Annexon Reports $138.2 Million Net Loss for Fiscal Year 2024, Advances Key Product Candidates

Annexon, Inc., a clinical-stage biopharmaceutical company, reported a net loss of $138.2 million for the fiscal year ending December 31, 2024, compared to a net loss of $134.2 million in the previous year. The company's total operating expenses increased by 7% to $154.1 million, driven primarily by a rise in research and development costs, which accounted for $119.4 million, up from $113.8 million in 2023. This increase was largely attributed to higher consulting and professional services expenses, as well as increased personnel costs due to a growing workforce. The company’s accumulated deficit reached $710.7 million as of December 31, 2024.

In terms of financial performance, Annexon’s interest and other income rose significantly by 67% to $15.9 million, primarily due to higher average cash and investment balances and favorable interest rates. The company ended the year with cash and cash equivalents of $49.5 million and short-term investments totaling $262.5 million, providing a total liquidity of approximately $312 million. This capital is expected to fund operations into the second half of 2026, although the company anticipates needing additional financing to support ongoing clinical trials and development activities.

Strategically, Annexon is advancing three key product candidates: ANX005 for Guillain-Barré Syndrome (GBS), ANX007 for Geographic Atrophy (GA), and ANX1502 for autoimmune indications. ANX005 has shown promising results in a Phase 3 trial, demonstrating significant improvements in muscle strength and functional recovery in GBS patients. The company plans to submit a Biologics License Application (BLA) for ANX005 in the first half of 2025. ANX007 is currently in a Phase 3 trial, with enrollment expected to complete in the second half of 2025, while ANX1502 is undergoing a proof-of-concept study in patients with cold agglutinin disease.

Operationally, Annexon has expanded its workforce to 100 employees, with a significant portion dedicated to research and development. The company has also engaged in various financing activities, raising approximately $116.8 million in June 2024 through the issuance of common stock and pre-funded warrants. Despite these advancements, the company faces significant risks, including reliance on third-party manufacturers for product development and potential regulatory challenges that could delay or prevent the commercialization of its product candidates. Looking ahead, Annexon remains focused on executing its clinical development plans while navigating the complexities of the biopharmaceutical landscape.