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What this page is: Delvantic's full research page for Annexon, Inc. (ANNX) — AI-driven forensic equity research: mechanical valuation models (DCF, EPV, anchored-PE, scenario) plus three independent AI lenses (Quality / Value / Sentiment). Everything below is rendered server-side; you are not missing content that requires JavaScript. All scores are predictions and research opinions, not financial advice.
Page map (sections in order; each card carries a stable
reference-name attribute you can cite):
profile-header/price-overview— company profile, live quote, market capextended-analysis— the core: three AI lens reads with findings, scores, and the analyst memofuture-predictions— our forward price-band predictionsmarket-narrative/ai-findings/gpt-critique— narrative context, cross-model findings, and an adversarial critique of our own analysis (near the end of the document)- Members-only sections (render as login gates for anonymous readers):
price-history,income-trend,key-metrics,financials(statement tables),insider-trading. The analysis above is public; the raw data tables require a free account.
More for machine readers: site briefing at
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any ticker resolves at delvantic.com/stock/TICKER ·
raw inputs are public-company filings and market data (via licensed data feeds);
every model, score, lens read, and prediction on this page is Delvantic's own analysis.
Healthcare · Biotechnology
Brisbane, CA 94005, United States
annexonbio.com
Price
$5.22
Market Cap
$883.1M
Employees
93
Beta
1.22
Avg Volume
3,820,613
CEO
Mr. Douglas E. Love Esq., J.D.
Annexon, Inc. is a clinical-stage biopharmaceutical company focused on discovering and developing therapeutics for autoimmune, neurodegenerative, and ophthalmic diseases. The company advances a pipeline of product candidates designed to target the classical complement pathway, a key component of the immune system implicated in these debilitating conditions. Its lead programs address unmet needs in areas such as Guillain-Barré syndrome, Huntington's disease, and geographic atrophy associated with age-related macular degeneration. Annexon, Inc. emphasizes innovative monoclonal antibodies that modulate complement activity to halt disease progression and preserve neurological and retinal function. Operating within the biotechnology industry of the healthcare sector, the company conducts clinical trials to evaluate the safety, efficacy, and potential of its therapies in patient populations. Founded in 2011 and headquartered in Brisbane, California, Annexon, Inc. plays a role in advancing treatments for complement-mediated disorders through rigorous scientific research and development efforts.
Runs with full report
Earnings Schedule
Checked daily · calendar updated Aug 11 No upcoming print on the calendar yet — companies typically confirm a few weeks ahead. Last print was Jun 3, 2026.
EPS surprise history — vs analyst consensus · 5 prints of vendor history
+3.3%
Feb '26
+12.5%
Mar '26
+10.8%
Apr '26
+23.3%
May '26
+4.6%
Jun '26
| Print date | EPS est. | EPS actual | Revenue est. | Revenue actual |
|---|---|---|---|---|
| Jun 3, 2026 | $0.87 | $0.91 +4.6% | — | — |
| May 7, 2026 | $-0.30 | $-0.23 +23.3% | — | — |
| Apr 20, 2026 | $0.83 | $0.92 +10.8% | — | — |
| Mar 30, 2026 | $-0.32 | $-0.28 +12.5% | — | — |
| Feb 17, 2026 | $3.94 | $4.07 +3.3% | — | — |
Green = beat the estimate, red = missed. An earnings print is the fastest way a thesis changes — our designations should be re-read after each one.
Recent SEC Filings
| Filed | Form | Document |
|---|---|---|
| Aug 10, 2026 | 8-K | View |
| Aug 7, 2026 | SCHEDULE 13G | View |
| Aug 6, 2026 | 8-K | View |
| Jul 30, 2026 | 8-K | View |
| Jul 27, 2026 | SCHEDULE 13G/A | View |
| Jul 15, 2026 | 144 | View |
| Jul 14, 2026 | 144 | View |
| Jul 8, 2026 | SCHEDULE 13G/A | View |
| Jul 8, 2026 | SCHEDULE 13G/A | View |
| Jun 15, 2026 | 4 | View |
| Jun 15, 2026 | 4 | View |
| Jun 15, 2026 | 4 | View |
Filings link to the SEC’s EDGAR system. Annual/quarterly reports (10-K, 10-Q, 20-F) carry the full story; 8-K/6-K current reports are the fastest signal that something material happened.
Price Overview
Last updated: Aug 11, 2026 10:26am (just now)
Current data · timestamped when a report runs
$5.22
Change · Aug 11
-0.17 (-3.15%)
Day Range
$5.17 – $5.42
52-Week Range
$2.03 – $7.18
50-Day MA
$5.36
200-Day MA
$5.21
Volume
18,318.00
Share Structure
Outstanding
162,501,717.00
Float
123,912,473.00
Free Float
76.3%
Normal free float
— 76.3% of shares trade freely, ~23.7% held by insiders/institutions
Healthy float typical of established companies. Good liquidity for entering and exiting positions without major price impact.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
TD Twelve Data statement
HEX SEC filing
P/E Ratio (Price per dollar of earnings)
HEXStock Price / EPS (Diluted)
-3.90
Stock Price: $5.22
EPS (Diluted): -1.34
EPS (Diluted): -1.34
P/B Ratio (Price vs net asset value)
HEXStock Price / Book Value Per Share
3.83
Stock Price: $5.22
Total Equity: $211.65M
Shares: 155,105,832
Total Equity: $211.65M
Shares: 155,105,832
EV/EBITDA (Total value vs operating profit)
HEXEnterprise Value / EBITDA
-3.98
Market Cap: $883.11M
Total Debt: $0.00
Cash: $162.05M
EBITDA: -$214.24M
Total Debt: $0.00
Cash: $162.05M
EBITDA: -$214.24M
Enterprise Value (Takeover price (cap + debt - cash))
HEXMarket Cap + Total Debt - Cash
$851.7M
Market Cap: $883.11M
Total Debt: $0.00
Cash: $162.05M
Total Debt: $0.00
Cash: $162.05M
Gross Margin (Revenue left after direct costs)
HEXGross Profit / Revenue
—
Gross Profit: N/A
Revenue: N/A
Revenue: N/A
Missing from API: Gross Profit, Revenue
Operating Margin (Revenue left after all operations)
HEXOperating Income / Revenue
—
Operating Income: -$216.41M
Revenue: N/A
Revenue: N/A
Missing from API: Revenue
Net Margin (Revenue left as actual profit)
HEXNet Income / Revenue
—
Net Income: -$206.69M
Revenue: N/A
Revenue: N/A
Missing from API: Revenue
ROE (Profit from shareholder equity)
HEXNet Income / Total Equity
-97.7%
Net Income: -$206.69M
Total Equity: $211.65M
Total Equity: $211.65M
ROIC (Profit from all invested capital)
HEXNOPAT / Invested Capital
-436.3%
Operating Income: -$216.41M
Tax Rate: 0.0%
Equity: $211.65M
Total Debt: $0.00
Cash: $162.05M
Tax Rate: 0.0%
Equity: $211.65M
Total Debt: $0.00
Cash: $162.05M
Zero debt — invested capital = equity minus cash (very efficient)
Current Ratio (Can it pay short-term bills)
HEXCurrent Assets / Current Liabilities
5.68
Current Assets: $242.19M
Current Liabilities: $42.63M
Current Liabilities: $42.63M
Debt/Equity (Leverage — debt vs equity)
HEXTotal Debt / Total Equity
0.00
Short-Term Debt: $0.00
Long-Term Debt: $0.00
Total Debt: $0.00
Total Equity: $211.65M
Long-Term Debt: $0.00
Total Debt: $0.00
Total Equity: $211.65M
Zero debt — this company carries no debt obligations. Strongest possible score.
Rev/Share (Top-line per share)
HEXRevenue / Shares Outstanding
—
Revenue: N/A
Shares: 155,105,832
Shares: 155,105,832
Missing from API: Revenue
Book Value/Share (Net assets per share)
HEX(Total Assets - Total Liabilities) / Shares
$1.36
Total Equity: $211.65M
Shares: 155,105,832
Shares: 155,105,832
FCF/Share (Real cash generated per share)
HEX(Operating Cash Flow + CapEx) / Shares
$-1.20
Operating CF: -$186.36M
CapEx: -$137,000
Shares: 155,105,832
CapEx: -$137,000
Shares: 155,105,832
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
TDLast Annual Dividend / Stock Price
—
Last Dividend: $0.00
Stock Price: $5.22
Stock Price: $5.22
Payout Ratio (Earnings paid out as dividends)
HEXDividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: -$206.69M
Net Income: -$206.69M
Dividends paid not available in cash flow statement
Income Statement (Annual)
Last updated: Aug 6, 2026 9:22pm (4d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| Cost of Revenue | — | — | — | — | — |
| Gross Profit | — | — | — | — | — |
| Operating Expenses | $130.7M | $145.6M | $143.7M | $154.1M | $216.4M |
| Operating Income | -$130.7M | -$145.6M | -$143.7M | -$154.1M | -$216.4M |
| Net Income | -$130.3M | -$141.9M | -$134.2M | -$138.2M | -$206.7M |
| EBITDA | -$128.6M | -$143.5M | -$141.6M | -$151.9M | -$214.2M |
| EPS | $-0.68 | $-2.60 | $-1.77 | $-1.01 | $-1.34 |
| EPS (Diluted) | $-0.68 | $-2.60 | $-1.77 | $-1.01 | $-1.34 |
Balance Sheet (Annual)
Last updated: Aug 6, 2026 9:22pm (4d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $74.8M | $140.0M | $225.1M | $49.5M | $162.1M |
| Total Current Assets | $247.7M | $248.1M | $263.9M | $316.5M | $242.2M |
| Total Assets | $287.0M | $285.1M | $297.7M | $350.1M | $277.6M |
| Current Liabilities | $21.7M | $22.4M | $17.9M | $30.5M | $42.6M |
| Long-Term Debt | — | — | — | — | — |
| Total Liabilities | $55.1M | $53.9M | $47.1M | $57.0M | $65.9M |
| Total Equity | $231.9M | $231.2M | $250.6M | $293.1M | $211.6M |
| Retained Earnings | -$296.3M | -$438.3M | -$572.5M | -$710.7M | -$917.4M |
Cash Flow (Annual)
Last updated: Aug 6, 2026 9:22pm (4d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | -$106.1M | -$116.3M | -$121.1M | -$118.0M | -$186.4M |
| Capital Expenditure | -$1.7M | -$6.5M | $-193,000 | $-15,000 | $-137,000 |
| Free Cash Flow | -$107.8M | -$122.8M | -$121.3M | -$118.0M | -$186.5M |
| Acquisitions (net) | — | — | — | — | — |
| Net Debt Issued / (Repaid) | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | — | — | — | — | — |
| Net Change in Cash | — | — | — | — | — |
Growth Trends (YoY %)
Last updated: Aug 6, 2026 9:22pm (4d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | — | — | — | — |
| Gross Profit Growth | — | — | — | — |
| Operating Income Growth | -11.4% | +1.3% | -7.2% | -40.5% |
| Net Income Growth | -8.9% | +5.4% | -3.0% | -49.6% |
| EBITDA Growth | -11.6% | +1.3% | -7.3% | -41.0% |
Industry Benchmarks
Compares ANNX against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for ANNX — it's generated by the pipeline (
market-narrative step).
Claude Reading
No AI findings yet for ANNX — they're generated by the
pipeline (
ai-findings step) when a report is run on this ticker.
GPT Reading
No GPT reading yet for ANNX — it's generated by the
pipeline (
gpt-critique step) after the other Big-3 seats, when a
report is run on this ticker.
Grok Reading
No Grok reading yet for ANNX — it's generated by the
pipeline (
grok-critique step) alongside the other Big-3 seats, when a
report is run on this ticker.
Advanced Analysis Forensic deep-dive · four lenses
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Data via Financial Modeling Prep · Cached for performance · twelvedata
v1.1.525 · a5aac093 · 2026-08-10 20:52:14