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Jun 30, 2024
Annexon Q2 2024 Earnings Report
Annexon reported second quarter 2024 financial results and highlighted portfolio progress.
Key Takeaways
Annexon reported a net loss of $29.6 million, or $0.23 per share, for the quarter ended June 30, 2024. The company's cash, cash equivalents, and short-term investments totaled $368.7 million as of June 30, 2024, which is expected to fund operations into the second half of 2026.
ANX005 significantly accelerated recovery of GBS patients vs. placebo in Phase 3 trial.
Dosing initiated in ARCHER II registrational trial for ANX007.
First-in-Kind Oral C1s Inhibitor ANX1502 Successfully Completed Bridging Study.
The company anticipates topline data by year-end 2024 for the real-world evidence comparability study for ANX005 in GBS.
Forward Guidance
Annexon anticipates several key catalysts over the next 24 months across its flagship programs, with the potential to drive significant benefit for millions of patients and shareholders.
Positive Outlook
- Initial topline data from RWE comparability protocol with IGOS now expected by year-end 2024 to support a planned BLA submission in the first half of 2025 for ANX005 in GBS.
- Phase 3 ARCHER II trial topline data expected in the second half of 2026 for ANX007 in GA.
- Plans for an injection-controlled study, ARROW, to assess the prevention of ≥15-letter loss of BCVA, are also ongoing for ANX007 in GA.
- POC trial evaluating the pharmacodynamics and efficacy of an oral tablet formulation in CAD anticipated to provide initial data in the fourth quarter of 2024 for ANX1502 in CAD.
- Cash, cash equivalents and short-term investments were $368.7 million as of June 30, 2024, expected to be sufficient to fund the company’s planned operating expenses into the second half of 2026
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