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BRISBANE, Calif. - Annexon, Inc. (NASDAQ:ANNX), a clinical-stage biopharmaceutical company with a market capitalization of $272 million and currently trading at $2.48 per share, has completed enrollment for its Phase 3 ARCHER II trial of vonaprument, a treatment for dry age-related macular degeneration (AMD) with geographic atrophy (GA), the company announced Thursday. According to InvestingPro analysis, the company maintains a strong liquidity position with a current ratio of 7.99x.
The trial has surpassed its target of 630 participants, with topline data expected in the second half of 2026. Vonaprument is designed to block C1q locally in the eye with an intravitreal formulation. InvestingPro data shows the company holds more cash than debt on its balance sheet, though it’s currently burning through cash at a considerable rate - crucial factors for investors monitoring the trial’s progression.
The ARCHER II trial is a global, randomized, double-masked, sham-controlled study evaluating both visual acuity and structural measures. Patients are randomized 2:1 to receive monthly doses of vonaprument or a sham procedure.
"Achieving and surpassing our enrollment goal ahead of schedule in ARCHER II highlights the strong interest for a treatment that can help patients preserve their vision," said Douglas Love, president and chief executive officer of Annexon. While analysts maintain a bullish consensus on the stock with a Strong Buy rating, InvestingPro reveals that three analysts have recently revised their earnings expectations downward for the upcoming period. Subscribers can access 7 additional ProTips and comprehensive financial analysis.
The primary endpoint is the prevention of ≥15-letter loss of best corrected visual acuity (BCVA), with secondary endpoints including safety, low-luminance visual acuity, and photoreceptor integrity.
In the Phase 2 ARCHER trial, vonaprument demonstrated protection against vision loss across multiple measures in patients with dry AMD and GA, according to the company’s statement.
Vonaprument has received Priority Medicine designation in Europe and Fast Track designation in the U.S. If approved, it could become the first treatment approved in Europe and the U.S. for dry AMD with GA based on protection of visual acuity and structural measures.
The trial design and rationale will be presented at the American Society of Retina Specialists annual meeting on July 31 in Long Beach, California.
Dry AMD with geographic atrophy affects approximately one million people in the United States and eight million globally, according to the company’s press release. With analyst price targets ranging from $9 to $14, significantly above the current trading price, investors seeking detailed valuation metrics and financial health analysis can explore additional insights through InvestingPro’s comprehensive platform.
In other recent news, Annexon, Inc. has amended certain common stock purchase warrants originally issued in July 2022, extending their term by one year to June 30, 2026. These warrants, held by participating investors, are exercisable for up to 6,877,622 shares of the company’s common stock, with the exercise now limited to cash transactions at a price of $5.806875 per share. Additionally, Annexon announced promising results for its lead investigational therapy, tanruprubart, in treating Guillain-Barré Syndrome. The therapy demonstrated significant benefits over standard care, with patients experiencing rapid and sustained recovery and marked improvement in muscle strength.
Furthermore, Cantor Fitzgerald has maintained its Overweight rating on Annexon, focusing on the company’s upcoming regulatory filings and clinical data. The firm is particularly attentive to the progress of Annexon’s ANX005, with anticipation for its Biologics License Application filing and potential approval for treating Guillain-Barré Syndrome. Analysts also noted Annexon’s strong financial position, with approximately $264 million in cash, suggesting potential for stock appreciation if ANX005 gains approval and if ANX1502 shows efficacy in Cold Agglutinin Disease.
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