The company continues to operate without product revenue, with operating losses widening to $46.1 million in 2026Q1 as R&D intensity remains the primary driver of negative margins.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 1.9M | 3.69M | 3.45M | 0 | 0 | 0 | 0 | 0 | 488K | 271K |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | -1.9M | -3.69M | -3.45M | 0 | 0 | 0 | 0 | 0 | -488K | -271K |
| Gross Margin % | - | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | -6.72% | - | - | - | - | - | 100% | -80.07% | - |
| Operating Expenses | 203.15M | 212.72M | 150.62M | 143.72M | 145.6M | 130.71M | 63.47M | 32.52M | 19.15M | 20.21M |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 32.75M | 31.71M | 34.63M | 28.02M | 30.95M | 30.65M | 14.2M | 7.99M | 3.62M | 2.35M |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 172.31M | 184.7M | 119.45M | 113.76M | 112.5M | 100.07M | 49.27M | 24.52M | 15.53M | 17.85M |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -1.34M | -3.69M | -3.45M | 1.95M | 2.15M | 0 | 0 | 0 | 844K | 0 |
| Operating Income | -205.06M | -216.41M | -154.07M | -143.72M | -145.6M | -130.71M | -63.47M | -32.52M | -19.15M | -20.48M |
| Operating Margin % | - | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -40.46% | -7.2% | 1.29% | -11.39% | -105.95% | -95.18% | -69.83% | 6.5% | - |
| EBITDA | -201.99M | -213.76M | -150.62M | -141.57M | -143.45M | -128.57M | -62.8M | -32.02M | -18.66M | -20.21M |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | -11.81% | -41.92% | -6.39% | 1.31% | -11.57% | -104.73% | -96.1% | -71.63% | 7.66% | - |
| D&A (Non-Cash Add-back) | 3.06M | 2.65M | 3.45M | 2.15M | 2.15M | 2.14M | 667K | 493K | 488K | 271K |
| EBIT | -202.96M | -216.41M | -138.2M | -143.72M | -145.6M | -130.71M | -63.47M | -32.52M | -19.15M | -20.48M |
| Net Interest Income | -3.05M | 9.72M | 0 | 9.49M | 3.65M | 0 | 0 | 0 | 0 | 0 |
| Interest Income | -3.05M | 9.72M | 0 | 9.49M | 3.65M | 0 | 0 | 0 | 0 | 370K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 8.58M | 9.72M | 15.87M | 9.49M | 3.65M | 390K | 57K | -4.66M | 844K | 1.77M |
| Pretax Income | -196.48M | -206.69M | -138.2M | -134.24M | -141.95M | -130.32M | -63.41M | -37.18M | -18.3M | -18.71M |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4K | 1K | 1K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0.01% | -0.01% | -0.01% |
| Net Income | -196.48M | -206.69M | -138.2M | -134.24M | -141.95M | -130.32M | -63.41M | -37.18M | -18.3M | -18.71M |
| Net Margin % | - | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | -17.38% | -49.56% | -2.95% | 5.43% | -8.92% | -105.52% | -70.54% | -103.14% | 2.16% | - |
| Net Income (Continuing) | -196.48M | -206.69M | -138.2M | -134.24M | -141.95M | -130.32M | -63.41M | -37.18M | -18.3M | -18.71M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.01 | -1.34 | -1.01 | -1.77 | -2.60 | -3.34 | -3.70 | -0.97 | -1.60 | -0.49 |
| EPS Growth % | -3.39% | -32.67% | 42.94% | 31.92% | 22.16% | 9.73% | -281.44% | 39.38% | -226.53% | - |
| EPS (Basic) | - | -1.34 | -1.01 | -1.77 | -2.60 | -3.34 | -3.70 | -0.97 | -1.60 | -0.49 |
| Diluted Shares Outstanding | 194.2M | 155.11M | 137.4M | 75.67M | 54.67M | 38.32M | 16.96M | 38.22M | 11.45M | 38.22M |
| Basic Shares Outstanding | 194.2M | 155.11M | 137.4M | 75.67M | 54.67M | 38.32M | 16.96M | 38.22M | 11.45M | 38.22M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Clinical trial funding dependency
As reported in financial statements, Annexon's quarterly R&D spending peaked at $49.7 million in 2025Q3, reflecting the heavy capital requirements of late-stage clinical trials, which significantly outpaces the company's current ability to generate internal cash flow to sustain these essential development programs.
The consistent rise in R&D expenses suggests an aggressive push to advance the ANX005 and ANX007 pipelines toward regulatory milestones. This expenditure trajectory indicates that the company is prioritizing clinical speed over near-term expense discipline, which may necessitate further dilutive financing if trial timelines extend.
Based on the provided income statement data, Annexon's operating losses have widened from $28.6 million in 2024Q1 to $46.1 million by 2026Q1, demonstrating that the firm currently lacks the operational scale to offset its fixed overhead and clinical development costs.
The absence of revenue means that every dollar spent on SG&A and R&D directly increases the operating deficit, leaving no room for operating leverage. Investors should monitor whether the recent positive Phase III data for ANX005 can eventually catalyze a shift toward a more sustainable, revenue-generating operating model.
According to the income statement, Annexon consistently records quarterly stock-based compensation ranging between $3.3 million and $5.2 million, which effectively serves as a non-cash expense that obscures the true magnitude of the company's underlying cash burn required to retain specialized scientific talent.
While stock-based compensation is a standard tool for talent retention in biotechnology, it represents a persistent dilution risk for existing shareholders. Analysts should adjust net loss figures to account for these non-cash charges to better estimate the actual runway remaining before the company must return to capital markets.
Data from the last ten quarters indicates a persistent and widening net loss, which, when viewed alongside the company's finite cash reserves, suggests that Annexon faces a high probability of future equity issuance to bridge the gap toward potential commercialization of its lead assets.
Short-term observers may focus on the lack of a clear path to profitability, arguing that the current burn rate is unsustainable without a strategic partnership or licensing deal. The reliance on equity markets to fund clinical progress creates a structural headwind that could limit shareholder returns even if clinical trials prove successful.
Quick answers to the most common questions about buying ANNX stock.
For fiscal year 2025, Annexon, Inc. (ANNX) reported total revenue of $0.0M.
Annexon, Inc. (ANNX) reported a net loss of $206.7M for the fiscal year ending 2025.