Annexon(ANNX) - 2024 Q4 - Annual Results

Drug Development Progress - ANX005 for Guillain-Barré Syndrome (GBS) has shown early and durable functional improvements, with a pre-BLA meeting targeted for the first half of 2025 ahead of the planned BLA submission[1]. - ANX007 has established a groundbreaking global registration path to potentially become the first approved treatment for dry age-related macular degeneration (AMD) with geographic atrophy (GA) in Europe and the U.S., with Phase 3 data expected in the second half of 2026[1]. - ANX1502 is currently in a proof-of-concept trial for cold agglutinin disease (CAD), with data from up to seven patients expected by mid-2025[8]. - The Phase 3 ARCHER II trial for ANX007 is enrolling approximately 630 patients, with completion expected in the second half of 2025[8]. Financial Performance - Cash, cash equivalents, and short-term investments were approximately $312 million as of December 31, 2024, providing a runway into the second half of 2026[9]. - Research and development (R&D) expenses for Q4 2024 were $43.4 million, up from $23.3 million in Q4 2023, reflecting advancements in priority programs[9]. - General and administrative (G&A) expenses for Q4 2024 were $9.1 million, compared to $6.7 million in Q4 2023[12]. - The net loss for Q4 2024 was $48.6 million, compared to a net loss of $27.9 million in Q4 2023[12]. - The company reported a total operating expense of $52.5 million for Q4 2024, compared to $30.0 million in Q4 2023[14]. - The weighted-average shares used in computing net loss per share for the year ended December 31, 2024, were 137,404,145, resulting in a net loss per share of $1.01[14]. Asset and Liability Changes - Total assets increased to $350.071 million in 2024, up from $297.674 million in 2023, representing a growth of approximately 17.6%[16]. - Current assets rose to $316.461 million in 2024, compared to $263.860 million in 2023, reflecting an increase of about 19.9%[16]. - Total liabilities increased to $56.966 million in 2024, up from $47.118 million in 2023, marking a rise of approximately 20.2%[16]. - Stockholders' equity grew to $293.105 million in 2024, compared to $250.556 million in 2023, indicating an increase of around 17.0%[16]. - The accumulated deficit widened to $(710.699) million in 2024 from $(572.499) million in 2023, representing an increase of approximately 24.2%[16]. - Accounts payable increased significantly to $10.426 million in 2024, up from $5.487 million in 2023, which is an increase of about 90.5%[16]. - Accrued and other current liabilities rose to $17.568 million in 2024, compared to $10.276 million in 2023, reflecting an increase of approximately 71.1%[16]. - Operating lease liabilities, non-current, decreased to $26.454 million in 2024 from $29.190 million in 2023, a decline of about 9.4%[16]. - Cash and cash equivalents decreased to $49.498 million in 2024 from $225.110 million in 2023, a significant drop of approximately 78.0%[16]. - Short-term investments surged to $262.519 million in 2024, compared to $34.606 million in 2023, representing an increase of approximately 658.5%[16].