Annexon (ANNX) Q1 2026 earnings summary

Executive summary

• Advanced late-stage clinical programs for tanruprubart (GBS) and vonaprument (GA in dry AMD), with regulatory filings in progress and pivotal Phase 3 data for vonaprument expected in Q4 2026.

• Tanruprubart EU marketing application under review for GBS; U.S./EU FORWARD study ongoing, with BLA submission planned for 2026.

• Proof-of-concept data for ANX1502, an oral C1 inhibitor for autoimmune disease, anticipated in 2026.

• Net loss for Q1 2026 was $44.1M, a 19% improvement year-over-year, with an accumulated deficit of $961.5M as of March 31, 2026.

• Cash, cash equivalents, and short-term investments totaled $225.0M as of March 31, 2026, expected to fund operations into the second half of 2027.

Financial highlights

• Research and development expenses decreased 26% year-over-year to $35.8M, mainly due to lower contract manufacturing and consulting costs.

• General and administrative expenses increased 11% to $10.3M, driven by higher consulting and professional services.

• Interest and other income fell 37% to $1.9M due to lower average cash and investment balances.

• Net loss was $44.1M ($0.23 per share) for Q1 2026, compared to $54.4M ($0.37 per share) for Q1 2025.

• Net cash used in operating activities was $46.8M for Q1 2026, down from $50.1M in Q1 2025.

Outlook and guidance

• Cash runway projected into the second half of 2027, but substantial additional financing will be required to achieve long-term goals.

• Topline data for vonaprument Phase 3 expected in Q4 2026; regulatory engagement ongoing for tanruprubart in GBS.

• Proof-of-concept data for ANX1502 in autoimmune conditions expected in 2026.