Annexon Biosciences (ANNX) AI Stock Analysis

• Market Cap: $717.86M
• Dividend Yield: N/A
• Average Volume (3M): 2.09M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.73
• 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: 1,798,542
• 30 Day Avg. Volume: 2,090,497
• 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: 0.69
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: -544.14
• Enterprise Value/Ebitda: -2.32
• 1Y Price Target: $17.00
• Price Target Upside: 233.99% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 5
• EPS Forecast (FY): -1.07
• Revenue Forecast (FY): $2.91M

• Rating: 56 Neutral
• Price Target: $7.00 ▲(37.52% Upside)
• Action: Reiterated Date: 01/15/26
• Date: Action: Reiterated 01/15/26

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

Differentiated C1q therapeutic platform

Annexon’s focus on C1q inhibition creates a platform-level competitive advantage across neurodegenerative, ophthalmic and immune-mediated indications. A validated, mechanism-driven platform can generate multiple asset opportunities, licensing/combo paths and sustained R&D optionality as programs mature toward registration.

Late-stage pipeline with near-term registrational milestones

Advancing Phase 3 programs and an active MAA review materially de-risks long-term value if outcomes are positive. Successful registrational readouts and regulatory submissions can transition Annexon from pre-revenue to commercialization, creating durable revenue streams in markets with limited alternatives.

Recent capital raise supports near-term execution

The completed $80.4M offering, together with a relatively low debt profile, extends runway to fund pivotal readouts and regulatory activities. Demonstrated capital access and modest leverage reduce short-term financing urgency, supporting completion of registrational work that determines long-term commercial prospects.

Negative Factors

Pre-revenue status and widening net losses

Remaining pre-revenue with rapidly expanding net losses means value creation hinges entirely on clinical/regulatory success. Persistent negative earnings indicate the company must convert trial outcomes into sustainable revenue to achieve profitability, a multi-period operational risk common to late-stage biotechs.

Accelerating negative cash flow and burn rate

Rapidly worsening operating and free cash flow reflects cash-funded R&D and trial costs and creates recurring financing needs. Sustained negative cash generation increases dependency on external capital, which can dilute shareholders, constrain strategic flexibility, and pressure timelines if markets tighten.

Ongoing funding needs imply dilution risk

Reliance on equity raises to fund development is a structural risk for pre-revenue biotechs. Even with recent proceeds, continued pipeline investment and potential commercialization build-out likely require further capital, creating long-term dilution risk and governance pressures on strategic choices.

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

Financial profile remains weak: the company is pre-revenue with widening net losses (TTM net loss ~$207M) and deeply negative operating/free cash flow (TTM FCF roughly -$176M), indicating significant ongoing funding needs. The balance sheet is a partial offset with relatively low leverage (debt-to-equity ~0.10–0.14), but equity and assets have declined notably, consistent with sustained burn.

Income Statement

ANNX is still pre-revenue (revenue is $0 across annual periods and TTM (Trailing-Twelve-Months)), so reported results are dominated by operating losses. Losses have expanded versus 2020 (net loss ~$63M) to 2024 (net loss ~$138M) and TTM (Trailing-Twelve-Months) (net loss ~$207M), indicating rising spend and worsening profitability. With negative gross profit in TTM and deeply negative operating results, the core earnings profile remains weak until meaningful revenue ramps.

Balance Sheet

The balance sheet is a relative bright spot: leverage is low with debt-to-equity around ~0.10–0.14 across recent periods, and total debt (~$27M TTM (Trailing-Twelve-Months)) remains modest. However, equity and total assets have declined materially from 2024 to TTM (Trailing-Twelve-Months) (equity ~$293M to ~$161M; assets ~$350M to ~$229M), reflecting ongoing cash burn and accumulated losses. Returns on equity are strongly negative, underscoring that capital is currently being consumed rather than generating returns.

Cash Flow

Cash generation remains a key weakness: operating cash flow and free cash flow are consistently negative, worsening to roughly -$176M in TTM (Trailing-Twelve-Months) versus about -$118M in 2024, implying an accelerating burn rate. Free cash flow roughly tracks the net loss, suggesting losses are largely cash-backed rather than non-cash accounting effects. While the company has shown periods of improved free cash flow growth, the overall trajectory still points to significant ongoing funding needs.

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: 5.09
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

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 5.09 is below the 20-day moving average (MA) of 5.55, below the 50-day MA of 5.56, and above the 200-day MA of 3.47, indicating a neutral trend. The MACD of -0.23 indicates Positive momentum. The RSI at 42.00 is Neutral, neither overbought nor oversold. The STOCH value of 25.59 is Neutral, 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	$717.86M	―	-83.98%	―	―	-35.62%
NMRA	52 Neutral	$573.12M	-2.36	-104.35%	―	―	20.71%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
ALDX	50 Neutral	$313.45M	-7.61	-64.31%	―	―	4.23%
GALT	46 Neutral	$203.75M	-5.45	―	―	―	18.82%
ALEC	46 Neutral	$239.04M	-2.23	-121.98%	―	12.26%	37.36%
EDIT	41 Neutral	$205.98M	-0.90	-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.