Annexon shares surge 20.56% intraday as Q4 loss beats estimates and vonaprument trial data expected in late 2026.

Annexon surged 20.56% intraday, driven by better-than-expected Q4 2025 earnings of $0.28 per share (vs. $0.32 estimated), a reported $23.83 million in cash and short-term investments as of year-end 2025, and the anticipated Q4 2026 readout of top-line data from its Phase III ARCHER trial for vonaprument in treating geographic atrophy, potentially offering the first vision-preserving therapy.