$ANNX

Annexon, Inc.

CIK:0001528115|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating expenses:
Research and development	$ 46,590	$ 44,160	$ 82,376	$ 92,339
General and administrative	10,637	7,566	20,904	16,792
Total operating expenses	57,227	51,726	103,280	109,131
Loss from operations	(57,227)	(51,726)	(103,280)	(109,131)
Interest and other income, net	1,879	2,570	3,790	5,619
Net loss	(55,348)	(49,156)	(99,490)	(103,512)
Deemed dividend on modification of common stock warrants	0	(1,857)	0	(1,857)
Net loss attributable to common stockholders	$ (55,348)	$ (51,013)	$ (99,490)	$ (105,369)
Net loss per share, basic	$ (0.28)	$ (0.34)	$ (0.5)	$ (0.71)
Net loss per share, diluted	$ (0.28)	$ (0.34)	$ (0.5)	$ (0.71)
Weighted-average shares used in computing net loss per share, basic	201,003,269	148,320,803	197,620,477	148,215,392
Weighted-average shares used in computing net loss per share, diluted	201,003,269	148,320,803	197,620,477	148,215,392

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities:
Net loss	$ (99,490)	$ (103,512)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,079	1,077
Accretion of discount on available-for-sale securities	(891)	(3,106)
Stock-based compensation	8,969	9,283
Reduction in the carrying amount of right-of-use assets	852	731
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	332	841
Other non-current assets	275	(2,032)
Accounts payable	787	1,091
Accrued and other current liabilities	(5,166)	8,843
Operating lease liabilities	(1,550)	(1,342)
Net cash used in operating activities	(94,803)	(88,126)
Investing activities:
Purchases of property and equipment	(137)	(89)
Purchases of available-for-sale securities	(15,842)	(120,509)
Proceeds from maturities of available-for-sale securities	83,000	291,300
Net cash provided by investing activities	67,021	170,702
Financing activities:
Proceeds from the exercise of common stock options	793	62
Proceeds from Employee Stock Purchase Plan purchases	487	182
Proceeds from the issuance of common stock	65,766	0
Payment of financing costs	(2,046)	(32)
Net cash provided by financing activities	65,000	212
Increase in cash, cash equivalents and restricted cash	37,218	82,788
Effect of exchange rate changes on cash, cash equivalents and restricted cash	1	2
Cash, cash equivalents and restricted cash
Beginning of period	163,083	50,530
End of period	200,302	133,320
Supplemental disclosure of cash flow information:
Cash paid for amounts included in the measurement of lease liability	2,606	2,518
Non-cash investing and financing activities:
Deferred offering costs included in accounts payable and accrued liabilities	18	0
Deferred offering costs included in other non-current assets	0	81
Deemed dividend on modification of common stock warrants	$ 0	$ 1,857

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 199,270	$ 162,051
Short-term investments	9,973	76,294
Prepaid expenses and other current assets	3,514	3,846
Total current assets	212,757	242,191
Restricted cash	1,032	1,032
Property and equipment, net	9,675	10,617
Operating lease right-of-use assets	14,333	15,185
Other non-current assets	8,271	8,546
Total assets	246,068	277,571
Current liabilities:
Accounts payable	15,731	14,931
Accrued and other current liabilities	19,625	24,791
Operating lease liabilities, current	3,126	2,908
Total current liabilities	38,482	42,630
Operating lease liabilities, non-current	21,525	23,293
Total liabilities	60,007	65,923
Commitments and contingencies (Note 5)
Stockholders’ equity:
Common stock	175	149
Additional paid-in capital	1,202,847	1,128,917
Accumulated other comprehensive (loss) income	(82)	(29)
Accumulated deficit	(1,016,879)	(917,389)
Total stockholders’ equity	186,061	211,648
Total liabilities and stockholders’ equity	$ 246,068	$ 277,571