Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Annexon, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2020
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Research and development
24.5
49.3
100
113
114
119
185
General and administrative
7.99
14.2
30.6
33.1
30
34.6
31.7
Operating expenses
32.5
63.5
131
146
144
154
216
Operating income
-32.5
-63.5
-131
-146
-144
-154
-216
Other non-operating income
1.01
0.06
Pre-tax income
-37.2
-63.4
130
142
134
-138
-207
Income tax
0
0
0
0
0
Net income
-37.2
-63.4
-130
-142
-134
-138
-207
EBITDA
-32
-62.8
-129
-143
-142
-152
-214
EPS, basic
-88.30
-4.15
-3.40
-2.60
-1.77
-1.01
-1.34
EPS, diluted
-88.30
-4.15
-3.40
-2.60
-1.77
-1.01
-1.34
Shares, basic (weighted)
0.43
17
38.3
54.7
75.7
137
155
Shares, diluted (weighted)
0.43
17
38.3
54.7
75.7
137
155
Dividend per share
0.00
0.00
0.00
0.00
0.00
0.00
Balance sheet
FY2020
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
43.9
269
74.8
140
225
49.5
162
Short-term investments
82.6
168
103
34.6
263
76.3
Other current assets
0.08
0
0.46
0.2
0.06
4.44
3.85
Total current assets
45.4
354
248
248
264
316
242
Property, plant and equipment
2.14
1.94
17.8
16.8
14.8
12.6
10.6
Lease right-of-use assets
20.3
19.1
18
16.7
15.2
Other non-current assets
2.35
3.24
8.55
Total assets
49.9
356
287
285
298
350
278
Accounts payable
2.37
3.73
11.2
7.42
5.49
10.4
14.9
Accrued liabilities
2.19
6.5
9.25
13.4
10.2
Total current liabilities
4.93
10.6
21.7
22.4
17.9
30.5
42.6
Lease liabilities
33.4
31.5
29.2
26.5
23.3
Total liabilities
6.37
11.7
55.1
53.9
47.1
57
65.9
Paid-in capital
2.2
510
528
670
823
1,004
1,129
Retained earnings
-103
-166
-296
-438
-572
-711
-917
Other comprehensive income
-0.08
-0.08
-0.18
-0.37
-0.05
0.01
-0.03
Shareholders' equity
-100
344
232
231
251
293
212
Total equity
-100
344
232
231
251
293
212
Total liabilities and equity
49.9
356
287
285
298
350
278
Shares outstanding
0.43
38.2
38.6
47.7
78.4
109
149
Cash flow statement
FY2020
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-37.2
-63.4
-130
-142
-134
-138
-207
Depreciation and amortization
0.49
0.67
2.14
2.11
2.15
2.15
2.17
Stock-based compensation
2.04
4.89
16.3
18.5
18.2
19.4
16.4
Change in payables
0.93
1.51
3.86
-0.29
-2.08
4.94
4.49
Cash from operations
-28.4
-53.1
-106
-116
-121
-118
-186
Capital expenditures
-0.27
-0.46
-1.65
-6.53
-0.19
-0.02
-0.14
Purchases of investments
-82.7
-226
-113
-108
-584
-212
Sales and maturities of investments
133
178
179
365
402
Cash from investing
-0.27
-83.2
-88.2
58.4
70.7
-219
190
Stock issued
0
0.02
1.61
0.08
18
44.4
28.5
Cash from financing
28.4
361
1.8
123
136
161
109
Exchange rate effect
-0.01
0.01
-0.01
0
0.01
-0.02
0
Net change in cash
225
-193
65
85.1
-176
113
Free cash flow
-28.6
-53.6
-108
-123
-121
-118
-186
Income taxes paid
0
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $3.64 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Return on equity (ROE)
-108.9%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-82.4%
Net income / average total assets.
Growth
Metric
Value
How it is calculated
Book value growth, 1y
-27.8%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-2.9%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
-9.3%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
-20.7%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-0.9%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
-4.9%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
12.9%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
41.6%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
55.7%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
5.53x
Current assets / current liabilities.
Quick ratio
5.44x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
5.44x
(Cash + short-term investments) / current liabilities.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
FCF per share
-$0.96
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.96
Cash from operations / diluted weighted shares.
Book value per share
$0.93
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/B
3.71x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
3.71x
Market cap / tangible book value, when positive.
FCF yield
-28.0%
Free cash flow / market cap.
Earnings yield
-29.4%
Net income / market cap (the inverse of P/E).
Was Annexon, Inc. profitable in fiscal 2025?
No. It reported a net loss of $206.7M.
How much free cash flow did Annexon, Inc. generate in fiscal 2025?
Cash from operations of $186.4M minus capital expenditures of $137.0K left free cash flow of -$186.5M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.