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Jun 30, 2021
Annexon Q2 2021 Earnings Report
Annexon reported second quarter financial results and provided a mid-year business update.
Key Takeaways
Annexon reported a net loss of $31.3 million for the second quarter of 2021, with research and development expenses at $24.6 million and general and administrative expenses at $6.8 million. Cash and cash equivalents totaled $302.4 million as of June 30, 2021.
Expanded autoimmune franchise with advancement of ANX009 and strategic expansion into autoantibody-driven diseases.
Continued progress in neurodegeneration franchise with Phase 2 data from ANX005 in Huntington’s disease expected in Q4 2021 and initiation of Phase 2 ANX005 trial in Amyotrophic Lateral Sclerosis.
Appointed William D. Waddill to the Board of Directors.
Progressed enrollment in multiple Phase 2/3 trials across autoimmune and ophthalmology franchises.
Forward Guidance
Annexon is focused on advancing its clinical programs and expects to report data from multiple clinical trials and peer-reviewed forums in the coming months.
Positive Outlook
- ANX005 Phase 2/3 trial in Guillain-Barré Syndrome (GBS) remains on track for completion in 2023.
- Phase 2 trial of ANX005 in warm autoimmune hemolytic anemia (wAIHA) is advancing with data expected to be submitted to a peer reviewed forum in 2021.
- Phase 2 study of ANX005 in Multifocal Motor Neuropathy (MMN) is anticipated to begin in early 2022.
- Phase 1b study of ANX009 in Lupus Nephritis (LN) is anticipated to begin in early 2022.
- Initial data from Phase 2 trial of ANX005 in Huntington’s Disease (HD) is expected in Q4 2021.
Challenges Ahead
- Phase 2 trial of ANX005 in Amyotrophic Lateral Sclerosis (ALS) data is now expected in 2022 due to slower initial enrollment.
- Potential risks and uncertainties related to clinical development and regulatory approvals.
- Reliance on third-party suppliers and manufacturers poses a risk.
Historical Earnings Impact
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