Annexon Posts $51.2 Million Third-Quarter Loss and Announces Financing of Up to $200 Million
Key Facts
Annexon on November 9, 2026, reported a net loss attributable to common stockholders of $51.2 million, or $0.25 per share, for the quarter ended September 30. The loss in the same period of 2025 was $54.9 million, or $0.37 per share. The announcement comes as the company continues to advance its therapeutic programs and approaches regulatory and clinical milestones it said are expected in coming quarters. The company said it had $213.4 million in cash, cash equivalents and short-term investments at the end of September. It expects that liquidity to fund operations and planned milestones through 2028.
Research and development expenses totaled $41.4 million in the third quarter, compared with $49.7 million in the same quarter a year earlier. Annexon attributed the decline primarily to the completion of contract manufacturing expenses that supported regulatory filings for tanruprubart. It said the decrease was partly offset by continued development of vonaprument for geographic atrophy. General and administrative expenses, meanwhile, rose to $10.9 million from $7.3 million a year earlier. The company linked the increase to consulting and professional services needed to advance its clinical programs, as well as compensation and personnel expenses.
The company is seeking to add to its cash resources through a strategic credit facility of up to $200 million from Oxford Finance. Annexon drew $50 million at closing. An additional $100 million is available upon achievement of milestones tied to its vonaprument and tanruprubart programs. The remaining $50 million is subject to the lender's approval. Part of the potential financing is therefore contingent on milestones or approval, while the company said its existing liquidity is sufficient to fund operations and expected milestones through 2028.
For tanruprubart, Annexon said 18 patients had received treatment as of the announcement in the open-label FORWARD study in the United States and Europe. The company expects to submit a U.S. biologics license application in the fourth quarter of 2026, based on U.S. and European data from the study. The drug's European marketing authorization application is also under review by the European Medicines Agency. This places the U.S. filing and European application review among the program's near-term regulatory steps. The company did not specify a date for the European agency's decision in its announcement.
In the ARCHER II trial, the company expects an independent data monitoring committee to assess the primary endpoint at month 15 during the fourth quarter of 2026. If the committee recommends that the endpoint has been met, it will assess the two prespecified substudies, with results expected in the first quarter of 2027. The committee could instead recommend continuing the trial through the month 24 primary endpoint analysis. Annexon expects ARCHER II, including the month 24 analyses, to be completed in the third quarter of 2027. These timelines remain subject to the committee's review and the course it recommends for the trial.
The company completed a proof-of-concept study of an enteric-coated tablet formulation of ANX1502 involving 9 patients with cold agglutinin disease. It said it observed no significant safety signals, while measures of drug activity included observed reductions in disease markers, including bilirubin and LDH. The company is working to optimize the formulation to increase absorption ahead of potential studies in other diseases, including generalized myasthenia gravis. For the broader reporting period, the net loss attributable to common stockholders for the nine months ended September 30, 2026, was about $150.7 million, or $0.75 per share. In the same nine months of 2025, the company reported a loss of $160.3 million, or $1.08 per share.
Cash and cash equivalents totaled $102.4 million and short-term investments totaled $111.0 million on September 30, 2026. On December 31, 2025, the corresponding balances were $162.1 million in cash and $76.3 million in short-term investments. ANNX shares closed at $4.20 on November 6, after closing at $3.94 on November 2 and $4.19 on November 3. The stock also closed at $4.33 on November 4 and $4.01 on November 5. These closing prices do not include the stock's movement during the session in which results were announced.