Annexon, Inc. Financials
This page shows Annexon, Inc. (ANNX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Research-heavy development spending is driving a larger cash burn, financed mainly with new equity rather than debt.
From FY2023 to FY2025, shares outstanding rose from 78.4M to 149.4M, indicating that recent liquidity has been supplied primarily by shareholders, not lenders. That matters because FY2025 operating cash burn was-$186.4M against year-end cash of$162.1M , while free cash flow stayed close to operating cash flow, showing the drain comes from ongoing research operations rather than heavy capital spending.
The FY2025 loss widened because R&D spending jumped to
The balance sheet still shows a meaningful liquidity cushion: the current ratio remained 5.7x in FY2025, even after dropping from 14.7x in FY2023. But with capex at only
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Annexon, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Annexon, Inc. carries a low D/E ratio of 0.31, meaning only $0.31 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 96/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 5.68, Annexon, Inc. holds $5.68 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
Annexon, Inc. generates a -97.7% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -47.1% the prior year.
Annexon, Inc. passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).
For every $1 of reported earnings, Annexon, Inc. generates $0.90 in operating cash flow (-$186.4M OCF vs -$206.7M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
Annexon, Inc.'s EBITDA was -$214.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 41.0% from the prior year.
Annexon, Inc. reported -$206.7M in net income in fiscal year 2025. This represents a decrease of 49.6% from the prior year.
Annexon, Inc. earned $-1.34 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 32.7% from the prior year.
Cash & Balance Sheet
Annexon, Inc. generated -$186.5M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 58.0% from the prior year.
Annexon, Inc. held $162.1M in cash against $0 in long-term debt as of fiscal year 2025.
Annexon, Inc. paid $0.00 per share in dividends in fiscal year 2025.
Annexon, Inc. had 149M shares outstanding in fiscal year 2025. This represents an increase of 36.6% from the prior year.
Margins & Returns
Annexon, Inc.'s ROE was -97.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 50.5 percentage points from the prior year.
Capital Allocation
Annexon, Inc. invested $184.7M in research and development in fiscal year 2025. This represents an increase of 54.6% from the prior year.
Annexon, Inc. invested $137K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 813.3% from the prior year.
ANNX Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $35.8M | N/A | $49.7M+12.5% | $44.2M-8.3% | $48.2M | N/A | $30.1M+20.3% | $25.0M |
| SG&A Expenses | $10.3M | N/A | $7.3M-3.3% | $7.6M-18.0% | $9.2M | N/A | $9.3M+9.2% | $8.6M |
| Operating Income | -$46.1M | N/A | -$57.0M-10.2% | -$51.7M+9.9% | -$57.4M | N/A | -$39.4M-17.5% | -$33.6M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$44.1M | N/A | -$54.9M-11.7% | -$49.2M+9.6% | -$54.4M | N/A | -$34.8M-17.6% | -$29.6M |
| EPS (Diluted) | $-0.23 | N/A | $-0.37-8.8% | $-0.34+8.1% | $-0.37 | N/A | $-0.25-8.7% | $-0.23 |
ANNX Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $262.9M-5.3% | $277.6M+21.1% | $229.1M-13.4% | $264.6M-12.7% | $303.0M-13.4% | $350.1M-7.6% | $378.8M-6.7% | $406.1M |
| Current Assets | $228.3M-5.7% | $242.2M+25.6% | $192.8M-16.4% | $230.6M-14.0% | $268.2M-15.3% | $316.5M-8.1% | $344.3M-7.9% | $374.0M |
| Cash & Equivalents | $175.2M+8.1% | $162.1M+16.2% | $139.4M+5.4% | $132.3M+36.2% | $97.1M+96.2% | $49.5M-37.8% | $79.5M-49.4% | $157.3M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $58.4M-11.5% | $65.9M-2.6% | $67.7M+3.3% | $65.6M+10.7% | $59.2M+4.0% | $57.0M+20.6% | $47.2M+4.9% | $45.0M |
| Current Liabilities | $35.9M-15.7% | $42.6M-2.2% | $43.6M+7.2% | $40.6M+21.1% | $33.5M+9.9% | $30.5M+52.2% | $20.0M+16.9% | $17.1M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $204.5M-3.4% | $211.6M+31.1% | $161.4M-18.9% | $199.0M-18.4% | $243.8M-16.8% | $293.1M-11.6% | $331.6M-8.2% | $361.1M |
| Retained Earnings | -$961.5M-4.8% | -$917.4M-5.6% | -$869.1M-6.7% | -$814.2M-6.4% | -$765.1M-7.6% | -$710.7M-7.3% | -$662.1M-5.6% | -$627.3M |
ANNX Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$46.8M-1.9% | -$45.9M+12.2% | -$52.3M-37.4% | -$38.1M+23.9% | -$50.1M-39.0% | -$36.0M-12.5% | -$32.0M-47.5% | -$21.7M |
| Capital Expenditures | $0 | $0-100.0% | $48K+220.0% | $15K-79.7% | $74K+1133.3% | $6K | N/A | N/A |
| Free Cash Flow | -$46.8M-1.9% | -$45.9M+12.3% | -$52.4M-37.5% | -$38.1M+24.0% | -$50.1M-39.2% | -$36.0M | N/A | N/A |
| Investing Cash Flow | $27.1M+202.0% | -$26.5M-157.8% | $45.9M-37.2% | $73.1M-25.1% | $97.6M+9546.2% | $1.0M+102.2% | -$45.9M+52.4% | -$96.6M |
| Financing Cash Flow | $32.9M-65.4% | $95.1M+601.0% | $13.6M+8765.4% | $153K+159.3% | $59K-98.8% | $5.0M+2738.3% | $175K-99.9% | $123.7M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
ANNX Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Equity | -21.6% | N/A | -34.0%-9.3pp | -24.7%-2.4pp | -22.3% | N/A | -10.5%-2.3pp | -8.2% |
| Return on Assets | -16.8% | N/A | -24.0%-5.4pp | -18.6%-0.6pp | -17.9% | N/A | -9.2%-1.9pp | -7.3% |
| Current Ratio | 6.35+0.7 | 5.68+1.3 | 4.42-1.2 | 5.67-2.3 | 7.99-2.4 | 10.37-6.8 | 17.18-4.6 | 21.81 |
| Debt-to-Equity | 0.29-0.0 | 0.31-0.1 | 0.42+0.1 | 0.33+0.1 | 0.24+0.0 | 0.19+0.1 | 0.14+0.0 | 0.12 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Similar Companies
Frequently Asked Questions
Is Annexon, Inc. profitable?
No, Annexon, Inc. (ANNX) reported a net income of -$206.7M in fiscal year 2025.
What is Annexon, Inc.'s EBITDA?
Annexon, Inc. (ANNX) had EBITDA of -$214.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Annexon, Inc.'s return on equity (ROE)?
Annexon, Inc. (ANNX) has a return on equity of -97.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Annexon, Inc.'s free cash flow?
Annexon, Inc. (ANNX) generated -$186.5M in free cash flow during fiscal year 2025. This represents a -58.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Annexon, Inc.'s operating cash flow?
Annexon, Inc. (ANNX) generated -$186.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Annexon, Inc.'s total assets?
Annexon, Inc. (ANNX) had $277.6M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Annexon, Inc.'s capital expenditures?
Annexon, Inc. (ANNX) invested $137K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Annexon, Inc. spend on research and development?
Annexon, Inc. (ANNX) invested $184.7M in research and development during fiscal year 2025.
What is Annexon, Inc.'s current ratio?
Annexon, Inc. (ANNX) had a current ratio of 5.68 as of fiscal year 2025, which is generally considered healthy.
What is Annexon, Inc.'s debt-to-equity ratio?
Annexon, Inc. (ANNX) had a debt-to-equity ratio of 0.31 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Annexon, Inc.'s return on assets (ROA)?
Annexon, Inc. (ANNX) had a return on assets of -74.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Annexon, Inc.'s cash runway?
Based on fiscal year 2025 data, Annexon, Inc. (ANNX) had $162.1M in cash against an annual operating cash burn of $186.4M. This gives an estimated cash runway of approximately 10 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Annexon, Inc.'s Piotroski F-Score?
Annexon, Inc. (ANNX) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Annexon, Inc.'s earnings high quality?
Annexon, Inc. (ANNX) has an earnings quality ratio of 0.90x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Annexon, Inc.?
Annexon, Inc. (ANNX) scores 33 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.