Annexon | 8-K: FY2026 Q2 Revenue: USD 0

Revenue: As of FY2026 Q2, the actual value is USD 0.

EPS: As of FY2026 Q2, the actual value is USD -0.28, missing the estimate of USD -0.2354.

EBIT: As of FY2026 Q2, the actual value is USD -55.35 M.

Net Loss Attributable to Common Stockholders

For the three months ended June 30, 2026, Annexon, Inc. reported a net loss attributable to common stockholders of - $55.3 million, or - $0.28 per share, compared to - $49.2 million, or - $0.34 per share, for the same period in 2025. The net loss was - $55,348 thousand for the three months ended June 30, 2026, compared to - $49,156 thousand for the three months ended June 30, 2025. For the six months ended June 30, 2026, the net loss was - $99,490 thousand, compared to - $103,512 thousand for the six months ended June 30, 2025. Net loss attributable to common stockholders for the six months ended June 30, 2026, was - $99,490 thousand, compared to - $105,369 thousand for the six months ended June 30, 2025.

Operating Expenses

Total operating expenses for the three months ended June 30, 2026, were $57,227 thousand, up from $51,726 thousand for the same period in 2025. For the six months ended June 30, 2026, total operating expenses were $103,280 thousand, down from $109,131 thousand for the same period in 2025.

Research and Development (R&D) Expenses

R&D expenses were $46.6 million for the three months ended June 30, 2026, compared to $44.2 million for the three months ended June 30, 2025. For the six months ended June 30, 2026, R&D expenses were $82,376 thousand, compared to $92,339 thousand for the six months ended June 30, 2025. Stock-based compensation expense included in R&D was $2,663 thousand for Q2 2026 and $2,688 thousand for Q2 2025. Stock-based compensation expense included in R&D was $5,031 thousand for YTD 2026 and $5,517 thousand for YTD 2025.

General and Administrative (G&A) Expenses

G&A expenses were $10.6 million for the three months ended June 30, 2026, compared to $7.6 million for the three months ended June 30, 2025. For the six months ended June 30, 2026, G&A expenses were $20,904 thousand, compared to $16,792 thousand for the six months ended June 30, 2025. Stock-based compensation expense included in G&A was $2,150 thousand for Q2 2026 and $1,517 thousand for Q2 2025. Stock-based compensation expense included in G&A was $3,938 thousand for YTD 2026 and $3,766 thousand for YTD 2025.

Loss from Operations

Loss from operations for the three months ended June 30, 2026, was - $57,227 thousand, compared to - $51,726 thousand for the same period in 2025. For the six months ended June 30, 2026, loss from operations was - $103,280 thousand, compared to - $109,131 thousand for the same period in 2025.

Interest and Other Income, Net

Interest and other income, net, for the three months ended June 30, 2026, was $1,879 thousand, compared to $2,570 thousand for the same period in 2025. For the six months ended June 30, 2026, interest and other income, net, was $3,790 thousand, compared to $5,619 thousand for the same period in 2025.

Deemed Dividend on Modification of Common Stock Warrants

A deemed dividend of - $1,857 thousand was recorded for the three and six months ended June 30, 2025.

Cash and Liquidity

Cash, cash equivalents, and short-term investments totaled $209.2 million as of June 30, 2026. Cash and cash equivalents were $199,270 thousand as of June 30, 2026, compared to $162,051 thousand as of December 31, 2025. Short-term investments were $9,973 thousand as of June 30, 2026, compared to $76,294 thousand as of December 31, 2025. Total current assets were $212,757 thousand as of June 30, 2026, compared to $242,191 thousand as of December 31, 2025. Total assets were $246,068 thousand as of June 30, 2026, compared to $277,571 thousand as of December 31, 2025.

Liabilities and Stockholders’ Equity

Total liabilities were $60,007 thousand as of June 30, 2026, compared to $65,923 thousand as of December 31, 2025. Total stockholders’ equity was $186,061 thousand as of June 30, 2026, compared to $211,648 thousand as of December 31, 2025.

Credit Facility

Annexon, Inc. entered into a strategic credit facility of up to $200 million with Oxford Finance LLC, with an initial $50 million drawn at closing.

Operational Metrics and Key Updates

Annexon, Inc. reported early improvement in strength and reduction in disability in the first ten U.S. and European GBS patients from the ongoing, open-label FORWARD study for Tanruprubart. The global, double-masked Phase 3 ARCHER II trial for Vonaprument remains on track, with all eligible patients having received at least 12 months of treatment, and a Month 24 dual primary endpoint was added while maintaining the Month 15 primary endpoint. Dosing is complete for the ongoing proof-of-concept study evaluating ANX1502 in patients with cold agglutinin disease (CAD). Mark S. Blumenkranz, M.D., M.M.S., was appointed to Annexon, Inc.’s board of directors.

Outlook and Guidance

Annexon, Inc. anticipates submitting the Biologics License Application (BLA) for Tanruprubart in Q4 2026 and expects to report the Month 15 primary endpoint data for the ARCHER II trial for Vonaprument also in Q4 2026. An update on the ANX1502 POC trial in CAD is expected in Fall 2026, with the company projecting its cash runway to extend into 2028 due to its strengthened financial position. Results from the ARCHER II trial’s two sub-studies are anticipated in Q1 2027, and the completion of ARCHER II, including Month 24 analyses, is expected in Q3 2027.