Annexon shares surge 14.15% intraday as Q4 loss beats estimates, cash reserves extend runway to 2027, and phase III trial data for vonaprument expected in late 2026.

Annexon surged 14.15% intraday, driven by better-than-expected Q4 2025 results, with a loss of $0.28 per share versus the forecasted $0.32. The company reported cash and short-term investments of approximately $238.3 million as of year-end 2025, sufficient to fund operations through mid-2027. Additionally, Annexon disclosed that topline data from the pivotal Phase III ARCHER II trial for vonaprasurem in treating geographic atrophy is expected in Q4 2026, with the potential to become the first therapy to preserve vision in the condition.