ANNX Annexon, Inc. - common stock
NASDAQ · Biotechnology · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Aug 12, 2026
$4.19
· of 52w range
· above low
· to high
$2.5452w low
$7.1852w high
Market Cap
$626M
P/E
-3.1
EPS
$-1.34
your badges
52W Range
$3–$7
Analyst Rating
BUY
Price Target
$15
P/E
-3.1
ROE
-100.7%
Net Profit Margin
·
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ANNX Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$4.19
Market Cap
$626M
P/E
-3.1
EPS
$-1.34
ROE
-100.7%
52W Range
$3–$7
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10-Year Performance Revenue, net income, margins and EPS trends
EPS$-1.342021-12-31 → 2025-12-31
Free Cash Flow$-186M2020-12-31 → 2025-12-31
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | ANNX | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E | -3.15Y avg ≈-3.4 | ≈-3.4 | · | · | |
| P/B | 3.05Y avg ≈2.0 | ≈2.0 | 3.3 | Fair value | |
| Price / FCF | -3.45Y avg ≈-3.6 | ≈-3.6 | · | · | |
| Price / Cash Flow | -3.45Y avg ≈-3.6 | ≈-3.6 | · | · | |
| Price / Tangible Book | 3.05Y avg ≈2.0 | ≈2.0 | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | ANNX | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| ROA | -65.9%5Y avg ≈-49.0% | ≈-49.0% | -45.7% | Weak | |
| ROE | -100.7%5Y avg ≈-64.2% | ≈-64.2% | -51.4% | Weak | |
| ROIC | -102.2%5Y avg ≈-70.7% | ≈-70.7% | -47.7% | Weak |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | ANNX | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Current Ratio (MRQ) | 5.55Y avg ≈10.7 | ≈10.7 | 6.1 | Low liquidity | |
| Quick Ratio | 3.85Y avg ≈5.5 | ≈5.5 | 4.6 | In line |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
No data for this ratio group yet
Not enough fundamentals data to compute this ratio group yet.
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
No data for this ratio group yet
Not enough fundamentals data to compute this ratio group yet.
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-3.0%
Next Report
Nov 09, 2026
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Aug 17, 2026 | $-0.28 | $-0.24 | -14.8% |
| March 31, 2026 | May 18, 2026 | $-0.23 | $-0.29 | 22.0% |
| Dec. 31, 2025 | $-0.28 | $-0.32 | 12.2% | |
| Sept. 30, 2025 | $-0.37 | $-0.35 | -6.7% | |
| June 30, 2025 | $-0.34 | $-0.37 | 8.8% | |
| March 31, 2025 | $-0.37 | $-0.30 | -22.4% | |
| Dec. 31, 2024 | $-0.33 | $-0.27 | -20.2% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| R&D Expense | $185M | $119M | $114M | $113M | $100M | $49M | $25M | |
| SG&A Expense | $32M | $35M | $30M | $33M | $31M | $14M | $8M | |
| Operating Expenses | $216M | $154M | $144M | $146M | $131M | $63M | $33M | |
| Operating Income | $-216M | $-154M | $-144M | $-146M | $-131M | $-63M | $-33M | |
| Other Non-op | · | · | · | · | · | $57.0K | $1M | |
| Pretax Income | $-207M | $-138M | $134M | $142M | $130M | $-63M | $-37M | |
| Income Tax | $0 | $0 | $0 | $0 | · | · | $4.0K | |
| Net Income | $-207M | $-138M | $-134M | $-142M | $-130M | $-63M | $-37M | |
| EPS (Basic) | $-1.34 | $-1.01 | $-1.77 | $-2.60 | $-3.40 | · | · | |
| EPS (Diluted) | $-1.34 | $-1.01 | $-1.77 | $-2.60 | $-3.40 | · | · | |
| Shares (Basic) | 155,105,832 | 137,404,145 | 75,673,081 | 54,673,572 | 38,316,273 | · | · | |
| Shares (Diluted) | 155,105,832 | 137,404,145 | 75,673,081 | 54,673,572 | 38,316,273 | · | · | |
| EBITDA | $-214M | $-152M | $-142M | $-143M | $-129M | $-63M | · |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $162M | $49M | $225M | $140M | $75M | $269M | $44M | |
| Prepaid Expense | $4M | $4M | $4M | $5M | $5M | $3M | $1M | |
| Other Current Assets | · | · | $63.0K | $203.0K | $463.0K | $3.0K | $79.0K | |
| Current Assets | $242M | $316M | $264M | $248M | $248M | $354M | $45M | |
| PP&E (Net) | $11M | $13M | $15M | $17M | $18M | $2M | $2M | |
| PP&E (Gross) | $20M | $20M | $20M | $20M | $19M | $4M | $3M | |
| Accum. Depreciation | $9M | $7M | $5M | $3M | $789.0K | $2M | $1M | |
| Other Non-current Assets | $9M | $3M | · | · | · | · | $2M | |
| Total Assets | $278M | $350M | $298M | $285M | $287M | $356M | $50M | |
| Accounts Payable | $15M | $10M | $5M | $7M | $11M | $4M | $2M | |
| Accrued Liabilities | · | · | $10M | $13M | $9M | $6M | $2M | |
| Current Liabilities | $43M | $31M | $18M | $22M | $22M | $11M | $5M | |
| Capital Leases | $23M | $26M | $29M | $32M | $33M | · | · | |
| Total Liabilities | $66M | $57M | $47M | $54M | $55M | $12M | $6M | |
| Common Stock | $149.0K | $109.0K | $78.0K | $48.0K | $39.0K | $38.0K | $4.0K | |
| Paid-in Capital | $1.13B | $1.00B | $823M | $670M | $528M | $510M | $2M | |
| Retained Earnings | $-917M | $-711M | $-572M | $-438M | $-296M | $-166M | $-103M | |
| AOCI | $-29.0K | $10.0K | $-52.0K | $-372.0K | $-180.0K | $-77.0K | $-80.0K | |
| Stockholders' Equity | $212M | $293M | $251M | $231M | $232M | $344M | $-100M | |
| Liabilities + Equity | $278M | $350M | $298M | $285M | $287M | $356M | $50M | |
| Shares Outstanding | 149,362,800 | 109,381,556 | 78,369,099 | 47,722,995 | 38,560,854 | 38,157,618 | 433,749 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| D&A | $2M | $2M | $2M | $2M | $2M | $667.0K | $493.0K | |
| Stock-based Comp | $16M | $19M | $18M | $19M | $16M | $5M | $2M | |
| Other Non-cash | $2M | $-1M | $-7M | $5M | $6M | $5M | · | |
| Operating Cash Flow | $-186M | $-118M | $-121M | $-116M | $-106M | $-53M | $-28M | |
| CapEx | $137.0K | $15.0K | $193.0K | $7M | $2M | $464.0K | $267.0K | |
| Investing Cash Flow | $190M | $-219M | $71M | $58M | $-88M | $-83M | $-267.0K | |
| Stock Issued | $28M | $44M | $18M | · | · | · | · | |
| Net Stock Activity | $28M | $44M | · | · | · | · | · | |
| Financing Cash Flow | $109M | $161M | $136M | $123M | $2M | $361M | $28M | |
| Free Cash Flow | $-186M | $-118M | $-121M | $-123M | $-108M | $-54M | · |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| ROA | -65.9% | -42.7% | -46.1% | -49.6% | -40.5% | -31.2% | · | |
| ROE | -100.7% | -44.2% | -65.9% | -57.7% | -52.5% | -17.9% | · | |
| ROIC | -102.2% | -52.6% | -57.4% | · | · | · | · |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 5.7 | 10.4 | 14.7 | 11.1 | 11.4 | 33.3 | · | |
| Quick Ratio | 3.8 | 1.6 | 12.6 | 6.3 | 3.4 | 25.3 | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $1.42 | $2.68 | $3.20 | $4.84 | $6.01 | $9.02 | · | |
| Cash Flow / Share | $-1.20 | $-0.86 | $-1.60 | $-2.13 | · | · | · | |
| Cash / Share | $1.08 | $0.45 | $2.87 | $2.93 | $1.94 | $7.04 | · | |
| Dividend / Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | · | |
| EPS (TTM) | $-1.34 | $-1.01 | $-1.77 | $-2.60 | $-3.40 | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Net Income TTM | $-207M | $-138M | $-134M | $-142M | $-130M | $-63M | · | |
| Market Cap | $750M | $561M | $356M | $247M | $443M | $955M | · | |
| P/E | -3.7 | -5.1 | -2.6 | -2.0 | -3.4 | · | · | |
| P/B | 3.5 | 1.9 | 1.4 | 1.1 | 1.9 | 2.8 | · | |
| P / Tangible Book | 3.5 | 1.9 | 1.4 | 1.1 | 1.9 | 2.8 | · | |
| P / Cash Flow | -4.0 | -4.8 | -2.9 | -2.1 | -4.2 | -18.0 | · | |
| P / FCF | -4.0 | -4.8 | -2.9 | -2.0 | -4.1 | -17.8 | · | |
| Earnings Yield | -26.7% | -19.7% | -39.0% | -50.3% | -29.6% | · | · |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| R&D Expense | $47M | $36M | $43M | $50M | $44M | $48M | $43M | $30M | $25M | $21M | $23M | $28M | $30M | $32M | $29M | $28M | |
| SG&A Expense | $11M | $10M | $8M | $7M | $8M | $9M | $9M | $9M | $9M | $8M | $7M | $7M | $7M | $9M | $8M | $8M | |
| Operating Expenses | $57M | $46M | $50M | $57M | $52M | $57M | $52M | $39M | $34M | $29M | $30M | $35M | $38M | $41M | $37M | $36M | |
| Operating Income | $-57M | $-46M | $-50M | $-57M | $-52M | $-57M | $-52M | $-39M | $-34M | $-29M | $-30M | $-35M | $-38M | $-41M | $-37M | $-36M | |
| Net Income | $-55M | $-44M | $-48M | $-55M | $-49M | $-54M | $-49M | $-35M | $-30M | $-25M | $-28M | $-32M | $-35M | $-39M | $-34M | $-35M | |
| EPS (Basic) | $-0.28 | $-0.23 | $-0.26 | $-0.37 | $-0.34 | $-0.37 | $-0.32 | $-0.25 | $-0.23 | $-0.21 | $-0.35 | $-0.43 | $-0.47 | $-0.52 | $-0.21 | $-0.51 | |
| EPS (Diluted) | $-0.28 | $-0.23 | $-0.26 | $-0.37 | $-0.34 | $-0.37 | $-0.32 | $-0.25 | $-0.23 | $-0.21 | $-0.35 | $-0.43 | $-0.47 | $-0.52 | $-0.21 | $-0.51 | |
| Shares (Basic) | 201,003,269 | 194,200,100 | · | 149,123,701 | 148,320,803 | 148,108,809 | · | 139,933,019 | 130,132,960 | 122,673,202 | · | 75,342,495 | 75,230,003 | 73,855,642 | · | 68,652,859 | |
| Shares (Diluted) | 201,003,269 | 194,200,100 | · | 149,123,701 | 148,320,803 | 148,108,809 | · | 139,933,019 | 130,132,960 | 122,673,202 | · | 75,342,495 | 75,230,003 | 73,855,642 | · | 68,652,859 | |
| EBITDA | $-57M | $-46M | · | $-57M | $-52M | $-57M | · | $-39M | $-34M | $-28M | · | $-35M | $-38M | $-41M | · | $-36M |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $199M | $175M | $162M | $139M | $132M | $97M | $49M | $80M | $157M | $152M | $225M | $133M | $114M | $144M | $140M | $211M | |
| Prepaid Expense | $4M | $3M | $4M | $4M | $4M | $4M | $4M | $4M | $5M | $6M | $4M | $4M | $5M | $4M | $5M | $5M | |
| Other Current Assets | · | · | · | · | · | · | · | · | · | $23.0K | · | $13.0K | $167.0K | $165.0K | $203.0K | $57.0K | |
| Current Assets | $213M | $228M | $242M | $193M | $231M | $268M | $316M | $344M | $374M | $271M | $264M | $169M | $198M | $233M | $248M | $275M | |
| PP&E (Net) | $10M | $10M | $11M | $11M | $12M | $12M | $13M | $13M | $14M | $14M | $15M | $15M | $16M | $16M | $17M | $17M | |
| PP&E (Gross) | $20M | $20M | $20M | $20M | $20M | $20M | $20M | $20M | $20M | $20M | $20M | $20M | $20M | $20M | $20M | $19M | |
| Accum. Depreciation | $10M | $10M | $9M | $9M | $8M | $8M | $7M | $7M | $6M | $6M | $5M | $4M | $4M | $3M | $3M | $2M | |
| Other Non-current Assets | $8M | $9M | $9M | $9M | $5M | $5M | $3M | $3M | · | $361.0K | · | · | · | $12.0K | · | $204.0K | |
| Total Assets | $246M | $263M | $278M | $229M | $265M | $303M | $350M | $379M | $406M | $304M | $298M | $204M | $233M | $269M | $285M | $313M | |
| Accounts Payable | $16M | $18M | $15M | $18M | $12M | $10M | $10M | $7M | $4M | $4M | $5M | $5M | $7M | $10M | $7M | $7M | |
| Accrued Liabilities | · | · | · | · | · | · | · | · | $11M | $7M | · | $10M | $9M | $11M | $13M | $11M | |
| Current Liabilities | $38M | $36M | $43M | $44M | $41M | $34M | $31M | $20M | $17M | $13M | $18M | $17M | $18M | $23M | $22M | $20M | |
| Capital Leases | $22M | $22M | $23M | $24M | $25M | $26M | $26M | $27M | $28M | $29M | $29M | $30M | $30M | $31M | $32M | $32M | |
| Total Liabilities | $60M | $58M | $66M | $68M | $66M | $59M | $57M | $47M | $45M | $42M | $47M | $47M | $48M | $54M | $54M | $52M | |
| Common Stock | $175.0K | $162.0K | $149.0K | $115.0K | $110.0K | $109.0K | $109.0K | $106.0K | $106.0K | $90.0K | $78.0K | $53.0K | $53.0K | $53.0K | $48.0K | $48.0K | |
| Paid-in Capital | $1.20B | $1.17B | $1.13B | $1.03B | $1.01B | $1.01B | $1.00B | $993M | $988M | $860M | $823M | $702M | $697M | $692M | $670M | $665M | |
| Retained Earnings | $-1.02B | $-962M | $-917M | $-869M | $-814M | $-765M | $-711M | $-662M | $-627M | $-598M | $-572M | $-545M | $-512M | $-477M | $-438M | $-404M | |
| AOCI | $-82.0K | $-81.0K | $-29.0K | $-76.0K | $-93.0K | $-91.0K | $10.0K | $77.0K | $-89.0K | $-102.0K | $-52.0K | $-123.0K | $-171.0K | $-217.0K | $-372.0K | $-406.0K | |
| Stockholders' Equity | $186M | $205M | $212M | $161M | $199M | $244M | $293M | $332M | $361M | $262M | $251M | $157M | $185M | $215M | $231M | $261M | |
| Liabilities + Equity | $246M | $263M | $278M | $229M | $265M | $303M | $350M | $379M | $406M | $304M | $298M | $204M | $233M | $269M | $285M | $313M | |
| Shares Outstanding | · | · | 149,362,800 | · | · | · | 109,381,556 | · | · | · | 78,369,099 | · | · | · | 47,722,995 | · |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $540.0K | $539.0K | $543.0K | $546.0K | $540.0K | $537.0K | $537.0K | $538.0K | $537.0K | $538.0K | $538.0K | $538.0K | $536.0K | $536.0K | $530.0K | $518.0K | |
| Stock-based Comp | $5M | $4M | $3M | $4M | $4M | $5M | $5M | $5M | $5M | $5M | $4M | $5M | $5M | $5M | $5M | $5M | |
| Other Non-cash | · | $-7M | · | · | · | $-1M | · | · | · | $-8M | · | · | · | $540.0K | · | · | |
| Operating Cash Flow | $-48M | $-47M | $-46M | $-52M | $-38M | $-50M | $-36M | $-32M | $-22M | $-28M | $-23M | $-28M | $-36M | $-33M | $-27M | $-31M | |
| CapEx | $137.0K | $0 | $0 | $48.0K | $15.0K | $74.0K | $6.0K | · | · | · | $7.0K | $19.0K | $30.0K | $137.0K | $282.0K | $169.0K | |
| Investing Cash Flow | $40M | $27M | $-27M | $46M | $73M | $98M | $1M | $-46M | $-97M | $-77M | $-2M | $48M | $6M | $20M | $-44M | $14M | |
| Stock Issued | $32M | $34M | $14M | $14M | $0 | $0 | $5M | $0 | $7M | $33M | $0 | $450.0K | $450.0K | $18M | · | · | |
| Net Stock Activity | · | $34M | · | · | · | · | · | · | · | $33M | · | · | · | $18M | · | · | |
| Financing Cash Flow | $32M | $33M | $95M | $14M | $153.0K | $59.0K | $5M | $175.0K | $124M | $32M | $118M | $0 | $345.0K | $18M | $108.0K | $123M | |
| Free Cash Flow | · | $-47M | · | · | · | $-50M | · | · | · | · | · | · | · | $-33M | · | · |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROA | -21.7% | -15.6% | · | -18.1% | -14.7% | -17.9% | · | -11.9% | -9.3% | -9.1% | · | -13.8% | -15.5% | · | · | -11.3% | |
| ROE | -28.7% | -19.7% | · | -22.3% | -17.5% | -21.5% | · | -14.3% | -10.8% | -10.9% | · | -17.5% | -20.0% | · | · | -13.4% |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 5.5 | 6.4 | · | 4.4 | 5.7 | 8.0 | · | 17.2 | 21.8 | 20.6 | · | 9.9 | 11.0 | · | · | 13.6 | |
| Quick Ratio | 5.2 | 4.9 | · | 3.2 | 3.3 | 2.9 | · | 4.0 | 9.2 | 11.6 | · | 7.8 | 6.4 | · | · | 10.4 |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow / Share | · | $-0.24 | · | · | · | $-0.34 | · | · | · | $-0.23 | · | · | · | $-0.45 | · | · | |
| EPS (TTM) | $-1.14 | $-1.20 | · | $-1.40 | $-1.28 | $-1.17 | · | $-1.04 | $-1.22 | $-1.46 | · | $-1.63 | $-1.71 | $-2.20 | · | $-3.36 |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Income TTM | $-203M | $-196M | · | $-207M | $-187M | $-167M | · | $-118M | $-115M | $-121M | · | $-141M | $-143M | $-145M | · | $-145M | |
| P/E | -5.0 | -4.6 | · | -2.2 | -1.9 | -1.6 | · | -5.7 | -4.0 | -4.9 | · | -1.4 | -2.1 | -1.8 | · | -1.8 | |
| Earnings Yield | -20.0% | -21.7% | · | -45.9% | -53.3% | -60.6% | · | -17.6% | -24.9% | -20.4% | · | -69.1% | -48.6% | -57.1% | · | -54.4% |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Net Income | $-207M | $-138M | $-134M | $-142M | $-130M |
| Diluted EPS | $-1.34 | $-1.01 | $-1.77 | $-2.60 | $-3.40 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Current Ratio | 5.7 | 10.4 | 14.7 | 11.1 | 11.4 |
| Quick Ratio | 3.8 | 1.6 | 12.6 | 6.3 | 3.4 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $-186M | $-118M | $-121M | $-123M | $-108M |
Institutional owners (13F) 230 filers · $1.1B total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Holders
230
Value held
$1.1B
New positions
34
Exited positions
27
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 34 (-34 vs prior Q) | 27 (+12 vs prior Q) | 81 (-9 vs prior Q) | 78 (+30 vs prior Q) | +26.8M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| FMR LLC | $111,450,614 | 19,518,496 | 10.53% | Shares |
| BlackRock, Inc. | $77,311,938 | 13,539,744 | 7.31% | Shares |
| Redmile Group, LLC | $67,776,998 | 11,869,877 | 6.41% | Shares |
| STATE STREET CORP | $56,096,873 | 9,824,321 | 5.30% | Shares |
| BVF INC/IL | $49,666,568 | 8,698,173 | 4.69% | Shares |
| Woodline Partners LP | $39,542,133 | 6,925,067 | 3.74% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $39,233,496 | 6,871,015 | 3.71% | Shares |
| VANGUARD GROUP INC | $38,922,003 | 7,753,387 | 3.68% | Shares |
| MAK CAPITAL ONE LLC | $33,473,048 | 5,862,180 | 3.16% | Shares |
| GOLDMAN SACHS GROUP INC | $33,264,057 | 5,825,579 | 3.14% | Shares |
| Siren, L.L.C. | $25,458,869 | 4,458,646 | 2.41% | Shares |
| Bain Capital Life Sciences Investors, LLC | $25,339,444 | 4,437,731 | 2.39% | Shares |
| Bellevue Group AG | $23,411,091 | 4,100,016 | 2.21% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $23,056,071 | 4,037,193 | 2.18% | Shares |
| MPM BIOIMPACT LLC | $20,238,261 | 3,544,354 | 1.91% | Shares |
| AMERIPRISE FINANCIAL INC | $20,039,948 | 3,509,623 | 1.89% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $19,985,000 | 3,500,000 | 1.89% | Shares |
| GREAT POINT PARTNERS LLC | $19,985,000 | 3,500,000 | 1.89% | Shares |
| MORGAN STANLEY | $17,954,827 | 3,144,453 | 1.70% | Shares |
| Palo Alto Investors LP | $16,833,594 | 2,948,090 | 1.59% | Shares |
| Balyasny Asset Management L.P. | $16,164,873 | 2,830,976 | 1.53% | Shares |
| Nuveen, LLC | $15,788,607 | 2,765,080 | 1.49% | Shares |
| Qube Research & Technologies Ltd | $15,702,277 | 2,749,961 | 1.48% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $12,829,228 | 2,246,800 | 1.21% | Shares |
| Opaleye Management Inc. | $9,789,515 | 1,714,451 | 0.93% | Shares |
| Logos Global Management LP | $8,565,000 | 1,500,000 | 0.81% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $8,550,585 | 1,497,756 | 0.81% | Shares |
| Point72 Asset Management, L.P. | $7,895,211 | 1,382,699 | 0.75% | Shares |
| NORTHERN TRUST CORP | $7,720,182 | 1,352,046 | 0.73% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $7,182,032 | 1,257,799 | 0.68% | Shares |
| Tetragon Partners GP Ltd | $7,094,418 | 1,242,455 | 0.67% | Shares |
| Candriam S.C.A. | $6,817,695 | 1,195,142 | 0.64% | Shares |
| MILLENNIUM MANAGEMENT LLC | $6,765,956 | 1,184,931 | 0.64% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $6,312,120 | 1,105,450 | 0.60% | Shares |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | $5,923,360 | 1,037,366 | 0.56% | Shares |
| JPMORGAN CHASE & CO | $5,593,995 | 1,004,308 | 0.53% | Shares |
| WELLS FARGO & COMPANY/MN | $5,584,694 | 978,055 | 0.53% | Shares |
| PANAGORA ASSET MANAGEMENT INC | $5,526,857 | 967,926 | 0.52% | Shares |
| KENNEDY CAPITAL MANAGEMENT LLC | $5,129,830 | 898,394 | 0.48% | Shares |
| Ishara Investments LP | $4,682,200 | 820,000 | 0.44% | Shares |
| Ensign Peak Advisors, Inc | $4,570,946 | 800,516 | 0.43% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $4,213,609 | 737,935 | 0.40% | Shares |
| Y-Intercept (Hong Kong) Ltd | $4,194,480 | 734,585 | 0.40% | Shares |
| Russell Investments Group, Ltd. | $4,027,213 | 705,291 | 0.38% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $3,950,245 | 691,812 | 0.37% | Shares |
| Parkman Healthcare Partners LLC | $3,660,276 | 641,029 | 0.35% | Shares |
| UBS Group AG | $3,557,866 | 623,094 | 0.34% | Shares |
| DEUTSCHE BANK AG\ | $3,520,153 | 616,489 | 0.33% | Shares |
| BANK OF AMERICA CORP /DE/ | $3,507,002 | 614,186 | 0.33% | Shares |
| CITADEL ADVISORS LLC | $3,406,483 | 596,582 | 0.32% | Shares |
Activists & 5%+ owners 3 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Satter Muneer A | Nov. 21, 2025 | 7.20% | Amendment | · | SEC |
| Muneer A. Satter ×2 filings | Feb. 17, 2023 | · | Initial filing | · | SEC |
| Clarus Lifesciences III, L.P., Clarus Ventures III GP, L.P., Blackstone Clarus III L.L.C., Blackstone Holdings II L.P., Blackstone Holdings I/II GP L.L.C., Blackstone Inc., Blackstone Group Management L.L.C., Stephen A. Schwarzman ×2 filings | Aug. 27, 2021 | · | Initial filing | · | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
Company insiders 17 insiders · 8 officers · 10 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Douglas Love | PRESIDENT AND CEO | Sept. 24, 2026 P | 390,476 | 1 | 0 | $99,829 |
| Jennifer Lew | EVP & CHIEF FINANCIAL OFFICER | March 2, 2026 S | 170,700 | 0 | 2 | $-70,281 |
| Ted Yednock | EVP & CHIEF INNOVATION OFFICER | June 11, 2026 M | 184,807 | 0 | 2 | $-70,317 |
| Dean Richard Artis | EVP & CHIEF SCIENTIFIC OFFICER | March 2, 2026 S | 180,093 | 0 | 2 | $-58,983 |
| Michael Overdorf | EVP & CHIEF BUSINESS OFFICER | March 2, 2026 S | 182,625 | 0 | 2 | $-55,265 |
| Jamie Dananberg | CHIEF MEDICAL OFFICER | March 2, 2026 S | 123,582 | 0 | 2 | $-58,582 |
| Larry Mattheakis | EVP & Chief Scientific Officer | July 11, 2022 A | 17,188 | 0 | 0 | $0 |
| Sanjay Chandru Keswani | EVP & Chief Medical Officer | Feb. 11, 2022 A | 12,500 | 0 | 0 | $0 |
| Mark S. Blumenkranz | Director | Aug. 10, 2026 A | · | 0 | 0 | $0 |
| Bettina M. Cockroft | Director | June 11, 2026 A | · | 0 | 0 | $0 |
| William H. Carson | Director | June 11, 2026 A | 78,405 | 6 | 0 | $193,296 |
| Jung Choi | Director | June 11, 2026 A | 33,000 | 1 | 0 | $138,270 |
| William D. Waddill | Director | June 11, 2026 A | · | 0 | 0 | $0 |
| William A Jones JR | Director | June 11, 2026 A | · | 0 | 0 | $0 |
| Satter Muneer A | Director | June 11, 2026 A | 10,342,134 | 6 | 0 | $11,974,803 |
| Thomas G Wiggans | Director | June 5, 2025 A | · | 0 | 0 | $0 |
| Ricky Sun | Director | June 2, 2021 A | · | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 31 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| BBC · ETFis Series Trust I | 0.72% | 65,989 NS | July 31, 2026 | N-PORT |
| IBRN · iShares Trust | 0.62% | 11,173 SH | Sept. 11, 2026 | Daily |
| LABU · Direxion Shares ETF Trust | 0.22% | 211,825 NS | July 31, 2026 | N-PORT |
| IWC · iShares Trust | 0.15% | 529,206 SH | Sept. 11, 2026 | Daily |
| VFMO · VANGUARD WELLINGTON FUND | 0.13% | 451,913 SH | Aug. 19, 2026 | Daily |
| FFSM · FIDELITY COVINGTON TRUST | 0.11% | 311,203 NS | July 31, 2026 | N-PORT |
| PWS · Pacer Funds Trust | 0.06% | 2,894 NS | July 31, 2026 | N-PORT |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.06% | 37,296 SH | Oct. 1, 2026 | Daily |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.05% | 13,416 SH | Oct. 1, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.05% | 166,500 SH | Aug. 19, 2026 | Daily |
| IBB · iShares Trust | 0.05% | 1,238,553 SH | Sept. 11, 2026 | Daily |
| IWO · iShares Trust | 0.04% | 1,460,473 SH | Sept. 11, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.03% | 210,621 SH | Oct. 1, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.03% | 893,974 SH | Aug. 19, 2026 | Daily |
| RSSL · Global X Funds | 0.03% | 74,211 NS | July 31, 2026 | N-PORT |
| IWM · iShares Trust | 0.02% | 3,987,933 SH | Sept. 11, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.01% | 326,558 NS | July 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.01% | 1,754,465 SH | Aug. 19, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.01% | 366,971 SH | Aug. 19, 2026 | Daily |
| FHLC · FIDELITY COVINGTON TRUST | 0.01% | 56,295 NS | July 31, 2026 | N-PORT |
| WSML · iShares Trust | 0.00% | 7,332 SH | Sept. 11, 2026 | Daily |
| DCOR · Dimensional ETF Trust | 0.00% | 15,800 NS | July 31, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.00% | 218,518 NS | July 31, 2026 | N-PORT |
| IWV · iShares Trust | 0.00% | 54,863 SH | Sept. 11, 2026 | Daily |
| ITOT · iShares Trust | 0.00% | 219,924 SH | Sept. 11, 2026 | Daily |
| DFAU · Dimensional ETF Trust | 0.00% | 19,704 NS | July 31, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.00% | 22,484 NS | July 31, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 4,970,636 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 13,754 SH | Aug. 19, 2026 | Daily |
| ISCB · iShares Trust | · | 6,291 SH | Sept. 11, 2026 | Daily |
| ISCV · iShares Trust | · | 31,162 SH | Sept. 11, 2026 | Daily |
ANNX Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 17 analysts
BUY
Median target
$14.00
+234.1%
4 23.5%
Strong Buy
10 58.8%
Buy
3 17.6%
Hold
0 0.0%
Sell
0 0.0%
Strong Sell
12-Month Price Target
7 analysts · 2026-09-28Mean target $15.29 +264.8%
← Below all targets
Current price $4.19
Low$7.00
Mean$15.29
High$27.00
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| ANNX | $750M | -3.7 | · | · | -100.7% | · |
| JBIO | $761M | -4.8 | · | · | -47.7% | · |
| ARDX | $1.42B | -22.4 | 22.1% | -15.1% | -40.2% | · |
| OBX | · | · | · | · | · | · |
| AVTX | $336M | -3.1 | -86.6% | -132642.4% | -83.4% | · |
| DSGN | $567M | -7.7 | · | · | -32.8% | · |
| GERN | $845M | -10.2 | -60.2% | · | -34.4% | · |
| ACHV | · | -4.0 | · | · | · | · |
| CADL | $310M | -7.8 | · | · | -53.7% | · |
| FDMT | $432M | -3.1 | 230194.6% | -164.4% | -30.2% | · |
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Source: SEC 10-Q filed Aug 12, 2026