Annexon Biosciences (ANNX) AI Stock Analysis

• Market Cap: $966.79M
• Dividend Yield: N/A
• Average Volume (3M): 2.69M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.78
• Revenue Growth: N/A
• EPS Growth: -35.62%
• Country: US
• Employees: 106
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.37
• Shares Outstanding: 144,728,960
• 10 Day Avg. Volume: 2,741,084
• 30 Day Avg. Volume: 2,690,367
• PEG Ratio: 0.12
• Price to Book (P/B): 2.40
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -5.97
• Enterprise Value/Market Cap: 0.30
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: -321.32
• Enterprise Value/Ebitda: -1.37
• 1Y Price Target: $14.71
• Price Target Upside: 138.80% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 8
• EPS Forecast (FY): -1.1
• Revenue Forecast (FY): $2.91M

• Rating: 56 Neutral
• Price Target: $7.00 ▲(13.64% Upside)

The score is held back primarily by weak financial performance (no revenue, widening losses, and accelerating cash burn), despite a low-debt capital structure. Technicals are strong with an established uptrend, but overbought readings increase near-term pullback risk. Corporate updates and financing improve runway and reinforce late-stage pipeline optionality, while valuation remains unattractive on earnings-based metrics due to ongoing losses.

Positive Factors

Platform and late-stage pipeline

Annexon's focused C1q-inhibition platform with multiple programs across Phase 3, regulatory review, and PoC trials creates durable optionality. A diversified, mechanism-based pipeline reduces single-drug reliance and increases long-term commercialization chances across neuroinflammatory and ophthalmic indications.

Low financial leverage

Relatively low debt provides structural financial flexibility for a pre-revenue biotech, lowering immediate solvency risk and allowing management to fund pivotal programs with equity or non-dilutive options. This conservatism supports multi-year clinical timelines and strategic decision-making.

Completed financing extends runway

The $80.4M offering materially bolsters near- to medium-term funding, reducing immediate dilution pressure and supporting registrational work. Combined with the company's stated runway into late 2027, this financing meaningfully de-risks upcoming pivotal milestones and regulatory filings.

Negative Factors

Pre-revenue with accelerating cash burn

ANNX is still pre-revenue while losses and negative free cash flow have widened, indicating the business consumes cash to fund trials. This structural cash burn raises sustained financing needs, heightens dilution risk, and constrains reinvestment until successful commercialization or partnership outcomes.

Material decline in equity and assets

Substantial declines in equity and total assets reflect ongoing capital consumption, shrinking the balance-sheet cushion. Over the medium term this reduces optionality for partnerships, M&A, or adverse trial outcomes, and increases reliance on capital markets to sustain operations and late-stage programs.

Outcome-dependent commercial trajectory

Future revenue and profitability hinge on successful Phase 3 results and regulatory approvals. This structural binary risk means program failures or regulatory delays would materially impair commercial prospects and force additional financing or program reprioritization, affecting long-term value creation.

Annexon Biosciences Business Overview & Revenue Model

Company Description

Annexon, Inc., a clinical-stage biopharmaceutical company, discovers and develops therapeutics for autoimmune, neurodegenerative, and ophthalmic disorders. The company's C1q is an initiating molecule of the classical complement pathway that targets distinct disease processes, such as antibody-mediated autoimmune disease and complement-mediated neurodegeneration. Its product candidates include ANX005, a monoclonal antibody, which is in Phase II/III clinical trials to treat patients with guillain- barré syndrome; Phase II trial in patients with warm autoimmune hemolytic anemia; and Phase II clinical trial for Huntington's disease and amyotrophic lateral sclerosis. The company is also developing ANX009 that is in Phase Ib trial in patients with lupus nephritis; and ANX007, which is in Phase II clinical trials to treat patients with geographic atrophy. In addition, it develops ANX105, an investigational monoclonal antibody targeting neurodegenerative indications; and ANX1502, an investigational oral small molecule for the treatment of certain autoimmune indications. The company was incorporated in 2011 and is headquartered in Brisbane, California.

How the Company Makes Money

Annexon Biosciences generates revenue primarily through partnerships and collaborations with other pharmaceutical and biotechnology companies. The company's revenue model includes milestone payments, royalties, and licensing fees associated with the development and commercialization of its therapies. Annexon's potential earnings are significantly influenced by the advancement of its clinical trials, regulatory approvals, and successful commercialization of its drug candidates. As a clinical-stage company, Annexon does not yet have products on the market, thus its revenue is largely dependent on funding from strategic alliances and possibly government grants or research funding.

Annexon Biosciences Financial Statement Overview

Summary

Annexon Biosciences has a typical pre-revenue biotechnology financial profile, with zero revenue and increasing losses. The balance sheet is strong due to significant cash reserves and low debt levels, providing some stability. However, the negative cash flows and lack of revenue generation capability highlight financial sustainability risks.

Income Statement

Annexon Biosciences has reported zero revenue over multiple years, indicating a pre-commercial stage typical for many biotechnology firms. The company consistently records negative net income with increasing losses year-over-year, reflecting ongoing R&D and operational expenses without offsetting revenue. EBIT and EBITDA margins are negative due to lack of revenue and high expenses. Overall, the income statement highlights significant financial losses and lack of revenue generation capacity.

Balance Sheet

The balance sheet shows a strong cash position and significant stockholders' equity compared to total liabilities, indicating financial resilience. The equity ratio is healthy, suggesting the company is not overly reliant on debt financing. However, the persistent negative net income impacts the return on equity. The debt-to-equity ratio is low, reflecting minimal leverage and reduced financial risk. Despite this, the lack of revenue generation is a concern for long-term sustainability.

Cash Flow

Operating cash flow remains negative, indicating cash burn from operations without revenue support. Free cash flow is also negative, although consistent financing inflows support cash reserves. The absence of revenue means cash flow ratios, like operating cash flow to net income, remain unfavorable. Although the company maintains strong cash balances, the ongoing cash burn poses a risk if new funding is not secured.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	-912.00K	-3.45M	0.00	0.00	0.00	0.00
EBITDA	-214.30M	-134.75M	-141.57M	-143.45M	-128.57M	-62.80M
Net Income	-207.02M	-138.20M	-134.24M	-141.95M	-130.32M	-63.41M
Balance Sheet
Total Assets	229.14M	350.07M	297.67M	285.10M	287.04M	355.95M
Cash, Cash Equivalents and Short-Term Investments	188.72M	312.02M	259.72M	242.66M	242.72M	351.21M
Total Debt	26.94M	28.97M	31.36M	32.86M	34.59M	0.00
Total Liabilities	67.70M	56.97M	47.12M	53.90M	55.13M	11.67M
Stockholders Equity	161.44M	293.11M	250.56M	231.19M	231.91M	344.28M
Cash Flow
Free Cash Flow	-176.59M	-118.02M	-121.33M	-122.83M	-107.76M	-53.55M
Operating Cash Flow	-176.44M	-118.01M	-121.14M	-116.31M	-106.11M	-53.09M
Investing Cash Flow	217.59M	-218.80M	70.70M	58.44M	-88.24M	-83.16M
Financing Cash Flow	18.74M	161.21M	135.52M	122.91M	1.79M	360.88M

Annexon Biosciences Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 6.16
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ANNX, the sentiment is Positive. The current price of 6.16 is above the 20-day moving average (MA) of 5.31, above the 50-day MA of 4.50, and above the 200-day MA of 2.92, indicating a bullish trend. The MACD of 0.43 indicates Negative momentum. The RSI at 64.76 is Neutral, neither overbought nor oversold. The STOCH value of 85.95 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ANNX.

Annexon Biosciences Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ANNX	56 Neutral	$966.79M	-4.38	-83.98%	―	―	-35.62%
NMRA	52 Neutral	$359.24M	-1.46	-104.35%	―	―	20.71%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
ALDX	50 Neutral	$255.09M	-6.11	-64.31%	―	―	4.23%
ALEC	47 Neutral	$201.93M	-1.70	-121.98%	―	12.26%	37.36%
GALT	44 Neutral	$193.44M	-5.33	―	―	―	18.82%
EDIT	41 Neutral	$216.71M	-0.88	-211.37%	―	-24.90%	7.19%

Annexon Biosciences Corporate Events

Annexon Highlights Late-Stage C1q Pipeline and 2026 Outlook

On January 14, 2026, Annexon updated its corporate presentation ahead of the 44th Annual J.P. Morgan Healthcare Conference, highlighting 2026 as a pivotal year driven by multiple late-stage assets in neuroinflammatory diseases and reinforcing its positioning around C1q inhibition as a differentiated therapeutic platform. The company underscored blockbuster potential for vonaprument, in a Phase 3 registrational trial for dry age-related macular degeneration with geographic atrophy, and tanruprubart for Guillain-Barré syndrome, alongside a diversified pipeline and sufficient cash runway into late 2027, signaling an intensifying push toward regulatory submissions, potential commercialization, and value creation in markets with limited or no effective treatments.

The most recent analyst rating on (ANNX) stock is a Hold with a $6.50 price target. To see the full list of analyst forecasts on Annexon Biosciences stock, see the ANNX Stock Forecast page.

Annexon Biosciences outlines pivotal 2026 milestones and outlook

On January 12, 2026, Annexon outlined 2026 as a pivotal year, detailing registrational milestones across its lead assets and emphasizing a balance sheet that funds operations into late 2027. The company highlighted vonaprument, a neuroprotective therapy in the global Phase 3 ARCHER II trial for dry age-related macular degeneration with geographic atrophy, with enrollment completed ahead of schedule and topline data expected in the second half of 2026, supported by a defined U.S. and European registration path and earlier clinical evidence of significant protection of photoreceptors and vision. Annexon also reported that tanruprubart, positioned as a fast-acting treatment for Guillain-Barré syndrome, has an EU marketing application under review supported by placebo-controlled and real-world data, while an ongoing FORWARD study in the U.S. and Europe is intended to underpin a planned 2026 biologics license application. In parallel, the company is advancing ANX1502, a first-in-kind oral C1 inhibitor for autoimmune conditions, with a proof-of-concept trial in cold agglutinin disease under way assessing pharmacokinetics, pharmacodynamics and complement inhibition, and an update on this program anticipated in 2026, underscoring Annexon’s broader push to expand its complement-targeting immunotherapy platform.

The most recent analyst rating on (ANNX) stock is a Hold with a $5.50 price target. To see the full list of analyst forecasts on Annexon Biosciences stock, see the ANNX Stock Forecast page.

Annexon Biosciences Completes Successful Public Offering

On November 12, 2025, Annexon, Inc. announced an underwritten public offering of 25,096,153 shares of common stock and 3,750,000 pre-funded warrants, raising approximately $80.4 million after expenses. The offering, managed by Goldman Sachs, TD Securities, and Wells Fargo, closed on November 14, 2025, with the underwriters exercising their option to purchase additional shares, indicating strong market interest and potentially enhancing Annexon’s financial position for future developments.

The most recent analyst rating on (ANNX) stock is a Buy with a $14.00 price target. To see the full list of analyst forecasts on Annexon Biosciences stock, see the ANNX Stock Forecast page.