Annexon Q4 2024 Earnings Report
Key Takeaways
Annexon reported its Q4 and full year 2024 financial results, highlighting the progress of its portfolio, especially the ANX005, ANX007, and ANX1502 programs. The company's cash, cash equivalents, and short-term investments totaled approximately $312 million as of December 31, 2024, expected to fund operations into the second half of 2026.
ANX005 data supports its potential as a targeted therapy for GBS, with a pre-BLA meeting targeted for the first half of 2025.
A global registration path was established for ANX007 as a vision-preserving treatment for dry AMD with GA, with topline Phase 3 ARCHER II data expected in the second half of 2026.
The ANX1502 POC trial is ongoing, with dosing in three patients with cold agglutinin disease, and an expanded dataset expected mid-2025.
The company's cash, cash equivalents, and short-term investments were $312.0 million as of December 31, 2024, providing an anticipated runway into the second half of 2026.
Annexon
Annexon
Forward Guidance
Annexon anticipates several key milestones and continued progress across its portfolio of clinical programs.
Positive Outlook
- Pre-BLA meeting with FDA targeted for the first half of 2025 ahead of planned BLA submission for ANX005 in GBS.
- Potential for ANX007 to be the first treatment approved in Europe and the U.S. for dry AMD with GA.
- Phase 3 ARCHER II trial enrollment expected to be completed in the second half of 2025.
- Dataset in up to seven CAD patients to be reported in mid-2025 for ANX1502.
- Cash runway is anticipated into the second half of 2026.
Challenges Ahead
- The company's history of net operating losses.
- The company’s ability to obtain necessary capital to fund its clinical programs
- The early stages of clinical development of the company’s product candidates
- The effects of public health crises on the company’s clinical programs and business operations
- The company’s ability to obtain regulatory approval of and successfully commercialize its product candidates