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Jun 30, 2025
Annexon Q2 2025 Earnings Report
Annexon reported a Q2 2025 net loss of $49.2 million as it continued advancing its lead clinical programs in GBS, GA, and ANX1502.
Key Takeaways
Annexon posted a wider quarterly loss compared to last year, primarily driven by a significant increase in R&D expenses to support late-stage trials. The company remains well-funded with $227 million in cash and short-term investments, extending its runway into Q4 2026.
Forward Guidance
Annexon expects to maintain its operational runway through late-stage clinical milestones, including regulatory submissions for tanruprubart and key data from its vonaprument Phase 3 trial.
Positive Outlook
- Cash runway projected through Q4 2026.
- Tanruprubart MAA submission expected in Q1 2026.
- Vonaprument Phase 3 ARCHER II trial completed enrollment of 659 patients.
- ANX1502 exceeded target exposure levels in CAD patients.
- Continued regulatory engagement with FDA and EMA.
Challenges Ahead
- Increased R&D spending widened quarterly losses.
- Deemed dividend from warrant modification impacted net loss to shareholders.
- Interest income declined YoY.
- No current revenue streams.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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