(ANNX) Annexon - Overview
Stock: Antibody, Fragment, Oral, Inhibitor, Protein
EPS (Earnings per Share)
Revenue
| Risk 5d forecast | |
|---|---|
| Volatility | 84.8% |
| Relative Tail Risk | -9.53% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 0.92 |
| Alpha | 38.39 |
| Character TTM | |
|---|---|
| Beta | 1.072 |
| Beta Downside | 0.978 |
| Drawdowns 3y | |
|---|---|
| Max DD | 82.33% |
| CAGR/Max DD | -0.06 |
Description: ANNX Annexon December 30, 2025
Annexon, Inc. (NASDAQ: ANNX) is a clinical-stage biotech focused on complement-mediated inflammation. Its lead asset, ANX005-a full-length monoclonal antibody-has progressed to a Phase 3 trial in Guillain-Barré syndrome (GBS), completed Phase II in Huntington’s disease, and is in a Phase 2a study for amyotrophic lateral sclerosis (ALS). The pipeline also includes ANX007 (a Fab fragment) in Phase 3 for geographic atrophy, ANX1502 (an oral small-molecule inhibitor) in Phase 1 for autoimmune diseases, and ANX009 (a C1q-blocking Fab) in Phase 1 for lupus nephritis.
As of the latest 10-Q (Q2 2024), Annexon reported cash and cash equivalents of roughly $115 million, giving it an estimated 18-month runway at current burn rates (~$6 million per quarter). The company’s market capitalization hovers around $300 million, implying a price-to-sales multiple of ~12× based on its projected 2025 revenue from ANX005 (estimated $25-30 million if Phase 3 succeeds). The broader biotech sector benefits from a 7% CAGR in FDA-approved therapies targeting neuro-degenerative and ocular diseases, and a favorable capital-raising environment driven by sustained investor appetite for rare-disease pipelines.
Key uncertainties remain: the primary risk is the outcome of the ANX005 Phase 3 GBS trial, which would determine whether Annexon can achieve a commercial product and unlock milestone payments from partnership agreements. Additionally, the transition of ANX007 to market hinges on demonstrating a meaningful visual-function benefit in geographic atrophy, a space where recent competitors have faced regulatory setbacks. These drivers should be weighted against base-rate success probabilities for Phase 3 neurology trials (~30% historically).
For a data-rich, objective view of Annexon’s valuation assumptions and scenario analysis, you may find ValueRay’s analyst dashboard a useful next step.
Piotroski VR‑10 (Strict, 0-10) 1.5
| Net Income: -207.0m TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.77 > 0.02 and ΔFCF/TA -49.22 > 1.0 |
| NWC/Revenue: 4384 % < 20% (prev 6664 %; Δ -2279 % < -1%) |
| CFO/TA -0.77 > 3% & CFO -176.4m > Net Income -207.0m |
| Net Debt/EBITDA: error (EBITDA <= 0) |
| Current Ratio: 4.42 > 1.5 & < 3 |
| Outstanding Shares: last quarter (149.1m) vs 12m ago 6.57% < -2% |
| Gross Margin: 46.89% > 18% (prev 0.30%; Δ 4659 % > 0.5%) |
| Asset Turnover: 1.12% > 50% (prev 1.28%; Δ -0.16% > 0%) |
| Interest Coverage Ratio: -22.77 > 6 (EBITDA TTM -214.3m / Interest Expense TTM -9.51m) |
Altman Z'' -15.00
| A: 0.65 (Total Current Assets 192.8m - Total Current Liabilities 43.6m) / Total Assets 229.1m |
| B: -3.79 (Retained Earnings -869.1m / Total Assets 229.1m) |
| C: -0.71 (EBIT TTM -216.5m / Avg Total Assets 304.0m) |
| D: -12.84 (Book Value of Equity -869.1m / Total Liabilities 67.7m) |
| Altman-Z'' Score: -26.36 = D |
What is the price of ANNX shares?
Over the past week, the price has changed by -8.17%, over one month by +12.35%, over three months by +89.74% and over the past year by +60.50%.
Is ANNX a buy, sell or hold?
- StrongBuy: 5
- Buy: 3
- Hold: 0
- Sell: 0
- StrongSell: 0
What are the forecasts/targets for the ANNX price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 14.3 | 150.1% |
| Analysts Target Price | 14.3 | 150.1% |
| ValueRay Target Price | 6.8 | 19.2% |
ANNX Fundamental Data Overview February 01, 2026
Revenue TTM = 3.40m USD
EBIT TTM = -216.5m USD
EBITDA TTM = -214.3m USD
Long Term Debt = 26.9m USD (from capitalLeaseObligations, last quarter)
Short Term Debt = 2.82m USD (from shortTermDebt, last quarter)
Debt = 26.9m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = -112.5m USD (from netDebt column, last quarter)
Enterprise Value = 768.3m USD (930.1m + Debt 26.9m - CCE 188.7m)
Interest Coverage Ratio = -22.77 (Ebit TTM -216.5m / Interest Expense TTM -9.51m)
EV/FCF = -4.35x (Enterprise Value 768.3m / FCF TTM -176.6m)
FCF Yield = -22.98% (FCF TTM -176.6m / Enterprise Value 768.3m)
FCF Margin = -5188 % (FCF TTM -176.6m / Revenue TTM 3.40m)
Net Margin = -6082 % (Net Income TTM -207.0m / Revenue TTM 3.40m)
Gross Margin = 46.89% ((Revenue TTM 3.40m - Cost of Revenue TTM 1.81m) / Revenue TTM)
Gross Margin QoQ = none% (prev none%)
Tobins Q-Ratio = 3.35 (Enterprise Value 768.3m / Total Assets 229.1m)
Interest Expense / Debt = 11.52% (Interest Expense 3.10m / Debt 26.9m)
Taxrate = 21.0% (US default 21%)
NOPAT = -171.1m (EBIT -216.5m * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 4.42 (Total Current Assets 192.8m / Total Current Liabilities 43.6m)
Debt / Equity = 0.17 (Debt 26.9m / totalStockholderEquity, last quarter 161.4m)
Debt / EBITDA = 0.52 (negative EBITDA) (Net Debt -112.5m / EBITDA -214.3m)
Debt / FCF = 0.64 (negative FCF - burning cash) (Net Debt -112.5m / FCF TTM -176.6m)
Total Stockholder Equity = 224.3m (last 4 quarters mean from totalStockholderEquity)
RoA = -68.11% (Net Income -207.0m / Total Assets 229.1m)
RoE = -92.28% (Net Income TTM -207.0m / Total Stockholder Equity 224.3m)
RoCE = -86.17% (EBIT -216.5m / Capital Employed (Equity 224.3m + L.T.Debt 26.9m))
RoIC = -76.25% (negative operating profit) (NOPAT -171.1m / Invested Capital 224.3m)
WACC = 9.84% (E(930.1m)/V(957.0m) * Re(9.86%) + D(26.9m)/V(957.0m) * Rd(11.52%) * (1-Tc(0.21)))
Discount Rate = 9.86% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 57.83%
Fair Price DCF = unknown (Cash Flow -176.6m)
EPS Correlation: 80.35 | EPS CAGR: 97.96% | SUE: 4.0 | # QB: 1
Revenue Correlation: 19.08 | Revenue CAGR: 0.0% | SUE: 0.0 | # QB: 0
EPS next Quarter (2026-03-31): EPS=-0.33 | Chg30d=+0.007 | Revisions Net=+0 | Analysts=3
EPS next Year (2026-12-31): EPS=-1.19 | Chg30d=+0.092 | Revisions Net=+1 | Growth EPS=+14.0% | Growth Revenue=+0.0%