Annexon, Inc. (ANNX) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 14, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 12, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the ANNX SEC filings page.
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 spending is accelerating while losses consume cash and the balance-sheet cushion narrows in FY2025.
From FY2024 to FY2025, R&D spending accelerated by54.6% while operating cash outflow widened by57.9% , showing investment intensity is rising alongside cash needs. The near match between operating cash flow and the net loss indicates earnings are converting into cash losses rather than being driven mainly by non-cash charges.
The current ratio fell from 10.4x to 5.7x, narrowing the working-capital cushion even though reported leverage remained modest at 0.3x debt-to-equity. That combination points more to sustained cash consumption than to a balance sheet dominated by borrowing.
Positive investing and financing cash flows were outweighed by operating outflow in FY2025, so reported cash movement depended on capital transactions while the core activity consumed cash. Reported liquidity equaled 15.3 months of the latest annual operating outflow, a balance-sheet comparison rather than evidence of operating self-sufficiency.
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 -$56.7M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 10.7% from the same quarter a year earlier. Against the prior quarter it is down 24.5%.
Annexon, Inc. reported -$55.3M in net income in Q2 2026. This represents a decrease of 12.6% from the same quarter a year earlier. Against the prior quarter it is down 25.4%.
Annexon, Inc. earned -$0.28 per diluted share (EPS) in Q2 2026. This represents an increase of 17.6% from the same quarter a year earlier. Against the prior quarter it is down 21.7%.
Not reported for Q2 2026.
Cash & Balance Sheet
Annexon, Inc. recorded an outflow of $48.1M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 26.4% from the same quarter a year earlier. Against the prior quarter it is down 2.9%.
Annexon, Inc. held $199.3M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Margins & Returns
Annexon, Inc.'s ROE was -29.8% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 5.0 percentage points from the same quarter a year earlier. Against the prior quarter it is down 8.2 percentage points.
Not reported for Q2 2026.
Not reported for Q2 2026.
Not reported for Q2 2026.
Capital Allocation
Annexon, Inc. invested $46.6M in research and development in Q2 2026. This represents an increase of 5.5% from the same quarter a year earlier. Against the prior quarter it is up 30.2%.
Annexon, Inc. invested $137K in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 813.3% from the same quarter a year earlier.
Not reported for Q2 2026.
ANNX Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| R&D Expenses | $46.6M+5.5% | $35.8M-25.7% | N/A | $49.7M+65.1% | $44.2M+76.5% | $48.2M+129.8% | N/A | $30.1M+7.9% |
| SG&A Expenses | $10.6M+40.6% | $10.3M+11.3% | N/A | $7.3M-21.6% | $7.6M-11.6% | $9.2M+21.3% | N/A | $9.3M+35.6% |
| Operating Income | -$57.2M-10.6% | -$46.1M+19.8% | N/A | -$57.0M-44.6% | -$51.7M-54.0% | -$57.4M-100.9% | N/A | -$39.4M-13.4% |
| EBITDA | -$56.7M-10.7% | -$45.5M+20.0% | N/A | -$56.5M-45.1% | -$51.2M-54.7% | -$56.9M-102.9% | N/A | -$38.9M-13.6% |
| Net Income | -$55.3M-12.6% | -$44.1M+18.8% | N/A | -$54.9M-57.7% | -$49.2M-66.0% | -$54.4M-115.9% | N/A | -$34.8M-7.2% |
| EPS (Basic) | -$0.28+17.6% | -$0.23+37.8% | -$0.26+21.2% | -$0.37-48.0% | -$0.34-47.8% | -$0.37-76.2% | -$0.33+5.7% | -$0.25+41.9% |
| EPS (Diluted) | -$0.28+17.6% | -$0.23+37.8% | -$0.26+21.2% | -$0.37-48.0% | -$0.34-47.8% | -$0.37-76.2% | -$0.33+5.7% | -$0.25 |
| Diluted Shares (Avg) | 201M+35.5% | 194M+31.1% | N/A | 149M+6.6% | 148M+14.0% | 148M+20.7% | N/A | 140M |
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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $246.1M-7.0% | $262.9M-13.2% | $277.6M-20.7% | $229.1M-39.5% | $264.6M-34.8% | $303.0M-0.3% | $350.1M+17.6% | $378.8M+85.8% |
| Current Assets | $212.8M-7.7% | $228.3M-14.9% | $242.2M-23.5% | $192.8M-44.0% | $230.6M-38.3% | $268.2M-1.0% | $316.5M+19.9% | $344.3M+103.5% |
| Cash & Equivalents | $199.3M+50.6% | $175.2M+80.4% | $162.1M+227.4% | $139.4M+75.3% | $132.3M-15.9% | $97.1M-36.1% | $49.5M-78.0% | $79.5M-40.3% |
| Short-Term Investments | $10.0M-89.5% | $49.8M-70.1% | $76.3M-70.9% | $49.3M-81.1% | $94.7M-55.2% | $166.6M+47.4% | $262.5M+658.6% | $260.6M+711.5% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $60.0M-8.5% | $58.4M-1.5% | $65.9M+15.7% | $67.7M+43.4% | $65.6M+45.7% | $59.2M+42.2% | $57.0M+20.9% | $47.2M+0.5% |
| Current Liabilities | $38.5M-5.3% | $35.9M+7.1% | $42.6M+39.7% | $43.6M+117.4% | $40.6M+137.0% | $33.5M+155.4% | $30.5M+70.2% | $20.0M+16.8% |
| Non-Current Liabilities | $21.5M-13.6% | $22.4M-12.7% | $23.3M-11.9% | $24.1M-11.2% | $24.9M-10.6% | $25.7M-10.0% | $26.5M-9.4% | $27.2M-8.8% |
| Total Equity | $186.1M-6.5% | $204.5M-16.1% | $211.6M-27.8% | $161.4M-51.3% | $199.0M-44.9% | $243.8M-7.1% | $293.1M+17.0% | $331.6M+111.4% |
| Retained Earnings | -$1.0B-24.9% | -$961.5M-25.7% | -$917.4M-29.1% | -$869.1M-31.3% | -$814.2M-29.8% | -$765.1M-28.0% | -$710.7M-24.1% | -$662.1M-21.6% |
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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$48.0M-26.1% | -$46.8M+6.5% | -$45.9M-27.5% | -$52.3M-63.4% | -$38.1M-75.4% | -$50.1M-77.1% | -$36.0M-53.4% | -$32.0M-13.2% |
| Depreciation & Amortization | $540K0.0% | $539K+0.4% | $543K+1.1% | $500K0.0% | $540K+8.0% | $537K-0.2% | $537K-0.2% | $500K0.0% |
| Stock-Based Compensation | $4.8M+14.5% | $4.2M-18.2% | N/A | $3.8M-16.8% | $4.2M-14.9% | $5.1M+9.0% | N/A | $4.6M+1.3% |
| Capital Expenditures | $137K+813.3% | $0-100.0% | $0-100.0% | $48K | $15K | $74K | $6K-14.3% | N/A |
| Free Cash Flow | -$48.1M-26.4% | -$46.8M+6.6% | -$45.9M-27.5% | -$52.4M | -$38.1M | -$50.1M | -$36.0M-53.4% | N/A |
| Investing Cash Flow | $40.0M-45.3% | $27.1M-72.3% | -$26.5M-2720.7% | $45.9M+199.9% | $73.1M+175.7% | $97.6M+226.3% | $1.0M+146.4% | -$45.9M-196.0% |
| Financing Cash Flow | $32.1M+20883.0% | $32.9M+55655.9% | $95.1M+1814.2% | $13.6M+7650.9% | $153K-99.9% | $59K-99.8% | $5.0M-95.8% | $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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Return on Equity | -29.8%-5.0pp | -21.6%+0.7pp | N/A | -34.0%-23.5pp | -24.7%-16.5pp | -22.3%-12.7pp | N/A | -10.5%+10.2pp |
| Return on Assets | -22.5%-3.9pp | -16.8%+1.2pp | N/A | -24.0%-14.8pp | -18.6%-11.3pp | -17.9%-9.7pp | N/A | -9.2%+6.7pp |
| Current Ratio | 5.53-0.1x | 6.35-1.6x | 5.68-4.7x | 4.42-12.8x | 5.67-16.1x | 7.99-12.6x | 10.37-4.3x | 17.18+7.3x |
| Debt-to-Equity | 0.320.0x | 0.290.0x | 0.31+0.1x | 0.42+0.3x | 0.33+0.2x | 0.24+0.1x | 0.190.0x | 0.14-0.2x |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Asset Turnover, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Annexon, Inc. ANNX | FY2025 | N/A | -$206.7M | N/A | $695.8M | — |
| Neumora Therapeutics, Inc. NMRA | FY2025 | N/A | $236.9M | N/A | $82.2M | — |
| Lineage Cell Therapeutics, Inc. LCTX | FY2025 | $14.6M | -$63.5M | N/A | $241.3M | 59/100 |
| Monopar Therapeutics Inc. MNPR | FY2025 | $0 | -$13.7M | N/A | $517.2M | — |
| Alector, Inc. ALEC | FY2025 | $21.0M | -$143.0M | N/A | $232.2M | 49/100 |
| Omeros Corporation OMER | FY2025 | N/A | N/A | N/A | $1.4B | — |
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.
What is Annexon, Inc.'s P/E ratio?
Annexon, Inc. (ANNX) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $695.8M as of Oct 14, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Annexon, Inc.'s price-to-sales ratio?
Annexon, Inc. (ANNX) has no price-to-sales ratio at the moment: no revenue reported. The market capitalization is $695.8M as of Oct 14, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
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.