Annexon closed a public offering on November 14 2025 that issued 29,423,075 shares of common stock at $2.60 per share, generating gross proceeds of $86.25 million. The underwriters exercised their option to purchase an additional 4,326,922 shares, bringing the total shares issued to 33,750,000. In addition, the company issued 3,750,000 pre‑funded warrants that allow investors to purchase shares at $2.599 per share, matching the offering price less a nominal exercise premium.
The capital raise is a critical milestone for a clinical‑stage biopharma that relies on external financing to advance its pipeline. With the new cash, Annexon will support ongoing Phase 3 trials of tanruprubart for Guillain‑Barré syndrome and ANX007 for geographic atrophy, and will extend the company’s projected cash runway into the second half of 2026. The infusion also offsets the dilution that comes with issuing new equity, a trade‑off that management views as necessary to maintain momentum in a highly competitive therapeutic space.
Annexon’s cash balance stood at $227 million as of June 30 2025. The $86.25 million raise brings the total to roughly $313 million, providing a buffer for the company’s R&D spend and operational needs while it pursues regulatory milestones for its complement‑inhibitor platform. The offering was conducted under a shelf registration statement on Form S‑3 that became effective on April 1 2024, allowing the company to tap capital markets quickly and efficiently. Goldman Sachs & Co. LLC, TD Cowen, and Wells Fargo Securities served as joint book‑running managers, underscoring the confidence of leading financial institutions in Annexon’s strategy.
The pre‑funded warrants add upside for investors, giving them the right to buy shares at a price that mirrors the public offering level. This structure aligns investor interests with the company’s long‑term growth prospects and signals confidence in the potential upside of Annexon’s pipeline. The capital raise also positions the company to pursue additional clinical development opportunities and to navigate the regulatory landscape for its lead candidates.
Overall, the successful closing of the offering marks a significant step forward for Annexon, reinforcing its commitment to advancing its first‑in‑kind complement‑inhibitor platform and setting the stage for future regulatory and commercial milestones.
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