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Annexon Inc (ANNX+0.24%). has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net loss of $34.8 million, compared to $32.5 million in the same quarter of the previous year. The increase in net loss is attributed to higher general and administrative expenses.
Research and development expenses for the quarter increased to $30.1 million from $27.9 million in the previous year, primarily due to increased consulting and professional services costs.
General and administrative expenses rose to $9.3 million from $6.9 million, driven by higher consulting and professional services costs related to business development and market research.
Interest and other income, net, increased to $4.6 million from $2.3 million, primarily due to higher average cash balances and favorable interest rates.
Annexon reported cash and cash equivalents and short-term investments totaling $340.1 million as of September 30, 2024, with an accumulated deficit of $662.1 million.
The company continues to focus on advancing its lead candidate, ANX005, for the treatment of Guillain-Barré Syndrome, and ANX007 for Geographic Atrophy, with ongoing clinical trials and regulatory discussions.
Annexon acknowledges the need for substantial additional financing to achieve its goals and anticipates continued operating losses as it progresses its clinical development programs.
The filing details various risks and uncertainties, including reliance on third-party manufacturers, potential competition, and the need for regulatory approvals in multiple jurisdictions.
The company has not generated any revenue from product sales and does not expect to do so in the foreseeable future, with its business heavily dependent on the successful development, regulatory approval, and commercialization of its product candidates.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Annexon Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.