Annexon, Inc. (ANNX) received an updated ownership report from investment firm Redmile Group, LLC, its principal Jeremy C. Green, and fund Redmile Biopharma Investments II, L.P. They report beneficial ownership of 15,427,866 shares of common stock, or 9.9% of the class.
This total includes 10,050,644 existing shares held for Redmile-managed clients and up to 5,377,222 shares issuable from pre-funded warrants, subject to a 9.99% Beneficial Ownership Limitation. RBI II separately reports 7,288,917 shares, or 4.7% of the class, combining directly held shares and warrants within the same cap. The filers certify the holdings are not for the purpose of changing or influencing control of Annexon.
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Insights
Large healthcare investor discloses a 9.9% passive Annexon stake with capped warrant-driven exposure.
Redmile Group, LLC, its principal Jeremy C. Green, and Redmile Biopharma Investments II, L.P. report beneficial ownership of 15,427,866 Annexon common shares, equal to 9.9% of the class. This figure blends existing shares held for Redmile-managed clients with shares that could be issued from pre-funded warrants.
The filing details pre-funded warrants for up to 45,109,195 shares, but a 9.99% Beneficial Ownership Limitation blocks exercises that would push ownership above that level. Only 5,377,222 warrant shares are currently counted toward the 9.9%.
RBI II reports 7,288,917 shares, or 4.7%, combining 1,911,695 directly held shares and up to 5,377,222 warrant shares under the same cap. The certification states the securities are not held to change or influence control, aligning this with a passive, institutional-style position rather than an activist move.
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 5)
Annexon, Inc.
(Name of Issuer)
Common Stock, par value $0.001 per share
(Title of Class of Securities)
03589W102
(CUSIP Number)
12/31/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
03589W102
1
Names of Reporting Persons
Redmile Group, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
15,427,866.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
15,427,866.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
15,427,866.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.9 %
12
Type of Reporting Person (See Instructions)
IA, OO
Comment for Type of Reporting Person: Redmile Group, LLC's beneficial ownership of the Issuer's common stock ("Common Stock") is comprised of 10,050,644 shares of Common Stock owned by certain private investment vehicles managed by Redmile Group, LLC (the "Redmile Clients"), including Redmile Biopharma Investments II, L.P. ("RBI II"). Subject to the Beneficial Ownership Blocker (as defined below), Redmile Group, LLC may also be deemed to beneficially own 45,109,195 shares of Common Stock issuable upon exercise of certain pre-funded warrants to purchase Common Stock (the "Warrants"). Pursuant to the terms of the Warrants, the Issuer may not effect any exercise of the Warrant, and a holder of a Warrant does not have the right to exercise the Warrant held by such holder, to the extent that after giving effect to such issuance after exercise, the holder (together with the holder's affiliates, and any other persons acting as a group together with the holder or any of the holder's affiliates), would beneficially own in excess of 9.99% (the "Beneficial Ownership Limitation") of the number of shares of Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issued upon exercise of the Warrant (the "Beneficial Ownership Blocker"). The Beneficial Ownership Limitation may be changed at a holder's election upon 61 days' notice to the Issuer. The 15,427,866 shares of Common Stock reported as beneficially owned by Redmile Group, LLC in this Schedule 13G represent 9.99% of the outstanding shares of Common Stock (calculated in accordance with the footnote below), which includes 5,377,222 shares of Common Stock that could be issued upon exercise of certain of the Warrants under the Beneficial Ownership Blocker. The reported securities may be deemed beneficially owned by Redmile Group, LLC as investment manager of the Redmile Clients. The reported securities may also be deemed beneficially owned by Jeremy C. Green as the principal of Redmile Group, LLC. Redmile Group, LLC and Mr. Green each disclaim beneficial ownership of these shares, except to the extent of its or his pecuniary interest in such shares, if any.
Percentage based on: (i) 119,632,804 shares of Common Stock outstanding as of November 5, 2025, as reported by the Issuer in its Form 10-Q for the quarterly period ended September 30, 2025 filed with the SEC on November 10, 2025 (the "Form 10-Q"); plus (ii) 29,423,075 shares of Common Stock issued and sold as of November 14, 2025, as reported by the Issuer in its Form 8-K filed with the SEC on November 14, 2025 (the "Form 8-K"); plus (iii) 5,377,222 shares of Common Stock issuable upon exercise of the Warrants, which due to the Beneficial Ownership Limitation is the maximum number of shares that could be issued upon exercise of the Warrants.
SCHEDULE 13G
CUSIP No.
03589W102
1
Names of Reporting Persons
Jeremy C. Green
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED KINGDOM
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
15,427,866.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
15,427,866.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
15,427,866.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.9 %
12
Type of Reporting Person (See Instructions)
HC, IN
Comment for Type of Reporting Person: Jeremy C. Green's beneficial ownership of Common Stock is comprised of 10,050,644 shares of Common Stock owned by the Redmile Clients, including RBI II. Subject to the Beneficial Ownership Blocker, Mr. Green may also be deemed to beneficially own 45,109,195 shares of Common Stock issuable upon exercise of the Warrants. Pursuant to the terms of the Warrants, the Issuer may not effect any exercise of the Warrant, and a holder of a Warrant does not have the right to exercise the Warrant held by such holder, to the extent that the Beneficial Ownership Blocker applies. The 15,427,866 shares of Common Stock reported as beneficially owned by Mr. Green in this Schedule 13G represent 9.99% of the outstanding shares of Common Stock (calculated in accordance with the footnote below), which includes 5,377,222 shares of Common Stock that could be issued upon exercise of certain of the Warrants under the Beneficial Ownership Blocker. The reported securities may be deemed beneficially owned by Redmile Group, LLC as investment manager of the Redmile Clients. The reported securities may also be deemed beneficially owned by Jeremy C. Green as the principal of Redmile Group, LLC. Redmile Group, LLC and Mr. Green each disclaim beneficial ownership of these shares, except to the extent of its or his pecuniary interest in such shares, if any.
Percentage based on: (i) 119,632,804 shares of Common Stock outstanding as of November 5, 2025, as reported in the Form 10-Q; plus (ii) 29,423,075 shares of Common Stock issued and sold as of November 14, 2025, as reported in the Form 8-K; plus (iii) 5,377,222 shares of Common Stock issuable upon exercise of the Warrants, which due to the Beneficial Ownership Limitation is the maximum number of shares that could be issued upon exercise of the Warrants.
SCHEDULE 13G
CUSIP No.
03589W102
1
Names of Reporting Persons
Redmile Biopharma Investments II, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
7,288,917.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
7,288,917.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
7,288,917.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.7 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: RBI II's beneficial ownership of Common Stock is comprised of 1,911,695 shares of Common Stock directly held by RBI II. Subject to the Beneficial Ownership Blocker, RBI II may also be deemed to beneficially own 6,702,359 shares of Common Stock issuable upon exercise of the Warrants directly held by RBI II. Pursuant to the terms of the Warrants, the Issuer may not effect any exercise of any Warrant, and a holder of a Warrant does not have the right to exercise any portion of the Warrant held by such holder, if the Beneficial Ownership Blocker applies. The shares of Common Stock reported as beneficially owned by RBI II in this Schedule 13G represent the shares of Common Stock held directly by RBI II and the 5,377,222 shares of Common Stock that could be issued to RBI II upon exercise of certain of the Warrants directly held by RBI II under the Beneficial Ownership Blocker.
Percentage based on: (i) 119,632,804 shares of Common Stock outstanding as of November 5, 2025, as reported in the Form 10-Q; plus (ii) 29,423,075 shares of Common Stock issued and sold as of November 14, 2025, as reported in the Form 8-K; plus (iii) 5,377,222 shares of Common Stock issuable upon exercise of the Warrants directly held by RBI II, which due to the Beneficial Ownership Limitation is the maximum number of shares that could be issued upon exercise of the Warrants.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Annexon, Inc.
(b)
Address of issuer's principal executive offices:
1400 Sierra Point Parkway, Bldg C, Suite 200, Brisbane, CA 94005
Item 2.
(a)
Name of person filing:
Redmile Group, LLC
Jeremy C. Green
Redmile Biopharma Investments II, L.P.
(b)
Address or principal business office or, if none, residence:
Redmile Group, LLC
One Letterman Drive
Building D, Suite D3-300
The Presidio of San Francisco
San Francisco, California 94129
Jeremy C. Green
c/o Redmile Group, LLC (NY Office)
45 W. 27th Street, Floor 11
New York, NY 10001
Redmile Biopharma Investments II, L.P.
c/o Redmile Group, LLC
One Letterman Drive
Building D, Suite D3-300
The Presidio of San Francisco
San Francisco, California 94129
(c)
Citizenship:
Redmile Group, LLC: Delaware
Jeremy C. Green: United Kingdom
Redmile Biopharma Investments II, L.P.: Delaware
(d)
Title of class of securities:
Common Stock, par value $0.001 per share
(e)
CUSIP No.:
03589W102
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
Redmile Group, LLC - 15,427,866 (1)
Jeremy C. Green - 15,427,866 (1)
Redmile Biopharma Investments II, L.P. - 7,288,917 (2)
(b)
Percent of class:
Redmile Group, LLC - 9.9% (3)
Jeremy C. Green - 9.9% (3)
Redmile Biopharma Investments II, L.P. - 4.7% (3)
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Redmile Group, LLC - 0
Jeremy C. Green - 0
Redmile Biopharma Investments II, L.P. - 0
(ii) Shared power to vote or to direct the vote:
Redmile Group, LLC - 15,427,866 (1)
Jeremy C. Green - 15,427,866 (1)
Redmile Biopharma Investments II, L.P. - 7,288,917 (2)
(iii) Sole power to dispose or to direct the disposition of:
Redmile Group, LLC - 0
Jeremy C. Green - 0
Redmile Biopharma Investments II, L.P. - 0
(iv) Shared power to dispose or to direct the disposition of:
Redmile Group, LLC - 15,427,866 (1)
Jeremy C. Green - 15,427,866 (1)
Redmile Biopharma Investments II, L.P. - 7,288,917 (2)
(1) Redmile Group, LLC's and Jeremy C. Green's beneficial ownership of the Issuer's Common Stock is comprised of 10,050,644 shares of Common Stock owned by the Redmile Clients, including RBI II. Subject to the Beneficial Ownership Blocker, Redmile Group, LLC and Mr. Green may also be deemed to beneficially own 45,109,195 shares of Common Stock issuable upon exercise of the Warrants. Pursuant to the terms of the Warrants, the Issuer may not effect any exercise of any Warrant, and a holder of a Warrant does not have the right to exercise any portion of the Warrant held by such holder, if the Beneficial Ownership Blocker applies. The 15,427,866 shares of Common Stock reported as beneficially owned by Redmile Group, LLC and Mr. Green in this Schedule 13G represent 9.99% of the outstanding shares of Common Stock (calculated in accordance with footnote (3) below), which represent the shares of Common Stock held directly by the Redmile Clients and the 5,377,222 shares of Common Stock that could be issued upon exercise of certain of the Warrants under the Beneficial Ownership Blocker. The reported securities may be deemed beneficially owned by Redmile Group, LLC as investment manager of the Redmile Clients. The reported securities may also be deemed beneficially owned by Jeremy C. Green as the principal of Redmile Group, LLC. Redmile Group, LLC and Mr. Green each disclaim beneficial ownership of these shares, except to the extent of its or his pecuniary interest in such shares, if any.
(2) RBI II's beneficial ownership of Common Stock is comprised of 1,911,695 shares of Common Stock. Subject to the Beneficial Ownership Blocker, RBI II may also be deemed to beneficially own 6,702,359 shares of Common Stock issuable upon exercise of the Warrants directly held by RBI II. Pursuant to the terms of the Warrants, the Issuer may not effect any exercise of any Warrant, and a holder of a Warrant does not have the right to exercise any portion of the Warrant held by such holder, if the Beneficial Ownership Blocker applies. The shares of Common Stock reported as beneficially owned by RBI II in this Schedule 13G represent the shares of Common Stock held directly by RBI II and the 5,377,222 shares of Common Stock that could be issued to RBI II upon exercise of certain of the Warrants directly held by RBI II under the Beneficial Ownership Blocker.
(3) Percentage based on: (i) 119,632,804 shares of Common Stock outstanding as of November 5, 2025, as reported in the Form 10-Q; plus (ii) 29,423,075 shares of Common Stock issued and sold as of November 14, 2025, as reported in the Form 8-K; plus (iii) 5,377,222 shares of Common Stock issuable upon exercise of the Warrants, which due to the Beneficial Ownership Limitation is the maximum number of shares that could be issued upon exercise of the Warrants.
Item 5.
Ownership of 5 Percent or Less of a Class.
Ownership of 5 percent or less of a class
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
See the response to Item 4.
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Redmile Group, LLC
Signature:
/s/ Jeremy C. Green
Name/Title:
Managing Member
Date:
02/17/2026
Jeremy C. Green
Signature:
/s/ Jeremy C. Green
Name/Title:
Jeremy C. Green
Date:
02/17/2026
Redmile Biopharma Investments II, L.P.
Signature:
/s/ Jeremy C. Green
Name/Title:
Managing Member of Redmile Biopharma Investments II (GP), LLC, General Partner of Redmile Biopharma Investments II, L.P.
What ownership stake does Redmile report in Annexon (ANNX)?
Redmile Group, Jeremy C. Green, and Redmile Biopharma Investments II, L.P. report beneficial ownership of 15,427,866 Annexon common shares, representing 9.9% of the outstanding class, combining existing shares and warrant-based shares calculated under the filing’s ownership formula.
How many Annexon (ANNX) shares are tied to Redmile’s warrants?
The filing references pre-funded warrants for up to 45,109,195 Annexon shares, but only 5,377,222 shares from these warrants are currently counted toward beneficial ownership because a 9.99% Beneficial Ownership Limitation restricts exercises that would push ownership above that threshold.
What position does Redmile Biopharma Investments II, L.P. hold in Annexon (ANNX)?
Redmile Biopharma Investments II, L.P. reports beneficial ownership of 7,288,917 Annexon common shares, or 4.7% of the class. This includes 1,911,695 directly held shares plus up to 5,377,222 warrant shares permitted under the same 9.99% ownership cap described in the filing.
How is the 9.9% Annexon (ANNX) ownership percentage calculated in the filing?
The 9.9% figure is based on 119,632,804 shares outstanding as of November 5, 2025, plus 29,423,075 shares issued by November 14, 2025, and 5,377,222 shares issuable from warrants, which is the maximum amount exercisable under the 9.99% Beneficial Ownership Limitation.
Is Redmile’s Annexon (ANNX) stake described as passive or controlling?
The filing’s certification states the securities were not acquired and are not held to change or influence control of Annexon. Instead, they are characterized as being held without a control intent, consistent with a passive institutional investor position under the reported Schedule 13G/A.
Do Redmile and Jeremy C. Green fully claim beneficial ownership of Annexon (ANNX) shares?
The filing notes that Redmile Group, LLC and Jeremy C. Green may be deemed to beneficially own the reported shares through managed clients and warrants, but each expressly disclaims beneficial ownership except to the extent of any pecuniary interest they may have in those securities.
