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Annexon, Inc.

ANNX Nasdaq Pharmaceutical Preparations Financials FY2019–FY2025

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Today
1.6%
Previous close
$3.70
Market cap
$756M
P/E
β€”
Day range
$3.68 $3.84
52-week range
$2.68 $6.96

Last close Β· Oct 27, 2026

$3.76

+$0.22 (+6.21%) past year

Share price

Annexon, Inc.

What Annexon, Inc. does

ANNX Β· Pharmaceutical Preparations

From its latest annual report

No business description yet.

Filing details

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

Earnings calendar Β· Annexon, Inc.

Every quarter, companies publish how much they sold and earned. These are the days Annexon, Inc. did it, and the next one. Share prices often move a lot on those days.

Next results

November 9, 2026

Monday Β· in 13 days

Time
Time not announced
Covers
Period ended Sep 30, 2026
Expected EPS
βˆ’$0.28
Source
Earnings calendar
See who else reports that week β†’
Date Results for Time Source
Aug 12, 2026 Q2 '26 Before the market opens 8-K β†—
May 7, 2026 Q1 '26 After the market closes 8-K β†—
Mar 30, 2026 Q4 '25 After the market closes 8-K β†—
Nov 10, 2025 Q3 '25 After the market closes 8-K β†—
Aug 14, 2025 Q2 '25 After the market closes 8-K β†—
May 12, 2025 Q1 '25 After the market closes 8-K β†—
Mar 3, 2025 Q4 '24 After the market closes 8-K β†—
Nov 14, 2024 Q3 '24 After the market closes 8-K β†—

From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.

KIRA’s summary AI analyst

Hi! I read Annexon, Inc.’s latest annual report (fiscal 2025). Here is what stands out:

2 to watch

Annexon, Inc. in 30 seconds

Good So-so Weak

Weak

Does it make a profit?

βˆ’$207M

No. It lost money last year.

For information

How is the share priced?

β€”

No P/E: it made no profit over the last four quarters.

Rules of thumb on reported numbers. A starting point, not a recommendation.

Key numbers, fiscal 2025

Market cap Last close times the latest diluted share count, so it is approximate.
$756M
Oct 27 close
P/E Last close divided by diluted earnings per share over the last four quarters.
β€”
On βˆ’$1.14 EPS (TTM)

Revenue

Total sales reported in the income statement.

See the full section β†’

Operating margin

Operating income as a share of revenue.

See the full section β†’

Net income

Profit after all expenses, interest and tax.

KIRA Β· Annexon, Inc. lost $207M in fiscal 2025.

See the full section β†’

Free cash flow

Cash from operations minus capital spending.

KIRA Β· Free cash flow was βˆ’$186M in fiscal 2025, β€” of revenue.

See the full section β†’

Return on capital

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

See the full section β†’
Charts by

Sales and profit

Is it selling more, and how much does it keep?

Revenue and margins

Revenue

Margins, % of revenue

Gross Operating Net FCF

In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).

Net income and earnings per share

Loss periods are shown in red.

KIRA summarises the numbers

  • Annexon, Inc. lost $207M in fiscal 2025.

Net income

Net income

Diluted EPS

Diluted EPS

In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.

Cash and shareholders

How much cash comes in, and where does it go?

Cash flow

Cash from operations minus capital spending.

KIRA summarises the numbers

  • Free cash flow was βˆ’$186M in fiscal 2025, β€” of revenue.

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

In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.

Dividends, buybacks and share count

Dividends and buybacks

Dividends Buybacks

Diluted shares outstanding (annual)

In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).

Insider trades

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

KIRA summarises the numbers

  • In the last 12 months, insiders bought $12.4M and sold $0.3M of shares on the open market.

Bought, 12 months

$12.4M

4 insiders

Sold, 12 months

$0.3M

5 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Sep 24, 2026 Douglas LovePresident and CEO, Director Bought 26,065 $3.83 $0.1M Form 4
May 28, 2026 Muneer A SatterDirector Bought 613,497 $5.41 $3.3M Form 4
May 11, 2026 William H. CarsonDirector Bought plan 8,000 $5.78 $0.0M Form 4
Apr 10, 2026 William H. CarsonDirector Bought plan 8,000 $6.20 $0.0M Form 4
Mar 10, 2026 William H. CarsonDirector Bought plan 8,000 $5.67 $0.0M Form 4
Mar 2, 2026 Dean Richard ArtisEVP & Chief Scientific Officer Sold 5,894 $5.43 $0.0M Form 4
Mar 2, 2026 Ted YednockEVP & Chief Innovation Officer Sold 5,566 $5.42 $0.0M Form 4
Mar 2, 2026 Michael OverdorfEVP & Chief Business Officer Sold 4,339 $5.42 $0.0M Form 4
Mar 2, 2026 Jamie DananbergChief Medical Officer Sold 5,820 $5.43 $0.0M Form 4
Mar 2, 2026 Jennifer LewEVP & Chief Financial Officer Sold 5,565 $5.42 $0.0M Form 4
Feb 18, 2026 Ted YednockEVP & Chief Innovation Officer Sold 7,857 $5.11 $0.0M Form 4
Feb 18, 2026 Dean Richard ArtisEVP & Chief Scientific Officer Sold 5,290 $5.10 $0.0M Form 4
Feb 18, 2026 Jamie DananbergChief Medical Officer Sold 5,290 $5.10 $0.0M Form 4
Feb 18, 2026 Jennifer LewEVP & Chief Financial Officer Sold 7,851 $5.11 $0.0M Form 4
Feb 18, 2026 Michael OverdorfEVP & Chief Business Officer Sold 6,225 $5.10 $0.0M Form 4
Dec 30, 2025 William H. CarsonDirector Bought plan 4,115 $5.02 $0.0M Form 4
Dec 1, 2025 William H. CarsonDirector Bought plan 4,115 $4.47 $0.0M Form 4
Dec 1, 2025 Jung ChoiDirector Bought 33,000 $4.19 $0.1M Form 4
Nov 21, 2025 Muneer A SatterDirector Bought 422,613 $4.28 $1.8M Form 4
Nov 20, 2025 Muneer A SatterDirector Bought 400,000 $4.48 $1.8M Form 4
Nov 19, 2025 Muneer A SatterDirector Bought 500,000 $3.94 $2.0M Form 4
Nov 18, 2025 Muneer A SatterDirector Bought 500,000 $3.18 $1.6M Form 4
Nov 17, 2025 Muneer A SatterDirector Bought 500,000 $2.99 $1.5M Form 4
Oct 30, 2025 William H. CarsonDirector Bought plan 4,115 $3.17 $0.0M Form 4
Sep 30, 2025 William H. CarsonDirector Bought plan 4,115 $3.05 $0.0M Form 4

In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.

Financial health

Can it carry its debts, and how well does it use its money?

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 (βˆ’ = net cash) β€”β€”β€”β€”β€”

In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.

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

In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.

Piotroski F-score

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

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

In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.

All figures

Every number, year by year.

7 years of figures

Amounts in USD. Hover a ratio’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 βˆ’$32.5M βˆ’$63.5M βˆ’$131M βˆ’$146M βˆ’$144M βˆ’$154M βˆ’$216M
Pretax income βˆ’$37.2M βˆ’$63.4M $130M $142M $134M βˆ’$138M βˆ’$207M
Income tax $0.0M β€” β€” $0.0M $0.0M $0.0M $0.0M
Net income βˆ’$37.2M βˆ’$63.4M βˆ’$130M βˆ’$142M βˆ’$134M βˆ’$138M βˆ’$207M
Net income to common βˆ’$38.3M βˆ’$70.3M βˆ’$130M βˆ’$142M β€” βˆ’$138M βˆ’$209M
Diluted EPS βˆ’$88.30 βˆ’$4.15 βˆ’$3.40 βˆ’$2.60 βˆ’$1.77 βˆ’$1.01 βˆ’$1.34
Diluted shares 0.00B 0.02B 0.04B 0.05B 0.08B 0.14B 0.16B
Cash flow
Cash from operations βˆ’$28.4M βˆ’$53.1M βˆ’$106M βˆ’$116M βˆ’$121M βˆ’$118M βˆ’$186M
Capital expenditure $0.3M $0.5M $1.7M $6.5M $0.2M $0.0M $0.1M
Free cash flow βˆ’$28.6M βˆ’$53.6M βˆ’$108M βˆ’$123M βˆ’$121M βˆ’$118M βˆ’$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 βˆ’$100M $344M $232M $231M $251M $293M $212M
Returns
Return on capital employed βˆ’72.3% βˆ’18.4% βˆ’49.3% βˆ’55.4% βˆ’51.4% βˆ’48.2% βˆ’92.1%
Return on equity β€” βˆ’52.0% βˆ’45.2% βˆ’61.3% βˆ’55.7% βˆ’50.8% βˆ’81.9%
Return on assets βˆ’74.5% βˆ’31.2% βˆ’40.5% βˆ’49.6% βˆ’46.1% βˆ’42.7% βˆ’65.9%
Return on tangible equity β€” βˆ’20.4% βˆ’56.2% βˆ’61.4% βˆ’53.6% βˆ’47.2% βˆ’98.5%
Growth
Share count change β€” 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'' βˆ’22.3 34.6 3.2 1.3 1.5 1.2 βˆ’7.9
Accruals ratio βˆ’17.7% βˆ’5.1% βˆ’7.5% βˆ’9.0% βˆ’4.5% βˆ’6.2% βˆ’6.5%

In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.

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 β€” not investment advice. Check the original filings before relying on any figure.

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