Summary of Annexon (ANNX) FY Conference - August 13, 2025 Company Overview - **Company**: Annexon Biosciences - **Industry**: Ophthalmology and Neuroinflammatory Diseases - **Key Focus**: Development of therapies targeting complement-mediated diseases, particularly in ophthalmology Core Points and Arguments 1. **Leadership and Experience**: Lloyd Clark, a retina specialist with 25 years of experience, has joined Annexon to advance their lead candidate for dry Age-related Macular Degeneration (AMD) through Phase 3 trials, aiming for a potential blockbuster treatment option [5][6][34] 2. **Product Pipeline**: - **Lead Candidate**: Vonapruvment (formerly known as ANX007) for geographic atrophy associated with dry AMD, which has shown vision preservation in clinical trials [12][13][29] - **Other Candidates**: - Tanrupebar, a systemic C1Q inhibitor for Guillain-Barré syndrome, has completed Phase 3 trials with positive results [7][11] - An oral complement inhibitor in earlier phases targeting multiple indications [8] 3. **Scientific Approach**: The company utilizes a pioneering scientific approach to inhibit the classical complement pathway, specifically targeting C1Q to mitigate neuroinflammation across various diseases [9][10][30] 4. **Clinical Data**: - Positive Phase 2 results for vonapruvment indicate significant visual acuity preservation and anatomical benefits, with a 73% risk reduction in 15-letter loss compared to sham treatment [23][31] - The ARCHER II Phase 3 trial has completed enrollment with over 630 patients, focusing on those with potential for vision preservation [26][33] 5. **Regulatory Progress**: - Vonapruvment has received PRIME designation in the EU, marking it as the first dry AMD drug to achieve this status [16][28] - The company is in discussions with global regulators to bring therapies to market [8][11] Important but Overlooked Content 1. **Market Need**: There are currently no approved therapies for geographic atrophy outside the US, highlighting a significant unmet medical need for patients suffering from severe blinding eye diseases [14][16] 2. **Safety Profile**: The ARCHER study indicated a favorable safety profile for vonapruvment, with minimal adverse events reported, including only one case of endophthalmitis [25][32] 3. **Future Outlook**: The company anticipates reporting top-line data from the ARCHER II trial in 2026, with a strong cash runway to support ongoing development [34] This summary encapsulates the key insights from the conference, focusing on Annexon's strategic direction, product pipeline, and the significant clinical advancements in treating neuroinflammatory diseases and ophthalmological conditions.