10-Q · May 7, 2026
Annexon, Inc. did not report any revenue for Q4 2026, continuing its trend of operating losses with a net loss of $44.1 million, an improvement from $54.4 million in Q4 2025. Management remains focused on pivotal…
Earnings analysis · 10-Q
ANNX earnings analysis
Filed August 12, 2026 · Our reading of the company's report
The latest report
Annexon’s Q2 2026 diluted EPS loss improved year over year to $0.28 from $0.34, but the company remains unprofitable, reporting a $55.3 million quarterly net loss and no product revenue from sales. Liquidity…
Read full summary
Annexon’s Q2 2026 diluted EPS loss improved year over year to $0.28 from $0.34, but the company remains unprofitable, reporting a $55.3 million quarterly net loss and no product revenue from sales. Liquidity strengthened through $209.2 million of cash, cash equivalents and short-term investments plus a $200.0 million credit facility, but the facility introduces variable-rate debt and asset-security risks. The principal outlook remains milestone-driven rather than financial: FORWARD data and a targeted tanruprubart BLA submission are expected in 2026, while the FDA has warned that additional GBS patient data may be required.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.28
What stood out
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Year-over-year EPS loss improved
Diluted EPS was a loss of $0.28, improving from a $0.34 loss in Q2 2025, although it was below the $0.24 consensus estimate.
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Liquidity supports runway into 2028
Cash and cash equivalents plus short-term investments totaled approximately $209.2 million at June 30, 2026, which management expects to fund planned operating expenses into 2028.
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New credit facility expands liquidity
The July 30, 2026 Loan Agreement provides term loans of up to $200.0 million, including an initial $50.0 million funded at closing.
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Clinical-stage programs remain active
Management reported net losses of approximately $55.3 million for the three months and $99.5 million for the six months ended June 30, 2026, versus annual losses of $206.7 million in 2025 and $138.2 million in 2024.
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Regulatory package advancing
The company expects initial PK, PD, biomarker and functional data from the FORWARD study in the second half of 2026 to supplement the tanruprubart GBS regulatory package.
What to watch
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Debt adds interest and covenant risk
The newly disclosed Loan Agreement carries interest at the greater of 1-month CME Term SOFR plus 4.6% or 7.60%, is secured by substantially all assets, and includes up to $200.0 million of term loans. Variable-rate debt, covenants and potential acceleration could constrain financial flexibility.
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FDA may require additional GBS data
The company states that the FDA has indicated its tanruprubart generalizability package may not support BLA approval absent additional patient data, despite targeting a BLA submission in 2026.
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Persistent losses may require financing
Annexon had an accumulated deficit of approximately $1.0 billion as of June 30, 2026 and expects to continue incurring losses; it also states that additional financing may be needed sooner than planned despite a runway into 2028.
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Equity issuance and warrant dilution
The company sold $32.2 million under its new $150 million at-the-market program as of the filing date, creating potential dilution, while 29,765,799 shares were issuable upon exercise of pre-funded warrants as of June 30, 2026.
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Reporting status change raises costs
Because the market value of common stock held by non-affiliates exceeded $700 million as of June 30, 2026, the company will lose smaller-reporting-company status beginning with the Form 10-Q for the quarter ending March 31, 2027, increasing compliance costs.
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ARCHER II execution and funding risk
The global ARCHER II Phase 3 program for vonaprument may be substantially more expensive and longer than planned, and the company states it may need additional capital to complete the program.
Management's outlook
No quantitative revenue or EPS guidance was provided. Management expects initial FORWARD study data in the second half of 2026, intends to submit a tanruprubart BLA in 2026, and expects existing capital resources to fund planned operating expenses into 2028.
Earlier filings 4
10-K · March 30, 2026
Annexon is a clinical-stage biopharma advancing a C1q-targeting platform with two late-stage registrational programs: tanruprubart for Guillain-Barré Syndrome (MAA filed with EMA in January 2026) and vonaprument for…
10-Q · November 10, 2025
Annexon reported a Q3 2025 GAAP net loss of $54,922,000 (EPS -$0.37) versus a net loss of $34,824,000 (EPS -$0.25) in Q3 2024, driven by higher R&D spending of $49,700,000 (up from $30,105,000). The company holds cash…
10-Q · August 14, 2025
Annexon reported a wider GAAP net loss for Q2 2025 as operating expenses rose sharply driven by R&D; GAAP net loss was $(49,156) (thousands) and net loss per share was $(0.34) versus $(0.23) in Q2 2024. Cash and…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.