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Annexon (ANNX) Financials

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$5.52 +0.21 (+3.95%)
As of 05/26/2026 04:00 PM Eastern
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Annual Income Statements for Annexon

Annual Income Statements for Annexon

This table shows Annexon's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -38 -70 -130 0.00 -134 -138 -209
Consolidated Net Income / (Loss)		 -37 -63 -130 -142 -134 -138 -207
Net Income / (Loss) Continuing Operations		 -37 -63 -131 -142 -134 -138 -207
Total Pre-Tax Income 		-37 -63 -131 -142 -134 -138 -207
Total Operating Income		 -33 -63 -131 -146 -144 -154 -216
Total Gross Profit		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Revenue		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Cost of Revenue		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses		 33 63 131 146 144 154 216
Selling, General & Admin Expense		 7.99 14 31 33 30 35 32
Research & Development Expense		 25 49 100 113 114 119 185
Total Other Income / (Expense), net		 -4.66 0.00 0.00 3.65 9.49 16 9.72
Interest & Investment Income		 - - - 3.65 9.49 16 9.72
Other Adjustments to Net Income / (Loss) Attributable to Common Shareholders)		 - - - - - - 1.86
Basic Earnings per Share		 ($88.30) ($4.15) ($3.40) ($2.60) ($1.77) ($1.01) ($1.34)
Weighted Average Basic Shares Outstanding		 433.49K 16.96M 38.32M 54.67M 75.67M 137.40M 155.11M
Diluted Earnings per Share		 ($88.30) ($4.15) ($3.40) ($2.60) ($1.77) ($1.01) ($1.34)
Weighted Average Diluted Shares Outstanding		 433.49K 16.96M 38.32M 54.67M 75.67M 137.40M 155.11M
Weighted Average Basic & Diluted Shares Outstanding		 433.49K 16.96M 38.32M 75.19M 125.27M 148.25M 198.27M
Cash Dividends to Common per Share		 - $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Quarterly Income Statements for Annexon

This table shows Annexon's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -32 -28 -25 -30 -35 -49 0.00 -51 -55 -48 0.00
Consolidated Net Income / (Loss)		 -32 -28 -25 -30 -35 -49 -54 -49 -55 -48 -44
Net Income / (Loss) Continuing Operations		 -32 -28 -25 -30 -35 -49 -54 -49 -55 -48 -44
Total Pre-Tax Income 		-32 -28 -25 -30 -35 -49 -54 -49 -55 -48 -44
Total Operating Income		 -35 -30 -29 -34 -39 -52 -57 -52 -57 -50 -46
Total Gross Profit		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Revenue		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Cost of Revenue		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Operating Expenses		 35 30 29 34 39 52 57 52 57 50 46
Selling, General & Admin Expense		 6.89 6.74 7.61 8.55 9.34 9.13 9.23 7.57 7.32 7.60 10
Research & Development Expense		 28 23 21 25 30 43 48 44 50 43 36
Total Other Income / (Expense), net		 2.30 2.12 3.40 3.97 4.62 3.89 3.05 2.57 2.10 2.00 1.91
Interest & Investment Income		 2.30 2.12 3.40 3.97 4.62 3.89 3.05 2.57 2.10 2.00 1.91
Basic Earnings per Share		 ($0.43) ($0.35) ($0.21) ($0.23) ($0.25) ($0.32) ($0.37) ($0.34) ($0.37) ($0.26) ($0.23)
Weighted Average Basic Shares Outstanding		 75.34M 75.67M 122.67M 130.13M 139.93M 137.40M 148.11M 148.32M 149.12M 155.11M 194.20M
Diluted Earnings per Share		 ($0.43) ($0.35) ($0.21) ($0.23) ($0.25) ($0.32) ($0.37) ($0.34) ($0.37) ($0.26) ($0.23)
Weighted Average Diluted Shares Outstanding		 75.34M 75.67M 122.67M 130.13M 139.93M 137.40M 148.11M 148.32M 149.12M 155.11M 194.20M
Weighted Average Basic & Diluted Shares Outstanding		 75.35M 125.27M 126.70M 146.94M 147.88M 148.25M 148.26M 148.43M 158.18M 198.27M 199.61M

Annual Cash Flow Statements for Annexon

This table details how cash moves in and out of Annexon's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -0.23 225 -193 65 85 -176 113
Net Cash From Operating Activities		 -28 -53 -106 -116 -121 -118 -186
Net Cash From Continuing Operating Activities		 -28 -53 -106 -116 -121 -118 -186
Net Income / (Loss) Continuing Operations		 -37 -63 -130 -142 -134 -138 -207
Consolidated Net Income / (Loss)		 -37 -63 -130 -142 -134 -138 -207
Depreciation Expense		 0.49 0.67 2.14 2.11 2.15 2.15 2.17
Amortization Expense		 0.00 0.05 1.25 0.07 -2.55 -9.05 -4.01
Non-Cash Adjustments To Reconcile Net Income		 7.71 4.89 18 20 19 21 18
Changes in Operating Assets and Liabilities, net		 0.51 4.72 3.28 3.74 -5.81 6.36 4.23
Net Cash From Investing Activities		 -0.27 -83 -88 58 71 -219 190
Net Cash From Continuing Investing Activities		 -0.27 -83 -88 58 71 -219 190
Purchase of Property, Plant & Equipment		 -0.27 -0.46 -1.65 -6.53 -0.19 -0.02 -0.14
Purchase of Investments		 0.00 -83 -226 -113 -108 -584 -212
Sale and/or Maturity of Investments		 - 0.00 139 178 179 365 402
Net Cash From Financing Activities		 28 361 1.80 123 136 161 109
Net Cash From Continuing Financing Activities		 28 361 1.80 123 136 161 109
Repayment of Debt		 0.00 -0.50 - -7.99 -0.56 -2.26 -1.62
Issuance of Common Equity		 0.00 267 0.19 131 136 162 110
Other Financing Activities, net		 0.00 0.02 1.61 0.08 0.09 1.23 0.46

Quarterly Cash Flow Statements for Annexon

This table details how cash moves in and out of Annexon's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 20 92 -73 5.36 -78 -30 48 35 7.13 23 13
Net Cash From Operating Activities		 -28 -23 -28 -22 -32 -36 -50 -38 -52 -46 -47
Net Cash From Continuing Operating Activities		 -29 -23 -28 -22 -32 -36 -50 -38 -53 -45 -47
Net Income / (Loss) Continuing Operations		 -32 -28 -25 -30 -35 -49 -54 -49 -55 -48 -44
Consolidated Net Income / (Loss)		 -32 -28 -25 -30 -35 -49 -54 -49 -55 -48 -44
Depreciation Expense		 0.54 0.54 0.54 0.54 0.54 0.54 0.54 0.54 0.55 0.54 0.54
Amortization Expense		 -0.60 -0.26 -1.14 -1.80 -3.10 -3.02 -1.85 -1.26 -0.48 -0.42 -0.63
Non-Cash Adjustments To Reconcile Net Income		 4.04 6.84 4.21 6.02 4.94 5.57 4.44 3.50 3.18 6.82 3.81
Changes in Operating Assets and Liabilities, net		 -0.08 -1.88 -6.89 3.33 0.43 9.49 0.84 7.90 -0.98 -3.53 -6.37
Net Cash From Investing Activities		 48 -2.18 -77 -97 -46 1.01 98 73 46 -27 27
Net Cash From Continuing Investing Activities		 48 -2.18 -77 -97 -46 1.01 98 73 46 -27 27
Purchase of Property, Plant & Equipment		 -0.03 -0.00 0.00 - -0.01 -0.01 -0.07 - -0.05 - 0.00
Purchase of Investments		 -14 -24 -100 -166 -146 -172 -62 -59 -27 -65 -5.94
Sale and/or Maturity of Investments		 62 22 23 69 100 173 160 132 73 39 33
Net Cash From Financing Activities		 - 118 32 124 0.18 4.97 0.06 0.15 14 95 33
Net Cash From Continuing Financing Activities		 - 118 32 124 0.18 4.97 0.06 0.15 14 95 33
Repayment of Debt		 - -0.03 -0.92 -0.86 -0.36 -0.13 -0.00 -0.03 -0.63 -0.96 -0.94
Repurchase of Common Equity		 - - 0.00 - - - 0.00 - - - 0.00
Issuance of Common Equity		 - 118 33 124 - 4.78 0.00 0.18 14 96 34
Other Financing Activities, net		 - -0.02 0.20 0.19 0.53 0.31 0.06 - 0.00 0.40 0.23
Other Net Changes in Cash		 -0.00 - -0.01 - - - 0.00 0.00 - - 0.00

Annual Balance Sheets for Annexon

This table presents Annexon's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 50 356 287 285 298 350 278
Total Current Assets		 45 354 248 248 264 316 242
Cash & Equivalents		 44 269 75 140 225 49 162
Short-Term Investments		 0.00 83 168 103 35 263 76
Prepaid Expenses		 1.48 2.81 4.98 5.44 4.14 4.44 3.85
Plant, Property, & Equipment, net		 2.14 1.94 18 17 15 13 11
Total Noncurrent Assets		 2.35 0.00 21 20 19 21 25
Other Noncurrent Operating Assets		 2.35 0.00 21 20 19 21 25
Total Liabilities & Shareholders' Equity		 50 356 287 285 298 350 278
Total Liabilities		 6.37 12 55 54 47 57 66
Total Current Liabilities		 4.93 11 22 22 18 31 43
Accounts Payable		 2.37 3.73 11 7.42 5.49 10 15
Accrued Expenses		 2.19 6.50 9.25 13 10 18 25
Other Current Liabilities		 - 0.00 1.34 1.50 2.17 2.52 2.91
Total Noncurrent Liabilities		 1.44 1.05 33 32 29 26 23
Other Noncurrent Operating Liabilities		 - 0.00 33 32 29 26 23
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 -100 344 232 231 251 293 212
Total Preferred & Common Equity		 -100 344 232 231 251 293 212
Total Common Equity		 -100 344 232 231 251 293 212
Common Stock		 2.21 510 528 670 823 1,004 1,129
Retained Earnings		 -103 -166 -296 -438 -572 -711 -917
Accumulated Other Comprehensive Income / (Loss)		 -0.08 -0.08 -0.18 -0.37 -0.05 0.01 -0.03

Quarterly Balance Sheets for Annexon

This table presents Annexon's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 233 204 304 406 379 303 265 229 263
Total Current Assets		 198 169 271 374 344 268 231 193 228
Cash & Equivalents		 114 133 152 157 80 97 132 139 175
Short-Term Investments		 79 32 113 211 261 167 95 49 50
Prepaid Expenses		 4.62 3.90 5.79 5.27 4.18 4.47 3.60 4.10 3.24
Plant, Property, & Equipment, net		 16 15 14 14 13 12 12 11 10
Total Noncurrent Assets		 20 19 19 18 21 23 22 25 25
Other Noncurrent Operating Assets		 20 19 19 18 21 23 22 25 25
Total Liabilities & Shareholders' Equity		 233 204 304 406 379 303 265 229 263
Total Liabilities		 48 47 42 45 47 59 66 68 58
Total Current Liabilities		 18 17 13 17 20 34 41 44 36
Accounts Payable		 7.16 4.81 3.97 4.13 6.75 10 12 18 18
Accrued Expenses		 8.95 10 6.86 11 11 20 26 23 15
Other Current Liabilities		 1.62 1.87 2.30 2.37 2.44 2.62 2.72 2.82 3.02
Total Noncurrent Liabilities		 30 30 29 28 27 26 25 24 22
Other Noncurrent Operating Liabilities		 30 30 29 28 27 26 25 24 22
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 185 157 262 361 332 244 199 161 205
Total Preferred & Common Equity		 185 157 262 361 332 244 199 161 205
Total Common Equity		 185 157 262 361 332 244 199 161 205
Common Stock		 697 702 860 988 994 1,009 1,013 1,031 1,166
Retained Earnings		 -512 -545 -598 -627 -662 -765 -814 -869 -962
Accumulated Other Comprehensive Income / (Loss)		 -0.17 -0.12 -0.10 -0.09 0.08 -0.09 -0.09 -0.08 -0.08

Annual Metrics And Ratios for Annexon

This table displays calculated financial ratios and metrics derived from Annexon's official financial filings.

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 0.00 38,157,618.00 38,374,846.00 47,617,740.00 75,352,047.00 - 158,176,381.00
DEI Adjusted Shares Outstanding		 0.00 38,157,618.00 38,374,846.00 47,617,740.00 75,352,047.00 - 158,176,381.00
DEI Earnings Per Adjusted Shares Outstanding		 0.00 -1.84 -3.40 0.00 -1.78 - -1.32
Growth Metrics		 - - - - - - -
Profitability Metrics		 - - - - - - -
Net Operating Profit after Tax (NOPAT)		 -23 -44 -91 -102 -101 -108 -151
Return On Investment Capital (ROIC_SIMPLE)		 - - - - -40.15% -36.80% -71.57%
Earnings before Interest and Taxes (EBIT)		 -37 -63 -131 -146 -144 -154 -216
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -37 -63 -127 -143 -144 -161 -218
Valuation Ratios		 - - - - - - -
Leverage & Solvency		 - - - - - - -
Liquidity Ratios		 - - - - - - -
Cash Flow Metrics		 - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -38 -88 -101 -103 -98 -144
Efficiency Ratios		 - - - - - - -
Capital & Investment Metrics		 - - - - - - -
Invested Capital		 -0.40 -6.93 -11 -11 -9.16 -19 -27
Increase / (Decrease) in Invested Capital		 0.00 -6.53 -3.88 -0.66 2.30 -9.75 -7.79
Book Value per Share		 ($231.73) $9.02 $6.04 $4.23 $3.33 $1.98 $1.34
Tangible Book Value per Share		 ($231.73) $9.02 $6.04 $4.23 $3.33 $1.98 $1.34
Total Capital		 44 344 232 231 251 293 212
Total Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 -44 -351 -243 -243 -260 -312 -238
Capital Expenditures (CapEx)		 0.27 0.46 1.65 6.53 0.19 0.02 0.14
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -3.46 -7.82 -17 -17 -14 -26 -39
Debt-free Net Working Capital (DFNWC)		 40 343 226 226 246 286 200
Net Working Capital (NWC)		 40 343 226 226 246 286 200
Net Nonoperating Expense (NNE)		 14 19 39 40 34 30 55
Net Nonoperating Obligations (NNO)		 -44 -351 -243 -243 -260 -312 -238
Total Depreciation and Amortization (D&A)		 0.49 0.72 3.39 2.18 -0.40 -6.90 -1.84
Earnings Adjustments		 - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 ($4.15) ($3.40) ($2.60) ($1.77) ($1.01) ($1.34)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 38.16M 38.56M 54.67M 75.67M 137.40M 155.11M
Adjusted Diluted Earnings per Share		 $0.00 ($4.15) ($3.40) ($2.60) ($1.77) ($1.01) ($1.34)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 38.16M 38.56M 54.67M 75.67M 137.40M 155.11M
Adjusted Basic & Diluted Earnings per Share		 $0.00 ($4.15) ($3.40) $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 16.96M 38.32M 75.19M 125.27M 148.25M 198.27M
Normalized Net Operating Profit after Tax (NOPAT)		 -23 -44 -91 -102 -101 -108 -151
Debt Service Ratios		 - - - - - - -
Payout Ratios		 - - - - - - -

Quarterly Metrics And Ratios for Annexon

This table displays calculated financial ratios and metrics derived from Annexon's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 75,352,047.00 75,352,047.00 125,274,052.00 126,695,918.00 146,937,014.00 - 148,253,403.00 148,257,981.00 148,430,200.00 158,176,381.00 198,267,910.00
DEI Adjusted Shares Outstanding		 75,352,047.00 75,352,047.00 125,274,052.00 126,695,918.00 146,937,014.00 - 148,253,403.00 148,257,981.00 148,430,200.00 158,176,381.00 198,267,910.00
DEI Earnings Per Adjusted Shares Outstanding		 -0.43 -0.37 -0.20 -0.23 -0.24 - -0.37 -0.34 -0.37 -0.31 0.00
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
EBITDA Growth		 2.31% 18.73% 29.89% 8.20% -20.57% -84.87% -101.29% -50.53% -35.58% - 21.41%
EBIT Growth		 3.57% 18.22% 30.72% 10.91% -13.40% -74.88% -100.91% -54.04% -44.56% - 19.78%
NOPAT Growth		 3.57% 18.22% 30.72% 10.91% -13.40% -74.88% -100.91% -54.04% -44.56% - 19.78%
Net Income Growth		 7.34% 18.88% 34.91% 15.85% -7.21% -74.21% -115.90% -66.01% -57.71% - 18.79%
EPS Growth		 15.69% -66.67% 59.62% 51.06% 41.86% 8.57% -76.19% -47.83% -48.00% - 37.84%
Operating Cash Flow Growth		 7.90% 13.49% 14.32% 40.33% -13.16% -53.41% -77.08% -75.37% -63.37% - 6.51%
Free Cash Flow Firm Growth		 50.48% 6.87% 50.00% 13.63% -72.70% -15.76% -30.71% 33.88% 22.91% - -38.72%
Invested Capital Growth		 0.00% 20.09% 0.00% 5.38% -1.47% -106.46% -682.85% -267.45% -218.83% - -2.93%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
EBITDA Q/Q Growth		 8.20% 14.66% 1.88% -19.43% -20.57% -30.85% -6.83% 10.69% -8.59% - 7.96%
EBIT Q/Q Growth		 7.72% 13.72% 4.79% -17.53% -17.46% -33.05% -9.39% 9.89% -10.23% - 8.37%
NOPAT Q/Q Growth		 7.72% 13.72% 4.79% -17.53% -17.46% -33.05% -9.39% 9.89% -10.23% - 8.37%
Net Income Q/Q Growth		 7.69% 14.13% 9.73% -17.61% -17.61% -39.53% -11.87% 9.57% -11.73% - 8.53%
EPS Q/Q Growth		 8.51% 18.60% 40.00% -9.52% -8.70% -28.00% -15.63% 8.11% -8.82% - 11.54%
Operating Cash Flow Q/Q Growth		 22.24% 17.02% -20.40% 23.20% -47.47% -12.49% -38.98% 23.94% -37.39% - -1.89%
Free Cash Flow Firm Q/Q Growth		 42.58% -46.46% 25.11% -37.13% -14.81% 1.83% 15.43% 30.63% -33.87% - -15.54%
Invested Capital Q/Q Growth		 -4.71% -8.63% 72.24% -199.65% -12.28% -121.04% -5.27% -40.65% 2.58% - 23.24%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
EBITDA Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Operating Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
EBIT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Profit (Net Income) Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Tax Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% - 100.00%
Interest Burden Percent		 93.39% 92.94% 88.11% 88.18% 88.29% 92.59% 94.69% 95.03% 96.32% - 95.85%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Return on Equity (ROE)		 -179.46% -55.73% -46.01% -42.20% -48.12% -50.84% -66.13% -66.75% -83.99% - -87.65%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Operating Return on Assets (OROA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Return on Assets (ROA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Return on Common Equity (ROCE)		 -179.46% -55.73% -46.01% -42.20% -48.12% -50.84% -66.13% -66.75% -83.99% - -87.65%
Return on Equity Simple (ROE_SIMPLE)		 -89.73% 0.00% -46.01% 0.00% 0.00% 0.00% -68.66% 0.00% 0.00% - 0.00%
Net Operating Profit after Tax (NOPAT)		 -24 -21 -20 -24 -28 -37 -40 -36 -40 -35 -32
NOPAT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Net Nonoperating Expense Percent (NNEP)		 -9.84% -2.74% -3.91% -2.17% -2.86% -4.15% -5.36% -4.35% -5.68% - -4.87%
Return On Investment Capital (ROIC_SIMPLE)		 - -8.38% -7.62% -6.51% -8.33% -12.53% -16.48% -18.19% -24.72% -16.62% -15.76%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Operating Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Earnings before Interest and Taxes (EBIT)		 -35 -30 -29 -34 -39 -52 -57 -52 -57 -50 -46
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -35 -30 -29 -35 -42 -55 -59 -52 -57 -50 -46
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.13 1.37 3.42 1.72 2.62 2.59 1.17 1.79 2.80 - 5.37
Price to Tangible Book Value (P/TBV)		 1.13 1.37 3.42 1.72 2.62 2.59 1.17 1.79 2.80 - 5.37
Price to Revenue (P/Rev)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Price to Earnings (P/E)		 146.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Earnings Yield		 0.68% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Financial Leverage		 -1.05 -1.04 -1.01 -1.03 -1.03 -1.05 -1.04 -1.06 -1.07 - -1.09
Leverage Ratio		 1.30 1.21 1.16 1.17 1.19 1.19 1.20 1.20 1.23 - 1.26
Compound Leverage Factor		 1.21 1.12 1.02 1.03 1.05 1.10 1.14 1.14 1.19 - 1.21
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Common Equity to Total Capital		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% - 100.00%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Altman Z-Score		 -1.14 2.32 10.89 6.90 9.29 5.63 -0.33 -0.84 -1.34 - 6.47
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 9.85 14.72 20.62 21.81 17.18 10.37 7.99 5.67 4.42 - 6.35
Quick Ratio		 9.63 14.49 20.17 21.50 16.97 10.23 7.86 5.59 4.33 - 6.26
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -16 -23 -17 -24 -27 -27 -23 -16 -21 -27 -32
Operating Cash Flow to CapEx		 -113,164.00% -2,347,700.00% 0.00% 0.00% -355,722.22% -600,250.00% -56,241.57% 0.00% -108,966.67% - 0.00%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 -8.43 -9.16 -2.54 -7.62 -8.56 -19 -20 -28 -27 -27 -20
Invested Capital Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Increase / (Decrease) in Invested Capital		 -8.43 2.30 -2.54 0.43 -0.12 -9.75 -17 -20 -19 -7.79 -0.58
Enterprise Value (EV)		 13 82 633 252 530 447 22 129 264 - 873
Market Capitalization		 178 342 898 621 870 759 286 356 453 - 1,098
Book Value per Share		 $2.08 $3.33 $2.09 $2.85 $2.26 $1.98 $1.64 $1.34 $1.09 $1.34 $1.03
Tangible Book Value per Share		 $2.08 $3.33 $2.09 $2.85 $2.26 $1.98 $1.64 $1.34 $1.09 $1.34 $1.03
Total Capital		 157 251 262 361 332 293 244 199 161 212 205
Total Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 -165 -260 -265 -369 -340 -312 -264 -227 -189 -238 -225
Capital Expenditures (CapEx)		 0.03 0.00 0.00 0.00 0.01 0.01 0.09 0.00 0.05 0.00 0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -13 -14 -7.34 -12 -16 -26 -29 -37 -39 -39 -33
Debt-free Net Working Capital (DFNWC)		 152 246 258 357 324 286 235 190 149 200 192
Net Working Capital (NWC)		 152 246 258 357 324 286 235 190 149 200 192
Net Nonoperating Expense (NNE)		 8.14 6.88 5.18 6.10 7.21 12 14 13 15 13 12
Net Nonoperating Obligations (NNO)		 -165 -260 -265 -369 -340 -312 -264 -227 -189 -238 -225
Total Depreciation and Amortization (D&A)		 -0.06 0.28 -0.60 -1.26 -2.56 -2.49 -1.31 -0.72 0.07 0.12 -0.09
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Debt-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 ($0.35) ($0.21) ($0.23) ($0.25) ($0.32) ($0.37) ($0.34) ($0.37) ($0.26) ($0.23)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 75.67M 122.67M 130.13M 139.93M 137.40M 148.11M 148.32M 149.12M 155.11M 194.20M
Adjusted Diluted Earnings per Share		 $0.00 ($0.35) ($0.21) ($0.23) ($0.25) ($0.32) ($0.37) ($0.34) ($0.37) ($0.26) ($0.23)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 75.67M 122.67M 130.13M 139.93M 137.40M 148.11M 148.32M 149.12M 155.11M 194.20M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 125.27M 126.70M 146.94M 147.88M 148.25M 148.26M 148.43M 158.18M 198.27M 199.61M
Normalized Net Operating Profit after Tax (NOPAT)		 -24 -21 -20 -24 -28 -37 -40 -36 -40 -35 -32
Normalized NOPAT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Pre Tax Income Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%

Financials Breakdown Chart

Key Financial Trends

Here’s a concise, investor-focused takeaway on Annexon (NASDAQ: ANNX) using the latest quarterly data through 2025. The company continues to burn cash driven by R&D, but liquidity improved in late 2025 thanks to equity financing. Revenue remains effectively non-existent in the periods shown, and losses persist, but the balance sheet shows a growing equity base offsetting cash burn.

  • Annexon raised substantial new equity in 2025, with a near-term common stock issuance totaling about $95.6 million in Q4 2025, boosting liquidity.
  • Net cash from financing activities in Q4 2025 was about $95.1 million, reflecting the equity raise and supporting the company’s cash runway.
  • In Q3 2025, there was meaningful cash inflow from investing activities (sale/maturity of investments) totaling about $72.6 million, contributing to interim liquidity alongside ongoing R&D spend.
  • Cash and cash equivalents stood around $139 million in Q3 2025 (and roughly $132 million in Q2 2025), providing a solid liquidity buffer to fund ongoing R&D before revenue generation.
  • Total revenue is effectively zero across recent quarters (2025 Q1–Q4), consistent with a biotech company still in development and not yet revenue-generating.
  • Operating cash flow was negative in each observed quarter, indicating continued cash burn despite investments in R&D and operations.
  • R&D expense remains the primary operating cost driver (roughly $42–$50 million per quarter in 2025), which aligns with a heavy clinical program but continues to pressure near-term profitability.
  • Net income attributable to common shareholders was deeply negative in 2025 quarters (approximately -$48M to -$55M per quarter), signaling ongoing losses.
  • Pre-tax income was also negative by wide margins each quarter, underscoring a lack of near-term profitability before potential tax effects.
  • Retained Earnings show large cumulative deficits on multiple balance sheets (e.g., around -$765 million in Q1 2025, -$814 million in Q2 2025, and -$869 million in Q3 2025), highlighting substantial ongoing shareholder value erosion from losses.
05/26/26 11:18 PM ETAI Generated. May Contain Errors.

Annexon Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Annexon's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Annexon's net income appears to be on an upward trend, with a most recent value of -$206.69 million in 2025, rising from -$37.18 million in 2019. The previous period was -$138.20 million in 2024. See Annexon's forecast for analyst expectations on what's next for the company.

Annexon's total operating income in 2025 was -$216.41 million, based on the following breakdown:
  • Total Gross Profit: $0.00
  • Total Operating Expenses: $216.41 million

Over the last 6 years, Annexon's total revenue changed from $0.00 in 2019 to $0.00 in 2025, a change of 0.0%.

Annexon's total liabilities were at $65.92 million at the end of 2025, a 15.7% increase from 2024, and a 935.2% increase since 2019.

In the past 6 years, Annexon's cash and equivalents has ranged from $43.93 million in 2019 to $268.57 million in 2020, and is currently $162.05 million as of their latest financial filing in 2025.

Over the last 6 years, Annexon's book value per share changed from -231.73 in 2019 to 1.34 in 2025, a change of -100.6%.


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Financial statements for NASDAQ:ANNX last updated on 5/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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