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ANNX logoAnnexon, Inc.(ANNX)Earnings, Financials & Key Ratios

ANNX•NASDAQ
$5.71
$624M mkt cap·Price updated May 6, 2026
SectorHealthcareIndustryBiotechnologySub-IndustryImmunology and Inflammation Therapies
AboutAnnexon, 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 targets distinct disease processes, such as antibody-mediated autoimmune disease and complement-mediated neurodegeneration. Its product candidates include ANX005, a monoclonal antibody, which is in Phase II/III clinical trials to treat patients with guillain- barré syndrome; Phase II trial in patients with warm autoimmune hemolytic anemia; and Phase II clinical trial for Huntington's disease and amyotrophic lateral sclerosis. The company is also developing ANX009 that is in Phase Ib trial in patients with lupus nephritis; and ANX007, which is in Phase II clinical trials to treat patients with geographic atrophy. In addition, it develops ANX105, an investigational monoclonal antibody targeting neurodegenerative indications; and ANX1502, an investigational oral small molecule for the treatment of certain autoimmune indications. The company was incorporated in 2011 and is headquartered in Brisbane, California.Show more
  • Revenue$0
  • EBITDA-$151M-6.4%
  • Net Income-$138M-3.0%
  • EPS (Diluted)-1.01+42.9%
  • ROE-50.84%+8.8%
  • ROIC-70.17%+41.1%
  • Debt/Equity0.10-21.0%
Technical→

ANNX Key Insights

Annexon, Inc. (ANNX) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Company is almost debt free
  • ✓Momentum leader: RS Rating 90 (top 10%)

✗Weaknesses

  • ✗Weak Piotroski F-Score: 3/9
  • ✗Shares diluted 81.6% in last year
  • ✗Low asset turnover indicates capital-intensive operations

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

ANNX Price & Volume

Annexon, Inc. (ANNX) stock price & volume — 10-year historical chart

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ANNX Growth Metrics

Annexon, Inc. (ANNX) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-
5 Years-
3 Years-
TTM-

Profit CAGR

10 Years-
5 Years-
3 Years-
TTM-76.19%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM-34.29%

Return on Capital

10 Years-100.22%
5 Years-46.98%
3 Years-53.18%
Last Year-51.42%

ANNX Recent Earnings

Annexon, Inc. (ANNX) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 7/12 qtrs (58%)
Q2 2026Latest
Mar 30, 2026
EPS
$0.28
Est $0.32
+12.5%
Revenue
—
Est $3M
Q4 2025
Nov 10, 2025
EPS
$0.37
Est $0.34
-8.8%
Revenue
—
Q3 2025
Aug 14, 2025
EPS
$0.34
Est $0.36
+5.6%
Revenue
—
Q2 2025
May 12, 2025
EPS
$0.37
Est $0.30
-23.3%
Revenue
—
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMar 30, 2026
$0.28vs $0.32+12.5%
—vs $3M
Q4 2025Nov 10, 2025
$0.37vs $0.34-8.8%
—
Q3 2025Aug 14, 2025
$0.34vs $0.36+5.6%
—
Q2 2025May 12, 2025
$0.37vs $0.30-23.3%
—
Based on last 12 quarters of dataView full earnings history →

ANNX Peer Comparison

Annexon, Inc. (ANNX) competitors in Immunology and Inflammation Therapies — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
BEAM logoBEAMBeam Therapeutics Inc.Direct Competitor3.32B32.33-39.92120.01%-57.24%-7.31%0.24
PRAX logoPRAXPraxis Precision Medicines, Inc.Direct Competitor7.61B337.95-25.07-100%-58.74%0.00
ARQT logoARQTArcutis Biotherapeutics, Inc.Direct Competitor3.02B24.17-185.9291.34%-0.57%-1.41%0.03
IMVT logoIMVTImmunovant, Inc.Direct Competitor5.83B28.67-10.50-47.07%0.00
APLS logoAPLSApellis Pharmaceuticals, Inc.Direct Competitor5.26B41.12228.4428.46%2.23%8.2%1.31
BIIB logoBIIBBiogen Inc.Product Competitor28.15B190.6821.591.39%13.92%7.55%0.38
RARE logoRAREUltragenyx Pharmaceutical Inc.Product Competitor2.55B25.93-4.4520.13%-91.03%-6.08%
PTCT logoPTCTPTC Therapeutics, Inc.Product Competitor5.52B66.618.56114.51%39.44%

Compare ANNX vs Peers

Annexon, Inc. (ANNX) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs BEAM

Most directly comparable listed peer for ANNX.

Scale Benchmark

vs IQV

Larger-name benchmark to compare ANNX against a more recognizable public peer.

Peer Set

Compare Top 5

vs BEAM, PRAX, ARQT, IMVT

ANNX Income Statement

Annexon, Inc. (ANNX) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24TTM
Sales/Revenue000000000
Revenue Growth %---------
Cost of Goods Sold271K488K000003.45M0
COGS % of Revenue---------
Gross Profit
-271K▲ 0%
-488K▼ 80.1%
0▲ 100.0%
0▲ 0%
0▲ 0%
0▲ 0%
0▲ 0%
-3.45M▲ 0%
0▲ 0%
Gross Margin %---------
Gross Profit Growth %--80.07%100%------
Operating Expenses20.21M19.15M32.52M63.47M130.71M145.6M143.72M150.62M218.63M
OpEx % of Revenue---------
Selling, General & Admin2.35M3.62M7.99M14.2M30.65M30.95M28.02M34.63M30.02M
SG&A % of Revenue---------
Research & Development17.85M15.53M24.52M49.27M100.07M112.5M113.76M119.45M185.39M
R&D % of Revenue---------
Other Operating Expenses0844K0002.15M1.95M-3.45M1.61M
Operating Income
-20.48M▲ 0%
-19.15M▲ 6.5%
-32.52M▼ 69.8%
-63.47M▼ 95.2%
-130.71M▼ 105.9%
-145.6M▼ 11.4%
-143.72M▲ 1.3%
-154.07M▼ 7.2%
-218.63M▲ 0%
Operating Margin %---------
Operating Income Growth %-6.5%-69.83%-95.18%-105.95%-11.39%1.29%-7.2%-
EBITDA-20.21M-18.66M-32.02M-62.8M-128.57M-143.45M-141.57M-150.62M-216.39M
EBITDA Margin %---------
EBITDA Growth %-7.66%-71.63%-96.1%-104.73%-11.57%1.31%-6.39%-67.29%
D&A (Non-Cash Add-back)271K488K493K667K2.14M2.15M2.15M3.45M2.23M
EBIT-20.48M-19.15M-32.52M-63.47M-130.71M-145.6M-143.72M-138.2M-216.53M
Net Interest Income000003.65M9.49M011.6M
Interest Income370K00003.65M9.49M011.6M
Interest Expense000000000
Other Income/Expense1.77M844K-4.66M57K390K3.65M9.49M15.87M11.6M
Pretax Income
-18.71M▲ 0%
-18.3M▲ 2.2%
-37.18M▼ 103.1%
-63.41M▼ 70.6%
-130.32M▼ 105.5%
-141.95M▼ 8.9%
-134.24M▲ 5.4%
-138.2M▼ 3.0%
-207.02M▲ 0%
Pretax Margin %---------
Income Tax1K1K4K000000
Effective Tax Rate %-0.01%-0.01%-0.01%0%0%0%0%0%0%
Net Income
-18.71M▲ 0%
-18.3M▲ 2.2%
-37.18M▼ 103.1%
-63.41M▼ 70.5%
-130.32M▼ 105.5%
-141.95M▼ 8.9%
-134.24M▲ 5.4%
-138.2M▼ 3.0%
-207.02M▲ 0%
Net Margin %---------
Net Income Growth %-2.16%-103.14%-70.54%-105.52%-8.92%5.43%-2.95%-76.19%
Net Income (Continuing)-18.71M-18.3M-37.18M-63.41M-130.32M-141.95M-134.24M-138.2M-207.02M
Discontinued Operations000000000
Minority Interest000000000
EPS (Diluted)
-0.49▲ 0%
-1.60▼ 226.5%
-0.97▲ 39.4%
-3.70▼ 281.4%
-3.34▲ 9.7%
-2.60▲ 22.2%
-1.77▲ 31.9%
-1.01▲ 42.9%
-1.39▲ 0%
EPS Growth %--226.53%39.38%-281.44%9.73%22.16%31.92%42.94%-34.29%
EPS (Basic)-0.49-1.60-0.97-3.70-3.34-2.60-1.77-1.01-
Diluted Shares Outstanding38.22M11.45M38.22M16.96M38.32M54.67M75.67M137.4M149.12M
Basic Shares Outstanding38.22M11.45M38.22M16.96M38.32M54.67M75.67M137.4M149.12M
Dividend Payout Ratio---------

ANNX Balance Sheet

Annexon, Inc. (ANNX) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24TTM
Total Current Assets4.89M45.71M45.41M354.01M247.69M248.1M263.86M316.46M192.82M
Cash & Short-Term Investments2.97M44.17M43.93M351.21M242.72M242.66M259.72M312.02M188.72M
Cash Only2.97M44.17M43.93M268.56M74.84M140.02M225.11M49.5M139.42M
Short-Term Investments00082.64M167.87M102.64M34.61M262.52M49.3M
Accounts Receivable582K225K79K3K00000
Days Sales Outstanding---------
Inventory000000000
Days Inventory Outstanding---------
Other Current Assets0000463K203K63K1.1M1.38M
Total Non-Current Assets2.93M2.44M4.49M1.94M39.35M37M33.81M33.61M36.32M
Property, Plant & Equipment2.82M2.35M2.14M1.94M38.18M35.97M32.78M29.34M26.74M
Fixed Asset Turnover--------0.00x
Goodwill000000000
Intangible Assets000000000
Long-Term Investments000001.03M000
Other Non-Current Assets112K98K2.35M01.17M01.03M4.27M26.51M
Total Assets
7.82M▲ 0%
48.15M▲ 515.6%
49.9M▲ 3.6%
355.95M▲ 613.3%
287.04M▼ 19.4%
285.1M▼ 0.7%
297.67M▲ 4.4%
350.07M▲ 17.6%
229.14M▲ 0%
Asset Turnover--------0.00x
Asset Growth %-515.64%3.63%613.35%-19.36%-0.68%4.41%17.6%-57.09%
Total Current Liabilities2.92M3.33M4.93M10.62M21.74M22.36M17.93M30.51M43.58M
Accounts Payable1.52M1.27M2.37M3.73M11.15M7.42M5.49M10.43M18.22M
Days Payables Outstanding2.05K950.65-----1.1K-
Short-Term Debt000000000
Deferred Revenue (Current)000000000
Other Current Liabilities971K342K366K2.93M2.06M180K5.65M5.97M6.43M
Current Ratio1.68x13.74x9.21x33.33x11.39x11.10x14.72x10.37x10.37x
Quick Ratio1.68x13.74x9.21x33.33x11.39x11.10x14.72x10.37x10.37x
Cash Conversion Cycle---------
Total Non-Current Liabilities51.12M6.94M1.44M1.05M33.39M31.54M29.19M26.45M24.12M
Long-Term Debt0107.22M0000000
Capital Lease Obligations000033.39M31.54M29.19M26.45M101.18M
Deferred Tax Liabilities000000000
Other Non-Current Liabilities51.12M-100.28M1.44M1.05M00000
Total Liabilities54.03M10.27M6.37M11.67M55.13M53.9M47.12M56.97M67.7M
Total Debt48.97M107.22M0034.59M32.86M31.36M28.97M26.94M
Net Debt46.01M63.05M-43.93M-268.56M-40.25M-107.16M-193.75M-20.53M-112.48M
Debt / Equity-2.83x--0.15x0.14x0.13x0.10x0.10x
Debt / EBITDA---------0.12x
Net Debt / EBITDA--------0.52x
Interest Coverage---------
Total Equity
-46.21M▲ 0%
37.88M▲ 182.0%
43.53M▲ 14.9%
344.28M▲ 690.9%
231.91M▼ 32.6%
231.19M▼ 0.3%
250.56M▲ 8.4%
293.11M▲ 17.0%
161.44M▲ 0%
Equity Growth %-181.97%14.92%690.9%-32.64%-0.31%8.37%16.98%-86.3%
Book Value per Share-1.213.311.1420.306.054.233.312.131.08
Total Shareholders' Equity-46.21M37.88M43.53M344.28M231.91M231.19M250.56M293.11M161.44M
Common Stock3K4K4K38K39K48K78K109K115K
Retained Earnings-47.09M-65.4M-102.58M-165.99M-296.31M-438.26M-572.5M-710.7M-869.13M
Treasury Stock-905K00000000
Accumulated OCI-26K-66K-80K-77K-180K-372K-52K10K-76K
Minority Interest000000000

ANNX Cash Flow Statement

Annexon, Inc. (ANNX) cash flow — operating, investing & free cash flow history

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24TTM
Cash from Operations-19.26M-17.19M-28.36M-53.09M-106.11M-116.31M-121.14M-118.01M-118.01M
Operating CF Margin %---------
Operating CF Growth %-10.75%-64.97%-87.2%-99.88%-9.61%-4.16%2.59%-269.23%
Net Income-18.71M-18.3M-37.18M-63.41M-130.32M-141.95M-134.24M-138.2M-207.02M
Depreciation & Amortization271K488K493K667K3.41M2.11M2.15M2.15M2.16M
Stock-Based Compensation401K408K2.04M4.89M018.52M18.18M19.43M18.34M
Deferred Taxes000000000
Other Non-Cash Items799K-260K5.67M53K17.52M1.28M-1.43M-7.75M-5.14M
Working Capital Changes-1.22M478K625K4.72M3.28M3.74M-5.8M6.36M15.22M
Change in Receivables000000000
Change in Inventory000000000
Change in Payables144K-253K931K1.51M3.86M-287K-2.08M4.94M11.45M
Cash from Investing-567K-17K-267K-83.16M-88.24M58.44M70.7M-218.8M217.59M
Capital Expenditures-567K-17K-267K-464K-1.65M-6.53M-193K-15K-143K
CapEx % of Revenue---------
Acquisitions00000-64.97K000
Investments---------
Other Investing000-82.7K064.97K000
Cash from Financing42K58.46M28.39M360.88M1.79M122.91M135.52M161.21M18.74M
Debt Issued (Net)000000000
Equity Issued (Net)058.34M30M363.83M1.79M130.48M135.51M161.87M19.04M
Dividends Paid000-6.22M00000
Share Repurchases000000000
Other Financing42K121K-1.6M3.27M0-7.57M14K-665K-292K
Net Change in Cash
-19.81M▲ 0%
41.21M▲ 308.0%
-244K▼ 100.6%
224.63M▲ 92163.1%
-193.72M▼ 186.2%
65.04M▲ 133.6%
85.09M▲ 30.8%
-175.61M▼ 306.4%
59.88M▲ 0%
Free Cash Flow
-19.83M▲ 0%
-17.21M▲ 13.2%
-28.63M▼ 66.4%
-53.55M▼ 87.1%
-107.76M▼ 101.2%
-122.83M▼ 14.0%
-121.33M▲ 1.2%
-118.02M▲ 2.7%
-176.59M▲ 0%
FCF Margin %---------
FCF Growth %-13.21%-66.36%-87.08%-101.24%-13.99%1.22%2.73%-67.41%
FCF per Share-0.52-1.50-0.75-3.16-2.81-2.25-1.60-0.86-0.86
FCF Conversion (FCF/Net Income)1.03x0.94x0.76x0.84x0.81x0.82x0.90x0.85x0.85x
Interest Paid000000000
Taxes Paid01K2K00004.89M0

ANNX Key Ratios

Annexon, Inc. (ANNX) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric2018201920202021202220232024TTM
Return on Equity (ROE)-48.32%-91.35%-32.7%-45.24%-61.3%-55.73%-50.84%-92.28%
Return on Invested Capital (ROIC)-28.51%-48.52%-126.41%-73.33%-69.18%-119.22%-70.17%-70.17%
Debt / Equity2.83x--0.15x0.14x0.13x0.10x0.10x
FCF Conversion0.94x0.76x0.84x0.81x0.82x0.90x0.85x0.85x

ANNX SEC Filings & Documents

Annexon, Inc. (ANNX) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Mar 30, 2026·SEC

Material company update

Feb 17, 2026·SEC

Material company update

Jan 14, 2026·SEC

10-K Annual Reports

3
FY 2026

Mar 30, 2026·SEC

FY 2025

Mar 3, 2025·SEC

FY 2024

Mar 26, 2024·SEC

10-Q Quarterly Reports

6
FY 2025

Nov 10, 2025·SEC

FY 2025

Aug 14, 2025·SEC

FY 2025

May 12, 2025·SEC

ANNX Frequently Asked Questions

Annexon, Inc. (ANNX) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Annexon, Inc. (ANNX) grew revenue by 0.0% over the past year. Growth has been modest.

Annexon, Inc. (ANNX) reported a net loss of $207.0M for fiscal year 2024.

Dividend & Returns

Annexon, Inc. (ANNX) has a return on equity (ROE) of -50.8%. Negative ROE indicates the company is unprofitable.

Annexon, Inc. (ANNX) had negative free cash flow of $176.6M in fiscal year 2024, likely due to heavy capital investments.

Explore More ANNX

Annexon, Inc. (ANNX) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

→

Revenue History

Sales growth patterns & revenue breakdown

→

Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

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