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Annexon, Inc.

ANNX Nasdaq Pharmaceutical Preparations Financials FY2019โ€“FY2025

Last close ยท Oct 23, 2026

$3.75

1.6%
Compare
Revenue Total sales reported in the income statement.
โ€”
vs prior year
Operating margin Operating income as a share of revenue.
โ€”
Net income Profit after all expenses, interest and tax.
โˆ’$207M
Free cash flow Cash from operations minus capital spending.
โˆ’$186M
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
โ€”
Market cap Last close times the latest diluted share count, so it is approximate.
$754M
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
โ€”
On โˆ’$1.14 EPS (TTM)

What Annexon, Inc. does

No business description yet.

Legal name
Annexon, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
10-K ยท Mar 30, 2026
Accession ยท CIK
0001193125-26-131782
0001528115

Revenue and margins

Annexon, Inc. had โ€” of revenue in fiscal 2025.

Revenue
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was โˆ’$186M in fiscal 2025, โ€” of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Annexon, Inc. returned โ€” to shareholders in fiscal 2025. The diluted share count rose 12.9%.

Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Balance sheet

Cash, debt and the ratios that show how comfortably Annexon, Inc. can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $243M$243M$260M$312M$238M
Current ratio 11.4x11.1x14.7x10.4x5.7x
Quick ratio 11.4x11.1x14.7x10.4x5.7x
Total assets $287M$285M$298M$350M$278M
Total liabilities $55.1M$53.9M$47.1M$57.0M$65.9M
Shareholders' equity $232M$231M$251M$293M$212M
Net debt (โˆ’ = net cash) โ€”โ€”โ€”โ€”โ€”

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. โ€œPlanโ€ marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

โ€”

$0.0M

No open-market insider trades in the last 12 months.

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8โ€“9 is strong, 0โ€“2 weak.

TestFY19FY20FY21FY22FY23FY24FY25
Net income is positive โœ• โœ• โœ• โœ• โœ• โœ• โœ•
Cash from operations is positive โœ• โœ• โœ• โœ• โœ• โœ• โœ•
Return on assets rose โ€” โœ“ โœ• โœ• โœ“ โœ“ โœ•
Cash from operations exceeds net income โœ“ โœ“ โœ“ โœ“ โœ“ โœ“ โœ“
Debt fell relative to assets โ€” โ€” โ€” โ€” โ€” โ€” โ€”
Current ratio rose โ€” โœ“ โœ• โœ• โœ“ โœ• โœ•
Share count didn't rise โ€” โœ• โœ• โœ• โœ• โœ• โœ•
Gross margin rose โ€” โ€” โ€” โ€” โ€” โ€” โ€”
Revenue rose relative to assets โ€” โ€” โ€” โ€” โ€” โ€” โ€”
F-score โ€” / 3โ€” / 6โ€” / 6โ€” / 6โ€” / 6โ€” / 6โ€” / 6
Accruals ratio โˆ’17.7%โˆ’5.1%โˆ’7.5%โˆ’9.0%โˆ’4.5%โˆ’6.2%โˆ’6.5%
Altman Z'' โˆ’22.3234.593.161.251.491.19โˆ’7.93

7 years of figures

Amounts in USD. Hover a ratioโ€™s name for its definition.

Download CSV
Fiscal yearFY19FY20FY21FY22FY23FY24FY25
Income statement
Research and development $24.5M $49.3M $100M $113M $114M $119M $185M
Operating income โˆ’$32.5M โˆ’$63.5M โˆ’$131M โˆ’$146M โˆ’$144M โˆ’$154M โˆ’$216M
Pretax income โˆ’$37.2M โˆ’$63.4M $130M $142M $134M โˆ’$138M โˆ’$207M
Income tax $0.0M โ€” โ€” $0.0M $0.0M $0.0M $0.0M
Net income โˆ’$37.2M โˆ’$63.4M โˆ’$130M โˆ’$142M โˆ’$134M โˆ’$138M โˆ’$207M
Net income to common โˆ’$38.3M โˆ’$70.3M โˆ’$130M โˆ’$142M โ€” โˆ’$138M โˆ’$209M
Diluted EPS โˆ’$88.30 โˆ’$4.15 โˆ’$3.40 โˆ’$2.60 โˆ’$1.77 โˆ’$1.01 โˆ’$1.34
Diluted shares 0.00B 0.02B 0.04B 0.05B 0.08B 0.14B 0.16B
Cash flow
Cash from operations โˆ’$28.4M โˆ’$53.1M โˆ’$106M โˆ’$116M โˆ’$121M โˆ’$118M โˆ’$186M
Capital expenditure $0.3M $0.5M $1.7M $6.5M $0.2M $0.0M $0.1M
Free cash flow โˆ’$28.6M โˆ’$53.6M โˆ’$108M โˆ’$123M โˆ’$121M โˆ’$118M โˆ’$186M
Depreciation and amortization $0.5M $0.7M $2.1M $2.1M $2.1M $2.2M $2.2M
Stock-based compensation $2.0M $4.9M $16.3M $18.5M $18.2M $19.4M $16.4M
Balance sheet
Cash and short-term investments $43.9M $351M $243M $243M $260M $312M $238M
Current assets $45.4M $354M $248M $248M $264M $316M $242M
Current liabilities $4.9M $10.6M $21.7M $22.4M $17.9M $30.5M $42.6M
Property and equipment, net $2.1M $1.9M $17.8M $16.8M $14.8M $12.6M $10.6M
Total assets $49.9M $356M $287M $285M $298M $350M $278M
Total liabilities $6.4M $11.7M $55.1M $53.9M $47.1M $57.0M $65.9M
Shareholders' equity โˆ’$100M $344M $232M $231M $251M $293M $212M
Returns
Return on capital employed โˆ’72.3% โˆ’18.4% โˆ’49.3% โˆ’55.4% โˆ’51.4% โˆ’48.2% โˆ’92.1%
Return on equity โ€” โˆ’52.0% โˆ’45.2% โˆ’61.3% โˆ’55.7% โˆ’50.8% โˆ’81.9%
Return on assets โˆ’74.5% โˆ’31.2% โˆ’40.5% โˆ’49.6% โˆ’46.1% โˆ’42.7% โˆ’65.9%
Return on tangible equity โ€” โˆ’20.4% โˆ’56.2% โˆ’61.4% โˆ’53.6% โˆ’47.2% โˆ’98.5%
Growth
Share count change โ€” 3,812.9% 125.9% 42.7% 38.4% 81.6% 12.9%
Financial health
Current ratio 9.2x 33.3x 11.4x 11.1x 14.7x 10.4x 5.7x
Quick ratio 9.2x 33.3x 11.4x 11.1x 14.7x 10.4x 5.7x
Quality scores
Altman Z'' โˆ’22.3 34.6 3.2 1.3 1.5 1.2 โˆ’7.9
Accruals ratio โˆ’17.7% โˆ’5.1% โˆ’7.5% โˆ’9.0% โˆ’4.5% โˆ’6.2% โˆ’6.5%

Source: SEC EDGAR XBRL filings (CIK 0001528115). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only โ€” not investment advice. Check the original filings before relying on any figure.

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