Annexon, Inc.
ANNX · Pharmaceutical Preparations · 38.6M shares · +53%/yr ↑ dilution · EDGAR filings ↗
Reference price $5.41 · est. market cap ~$209M — last insider purchase, 2026-05-28 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D46Clinical/early-stage biotech — complement-pathway clinical, heavy burn, funded.
Strengths
- Liquidity — current ratio 5.7 (63rd)
Risks
- Pre-revenue, deep losses — per metrics
- Pre-revenue/clinical-stage — history of losses & need for capital per risk factors
- Binary clinical & funding risk — per 10-K
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Cash burnNegative free cash flow (-186.5M)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Chronic dilutionShare count +53%/yr over 3y (dilution, book value/share -74%)
- Insider buyingInsider buying — 4 open-market buy(s) by 2 insider(s) (cluster of 2 insiders, ~$3M, last 6mo) Form 4 ↗
- Insider sellingInsider selling — 10 open-market sale(s) by 5 insider(s) (cluster of 5 insiders, ~$313,428, last 6mo) Form 4 ↗
- Notable holderHeld by 5 notable fund(s): FMR LLC, STATE STREET CORP, GOLDMAN SACHS GROUP INC +2 more (as of 2026-03-31)
- Trial readout soonUpcoming trial readout ~2026-10-31 — PHASE3 · Geographic Atrophy
Key metrics
Return on equity
-97.7%
Return on assets
-74.5%
Current ratio
5.7×
Free cash flow
-$186M
EBITDA
-$214M
Tangible book value
$212M
Cash & investments
$238M
Cash runway
5q
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-11 | Yednock Ted | Option exercise | 31K | $1.85 |
| 2026-05-28 | Satter Muneer A | Buy | 613K | $5.41 |
| 2026-05-11 | Carson William H. | Buy | 8.0K | $5.78 |
| 2026-04-10 | Carson William H. | Buy | 8.0K | $6.20 |
| 2026-03-10 | Carson William H. | Buy | 8.0K | $5.67 |
| 2026-03-02 | Lew Jennifer | Sell | 5.6K | $5.42 |
| 2026-03-02 | ARTIS DEAN RICHARD | Sell | 5.9K | $5.43 |
| 2026-03-02 | Yednock Ted | Sell | 5.6K | $5.42 |
| 2026-03-02 | Overdorf Michael | Sell | 4.3K | $5.42 |
| 2026-03-02 | Dananberg Jamie | Sell | 5.8K | $5.43 |
| 2026-02-19 | Overdorf Michael | Grant | 62K | — |
| 2026-02-19 | ARTIS DEAN RICHARD | Grant | 62K | — |
| 2026-02-19 | Yednock Ted | Grant | 62K | — |
| 2026-02-19 | Dananberg Jamie | Grant | 56K | — |
| 2026-02-19 | Lew Jennifer | Grant | 62K | — |
| 2026-02-18 | ARTIS DEAN RICHARD | Sell | 5.3K | $5.10 |
| 2026-02-18 | Yednock Ted | Sell | 7.9K | $5.11 |
| 2026-02-18 | Overdorf Michael | Sell | 6.2K | $5.10 |
| 2026-02-18 | Dananberg Jamie | Sell | 5.3K | $5.10 |
| 2026-02-18 | Lew Jennifer | Sell | 7.9K | $5.11 |
| 2025-12-30 | Carson William H. | Buy | 4.1K | $5.02 |
| 2025-12-01 | Carson William H. | Buy | 4.1K | $4.47 |
| 2025-12-01 | Choi Jung | Buy | 33K | $4.19 |
| 2025-11-21 | Satter Muneer A | Buy | 423K | $4.28 |
| 2025-11-20 | Satter Muneer A | Buy | 400K | $4.48 |
| 2025-11-19 | Satter Muneer A | Buy | 500K | $3.94 |
| 2025-11-18 | Satter Muneer A | Buy | 500K | $3.18 |
| 2025-11-17 | Satter Muneer A | Buy | 500K | $2.99 |
| 2025-10-30 | Carson William H. | Buy | 4.1K | $3.17 |
| 2025-09-30 | Carson William H. | Buy | 4.1K | $3.05 |
| 2025-09-02 | Carson William H. | Buy | 4.1K | $2.09 |
| 2025-07-30 | Carson William H. | Buy | 4.1K | $2.43 |
| 2025-07-14 | Yednock Ted | Sell | 1.1K | $2.58 |
| 2025-07-14 | Lew Jennifer | Sell | 1.1K | $2.58 |
| 2025-07-14 | Overdorf Michael | Sell | 853 | $2.61 |
| 2025-06-30 | Carson William H. | Buy | 4.1K | $2.46 |
| 2025-02-18 | Dananberg Jamie | Sell | 5.5K | $2.96 |
| 2025-02-18 | ARTIS DEAN RICHARD | Sell | 5.5K | $2.97 |
| 2025-02-18 | Yednock Ted | Sell | 8.3K | $2.91 |
| 2025-02-18 | Overdorf Michael | Sell | 6.6K | $2.95 |
| 2025-02-18 | Lew Jennifer | Sell | 6.9K | $2.92 |
| 2025-02-13 | Love Douglas | Sell | 5.0K | $2.95 |
| 2025-02-13 | Lew Jennifer | Sell | 1.8K | $2.98 |
| 2025-02-13 | Yednock Ted | Sell | 1.8K | $2.99 |
| 2025-02-13 | Overdorf Michael | Sell | 1.4K | $2.99 |
| 2025-01-06 | Love Douglas | Option exercise | 38K | $1.41 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT07020819 ↗ | An Open Label Clinical Study to Evaluate Tanruprubart (Also Commonly Known as ANX005) in Participants With Guillain-Barré Syndrome (FORWARD Study) Guillain-Barre Syndrome | PHASE3 | Recruiting | 2026-12-31 |
| NCT06510816 ↗ | A Study Investigating the Efficacy and Safety of Intravitreal (IVT) Injections of Vonaprument (Formerly ANX007) in Participants With Dry Age-Related Macular Degeneration (AMD) With Geographic Atrophy (GA) Geographic Atrophy | PHASE3 | Active Not Recruiting | 2026-10-31 |
| NCT05521269 ↗ | Dose Study of ANX1502 in Healthy Volunteers Healthy | PHASE1 | Completed | 2024-11-19 |
| NCT04701164 ↗ | Efficacy and Safety of ANX005 in Subjects With Guillain-Barré Syndrome Guillain-Barre Syndrome | PHASE3 | Completed | 2024-04-20 |
| NCT04569435 ↗ | Study of ANX005 in Adults With Amyotrophic Lateral Sclerosis (ALS) Amyotrophic Lateral Sclerosis | PHASE2 | Completed | 2024-01-10 |
| NCT05780515 ↗ | A Study of ANX009 in Adult Participants With Lupus Nephritis Lupus Nephritis | PHASE1 | Completed | 2023-08-31 |
| NCT05288881 ↗ | Single Ascending Dose Study of ANX105 Healthy | PHASE1 | Completed | 2023-06-19 |
| NCT04656561 ↗ | A Study Investigating the Efficacy and Safety of Intravitreal Injections of ANX007 in Patients With Geographic Atrophy Geographic Atrophy | PHASE2 | Completed | 2023-03-28 |
| NCT04691570 ↗ | Safety, Tolerability, Pharmacokinetics and Pharmacodynamics of ANX005 in Participants With Warm Autoimmune Hemolytic Anemia (wAIHA) Warm Autoimmune Hemolytic Anemia (wAIHA) | PHASE2 | Completed | 2023-01-17 |
| NCT04514367 ↗ | An Open Label Study of ANX005 in Subjects With, or at Risk for, Manifest Huntington's Disease Huntington Disease | PHASE2 | Completed | 2022-01-28 |
| NCT04535752 ↗ | A Single and Multiple Ascending Dose Study of ANX009 in Normal Healthy Volunteers (NHV) Safety and Tolerability in Healthy Volunteers | PHASE1 | Completed | 2021-06-26 |
| NCT04035135 ↗ | A Clinical Study of ANX005 and IVIG in Subjects With Guillain Barré Syndrome (GBS) Guillain-Barré Syndrome | PHASE1 | Completed | 2021-05-19 |
| NCT04188015 ↗ | Study of ANX007 in Participants With Primary Open-angle Glaucoma Open Angle Glaucoma | PHASE1 | Completed | 2019-06-03 |
| NCT03488550 ↗ | Single-dose Study of ANX007 in Participants With Primary Open-angle Glaucoma Open-angle Glaucoma | PHASE1 | Completed | 2018-08-03 |
| NCT03010046 ↗ | Single Dose Study of ANX005 in Healthy Volunteers Safety and Tolerability in Healthy Volunteers | PHASE1 | Terminated | 2018-06-01 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-12 | 2026-06-11 | 0001193125-26-269479 ↗ |
| 10-Q | 2026-05-07 | 2026-03-31 | 0001193125-26-211931 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001193125-26-211863 ↗ |
| 10-K | 2026-03-30 | 2025-12-31 | 0001193125-26-131782 ↗ |
| 8-K | 2026-03-30 | 2026-03-30 | 0001193125-26-131746 ↗ |
| 8-K | 2026-02-17 | 2026-02-12 | 0001193125-26-054695 ↗ |
| 8-K | 2026-01-14 | 2026-01-14 | 0001193125-26-012918 ↗ |
| 8-K | 2026-01-12 | 2026-01-12 | 0001193125-26-009740 ↗ |
| 8-K | 2025-11-14 | 2025-11-12 | 0001193125-25-283191 ↗ |
| 8-K | 2025-11-10 | 2025-11-10 | 0001193125-25-274220 ↗ |
| 10-Q | 2025-11-10 | 2025-09-30 | 0001193125-25-274240 ↗ |
| 10-Q | 2025-08-14 | 2025-06-30 | 0000950170-25-108869 ↗ |