A clinical-stage Regeneron.

An emerging biotech, similar to an early-stage Amgen.

Annexon's major product candidates include:

• ANX005: A monoclonal antibody in late-stage clinical trials for Guillain-Barré syndrome, warm autoimmune hemolytic anemia, Huntington's disease, and amyotrophic lateral sclerosis.
• ANX009: An investigational therapy currently in Phase Ib trials for lupus nephritis.
• ANX007: A product candidate in Phase II clinical trials aimed at treating geographic atrophy.
• ANX105: An investigational monoclonal antibody being developed for neurodegenerative indications.
• ANX1502: An investigational oral small molecule designed for the treatment of specific autoimmune conditions.

Annexon, Inc. (ANNX) is a clinical-stage biopharmaceutical company focused on the discovery and development of therapeutic candidates. As such, it is primarily engaged in research and development activities and does not currently have commercialized products on the market.

Therefore, Annexon does not have major customers in the traditional sense, as it is not yet selling products or services to other companies or individuals.

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Douglas Love, Esq. President & Chief Executive Officer

Douglas Love was appointed President and Chief Executive Officer of Annexon in December 2014. He previously served as Head of Operations for Elan Pharmaceuticals, where he led the Tysabri® multiple sclerosis franchise, contributing to nearly $2 billion in annual sales. He also oversaw Elan's Alzheimer's Immunotherapy Program, which was licensed to Johnson & Johnson for $1 billion plus milestones and royalties. Prior to Elan, he held corporate counsel roles at Amgen, Inc. and Genentech, Inc., and was an associate at Orrick, Herrington & Sutcliffe. Love co-founded Annexon with Ben Barres and Arnon Rosenthal after Elan's acquisition.

Jennifer Lew Executive Vice President & Chief Financial Officer

Jennifer Lew is the Executive Vice President and Chief Financial Officer at Annexon, responsible for managing the company's capital structure. Her previous experience includes roles as Director of Finance and Assistant Controller at QRS, and Senior Director & Corporate Controller at Dynavax Technologies Corp.

Ted Yednock, PhD EVP & Chief Innovation Officer

Dr. Ted Yednock joined Annexon in 2013 as Chief Scientific Officer and transitioned to Chief Innovation Officer in October 2021. He previously served as CSO for Prothena Corporation and Head of Research for Elan Pharmaceuticals. At Athena Neurosciences, he was the scientific inventor of Tysabri®, a significant monoclonal antibody for multiple sclerosis.

Jamie Dananberg, M.D. EVP & Chief Medical Officer

Dr. Jamie Dananberg serves as the Executive Vice President and Chief Medical Officer, overseeing Annexon's clinical development programs, including the registrational trial for Guillain-Barré Syndrome.

Rick Artis, PhD Chief Scientific Officer

Dr. Rick Artis is the Chief Scientific Officer at Annexon.

Here are the key risks to Annexon (symbol: ANNX):

1. Clinical Trial Failure and Regulatory Approval Risk: As a clinical-stage biopharmaceutical company, Annexon's future success heavily depends on the successful outcome of its ongoing and future clinical trials for its product candidates (e.g., ANX005, ANX007, ANX009, ANX105, ANX1502) and subsequent regulatory approvals. The drug development process is inherently uncertain, with a high rate of failure at various stages due to lack of efficacy, safety concerns, or other issues. For instance, Annexon faces "multiple clinical and regulatory hurdles between here and success". There is specific "U.S. regulatory uncertainty" for its lead candidate, tanruprubart (ANX005), partly due to trial sites being outside the U.S. and questions regarding dose-response. Additionally, its geographic atrophy treatment, ANX007, missed its primary endpoint in a Phase II trial, though the company noted positive signs in vision preservation. The company's own disclosures emphasize risks related to "the early stages of clinical development of the company's product candidates" and its "ability to obtain regulatory approval of and successfully commercialize its product candidates".
2. Financial Sustainability and Funding Risk: Annexon has a "history of net operating losses" and reported a "substantial net loss of $49.2 million". Developing drugs through clinical trials is a capital-intensive process, and while the company had a cash runway anticipated "into Second Half 2026" as of March 2025, it faces "high cash burn, and a likely need for additional funding within a year" according to a July 2025 report. Its negative operational cash flows and income losses further highlight concerns about its financial sustainability. The company's ability to "obtain necessary capital to fund its clinical programs" is a stated risk.
3. Reliance on Third-Party Suppliers and Manufacturing Risk: Annexon faces significant risks due to its dependence on international third-party suppliers and foreign manufacturing for its product candidates, such as tanruprubart and vonaprument. This reliance exposes the company to potential disruptions from tariffs, sanctions, trade barriers, and geopolitical volatility. Such disruptions could lead to increased research and development costs, complexities in its supply chain, and delays in development timelines, ultimately impacting its financial condition and growth prospects. The company explicitly lists "the company's reliance on third-party suppliers and manufacturers" as a risk factor.

Here are the addressable market sizes for Annexon's main product candidates:

• Guillain-Barré Syndrome (GBS): The global market for Guillain-Barré Syndrome treatments was valued at approximately USD 724.16 million in 2024 and is projected to reach USD 1.09 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.30% during the forecast period. The U.S. market for GBS generated a revenue of USD 290.9 million in 2024 and is expected to reach USD 394.8 million by 2030, with a CAGR of 5.2% from 2025 to 2030.
• Warm Autoimmune Hemolytic Anemia (wAIHA): The global warm autoimmune hemolytic anemia market was valued at USD 4.98 billion in 2025 and is expected to reach USD 7.24 billion by 2032, growing at a CAGR of 5.5%. The warm autoimmune hemolytic anemia market across the top 7 major markets (US, EU4, UK, and Japan) reached a value of USD 842.3 million in 2024 and is projected to reach USD 4,084.6 million by 2035, exhibiting a growth rate (CAGR) of 15.45% from 2025-2035. North America holds the largest share of the wAIHA treatment market, accounting for approximately 40% of the total market share in 2024.
• Huntington's Disease (HD): The global Huntington's disease treatment market size was valued at USD 578.9 million in 2024 and is estimated to reach USD 2,443 million by 2033, demonstrating a CAGR of 17.4%. In the United States, the Huntington's disease treatment market was valued at USD 154.38 million in 2024 and is anticipated to grow to US$ 552.5 million by 2033, with a CAGR of 15.22%. North America currently dominates the global market, holding a market share of 40.0% in 2024.
• Amyotrophic Lateral Sclerosis (ALS): The global Amyotrophic Lateral Sclerosis market size was valued at USD 673.4 million in 2023 and is projected to reach USD 1,271.6 million by 2033, with a CAGR of 6.5%. North America is expected to dominate the amyotrophic lateral sclerosis market, capturing a revenue share of 41.5% in 2024.
• Lupus Nephritis (LN): The global Lupus Nephritis Treatment Market is valued at USD 2.21 billion in 2025 and is projected to reach USD 6.28 billion by 2035, growing at a CAGR of 11%. The Lupus Nephritis market size in the seven major markets (7MM; the US, France, Germany, Italy, Spain, the UK, and Japan) is expected to grow from $2.4 billion in 2024 to $5.9 billion in 2034 at a CAGR of 9.6%. In the United States, the lupus nephritis treatment industry is predicted to grow at a CAGR of 12.5% during 2025 to 2035.
• Geographic Atrophy (GA): The global geographic atrophy market size was valued at USD 1.78 billion in 2024 and is projected to reach USD 3.80 billion by 2032, with a CAGR of 9.60% during the forecast period of 2025 to 2032. The global geographic atrophy market is estimated at US$4,570.9 million in 2024 and is projected to grow at a CAGR of 15.6% during the forecast period 2024-2034. Geographic atrophy is reported to affect over 1 million individuals in the United States.

Annexon, Inc. (ANNX) is poised for significant future revenue growth over the next 2-3 years, primarily driven by the advancement and potential commercialization of its late-stage clinical programs. The key drivers are:

1. Potential Approval and Commercialization of ANX005 for Guillain-Barré Syndrome (GBS): Annexon's lead product candidate, ANX005, a monoclonal antibody, has shown positive Phase III results for treating Guillain-Barré Syndrome. The company is preparing for a Biologics License Application (BLA) filing, with an MAA submission for European registration expected in the first quarter of 2026. Given that there are currently no FDA-approved GBS therapies in the U.S., ANX005 has the potential to be a first-in-class treatment, addressing a significant unmet medical need in a market with approximately 7,000 U.S. and 15,000 EU patients annually.
2. Advancement and Market Entry of ANX007 for Geographic Atrophy (GA): ANX007, an investigational therapy for geographic atrophy, has demonstrated significant vision preservation and photoreceptor protection in Phase II trials. The global Phase III ARCHER II trial is actively enrolling patients, with topline data anticipated in the second half of 2026. With no approved therapies specifically shown to prevent vision loss in GA, a positive outcome could position ANX007 as a pioneering treatment in a market expected to grow substantially due to the emergence of complement inhibitor therapies. The drug has also received Fast Track designation from the FDA and PRIME designation in the EU, potentially accelerating its path to market.
3. Development and Future Indications for ANX1502 (Oral Small Molecule): Annexon is developing ANX1502, an investigational oral small molecule, for the treatment of various autoimmune indications. This program is highlighted as a key catalyst with potential for clinical proof-of-concept data and updates on future target indications, with study completion in 2026. The convenience and flexibility of an oral administration could provide a significant advantage in treating chronic autoimmune conditions, potentially expanding Annexon's therapeutic reach beyond its current injectable offerings.

Share Issuance

• Annexon announced an underwritten public offering of $75 million of common stock or pre-funded warrants on November 12, 2025.
• This offering closed on November 14, 2025, generating gross proceeds of approximately $86.25 million, which included the full exercise of the underwriters' option to purchase additional shares.
• In July 2022, the company completed a private placement, raising approximately $130 million in gross proceeds.

Inbound Investments

• Annexon closed a private placement in July 2022, yielding approximately $130 million in gross proceeds.
• This private placement was led by Redmile Group, LLC, and included participation from Adage Capital Partners LP, Bain Capital Life Sciences, Driehaus Capital Management, Fairmount, Satter Medical Technology Partners, and Venrock Healthcare Capital Partners.

Capital Expenditures

• Annexon reported capital expenditures of $48,000 in the third quarter of 2025, which were directed towards funding long-term assets and infrastructure.
• Over the 12 months leading up to approximately November 2025, capital expenditures amounted to -$143,000.