[Form 4] Annexon, Inc. Insider Trading Activity

Rhea-AI Filing Summary

MDU Resources Group, Inc. (MDU) filed a Form 4 disclosing that director Marian M. Durkin acquired 175 shares of common stock on 06/30/2025. The shares were received at a stated price of $0.0000 because, under the company’s director compensation policy, Durkin elected stock in lieu of a cash retainer. Following the grant, Durkin’s direct beneficial ownership stands at 3,747 shares. No derivative securities were involved, and the filing does not reference any Rule 10b5-1 trading plan. The transaction was reported on 07/01/2025 and appears to be a routine, compensation-related award rather than an open-market purchase or sale.

Insights

Corporate Governance Specialist

TL;DR: Routine stock-for-fees grant; negligible governance or valuation impact.

The filing reflects a standard element of MDU’s director pay program—electing equity instead of cash. The nominal $0.0000 price indicates a board retainer conversion, not a market transaction, so it offers little insight into insider sentiment. The incremental 175 shares raise Durkin’s stake to 3,747, a sub-$100k position at current prices, which is immaterial to ownership concentration or control. No policy red flags or unusual clauses are apparent.

Portfolio Manager

TL;DR: Immaterial insider acquisition; unlikely to influence trading decisions.

From a portfolio-level perspective, the 175-share award represents less than 0.001% of MDU’s float and does not alter supply-demand dynamics. Because it is compensation-driven, it provides no bullish or bearish signal. Investors should treat the disclosure as routine housekeeping rather than a catalyst for valuation change.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Carson William H.

(Last) (First) (Middle)

C/O ANNEXON, INC.

1400 SIERRA POINT PKWY, BLDG C, STE 200

(Street)

BRISBANE CA 94005

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Annexon, Inc. [ ANNX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
06/30/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	06/30/2025		P(1)		4,115	A	$2.46(2)	29,715	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The transactions reported herein were effected pursuant to the Reporting Person's Rule 10b5-1 trading plan, adopted March 17, 2025.

2. This transaction was executed in multiple trades in prices ranging from $2.45 to $2.47, inclusive. The price reported in Column 4 above reflects the weighted average purchase price. The Reporting Person hereby undertakes to provide to the Securities and Exchange Commission staff, the Issuer, or a security holder of the Issuer, upon request, full information regarding the number of shares purchased at each respective price within the range set forth in this footnote.

	/s/ Jennifer Lew, Attorney-in-Fact	07/01/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did MDU (MDU) report on July 1, 2025?

A Form 4 showed Director Marian M. Durkin acquired 175 shares of MDU common stock on 06/30/2025.

How many shares did Marian Durkin acquire in the latest Form 4?

Durkin received 175 shares through the company’s stock-for-fees program.

What is Marian Durkin’s total beneficial ownership after the transaction?

Her direct holdings increased to 3,747 MDU shares.

Did the director pay cash for the 175 MDU shares?

No. The shares were issued at $0.0000 as compensation in lieu of a cash retainer.

Does the filing reference a Rule 10b5-1 trading plan?

The box for Rule 10b5-1 was not checked, indicating no such plan applies to this transaction.