Start here if you're new
what it is
Annexon is a 100-person biotech building drugs for brain, body, and eye diseases.
how it gets paid
Last year Annexon made n/a in revenue.
what just happened
Annexon posted -$0.37 in the latest quarter, and there was still no revenue number to cheer.
At a glance
B balance sheet — gets the job done, barely
50/100 earnings predictability — expect surprises
-$1.01 fy2024 eps est
~$818M market cap
small cap
xvary composite: 48/100 — below average
What they do
Annexon is a 100-person biotech building drugs for brain, body, and eye diseases.
You get 3 shots on goal: ANX005, ANX007, and ANX009. That spreads the bet across brain, eye, and kidney disease. The catch is plain: no product sales yet, so your edge is science, not cash.
How they make money
n/a
annual revenue
The products that matter
lead regulatory program
tanruprubart
maa submitted jan 8, 2026
This is the nearest-term shot on goal. The filing matters because ANNX has no commercial revenue today, so any regulatory traction carries outsized weight.
near-term catalyst
late-stage clinical asset
anx005
phase 3 data expected in 2026
Late-stage data is where pre-revenue biotech stories either become businesses or stay expensive science projects. For Annexon, this readout is the second pillar of the whole case.
data watch
Key numbers
$5.52
share price
That is the price of one share today. Small stocks like this can move hard on one trial headline.
$818M
market cap
This is the whole company value. At this size, one data readout can matter a lot.
$24M
debt
That is low versus the company's value. Debt is not the main problem here.
1.0
beta
A beta of 1.0 means it has moved about like the market. You do not get a smoother ride for free.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 5 / 100
- long-term debt $24M (3% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for ANNX right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Annexon posted -$0.37 in the latest quarter, and there was still no revenue number to cheer.
Trailing EPS sits at -$1.48, while pegs FY2024 EPS at -$1.01. That is less bad than the FY2023 loss of -$1.77, but it is still a loss.
-$0.37
latest eps
-$1.48
trailing eps
-$1.01
fy2024 est
the number that mattered
The -$0.37 quarterly EPS is the cleanest read here, because the data still shows no commercial revenue.
source: and Yahoo Finance
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What could go wrong
The risk stack here is not subtle. Tanruprubart approval risk, ANX005 data risk, and funding pressure carry most of the weight because there is no commercial revenue underneath them.
med
tanruprubart hits a delay, rejection, or narrower label
The MAA went in on Jan 8, 2026. That makes tanruprubart the nearest regulatory bridge between an $818M valuation and actual product revenue.
With no commercial revenue today, a setback here pressures almost the entire current equity story, not just one line item.
med
ANX005 Phase 3 data fails to justify the premium target
Phase 3 data in geographic atrophy is expected in 2026. Late-stage data is where pre-revenue biotech narratives meet reality.
If the readout disappoints, the gap between $5.52 and the $15.01 average target stops looking like upside and starts looking like wishful modeling.
med
cash burn matters more than debt
Long-term debt is only $24M, or 3% of capital. That sounds clean. It also hides the real issue: pre-revenue companies fund science with cash, time, and sometimes new shares.
If milestones slip, financing risk rises. We do not have enough runway detail on this page to pretend otherwise.
Bottom line: one clinical miss can matter more than a year of cash burn.
source: institutional data · regulatory filings · risk analysis
Pay attention to
regulatory
tanruprubart review path
The MAA went in on Jan 8, 2026. This is the nearest thing ANNX has to a revenue gateway.
clinical
ANX005 Phase 3 data in 2026
If the readout is strong, the valuation debate changes fast. If it disappoints, the premium target framework gets much harder to defend.
funding
cash burn and financing flexibility
Management put cash burn and pipeline progress in the same sentence on Mar 16, 2026. In pre-revenue biotech, that is survival math.
valuation
the spread between $5.52 and $15.01
That gap looks exciting until you remember it depends on milestones landing. Each update either narrows the spread with proof or exposes it as optimism.
Analyst rankings
earnings predictability
50 / 100
middle of the road. in human-speak, expect surprises because there is no mature operating base here yet.
price stability
5 / 100
very low stability. When sentiment changes, this stock tends to feel it immediately.
risk rank
3
safer than 50% of stocks by this system. That sounds calmer than a pre-revenue biotech usually feels.
xvary composite
48 / 100
below average overall. The upside narrative is large. The proof burden is larger.
source: institutional data
Institutional activity
institutional ownership data for ANNX is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$6
current price
n/a
target midpoint · n/a from current
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