Annexon(US:ANNX)2024-03-26 20:05Financial Position - Cash, cash equivalents, and short-term investments totaled approximately $260 million as of December 31, 2023, providing a runway into mid-2026[1] - Total current assets increased to $263,860,000 in December 2023 from $248,098,000 in December 2022, representing a growth of 6.9%[16] - Cash and cash equivalents rose significantly to $225,110,000, up from $140,020,000, marking an increase of 60.8% year-over-year[16] - Total liabilities decreased to $47,118,000 in December 2023 from $53,902,000 in December 2022, a reduction of 12.6%[16] - Total stockholders' equity increased to $250,556,000, up from $231,194,000, reflecting an increase of 8.4% year-over-year[16] - Accumulated deficit widened to $(572,499,000) from $(438,262,000), indicating an increase of 30.6%[16] - Accounts payable decreased to $5,487,000 from $7,416,000, a decline of 26.0%[16] - Accrued liabilities reduced to $10,235,000 from $13,448,000, a decrease of 24.5%[16] - Operating lease liabilities, current, increased to $2,165,000 from $1,316,000, an increase of 64.6%[16] - Additional paid-in capital rose to $823,029,000 from $669,780,000, an increase of 22.9%[16] - Property and equipment, net, decreased to $14,773,000 from $16,838,000, a decline of 12.3%[16] Research and Development - Research and development (R&D) expenses for Q4 2023 were $23.3 million, compared to $28.5 million in Q4 2022, while total R&D expenses for the year were $113.8 million, up from $112.5 million in 2022[9] - ANX005's pivotal Phase 3 trial in Guillain-Barré Syndrome (GBS) completed enrollment with 241 patients, and topline data is expected in Q2 2024[3] - ANX007's pivotal Phase 3 ARCHER II trial in Geographic Atrophy (GA) is expected to initiate in mid-2024, with a head-to-head trial against SYFOVRE planned for the second half of 2024[7] - ANX1502's proof-of-concept data is anticipated in the second half of 2024, following successful Phase 1 trials demonstrating safety and tolerability[6] - The company plans to submit Phase 2a data for ANX005 in Amyotrophic Lateral Sclerosis (ALS) for presentation at a medical conference later this year[6] Financial Performance - General and administrative (G&A) expenses for Q4 2023 were $6.7 million, down from $8.2 million in Q4 2022, with total G&A expenses for the year at $30.0 million, compared to $33.1 million in 2022[9] - Net loss for Q4 2023 was $27.9 million, a decrease from $34.4 million in Q4 2022, while the net loss for the full year was $134.2 million, compared to $141.9 million in 2022[9] - A successful financing of $125 million was completed in December 2023, extending the operating runway into mid-2026[3] Regulatory Designations - The company received Fast Track and orphan drug designations from the FDA for ANX005, and the EMA granted orphan drug designation based on positive meta-analysis results[3]