Annexon Inc
ANNXHealthcare|Biotechnology|USA
$5.79
-0.14 (-2.36%)
Tangible Book
$1.26
Earnings Power
$0.88
Financials
Financial Snapshot
Market Cap
$949.5M
Enterprise Value
$199.6M
Revenue (TTM)
$0.00
Net Income (TTM)
$-196.5M
Cash & Equivalents
—
Net Cash/Share
$1.03
Free Cash Flow (TTM)
$-183.2M
Operating CF (TTM)
$-183.1M
Debt/Equity
0.12
Cash Runway & Burn Rate
Cash on Hand
$0.00
Quarterly Burn
$45.8M
Monthly Burn
$15.3M
Est. Runway
—
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $44.2M | $43.9M | $351.2M | $242.7M | $242.7M | $259.7M | $312.0M | $238.3M | $225.0M | |
| Operating Cash Flow | $-17.2M | $-28.4M | $-53.1M | $-106.1M | $-116.3M | $-121.1M | $-118.0M | $-186.4M | $-183.1M | |
| Free Cash Flow | $-17.2M | $-28.6M | $-53.6M | $-107.8M | $-122.8M | $-121.3M | $-118.0M | $-186.5M | $-183.2M | |
| Capital Expenditure | $-17.0K | $-267.0K | $-464.0K | $-1.7M | $-6.5M | $-193.0K | $-15.0K | $-137.0K | $-63.0K | |
| Financing Cash Flow | $58.5M | $28.4M | $360.9M | $1.8M | $122.9M | $135.5M | $161.2M | $108.9M | $141.7M |
R&D Spending
R&D (TTM)
$172.3M
R&D Intensity
—
R&D Growth YoY
-6.7%
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D Expense | $15.5M | $24.5M | $49.3M | $100.1M | $112.5M | $113.8M | $119.4M | $184.7M | $172.3M | |
| R&D % of Revenue | — | — | — | — | — | — | — | — | — | |
| SG&A | $3.6M | $8.0M | $14.2M | $30.6M | $30.9M | $28.0M | $32.0M | $29.1M | $28.8M |
Income Statement
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Cost of Goods Sold | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Gross Profit | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D | $15.5M | $24.5M | $49.3M | $100.1M | $112.5M | $113.8M | $119.4M | $184.7M | $172.3M | |
| SG&A | $3.6M | $8.0M | $14.2M | $30.6M | $30.9M | $28.0M | $32.0M | $29.1M | $28.8M | |
| Operating Income | $-19.1M | $-32.5M | $-63.5M | $-130.7M | $-145.6M | $-143.7M | $-154.1M | $-216.4M | $-205.1M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | $-18.3M | $-37.2M | $-63.4M | $-130.3M | $-141.9M | $-134.2M | $-138.2M | $-206.7M | $-196.5M | |
| Net Income | $-18.3M | $-37.2M | $-63.4M | $-130.3M | $-141.9M | $-134.2M | $-138.2M | $-206.7M | $-196.5M | |
| EPS (Diluted) | -1.61 | -2.92 | -4.15 | -3.40 | -2.60 | -1.77 | -1.01 | -1.34 | -1.22 | |
| EBITDA | $-18.7M | $-32.0M | $-62.8M | $-128.6M | $-143.4M | $-141.6M | $-151.5M | $-213.8M | $-202.7M | |
| Shares Out. (M) | 11.45 | 13.12 | 16.96 | 38.32 | 54.67 | 75.67 | 137.40 | 155.11 | 194.20 |
Balance Sheet
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $44.2M | $43.9M | $268.6M | $74.8M | $140.0M | $225.1M | $49.5M | $162.1M | $175.2M | |
| Marketable Securities | $0.00 | $0.00 | $82.6M | $167.9M | $102.6M | $34.6M | $262.5M | $76.3M | $49.8M | |
| Total Current Assets | $45.7M | $45.4M | $354.0M | $247.7M | $248.1M | $263.9M | $316.5M | $242.2M | $228.3M | |
| Total Assets | $48.1M | $49.9M | $355.9M | $287.0M | $285.1M | $297.7M | $350.1M | $277.6M | $262.9M | |
| Total Current Liabilities | $3.3M | $4.9M | $10.6M | $21.7M | $22.4M | $17.9M | $30.5M | $42.6M | $35.9M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $10.3M | $6.4M | $11.7M | $55.1M | $53.9M | $47.1M | $57.0M | $65.9M | $58.4M | |
| Stockholders' Equity | $37.9M | $43.5M | $344.3M | $231.9M | $231.2M | $250.6M | $293.1M | $211.6M | $204.5M | |
| Retained Earnings | $-65.4M | $-102.6M | $-166.0M | $-296.3M | $-438.3M | $-572.5M | $-710.7M | $-917.4M | $-961.5M |
Cash Flow Statement
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $-17.2M | $-28.4M | $-53.1M | $-106.1M | $-116.3M | $-121.1M | $-118.0M | $-186.4M | $-183.1M | |
| Capital Expenditure | $-17.0K | $-267.0K | $-464.0K | $-1.7M | $-6.5M | $-193.0K | $-15.0K | $-137.0K | $-63.0K | |
| Free Cash Flow | $-17.2M | $-28.6M | $-53.6M | $-107.8M | $-122.8M | $-121.3M | $-118.0M | $-186.5M | $-183.2M | |
| Investing Cash Flow | $-17.0K | $-267.0K | $-83.2M | $-88.2M | $58.4M | $70.7M | $-218.8M | $190.1M | $119.5M | |
| Financing Cash Flow | $58.5M | $28.4M | $360.9M | $1.8M | $122.9M | $135.5M | $161.2M | $108.9M | $141.7M | |
| Issuance of Stock | $0.00 | $0.00 | $267.0M | $0.00 | $130.5M | $135.5M | $161.9M | $109.6M | $143.2M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Issuance of Debt | $0.00 | $0.00 | $500.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Payments of Debt | $0.00 | $0.00 | $-500.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $408.0K | $2.0M | $4.9M | $16.3M | $18.5M | $18.2M | $19.4M | $16.4M | $15.5M | |
| Net Change in Cash | $41.2M | $-244.0K | $224.6M | $-192.6M | $65.0M | $85.1M | $-175.6M | $112.6M | $78.1M |
Dilution Tracker
Shares outstanding grew 406.8% over 5 years — significant dilution
Shares Outstanding
194M
5-Year Share Growth
+406.8%
Stock Issuance (TTM)
$143.2M
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 11.45 | 13.12 | 16.96 | 38.32 | 54.67 | 75.67 | 137.40 | 155.11 | 194.20 | |
| YoY Change % | — | 14.5% | 29.3% | 125.9% | 42.7% | 38.4% | 81.6% | 12.9% | 25.2% | |
| Stock Issuance | $0.00 | $0.00 | $267.0M | $0.00 | $130.5M | $135.5M | $161.9M | $109.6M | $143.2M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $408.0K | $2.0M | $4.9M | $16.3M | $18.5M | $18.2M | $19.4M | $16.4M | $15.5M |
Margins & Profitability
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Operating Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | - | |
| Net Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | - | |
| EBITDA Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | - | |
| FCF Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| ROE % | -48.3% | -91.3% | -32.7% | -45.2% | -61.3% | -55.7% | -50.8% | -81.9% | -96.3% | |
| ROA % | -38.0% | -75.8% | -31.2% | -40.5% | -49.6% | -46.1% | -42.7% | -65.9% | -73.5% | |
| R&D / Revenue | - | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)At Loss
HistoricalAt Loss / At Loss / At Loss
Industry Med.27.51
P/S—
Historical— / — / —
Industry Med.9.49
P/B4.60
Historical— / — / 4.60
Industry Med.2.93
EV/EBITDA-3.70
Historical-3.70 / — / —
Industry Med.13.02
EV/Revenue—
Historical— / — / —
Industry Med.8.59
P/FCF—
Historical— / — / —
Industry Med.27.13
Intrinsic Value Models
Tangible Book
$1.26
Net Current Assets
$1.050
Net-Net Working Capital
$1.03
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | N/A | N/A | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | |
| PS Ratio | - | - | - | - | - | - | - | - | 0.00 | |
| PB Ratio | 0.00 | 0.00 | 2.77 | 1.91 | 1.07 | 1.42 | 1.91 | 3.54 | 4.60 | |
| EV/EBITDA | 0.00 | 0.00 | -9.62 | -1.83 | -0.26 | -0.90 | -1.84 | -2.52 | -3.70 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
—
Distress
Piotroski F-Score
1
Weak
Beneish M-Score
—
Possible Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $0.00M | $44.35M | $192.46M |
| Net Income | $-188.52M | $-176.71M | $-5.70M |
| EPS | -0.94 | -0.78 | 0.10 |
| Book Value per Share | 0.00 | 0.00 | 0.00 |
| Operating Cash Flow per Share | -0.86 | -0.47 | 0.00 |
| Operating CF | $-166.04M | $-91.27M | $0.00M |