Annexon Inc. Common Stock (ANNX)

FairStock Score: 31/100 — RISKY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

Annexon is not a business in the Graham sense; it is a clinical-stage biotech with no reported revenue in the filed figures I have. In fiscal Q2 2026, the quarter ended 2026-06-30, it lost $55.3 million, or $0.28 per diluted share. For FY2025, the period ended 2025-12-31, the net loss was $206.7 million and diluted EPS was -$1.34, materially worse than FY2024's $138.2 million loss and FY2023's $134.2 million loss. That tells me the company is consuming capital to advance trials, not compounding owner earnings. The potential moat, if any, rests on intellectual property and clinical data for Tanruprubart in Guillain-Barré syndrome, Huntington's disease, and ALS, plus ANX007. But there is no approved product and no revenue, so there is no demonstrated pricing power or competitive advantage in the accounts. Financial health is mixed: D/E is only 0.13, which is a modest positive, but trailing free cash flow is -$193.2 million and the FCF yield is -25.1%. ROE is -105.26%, ROCE is -51.54%, Piotroski F-Score is 0/9, and Altman Z-Score is 2.76. FairStock gives it a score of 31/100. At the 2026-10-13 close of $3.83, market cap is $769.8 million. P/B is 3.58, and P/E is -3.39, so there is no earnings-based valuation and no margin of safety from profits. The Lynch category is none because it has lost money in each of the last four years. Growth is a hope, not a record: losses widened in FY2025, and profit growth is -12.60% by FairStock's calculation. I would need evidence of trial success and a clearer path to self-funding before calling this anything but speculative.

In plain English: Annexon is a clinical-stage biotech company trying to develop antibody medicines for inflammatory diseases such as Guillain-Barré syndrome, Huntington's disease, and ALS. It has no reported revenue and is losing money, so the business looks weak by ordinary financial standards. At the 2026-10-13 close of $3.83, the price is not supported by profits; it is a speculative bet on future drug trial success.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer