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Annexon, Inc., a clinical-stage biopharmaceutical company, discovers and develops medicines for treating inflammatory-related diseases. The company provides Tanruprubart, an investigational full-length monoclonal antibody, which is in Phase 3 clinical trial for the treatment of patients with guillain-barré syndrome; completed Phase II clinical trial for treating Huntington's disease; and in Phase 2a clinical trial for the treatment of amyotrophic lateral sclerosis. It is also developing ANX007, an antigen-binding fragment (Fab) that is in Phase 3 program for the treatment of patients with geographic atrophy; and ANX1502, a novel oral small molecule inhibitor, which is in Phase 1 clinical trials for autoimmune indications. In addition, it develops ANX009, a C1q-blocking Fab that is in Phase I clinical trial for treating patients with lupus nephritis. The company was incorporated in 2011 and is headquartered in Brisbane, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $0M | $-214M | $-207M | $-186M | -97.7% | - | 49.6% |
| 2024 | $0M | $-151M | $-138M | $-118M | -47.2% | - | 3.0% |
| 2023 | $0M | $-142M | $-134M | $-121M | -53.6% | - | -5.4% |
| 2022 | $0M | $-143M | $-142M | $-123M | -61.4% | - | - |
| 2021 | - | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 0 | 0 | 0 | 0 |
| Operating Revenue | - | 0 | 0 | 0 | 0 |
| Operating Expense | - | 145.60 | 143.72 | 154.07 | 216.41 |
| Research And Development | - | 112.50 | 113.76 | 119.45 | 184.70 |
| Selling General And Administration | - | 30.95 | 28.02 | 32.03 | 29.06 |
| Total Expenses | - | 145.60 | 143.72 | 154.07 | 216.41 |
| Operating Income | - | -145.60 | -143.72 | -154.07 | -216.41 |
| Total Operating Income As Reported | - | -145.60 | -143.72 | -154.07 | -216.41 |
| EBITDA | - | -143.45 | -141.57 | -151.48 | -213.76 |
| Normalized EBITDA | - | -143.45 | -141.57 | -151.48 | -213.76 |
| EBIT | - | -145.60 | -143.72 | -154.07 | -216.41 |
| Interest Income | - | 3.65 | 9.49 | 15.87 | 9.72 |
| Net Interest Income | - | 3.65 | 9.49 | 15.87 | 9.72 |
| Interest Income Non Operating | - | 3.65 | 9.49 | 15.87 | 9.72 |
| Net Non Operating Interest Income Expense | - | 3.65 | 9.49 | 15.87 | 9.72 |
| Pretax Income | - | -141.95 | -134.24 | -138.20 | -206.69 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | -141.95 | -134.24 | -138.20 | -206.69 |
| Net Income From Continuing And Discontinued Operation | - | -141.95 | -134.24 | -138.20 | -206.69 |
| Net Income From Continuing Operation Net Minority Interest | - | -141.95 | -134.24 | -138.20 | -206.69 |
| Net Income | - | -141.95 | -134.24 | -138.20 | -206.69 |
| Net Income Common Stockholders | - | -141.95 | -134.24 | -138.20 | -206.69 |
| Net Income Including Noncontrolling Interests | - | -141.95 | -134.24 | -138.20 | -206.69 |
| Normalized Income | - | -141.95 | -134.24 | -138.20 | -206.69 |
| Diluted NI Availto Com Stockholders | - | -141.95 | -134.24 | -138.20 | -206.69 |
| Basic Average Shares | 38.32 | 54.67 | 75.67 | 137.40 | - |
| Diluted Average Shares | 38.32 | 54.67 | 75.67 | 137.40 | - |
| Reconciled Depreciation | - | 2.11 | 2.15 | 2.15 | 2.17 |
| Depreciation Amortization Depletion Income Statement | - | 2.15 | 1.95 | 2.60 | 2.65 |
| Depreciation And Amortization In Income Statement | - | 2.15 | 1.95 | 2.60 | 2.65 |
| General And Administrative Expense | - | 30.95 | 28.02 | 32.03 | 29.06 |
| Other Gand A | - | 13.76 | 11.62 | 15.17 | 13.45 |
| Salaries And Wages | - | 17.19 | 16.40 | 16.86 | 15.61 |
| Otherunder Preferred Stock Dividend | 0 | - | - | - | - |
| Depreciation Income Statement | - | 2.15 | 1.95 | 2.60 | 2.65 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Annexon, Inc.this co. | ANNX | $893M | -4.32 | 4.22 | -97.7% | -3.54 |
| ARS Pharmaceuticals, Inc. | SPRY | $901M | -5.26 | 7.88 | -149.9% | -5.66 |
| Pacira BioSciences, Inc. | PCRX | $892M | 126.89 | 1.29 | 1.0% | 8.75 |
| Xencor, Inc. | XNCR | $890M | - | 1.40 | -14.5% | - |
| Cullinan Therapeutics, Inc. | CGEM | $887M | -4.03 |
| - |
| - |
| - |
| 2.17 |
| -53.8% |
| -3.32 |
| MeiraGTx Holdings plc | MGTX | $886M | -7.76 | -152.99 | 1971.4% | -10.17 |
| Jade Biosciences, Inc. | JBIO | $876M | - | -18.71 | -38.3% | - |
| Certara, Inc. | CERT | $873M | -547.16 | 0.82 | -0.2% | 9.65 |
| Talkspace, Inc. | TALK | $871M | 111.78 | 7.44 | 6.7% | 129.10 |
| Peer Median | - | -4.65 | 1.34 | -7.3% | 2.71 | |