On March 30, 2026, Annexon, Inc. (Nasdaq: ANNX) announced its financial results for the fourth quarter and the year ended December 31, 2025. The company reported a net loss attributable to common stockholders of $48.3 million, or $0.28 per share, for the fourth quarter, and a total net loss of $208.5 million, or $1.34 per share, for the full year. This represents a slight decrease in quarterly losses compared to $48.6 million in the same quarter of the previous year. The company highlighted a strong balance sheet with cash, cash equivalents, and short-term investments totaling approximately $238.3 million as of December 31, 2025, providing a runway into the second half of 2027.

Annexon is advancing its portfolio of targeted immunotherapies aimed at neuroinflammatory diseases, with significant progress reported in its late-stage clinical programs. The company is on track to report topline pivotal data from its Phase 3 ARCHER II trial for vonaprument, a potential first-in-class therapy for geographic atrophy (GA), in the fourth quarter of 2026. This trial is particularly notable as it is the first to evaluate visual preservation as the primary endpoint in patients with GA.

Additionally, Annexon has filed for Marketing Authorization Application (MAA) in Europe for tanruprubart, which aims to be the first targeted fast-acting therapy for Guillain-Barré Syndrome (GBS). The company anticipates data from its ongoing FORWARD study to support a planned Biologics License Application (BLA) submission in 2026.

The company’s leadership expressed optimism about the future, emphasizing the potential of their therapies to significantly improve patient outcomes in large, underserved markets. With a robust pipeline and a solid financial foundation, Annexon is well-positioned to capitalize on upcoming milestones and drive shareholder value.

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