Annexon Inc (ANNX)

Cash of $209M against operating outflow of $53M per quarter gives roughly 3.9 quarters of runway, clearing the readout 0.7 quarters out but leaving under a year. On these figures the company raises capital within four quarters.

38,563,565 shares outstanding against 64,156,074 if every outstanding option, warrant and convertible were exercised. In that case 39.9% of a gain in enterprise value would accrue to those holders rather than to current shareholders.

2 approved products already carry Geographic Atrophy on label, including IZERVAY, Syfovre. Approval would enter an occupied market.

Registered design for NCT06510816: randomized, quadruple-masked, 659 participants (actual). Primary outcome: Proportion of Participants Experiencing a Best Corrected Visual Acuity (BCVA) ≥15-letter Loss from Baseline Through Month 15 as Assessed by .

Designations disclosed: Breakthrough Therapy, Fast Track, Orphan Drug, PRIME (EU). These accelerate review and, for Orphan, confer exclusivity if approved; none is evidence of efficacy.

2 distinct molecules in 2 active company-sponsored trials; Vonaprument accounts for 1 of them at Phase 3.

Directors and executive officers as a group hold 10.31%.