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).
Annexon’s dominant mechanic is development-stage cash consumption, with R&D spending closely tracking operating losses and external financing.
In FY2025, R&D investment reached$184.7M while operating cash flow was-$186.4M , tying the company’s cash use closely to product development rather than working-capital needs. Meanwhile, balance-sheet flexibility narrowed: total assets fell to$277.6M as current liabilities rose to$42.6M , making the funding structure less cushioned than a year earlier.
R&D rose to
The company’s financing dependence is visible in
Financial Health Signals
Annexon, Inc. does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Annexon, Inc. passes 1 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).
Annexon, Inc. reported a net loss of $206.7M while operations used $186.4M of cash. With neither figure positive, the ratio between the two carries no quality signal.
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.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Annexon, Inc. recorded an outflow of $186.5M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 58.0% from the prior year.
Annexon, Inc. held $162.1M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Annexon, Inc. paid $0.00 per share in dividends in fiscal year 2025.
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.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
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.
Not reported for fiscal year 2025.
ANNX Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| R&D Expenses | $46.6M+30.2% | $35.8M | N/A | $49.7M+12.5% | $44.2M-8.3% | $48.2M | N/A | $30.1M |
| SG&A Expenses | $10.6M+3.6% | $10.3M | N/A | $7.3M-3.3% | $7.6M-18.0% | $9.2M | N/A | $9.3M |
| Operating Income | -$57.2M-24.3% | -$46.1M | N/A | -$57.0M-10.2% | -$51.7M+9.9% | -$57.4M | N/A | -$39.4M |
| Net Income | -$55.3M-25.4% | -$44.1M | N/A | -$54.9M-11.7% | -$49.2M+9.6% | -$54.4M | N/A | -$34.8M |
| EPS (Diluted) | -$0.28-21.7% | -$0.23+11.5% | -$0.26+29.7% | -$0.37-8.8% | -$0.34+8.1% | -$0.37-12.1% | -$0.33-32.0% | -$0.25 |
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, Interest Expense, Income Tax.
ANNX Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $246.1M-6.4% | $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 |
| Current Assets | $212.8M-6.8% | $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 |
| Cash & Equivalents | $199.3M+13.7% | $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 |
| Total Liabilities | $60.0M+2.8% | $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 |
| Current Liabilities | $38.5M+7.1% | $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 |
| Total Equity | $186.1M-9.0% | $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 |
| Retained Earnings | -$1.0B-5.8% | -$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 |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill, Long-Term Debt.
ANNX Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$48.0M-2.6% | -$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 |
| Capital Expenditures | $137K | $0 | $0-100.0% | $48K+220.0% | $15K-79.7% | $74K+1133.3% | $6K | N/A |
| Free Cash Flow | -$48.1M-2.9% | -$46.8M-1.9% | -$45.9M+12.3% | -$52.4M-37.5% | -$38.1M+24.0% | -$50.1M-39.2% | -$36.0M | N/A |
| Investing Cash Flow | $40.0M+47.7% | $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 |
| Financing Cash Flow | $32.1M-2.4% | $32.9M-65.4% | $95.1M+601.0% | $13.6M+8765.4% | $153K+159.3% | $59K-98.8% | $5.0M+2738.3% | $175K |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
ANNX Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Return on Equity | -29.8%-8.2pp | -21.6% | N/A | -34.0%-9.3pp | -24.7%-2.4pp | -22.3% | N/A | -10.5% |
| Return on Assets | -22.5%-5.7pp | -16.8% | N/A | -24.0%-5.4pp | -18.6%-0.6pp | -17.9% | N/A | -9.2% |
| Current Ratio | 5.53-0.8x | 6.35+0.7x | 5.68+1.3x | 4.42-1.2x | 5.67-2.3x | 7.99-2.4x | 10.37-6.8x | 17.18 |
| Debt-to-Equity | 0.320.0x | 0.290.0x | 0.31-0.1x | 0.42+0.1x | 0.33+0.1x | 0.240.0x | 0.19+0.1x | 0.14 |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, FCF Margin.
Similar Companies
Where Annexon, Inc. Ranks
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) recorded an outflow of $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) recorded an outflow of $186.4M in operating cash flow during fiscal year 2025, representing cash used by 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.
How does Annexon, Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Annexon, Inc. (ANNX) held $238.3M in cash, cash equivalents and investments, and reported an operating cash outflow of $186.4M over that year. Dividing the one by the other, the reported balance equals about 15 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Annexon, Inc.'s Piotroski F-Score?
Annexon, Inc. (ANNX) has a Piotroski F-Score of 1 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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) reported a net loss of $206.7M while operations used $186.4M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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.