Annexon, Inc. (ANNX) Income Statement
ANNX 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsANNX revenue and net income
ANNX growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | — | — | — | — |
| Gross profit | — | — | — | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
ANNX quarterly EPS vs estimates
Annexon beat the analyst EPS estimate in 4 of the last 8 quarters. Next report: November 9, 2026 (estimate $-0.28).
ANNX income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Cost of revenue | $3.7M | $3.5M | $3.3M | $3.3M | $3.4M | $667,000 | $493,000 | $488,000 | $271,000 |
| Gross profit | −$3.7M | −$3.5M | −$3.3M | −$3.3M | −$3.4M | −$667,000 | −$493,000 | −$488,000 | −$271,000 |
| Research & development | $184.7M | $119.4M | $113.8M | $112.5M | $100.1M | $49.3M | $24.5M | $15.5M | $17.9M |
| Sales, general & admin | $31.7M | $34.6M | $31.3M | $33.1M | $30.6M | $14.2M | $8.0M | $3.6M | $2.6M |
| Total operating expenses | $212.7M | $150.6M | $143.7M | $145.6M | $130.7M | $63.5M | $32.5M | $19.1M | $20.2M |
| Operating income | −$216.4M | −$154.1M | −$143.7M | −$145.6M | −$130.7M | −$63.5M | −$32.5M | −$19.1M | −$20.5M |
| Interest income | $9.7M | $15.9M | $9.7M | $3.7M | $390,000 | $57,000 | $14,000 | $40,000 | — |
| Interest expense | — | — | — | $3.7M | $2.1M | $0 | $4.7M | $0 | $0 |
| Income before taxes | −$206.7M | −$138.2M | −$134.2M | −$141.9M | −$130.3M | −$63.4M | −$37.2M | −$18.3M | −$18.7M |
| Income taxes | — | — | — | −$3.7M | −$2.5M | −$667,000 | $4,000 | $1,000 | $1,000 |
| Net income | −$206.7M | −$138.2M | −$134.2M | −$138.3M | −$127.8M | −$62.7M | −$37.2M | −$18.3M | −$18.7M |
| EBITDA | −$204.5M | −$136.1M | −$132.1M | −$143.5M | −$128.6M | −$62.8M | −$32.0M | −$18.7M | −$20.2M |
| EPS (diluted) | −$1.36 | −$1.02 | −$1.78 | −$2.87 | −$3.40 | −$33.47 | −$2.83 | −$42.31 | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $3.4M | $0 | $0 | $0 | $4.9M | $0 |
| Cost of revenue | — | $957,000 | $945,000 | — | $912,000 | $896,000 | $1.7M | $870,000 | $856,000 | $846,000 | $834,000 | $823,000 |
| Gross profit | — | −$957,000 | −$945,000 | — | −$912,000 | −$896,000 | $1.7M | −$870,000 | −$856,000 | −$846,000 | $4.0M | −$823,000 |
| Research & development | $46.6M | $35.8M | $42.7M | $49.7M | $44.2M | $48.2M | $43.4M | $30.1M | $25.0M | $21.0M | $23.3M | $27.9M |
| Sales, general & admin | $10.6M | $10.3M | $8.2M | $7.3M | $7.0M | $9.2M | $6.5M | $9.3M | $8.8M | $7.6M | $6.7M | $6.9M |
| Total operating expenses | $57.2M | $45.1M | $49.3M | $57.0M | $51.7M | $57.4M | $52.5M | $39.4M | $33.6M | $28.6M | $30.0M | $34.8M |
| Operating income | −$57.2M | −$46.1M | −$50.3M | −$57.0M | −$51.7M | −$57.4M | −$52.5M | −$39.4M | −$33.6M | −$28.6M | −$30.0M | −$34.8M |
| Interest income | $1.9M | $1.9M | $2.0M | $2.1M | $2.6M | $3.0M | $3.9M | $4.6M | $4.0M | $3.4M | $2.1M | $2.3M |
| Interest expense | — | — | — | — | — | — | — | — | — | — | $3.1M | — |
| Income before taxes | −$55.3M | −$44.1M | −$48.3M | −$54.9M | −$49.2M | −$54.4M | −$48.6M | −$34.8M | −$29.6M | −$25.2M | −$27.9M | −$32.5M |
| Income taxes | — | — | — | — | — | — | — | — | $1 | −$846,000 | $3.6M | −$538,000 |
| Net income | −$55.3M | −$44.1M | −$48.3M | −$54.9M | −$49.2M | −$54.4M | −$48.6M | −$34.8M | −$29.6M | −$25.2M | −$27.9M | −$32.5M |
| EBITDA | −$54.8M | −$43.6M | −$47.7M | −$54.4M | −$48.5M | −$53.8M | −$48.1M | −$34.3M | −$29.0M | −$24.6M | −$27.4M | −$31.9M |
| EPS (diluted) | −$0.28 | −$0.23 | −$0.28 | −$0.37 | −$0.34 | −$0.37 | −$0.33 | −$0.25 | −$0.23 | −$0.21 | −$0.36 | −$0.43 |
| Gross margin | — | — | — | — | — | — | 50.0% | — | — | — | 82.9% | — |
| Operating margin | — | — | — | — | — | — | −1,541.7% | — | — | — | −616.7% | — |
| Net margin | — | — | — | — | — | — | −1,427.4% | — | — | — | −573.2% | — |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in ANNX's financial statements (latest annual report filed March 30, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
ANNX financial results
Annexon reported no revenue in fiscal year 2025 (ended December 31, 2025). It had a net loss of $206.7 million. Diluted earnings per share came to −$1.36.
See the ANNX stock overview for the latest quote and news, or the ANNX chart for price history and technical indicators.
ANNX income statement FAQ
Does Annexon have revenue?
Annexon reported no revenue for fiscal year 2025, which ended on December 31, 2025.
Is Annexon profitable?
No. Annexon reported a net loss of $206.7 million in fiscal 2025.
How much does Annexon spend on research and development?
Annexon spent $184.7 million on research and development in fiscal 2025.
What are Annexon's earnings per share?
Annexon earned $-1.36 per diluted share in fiscal 2025, compared with $-1.02 a year earlier.
When will Annexon report its next earnings?
Annexon is expected to report results for the quarter ending September 30, 2026 on November 9, 2026 before the market opens.
When does Annexon's fiscal year end?
Annexon's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 30, 2026.