Annexon(ANNX) - 2025 Q4 - Annual Results

Financial Position - As of December 31, 2025, Annexon reported cash, cash equivalents, and short-term investments of approximately $238.3 million, providing a runway into the second half of 2027[1] - Total current assets decreased from $316,461 in 2024 to $242,191 in 2025, a decline of approximately 23.4%[14] - Cash and cash equivalents increased significantly from $49,498 in 2024 to $162,051 in 2025, representing a growth of 226.5%[14] - Total liabilities rose from $56,966 in 2024 to $65,923 in 2025, an increase of about 15.5%[14] - Stockholders' equity decreased from $293,105 in 2024 to $211,648 in 2025, a decline of approximately 27.8%[14] - The accumulated deficit increased from $710,699 in 2024 to $917,389 in 2025, reflecting a worsening of about 29.1%[14] - Accounts payable increased from $10,426 in 2024 to $14,931 in 2025, a rise of approximately 43.3%[14] - Additional paid-in capital grew from $1,003,685 in 2024 to $1,128,917 in 2025, an increase of about 12.5%[14] - Total assets decreased from $350,071 in 2024 to $277,571 in 2025, a decline of approximately 20.7%[14] - Operating lease liabilities, current, increased from $2,518 in 2024 to $2,908 in 2025, a rise of about 15.4%[14] - Other non-current assets increased from $3,235 in 2024 to $8,546 in 2025, a growth of approximately 164.5%[14] Research and Development - Research and development (R&D) expenses for Q4 2025 were $42.7 million, compared to $43.4 million in Q4 2024, while total R&D expenses for the year were $184.7 million, up from $119.4 million in 2024[8] - The company anticipates topline data from the Phase 3 ARCHER II trial of vonaprument in geographic atrophy (GA) to be reported in Q4 2026[3] - The Phase 3 ARCHER II trial involves 659 patients and is designed to evaluate visual preservation as the primary endpoint, with enrollment completed in July 2025[3] - ANX1502 is advancing as the first oral C1 inhibitor for autoimmune diseases, with proof-of-concept data expected in 2026[1] - The ongoing FORWARD study aims to broaden experience with tanruprubart across Western geographies, including pediatric patients, to support a broad intended label for GBS treatment[8] Expenses - General and administrative (G&A) expenses for Q4 2025 were $7.6 million, down from $9.1 million in Q4 2024, with total G&A expenses for the year at $31.7 million compared to $34.6 million in 2024[8] - The net loss attributable to common stockholders for Q4 2025 was $48.3 million, or $0.28 per share, compared to a net loss of $48.6 million, or $0.33 per share, in Q4 2024[8] Regulatory and Market Developments - A Marketing Authorization Application (MAA) for tanruprubart has been filed in Europe, with a planned Biologics License Application (BLA) submission in 2026 supported by ongoing FORWARD study data[1] - The company has established a global registration path for vonaprument with U.S. and European regulators, receiving PRIME designation from the EMA[3]