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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% | - | - |
| 2024 | $0M | $-151M | $-138M | $-118M | -47.2% | - | - |
| 2023 | $0M | $-142M | $-134M | $-121M | -53.6% | - | - |
| 2022 | $0M | $-143M | $-142M | $-123M | -61.4% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 0 | 0 | 0 | 0 |
| Operating Expense | 145.60 | 143.72 | 154.07 | 216.41 |
| Operating Income | -145.60 | -143.72 | -154.07 | -216.41 |
| EBITDA | -143.45 | -141.57 | -151.47 | -213.76 |
| EBIT | -145.60 | -143.72 | -154.07 | -216.41 |
| Pretax Income | -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 |
| Total Expenses | 145.60 | 143.72 | 154.07 | 216.41 |
| Interest Income | 3.65 | 9.49 | 15.87 | 9.72 |
| Research And Development | 112.50 | 113.76 | 119.45 | 184.70 |
| Selling General And Administration | 30.95 | 28.02 | 32.03 | 29.06 |
| Normalized EBITDA | -143.45 | -141.57 | -151.47 | -213.76 |
| Normalized Income | -141.95 | -134.24 | -138.20 | -206.69 |
| Basic EPS | -2.60 | -1.77 | -1.01 | 0 |
| Diluted EPS | -2.60 | -1.77 | -1.01 | 0 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0 | 0 | 0 | 0 |
| Net Income From Continuing Operation Net Minority Interest | -141.95 | -134.24 | -138.20 | -206.69 |
| Reconciled Depreciation | 2.11 | 2.15 | 2.15 | 2.17 |
| Net Interest Income | 3.65 | 9.49 | 15.87 | 9.72 |
| Net Income From Continuing And Discontinued Operation | -141.95 | -134.24 | -138.20 | -206.69 |
| Total Operating Income As Reported | -145.60 | -143.72 | -154.07 | -216.41 |
| Diluted Average Shares | 54.67 | 75.67 | 137.40 | 0 |
| Basic Average Shares | 54.67 | 75.67 | 137.40 | 0 |
| Diluted NI Availto Com Stockholders | -141.95 | -134.24 | -138.20 | -206.69 |
| Otherunder Preferred Stock Dividend | 0 | 0 | 0 | 0 |
| Net Income Including Noncontrolling Interests | -141.95 | -134.24 | -138.20 | -206.69 |
| Net Income Continuous Operations | -141.95 | -134.24 | -138.20 | -206.69 |
| Net Non Operating Interest Income Expense | 3.65 | 9.49 | 15.87 | 9.72 |
| Interest Income Non Operating | 3.65 | 9.49 | 15.87 | 9.72 |
| 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 |
| Depreciation 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 |
| Operating Revenue | 0 | 0 | 0 | 0 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Annexon, Inc.this co. | ANNX | $957M | - | 4.16 | -97.7% | -3.42 |
| Aktis Oncology, Inc. | AKTS | $1.0B | - | -0.12 | 43.6% | -15.93 |
| Collegium Pharmaceutical, Inc. | COLL | $1.0B | 16.75 | 3.49 | 20.8% | 4.08 |
| Amphastar Pharmaceuticals, Inc. | AMPH | $1.0B | 9.72 | 1.21 | 12.4% | 6.78 |
| Geron Corporation | GERN | $968M | - |
| 4.28 |
| -37.0% |
| -14.32 |
| Phathom Pharmaceuticals, Inc. | PHAT | $936M | - | -1.92 | 50.5% | -8.71 |
| Lumexa Imaging Holdings, Inc. | LMRI | $901M | - | 1.54 | -8.0% | 19.62 |
| Sana Biotechnology, Inc. | SANA | $877M | - | 5.39 | -151.8% | -4.57 |
| LB Pharmaceuticals Inc | LBRX | $877M | - | 2.57 | -8.4% | -20.06 |
| Peer Median | - | 13.24 | 2.05 | 2.2% | -6.64 | |