Annexon, Inc. filed its quarterly report on Form 10-Q with the SEC on November 9, 2026, covering the three and nine months ended September 30, 2026, disclosing a net loss of $150.7 million for the nine-month period and a total accumulated deficit of $1.07 billion.

Key Highlights

  • Net loss for nine months ended September 30, 2026: $150,708 thousand, compared with $158,434 thousand in the same period of 2025, according to the filing.
  • Third-quarter net loss: $51,218 thousand, versus $54,922 thousand in the third quarter of 2025.
  • Accumulated deficit: $1,068,097 thousand as of September 30, 2026, up from $917,389 thousand at December 31, 2025.
  • Cash, cash equivalents, and short-term investments: $102,389 thousand and $110,985 thousand, respectively, as of September 30, 2026.
  • New term loan: A non-current term loan of $49,340 thousand appeared on the balance sheet as of September 30, 2026, where none was recorded at December 31, 2025.
  • Shares outstanding: 190,763,984 shares of common stock as of November 5, 2026, with an additional 14,745,093 shares issuable on exercise of pre-funded warrants.
  • Net loss per share, basic and diluted: $(0.25) for the three months and $(0.75) for the nine months ended September 30, 2026.

Annexon's Financial Position and Operating Results for the September 2026 Quarter

According to the filing, Annexon reported total operating expenses of $52,238 thousand for the three months ended September 30, 2026, consisting of $41,368 thousand in research and development costs and $10,870 thousand in general and administrative expenses. For the nine months ended September 30, 2026, total operating expenses were $155,518 thousand, with R&D accounting for $123,744 thousand and G&A for $31,774 thousand. Both line items declined year-over-year on a nine-month basis: R&D was $142,039 thousand and G&A was $24,110 thousand in the comparable 2025 period.

The company disclosed interest expense of $833 thousand in the third quarter of 2026, a charge absent in the prior-year period, which the filing attributes to the term loan that first appeared on the balance sheet this period. Interest and other income, net, was $1,853 thousand for the quarter and $5,643 thousand for the nine months ended September 30, 2026, compared with $2,096 thousand and $7,715 thousand in the respective 2025 periods. Total stockholders' equity declined to $142,795 thousand as of September 30, 2026, from $211,648 thousand at December 31, 2025, primarily reflecting the net loss for the period.

The filing reports that Annexon raised capital during the nine months through several common stock issuances. Net proceeds of $32,694 thousand were raised in the first quarter, $31,013 thousand in the second quarter, and $2,516 thousand in the third quarter. Additionally, 27,423,009 pre-funded warrants were exercised during the nine-month period. The company noted that as of November 5, 2026, 14,745,093 shares remained issuable upon exercise of outstanding pre-funded warrants at an exercise price of $0.001 per share, subject to beneficial ownership limitations.

What Was Disclosed

Annexon, Inc. (NASDAQ:ANNX) disclosed its unaudited condensed consolidated financial results for the three and nine months ended September 30, 2026, reporting an accumulated deficit of $1,068,097 thousand, a new non-current term loan of $49,340 thousand, and total assets of $250,408 thousand.