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Annexon

ANNX on Nasdaq. Annexon develops drugs for immune system diseases and sells them to hospitals. Market value $244m.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

We can't read total debt from the filing, so debt is left out.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Health care stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
-32.1%low

For every $100 of what the whole company costs, it produced $-32.10 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
n/a

The filings do not give us enough to work this out.

Quality score: not known. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.

$4.03 a share, 59% above its 1-year low

Over the past year the price has ranged from $2.54 to $7.18.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

-0.1
-0.1
-0.1
-0.1
-0.2
-0.2
2021202220232024202512 monthsto Jun '26
Revenue
n/an/an/an/an/a
Operating margin
n/an/an/an/an/a
Debt to equity
n/an/an/an/an/a
Shares outstanding
0.04bn0.05bn0.08bn0.11bn0.15bn

Health checks

  • Free cash flow positive0 of 5 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)Not enough data
  • Profit backed by cash (accruals)Yes
  • DebtUnknown
  • Revenue growth, five yearsUnknown
  • Buying back its own sharesNo, 287% more shares since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • A loss of $55 million, compared with a loss of $49 million a year ago.
  • 36% more shares than a year ago. Each share owns a bit less of the company.
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$35m
December 2024-$49m
March 2025-$54m
June 2025-$49m
September 2025-$55m
December 2025-$48m
March 2026-$44m
June 2026-$55m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
30 March 2026
Next quarterly (estimated, 10-Q)
11 November 2026

Who owns it

None of the long-term investors we follow own it. 216 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

6 investors own more than 5%.

  • FMR LLC
    Passive investor
    at least 11.9%+4.8 pts
    (filed with 1 related holder)
    Since 30 June 2026
  • Redmile Group, LLC
    Passive investor
    at least 9.9%0.0 pts
    (filed with 2 related holders)
    Since 1 July 2026
  • BlackRock, Inc.
    Passive investor
    8.0%+1.9 pts
    Since 30 June 2026
  • Satter Muneer A
    Insider or founder
    7.2%
    Since 19 November 2025
  • STATE STREET CORPORATION
    Passive investor
    6.0%
    Since 30 June 2026
  • BVF PARTNERS L P/IL
    Passive investor
    at least 5.4%
    (filed with 9 related holders)
    Since 31 March 2026
  • BCLS I Investco, LP
    Passive investor
    Sold down below 5%
    Since 31 December 2024
  • Redmile Biopharma Investments II, L.P.
    Passive investor
    Sold down below 5%
    Since 31 December 2025
  • Sold down below 5%
    Since 31 March 2025
  • The Vanguard Group
    Passive investor
    Sold down below 5%
    Since 13 March 2026
  • Sold down below 5%
    Since 30 June 2025

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 4 insiders bought $12m of shares on the open market. 5 sold $313,428.

  • Love Douglas
    PRESIDENT AND CEO, Director
    Bought
    Date
    24 September 2026
    Shares
    26,065
    Price
    $3.83
    Value
    $99,829
  • Satter Muneer A
    Director
    Bought
    Date
    28 May 2026
    Shares
    613,497
    Price
    $5.41
    Value
    $3m
  • Carson William H.
    Director
    Bought
    under a preset trading plan
    Date
    11 May 2026
    Shares
    8,000
    Price
    $5.78
    Value
    $46,240
  • Carson William H.
    Director
    Bought
    under a preset trading plan
    Date
    10 April 2026
    Shares
    8,000
    Price
    $6.20
    Value
    $49,600
  • Carson William H.
    Director
    Bought
    under a preset trading plan
    Date
    10 March 2026
    Shares
    8,000
    Price
    $5.67
    Value
    $45,360
  • ARTIS DEAN RICHARD
    EVP & CHIEF SCIENTIFIC OFFICER
    Sold
    Date
    2 March 2026
    Shares
    5,894
    Price
    $5.43
    Value
    $32,004
  • Yednock Ted
    EVP & CHIEF INNOVATION OFFICER
    Sold
    Date
    2 March 2026
    Shares
    5,566
    Price
    $5.42
    Value
    $30,168
  • Overdorf Michael
    EVP & CHIEF BUSINESS OFFICER
    Sold
    Date
    2 March 2026
    Shares
    4,339
    Price
    $5.42
    Value
    $23,517
  • Dananberg Jamie
    CHIEF MEDICAL OFFICER
    Sold
    Date
    2 March 2026
    Shares
    5,820
    Price
    $5.43
    Value
    $31,603
  • Lew Jennifer
    EVP & CHIEF FINANCIAL OFFICER
    Sold
    Date
    2 March 2026
    Shares
    5,565
    Price
    $5.42
    Value
    $30,162

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 30 Mar 2026, plus the 10-Q filed 12 Aug 2026 and 6 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.