NASDAQ$ANNX
Annexon Inc · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
Annexon reported third quarter 2023 financial results and highlighted portfolio progress.
Annexon reported a net loss of $32.5 million for the third quarter of 2023. The company's cash, cash equivalents, and short-term investments totaled $165.3 million as of September 30, 2023, which is expected to fund operations into the second quarter of 2025. The company is prioritizing ANX005 for GBS, ANX007 for GA and ANX1502.
- ANX005 Phase 3 pivotal data in GBS is on track for the first half of 2024.
- ANX007 was awarded first-ever PRIME designation for the treatment of GA, with global regulatory interactions ongoing to advance the Phase 3 program.
- ANX1502 Phase 1 data is on track for Q4 2023.
- Focused operations and resources support cash runway into Q2 2025.
Headline financials
Revenue & EPS history
Annexon · Revenue · Quarterly
$600K
Forward guidance
Annexon anticipates initial topline results from the Phase 3 pivotal trial of ANX005 in patients with GBS during the first half of 2024. Interactions with U.S. and EU regulatory authorities on a global Phase 3 pivotal program for ANX007 are ongoing, with plans to provide an update by year-end 2023. Results from the single and multiple-ascending dose Phase 1 trial in healthy volunteers are expected to be reported by year-end 2023.
Tailwinds
- ANX005 in GBS: Initial topline results from the Phase 3 pivotal trial of ANX005 in patients with GBS are anticipated during the first half of 2024.
- ANX007 in GA: Interactions with U.S. and EU regulatory authorities on a global Phase 3 pivotal program for ANX007 are ongoing, with plans to provide an update by year-end 2023.
- ANX1502 in autoimmune diseases: Results from the single and multiple-ascending dose Phase 1 trial in healthy volunteers are expected to be reported by year-end 2023.
- ANX005 in ALS: Full on-treatment data from the Phase 2a trial are expected by early 2024.
- Cash and operating runway to be sufficient to fund the company’s planned operating expenses into the second quarter of 2025.
Headwinds
- Annexon will not conduct an R&D Day in 2023, and instead plans to host an event focused on the burden of disease, current treatment paradigm and market opportunity for GBS in the first half of 2024.
- Annexon is assessing the initiation of a planned late-stage trial in HD in 2024 as the company prioritizes near-term pivotal development activities for GBS, GA and ANX1502.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2023
+3.0%
Avg return
Earnings day
+2.5%
Avg return
5 days after
+1.8%
Avg return
30 days after
64%
14 / 22 earnings
Positive
+23.1%
Q1 2022
Best reaction
-8.1%
Q4 2020
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2026 | -6.9% | -4.6% | -7.4% | |
| Q3 2025 | -0.7% | -9.1% | +69.1% | |
| Q1 2025 | +9.4% | +8.8% | +37.6% | |
| Q4 2024 | +3.3% | +15.5% | -23.4% | |
| Q3 2024 | -6.6% | -16.6% | -32.2% | |
| Q2 2024 | +3.8% | +11.3% | +12.8% | |
| Q1 2024 | +1.5% | -8.8% | +27.2% | |
| Q4 2023 | +17.6% | +8.0% | -30.9% | |
| Q3 2023 | +16.7% | +22.4% | +23.8% | |
| Q2 2023 | -1.2% | -2.1% | -26.6% | |
| Q1 2023 | +4.2% | +3.7% | -40.7% | |
| Q4 2022 | +3.8% | -8.0% | -15.0% | |
| Q3 2022 | -0.4% | +16.6% | +15.8% | |
| Q2 2022 | +3.1% | +17.2% | +10.2% | |
| Q1 2022 | +23.1% | +25.0% | +51.2% | |
| Q4 2021 | -5.1% | -11.0% | -43.8% | |
| Q3 2021 | +1.3% | +0.2% | -3.4% | |
| Q2 2021 | -4.6% | -13.7% | +11.6% | |
| Q1 2021 | +1.1% | +9.3% | +12.6% | |
| Q4 2020 | -8.1% | -17.4% | -29.5% | |
| Q3 2020 | +3.5% | +9.1% | +13.0% | |
| Q2 2020 | +6.6% | -1.2% | +8.9% | |
| Q1 2020 | — | — | — | |
| Q4 2019 | — | — | — | |
| Q3 2019 | — | — | — | |
| Q2 2019 | — | — | — | |
| Q1 2019 | — | — | — | |
| Q4 2018 | — | — | — | |
| Q3 2018 | — | — | — | |
| Q2 2018 | — | — | — | |
| Q1 2018 | — | — | — |
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