Annexon(US:ANNX)2024-11-14 21:05Financial Position - Cash, cash equivalents, and short-term investments totaled approximately $340 million as of September 30, 2024, providing a runway into the second half of 2026[7] - Total current assets increased to $344,292 thousand as of September 30, 2024, up from $263,860 thousand at December 31, 2023, representing a growth of approximately 30.4%[11] - Cash and cash equivalents decreased to $79,540 thousand from $225,110 thousand, a decline of about 64.7%[11] - Short-term investments rose significantly to $260,576 thousand from $34,606 thousand, marking an increase of approximately 653.5%[11] - Total assets grew to $378,776 thousand, up from $297,674 thousand, reflecting an increase of about 27.2%[11] - Total current liabilities increased to $20,046 thousand from $17,928 thousand, an increase of approximately 11.8%[11] - Stockholders' equity rose to $331,560 thousand, up from $250,556 thousand, indicating an increase of about 32.3%[11] - Accumulated deficit widened to $(662,109) thousand from $(572,499) thousand, representing an increase of approximately 15.7%[11] - Common stock increased to $106 thousand from $78 thousand, reflecting a growth of approximately 35.9%[11] - Additional paid-in capital increased to $993,486 thousand from $823,029 thousand, a rise of about 20.7%[11] - Operating lease liabilities, non-current decreased to $27,170 thousand from $29,190 thousand, a decline of approximately 6.9%[11] Research and Development - Research and development (R&D) expenses for Q3 2024 were $30.1 million, an increase from $27.9 million in Q3 2023[7] - Topline data for the RWE comparability study for ANX005 in Guillain-Barré Syndrome (GBS) is expected by year-end 2024, supporting a BLA submission in the first half of 2025[6] - Ongoing Phase 3 ARCHER II trial for ANX007 in Geographic Atrophy (GA) is expected to enroll approximately 630 patients, with topline data anticipated in the second half of 2026[6] - Initial data from the proof-of-concept study for ANX1502 in Cold Agglutinin Disease (CAD) is expected in the first quarter of 2025[6] - ANX005 demonstrated statistically significant effects on the GBS-disability scale (GBS-DS), with early treatment effects leading to expedited recovery[4] Company Strategy and Leadership - The company strengthened its senior leadership team in commercial, medical affairs, and health economics to advance its late-stage neuroinflammatory-targeted portfolio[3] - The company aims to provide targeted therapies for over 8 million people worldwide suffering from neuroinflammatory diseases[8] Financial Performance - Net loss for Q3 2024 was $34.8 million, or $0.25 per share, compared to a net loss of $32.5 million, or $0.43 per share, in Q3 2023[7] - General and administrative (G&A) expenses for Q3 2024 were $9.3 million, compared to $6.9 million in Q3 2023[7]