ANNX
HealthcareAnnexon, Inc. · Biotechnology · $640M
What is Annexon, Inc.?
Annexon, Inc. is a clinical-stage biopharmaceutical company focused on discovering and developing treatments for autoimmune, neurodegenerative, and ophthalmic disorders. Its research centers on blocking C1q, a key initiating molecule in the classical complement pathway.
Annexon targets the classical complement pathway — a branch of the immune system implicated in a range of serious diseases. By blocking C1q, the company aims to interrupt disease processes driven by both antibody-mediated autoimmunity and complement-mediated neurodegeneration. Revenue is not yet generated from product sales; the company funds operations through capital raises while advancing multiple drug candidates through clinical trials across neurology, hematology, and ophthalmology.
Annexon was incorporated in 2011 and is headquartered in Brisbane, California.
- ANX005 — monoclonal antibody in trials for Guillain-Barré syndrome and other conditions
- ANX007 — Phase II candidate targeting geographic atrophy
- ANX009 — Phase Ib program in lupus nephritis
- ANX105 — investigational antibody for neurodegenerative indications
- ANX1502 — oral small molecule for autoimmune indications
Is ANNX a Good Stock to Buy?
UQS Score rates ANNX as Poor overall, reflecting the early-stage nature of the business and the challenges common to pre-revenue clinical biotechs.
The one area where ANNX stands out relative to its profile is Risk, which earns a Good label — suggesting the company's balance sheet and near-term financial structure carry less immediate distress than many peers at a similar development stage.
Quality, Moat, and Growth all register as Weak, consistent with a company that has no commercial products, no durable competitive advantages yet established, and limited near-term revenue visibility. Valuation is rated Elevated, meaning the market is pricing in significant future success.
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Past performance does not guarantee future results. UQS Score is based on fundamental data and is not a buy/sell recommendation.
Does ANNX pay dividends?
No — Annexon, Inc. does not currently pay a dividend.
Annexon does not pay a dividend, which is typical for clinical-stage biotechs. All available capital is directed toward funding research, clinical trials, and pipeline advancement. Income-focused investors should not expect distributions from ANNX in the near term, as the company's priority is reaching clinical and regulatory milestones.
When does ANNX report earnings?
Annexon reports financial results on a quarterly cadence, consistent with US-listed public companies.
As a pre-revenue clinical-stage company, quarterly results primarily reflect operating expenses tied to research and development activity rather than product sales. Cash runway and trial progress are typically the most watched metrics in each reporting period.
For the most recent quarter's results and management commentary, visit Annexon's investor relations page directly.
ANNX Price History
-70.6% over 5Y
Monthly close, adjusted for stock splits and dividend reinvestment.
What if I invested in Annexon, Inc.?
Based on Annexon, Inc.'s historical closing prices, adjusted for stock splits and dividend reinvestment. Past performance does not guarantee future results. This is for informational purposes only and is not financial advice.
ANNX Long-term Outlook
Annexon's fundamental outlook is shaped by binary clinical trial outcomes rather than traditional revenue growth trajectories. The Growth pillar is rated Weak, reflecting the absence of near-term commercial catalysts. However, the Good Risk rating suggests the company has managed its financial position with some care. The path to value creation runs through clinical readouts — particularly for ANX005 in Guillain-Barré syndrome — and any meaningful re-rating would likely require positive late-stage data.
Growth drivers
- Potential Phase II/III readouts for ANX005 in Guillain-Barré syndrome
- Expanding pipeline across neurology, hematology, and ophthalmology indications
- Differentiated C1q mechanism with potential across multiple disease areas
Key risks
- Clinical trial failure risk across multiple early-stage programs
- Elevated valuation leaves limited margin of safety if trials disappoint
- Ongoing capital needs typical of pre-revenue biotech companies
ANNX vs Peers
Annexon operates in a competitive clinical-stage biotech landscape alongside other small-cap companies pursuing rare and specialty disease indications.
Lexicon has a longer operating history and has advanced programs into commercial-stage products, giving it a different risk and revenue profile than Annexon.
Design Therapeutics focuses on genetic disease with a distinct small-molecule platform, targeting a different mechanistic space than Annexon's complement pathway approach.
ARS Pharmaceuticals concentrates on anaphylaxis treatment with a nearer-term commercial focus, contrasting with Annexon's broader neurology and autoimmune pipeline.
Frequently Asked Questions
What does Annexon do?
Annexon is a clinical-stage biopharmaceutical company developing treatments for autoimmune, neurodegenerative, and ophthalmic diseases. Its approach centers on blocking C1q, a molecule that initiates the classical complement pathway, which is implicated in a range of serious conditions including Guillain-Barré syndrome, geographic atrophy, and Huntington's disease.
Does ANNX pay dividends?
No, Annexon does not pay a dividend. As a pre-revenue clinical-stage company, it reinvests all available capital into research and clinical development. Dividend payments are not typical for companies at this stage of development.
When does ANNX report earnings?
Annexon reports on a quarterly cadence, as required for US-listed public companies. Because it has no product revenue, results focus on R&D spending and cash position. Check Annexon's investor relations page for the most current reporting schedule.
Is ANNX a good stock to buy?
UQS Score rates ANNX as Poor overall. Quality, Moat, and Growth are all rated Weak, while Valuation is Elevated — a combination that signals meaningful risk relative to current pricing. The Good Risk rating is a relative positive, but the overall profile warrants careful consideration. View the full analysis on UQS Score.
Is ANNX overvalued?
The UQS Valuation pillar for ANNX is rated Elevated, suggesting the current market price embeds optimistic assumptions about future clinical success. For a pre-revenue biotech, valuation is heavily dependent on pipeline outcomes, which remain uncertain.
How does ANNX compare to its competitors?
Compared to peers like Lexicon Pharmaceuticals, Design Therapeutics, and ARS Pharmaceuticals, Annexon is differentiated by its C1q complement pathway focus spanning multiple disease areas. Each competitor pursues distinct mechanisms and indications, making direct comparisons complex. The full UQS peer comparison is available to Pro members.
What is ANNX's market cap bracket?
Annexon is classified as a small-cap company. This places it in a segment of the market characterized by higher volatility, greater sensitivity to clinical trial outcomes, and more limited access to capital compared to larger biopharmaceutical peers.
Who founded Annexon?
Annexon was incorporated in 2011. Details about the founding team are publicly available through the company's official website and SEC filings, which provide the most accurate and current information about its leadership history.
Is ANNX a long-term quality investment?
From a long-term quality perspective, ANNX currently scores as Poor on the UQS composite. Weak ratings across Quality, Moat, and Growth reflect the absence of commercial products and durable competitive advantages. Long-term quality indicators would need to improve substantially as the pipeline matures. Pro members can track pillar changes over time.
What is the main competitive advantage of Annexon?
Annexon's scientific differentiation lies in its focus on C1q inhibition — a mechanism that sits upstream in the complement cascade and may address both autoimmune and neurodegenerative disease processes. However, the UQS Moat pillar is currently rated Weak, reflecting that this scientific approach has not yet translated into a durable commercial advantage.
What sector does ANNX belong to?
Annexon operates in the Healthcare sector, specifically within clinical-stage biopharmaceuticals. It targets rare and specialty diseases across neurology, hematology, and ophthalmology — areas with significant unmet medical need and, correspondingly, high development risk.
Is ANNX a growth stock or value stock?
Based on UQS pillar labels, ANNX does not fit neatly into either category. Growth is rated Weak due to the absence of near-term revenue, while Valuation is Elevated — meaning the stock is priced for future success rather than current fundamentals. It is best characterized as a speculative clinical-stage biotech.
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Pro Analysis
ANNX — Score History
| Date | UQS | Quality | Moat | Growth | Risk | Value | Change |
|---|---|---|---|---|---|---|---|
| May 8, 2026 | 13.0 | 0.0 | 11.0 | 0.0 | 68.2 | 0.0 | -0.1 |
| Apr 4, 2026 | 13.1 | 0.0 | 11.0 | 0.0 | 69.3 | 0.0 | -0.1 |
| Apr 2, 2026 | 13.2 | 0.0 | 11.0 | 0.0 | 69.4 | 0.0 | — |
ANNX — Pillar Breakdown
Quality
— 0.0/100 (25%)Annexon, Inc. currently shows below-average quality metrics, suggesting challenges with profitability.
How effectively capital is deployed to generate returns.
Profitability relative to shareholders' equity.
Ability to convert revenue into operating profit.
Bottom-line profit as a share of revenue.
Free cash flow relative to market value.
Growth
— 0.0/100 (20%)Annexon, Inc. faces growth headwinds with declining or stagnant revenue trends.
Revenue trajectory over the last twelve months.
Year-over-year earnings per share growth.
Analyst consensus for future revenue growth.
Risk
— 68.2/100 (15%)Annexon, Inc. maintains a reasonable risk profile with manageable debt levels.
Debt levels relative to earnings capacity.
Total debt relative to shareholder equity.
Short-term liquidity — ability to pay near-term obligations.
Earnings capacity relative to interest payments.
Valuation
— 0.0/100 (15%)Annexon, Inc. appears expensively valued relative to its fundamentals and growth prospects.
Moat
— 11/100 (25%)Annexon, Inc. operates in a highly competitive environment with limited sustainable advantages. The Moat pillar evaluates competitive advantages across five dimensions: Switching Costs, Network Effects, Cost Advantage, Intangible Assets, and Scale & Ecosystem. Sign in to customize moat ratings for ANNX.
Score Composition
Financial Data
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How is the ANNX UQS Score Calculated?
The UQS (Unified Quality Score) for Annexon, Inc. is calculated using a proprietary 6-pillar framework with 29 financial metrics. Each pillar evaluates a different dimension on a 0–100 scale, then combines into a single weighted score. Scoring thresholds are calibrated per sector. Momentum is an optional Pro toggle — without it, you get the 5-pillar / 25-metric core shown below.
Quality (25%) measures profitability and capital efficiency — ROIC, ROE, margins, GP/Assets, and FCF Yield.
Moat (25%) assesses Annexon, Inc.'s competitive advantages across switching costs, network effects, cost advantages, intangible assets, and ecosystem scale.
Growth (20%) tracks revenue trajectory and earnings momentum, combining historical results with analyst forward estimates.
Risk (15%) is inversely scored — lower leverage and strong balance sheet health result in higher scores.
Valuation (15%) measures whether Annexon, Inc. is fairly priced using earnings yield, price-to-FCF, PEG ratio, and EV/EBITDA relative to sector peers.
Six investor-inspired presets are available, each with different pillar weights: Balanced, Buffett, Munger, Lynch, Cathie Wood, and Graham. The public score shown here uses the Balanced preset. Learn more in our FAQ.