Biotech Distilled
Substack ↗ Subscribe
Subscribe Substack ↗ About

Home › Companies › ANNX

Annexon

ANNX Rare disease Lead: Phase 3 6 Biotech Distilled articles ↓ 24 filings & releases ↓ Cash $199M (Jun 30, 2026) ↓ 6 verdicts ↓ 7 timing quotes ↓
HematologyNeurologyOphthalmologyRenal ProteinSmall Molecule

Market cap $796M 189.6M shares (vendor count, Nov 7, 2026) × $4.20 close Nov 6, 2026 · share count from the market-data vendor, not the SEC cover page

Most recent annual filing: 2026-03-15

Catalyst timeline

6 trackedQuarter catalyst calendar →
  1. ANX1502 C1 readout2026ANX1502 C1 readout, 2026, notable
  2. ANX1502 POC readout2H 2026ANX1502 POC readout, 2H 2026, notable
  3. Vonaprument Ph3 topline4Q 2026Vonaprument Ph3 topline, 4Q 2026, thesis-defining
  4. Tanruprubart BLA filing4Q 2026Tanruprubart BLA filing, 4Q 2026, material
  5. loan covenant trial startMar 31, 2027loan covenant trial start, Mar 31, 2027, routine
  6. loan tranche corporate updateSep 30, 2027loan tranche corporate update, Sep 30, 2027, notable

Bar width shows how precise the guidance is — a pin is a stated date, a wide band a six-month window. Deeper blue means more of the thesis rides on the event; it is not a view on the stock.

Pipeline (6 active programs)

Capital (as filed)

Cash
$199M cash and cash equivalents · Jun 30, 2026 (10-Q)
Short-term investments
$10.0M Jun 30, 2026
Operating cash flow
−$48.0M quarter Mar 31, 2026 → Jun 30, 2026, year-to-date difference (10-Q)
As stated in coverage
$209M cash, runway 2028 per the update of Aug 12, 2026 — the company's own words as read there, not the filed figure

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (6)

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (6 calls)

Every verdict Biotech Distilled has published on Annexon, oldest first — the full history, never a selection. How calls are scored: the track record.

  1. 2026-02-27 Watch Annexon (ANNX): Scientific Deep Dive for ANX007 and Pipeline Products Elegant C1q biology but regulatory gambles on functional endpoints and ex-US data justify watching rather than buying ahead of the binary 2H 2026 Phase 3 readout.
  2. 2026-04-04 Watch UPDATE: Annexon (ANNX) - Spring Cleaning, Shelf Registrations, and the Dilution Gap New S-3 shelf registration reintroduces dilution risk, keeping the stock on watch despite unchanged science ahead of the binary 2H 2026 GA readout.
  3. 2026-05-08 Watch UPDATE: Annexon (ANNX) - The Dilution Gun Has Fired ATM already fired with $32.7M in Q1 sales and shelf upsized to $150M; GBS FDA pushback more explicit, but science unchanged and ARCHER II tightened to Q4 2026.
  4. 2026-07-30 Watch UPDATE: Annexon (ANNX) - The Dilution Gun Gets a Debt Silencer Oxford $200M debt facility extends runway non-dilutively but concentrates downside risk via secured lien on C1q IP; GBS generalizability problem unresolved; watch for pullback into Q4 readout.
  5. 2026-08-07 Watch UPDATE: Annexon (ANNX) - The Silent Killer Gets Its First Western Data FORWARD n=10 Western data shows 10-for-10 rapid improvement in GBS patients, partially de-risking the generalizability problem, but ARCHER II remains the dominant binary and the $150M ATM still overhangs any pre-data rally.
  6. 2026-08-13 Watch UPDATE: Annexon (ANNX) - The Binary Just Grew a Second Half ARCHER II adds Month 24 dual primary endpoint meaning Q4 2026 delivers only a DMC verdict with full data potentially in Q1 2027; catalyst diffusion and $117.8M ATM overhead keep the stock on watch despite improved GBS outlook and runway extended into 2028.

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Timing, in the company's words (7 quotes from 4 filings)

Sentences quoted verbatim from the company's SEC filings, newest filing first. Each sits under the filing it appeared in; the "matched to" tag names the calendar row it was read for.

Timing sentences quoted from the company's own SEC filings, each under the filing it appeared in. The 'matched to' tag is the calendar row the sentence was read for; the filing is the source. Not investment advice.

Filings & releases (24)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. Releases captured from May 7, 2026; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →

10 more filings (13G holder notices, S-8, proxy material, SEC correspondence …)