Annexon Reports $49.2 Million Net Loss in Q2 2025, Driven by Increased R&D Expenses

Annexon, Inc. reported significant financial results for the second quarter of 2025, revealing a net loss of $49.2 million, compared to a net loss of $29.6 million for the same period in 2024, marking a 66% increase in losses year-over-year. For the first half of 2025, the company recorded a net loss of $103.5 million, nearly double the $54.8 million loss reported in the first half of 2024. The increase in losses is attributed primarily to a substantial rise in research and development expenses, which surged by 76% to $44.2 million in the second quarter, driven by costs associated with ongoing clinical trials and increased personnel expenses.

Total operating expenses for the second quarter reached $51.7 million, a 54% increase from $33.6 million in the prior year. Research and development expenses accounted for the majority of this increase, reflecting the company's commitment to advancing its clinical programs, particularly for its lead product candidates targeting complement-mediated diseases. General and administrative expenses, however, decreased by 12% to $7.6 million, primarily due to reduced consulting costs and the amortization of high-value stock options.

In terms of liquidity, Annexon reported cash and cash equivalents of $132.3 million as of June 30, 2025, a significant increase from $49.5 million at the end of 2024. This increase was largely due to cash generated from the maturity of available-for-sale securities, which provided $291.3 million in proceeds during the first half of the year. The company’s total assets decreased to $264.6 million from $350.1 million at the end of 2024, primarily due to a reduction in short-term investments.

Strategically, Annexon is advancing its clinical pipeline, focusing on three key programs: tanruprubart for Guillain-Barré Syndrome, vonaprument for geographic atrophy associated with age-related macular degeneration, and ANX1502 for autoimmune indications. The company is preparing for a Marketing Authorization Application submission for tanruprubart in Europe, expected in the first quarter of 2026, and has completed enrollment for the Phase 3 ARCHER II trial for vonaprument.

Looking ahead, Annexon anticipates continued operating losses as it invests in clinical development and regulatory approvals. The company projects that its existing cash and investments will support operations into the fourth quarter of 2026, but acknowledges the need for additional funding to sustain its development programs. Future financing may come from equity offerings or collaborations, but the company faces uncertainties regarding the timing and terms of such funding.