitor

Target C1q (classical complement cascade)

Indications

Dry age-related macular degeneration with geographic atrophy (GA) (Phase 3)

Catalysts

— fourth quarter of 2026

Status note Phase 3 ARCHER II trial in dry AMD with geographic atrophy (dual primary endpoints at Month 15 and Month 24); EMA PRIME designation.

Tanruprubart

Phase 3 · Active Modality: intravenous infusion

Target C1q (classical complement cascade)

Indications

Guillain-Barré syndrome (GBS) (Phase 3)

Status note Investigational targeted immunotherapy delivered in a single infusion for GBS.

ANX1502

Phase 1 · Active Modality: oral small molecule

Target activated C1s

Indications

Cold agglutinin disease (CAD) (Phase 1)

Catalysts

— second half of 2026

Status note Phase 1 in healthy volunteers completed; enteric-coated tablet formulation being evaluated in an ongoing proof-of-concept study in CAD patients; dosing complete.

Per-asset detail extracted from the 10-Q filed 2026-08-12. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	Tanruprubart
Lead indication	Guillain-Barre Syndrome
Lead phase	Phase 3
Active trials	3

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT06510816	Phase 3	Active, not recruiting	Sponsor	ANNX	—	Geographic Atrophy	Q4 2026 Est. Dec 12, 2026 · PCD + 6 wks (Nov 28-Dec 26) Q3 2027 Est. Jul 1, 2027 · PCD + 6 wks (Jul 1-Jul 1)
NCT07020819	Phase 3	Recruiting	Sponsor	ANNX	—	Guillain-Barre Syndrome	—
NCT07807969	Phase 3	Not yet recruiting	Sponsor	ANNX	—	Geographic Atrophy	Q4 2026 Est. Dec 31, 2026 · PCD + 6 wks (Dec 31-Dec 31) Q3 2027 Est. Sep 30, 2027 · PCD + 6 wks (Sep 30-Sep 30)

Sponsor-matched active trials from ClinicalTrials.gov (3 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 3 active trials for Annexon, Inc. on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
BVF Partners	8,698,173	no change	1.27%	2026-08-14
Great Point Partners	3,500,000	+1,000,000	4.71%	2026-08-14
Logos Global Management	1,500,000	+1,500,000	0.37%	2026-08-14
Deerfield Management	583,913	no change	0.03%	2026-08-14
Ikarian Capital	430,244	-150,000	0.40%	2026-08-14
DAFNA Capital	297,812	+180,000	0.32%	2026-08-14
ADAR1 Capital Management	0	-55,000	0.00%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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ANNX — Annexon Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

ANNX — Annexon Inc.