Annexon Posts Q2 Loss of $0.28/Share, Expands Phase 3 GA Trial with Dual Endpoint, and Sets Key Milestones
ANNX has more than doubled off its 52-week low of $2.03 on light trading volume (0.3× avg).
Summary
Annexon reported a Q2 net loss of $0.28 per share with $209.2M in cash, expanded its pivotal Phase 3 GA trial to include a Month 24 dual primary endpoint, and set Q4 2026 milestones for both a BLA submission and the Month 15 ARCHER II readout.
Key Events · Earnings and Guidance · ANNX
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Q2 2026 Financial Results
Net loss of $55.3M ($0.28/share) on operating expenses of $57.2M. Cash, equivalents, and short-term investments totaled $209.2M as of June 30, 2026, with runway extended into 2028.
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Phase 3 ARCHER II Trial Expansion
Added a Month 24 dual primary endpoint to complement the existing Month 15 primary endpoint, and launched an open-label extension study. Month 15 data remains on track for Q4 2026.
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Tanruprubart BLA Submission
Biologics License Application submission for tanruprubart in Guillain-Barré syndrome expected in Q4 2026, supported by FORWARD study data.
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ANX1502 Proof-of-Concept Data
Proof-of-concept data for ANX1502, an oral C1 inhibitor for autoimmune disease, expected in Fall 2026.
Analysis · ANNX · Life Sciences
Annexon delivered a mixed Q2 update: a $55.3M net loss ($0.28/share) on $57.2M in operating expenses, but with $209.2M in cash and a new credit facility extending runway into 2028. The strategic expansion of the Phase 3 ARCHER II trial — adding a Month 24 dual primary endpoint while keeping the Month 15 readout on track for Q4 2026 — de-risks the vonaprument program and could strengthen the label. A BLA submission for tanruprubart in GBS is also expected in Q4 2026, and proof-of-concept data for ANX1502 is due this fall. The cash position and clinical catalysts position the company for a pivotal 12 months, though the ongoing cash burn remains a watchpoint.
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At the time of this filing, ANNX was trading at $5.01 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $874.9M. The 52-week trading range was $2.03 to $7.18. This filing was assessed with neutral market sentiment and an importance score of 8 out of 10.