On this page of StockholderLetter.com we present the latest annual shareholder letter from Annexon, Inc. — ticker symbol ANNX. Reading current and past ANNX letters to shareholders can bring important insights into the investment thesis.
202 Proxy Statement 202 Annual Report
Dear Fellow Stakeholders, Unlocking a New Era of Care for Neuroinflammatory Diseases The field of complement biology has rapidly emerged as one of the most exciting and transformative areas in neuroinflammation and drug development. A once underappreciated component of the immune system, the classical complement pathway, is now widely recognized as a central driver of disease across the body, brain, and eye. Against this backdrop, Annexon stands at the forefront of a new generation of innovation advancing a differentiated, upstream classical complement approach designed to further define this evolving landscape. From our inception 11 years ago, we set out with a bold mission to create an entirely new class of targeted immunotherapies to stop harmful neuroinflammation. Built on the pioneering discoveries of our co-founder, the late Dr. Ben Barres, former Chair of Neurobiology at Stanford University, our scientific platform is designed to stop harmful classical complement inflammation where it starts to preserve function in devastating neuroinflammatory diseases. Over the years we ve developed an array of drug candidates to selectively block C1q, the initiator of classical complement inflammation, to halt this diseasedriving process across key compartments of the body, brain, and eye. Douglas Love, Esq. President and Chief Executive Officer A Validated Platform with Market Leading Potential Today, our mission has evolved into a clinically validated late-stage platform with the potential to establish a firstin-class, and ultimately best-in-class, category of neuroinflammatory medicines. Through rigorous preclinical work, including the development of more than 40 classical complement and diseasespecific assays, we ve built a highly robust body of evidence that has translated with remarkable consistency into the clinic. Across both acute and chronic indications, and in diverse patient populations, our approach has demonstrated robust inflammatory protection and durable functional benefit that is differentiated from first generation downstream complement approaches. Advancing a New Therapeutic Class Across Indications Our diversified pipeline aims to redefine standards of care and deliver what patients want most disease-modifying therapies in areas of significant unmet need. In Guillain-Barr Syndrome (GBS), the number one cause of acute paralysis affecting nearly 150,000 people globally each year, tanruprubart has demonstrated unprecedented functional improvement in muscle strength and disability in the pivotal Phase 3 trial. In geographic atrophy (GA), a leading cause of blindness affecting more than 8 million people worldwide, vonaprument has shown unprecedented neuronal and vision preservation in our Phase 2 ARCHER trial, which we re seeking to replicate in an ongoing pivotal trial. Lastly, in autoimmune disease, ANX1502 is a first-of-its-kind oral therapy designed to expand access and convenience being studied in an ongoing proof-of-concept trial. Together, these flagship programs position us for multiple important inflection points in 2026 and beyond, including the potential first approval of a targeted therapy for GBS, first ever pivotal Phase 3 data designed to preserve vision in GA, and proof-of-concept data for a first-of-its-kind oral C1 inhibitor for the treatment of autoimmune diseases. Our pipeline also extends into additional neuroinflammatory diseases, reflecting a powerful and differentiated platform that we believe is positioned for scientific and commercial success. In sum, by helping to shape the future of neuroinflammatory medicine and advancing new standards of care, we are closer and more excited than ever to translating our mission to thrive by helping millions impacted by devastating
neuroinflammatory diseases live their best lives. And we re exceedingly thankful to everyone on the journey with us. Warm regards, Douglas Love, Esq. President and Chief Executive Officer Forward-Looking Statements This letter contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by terminology such as aim, anticipate, assume, believe, contemplate, continue, could, design, due, estimate, expect, goal, intend, may, objective, plan, positioned, potential, predict, seek, should, target, will, would and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology. All statements other than statements of historical facts contained in this letter are forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding the company s potential to establish a first-in-class, and ultimately best-in-class, category of medicines and redefine standards of care; important inflection points in 2026 and beyond, including the potential first approval of a targeted therapy for GBS, first ever pivotal Phase 3 data designed to preserve vision in GA, and proof-of-concept data for a first-of-its-kind oral C1 inhibitor for the treatment of autoimmune diseases; and the company s platform being positioned for future scientific and commercial success. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results and events to differ materially from those anticipated, including, but not limited to, risks and uncertainties related to: the company s history of net operating losses; the company s ability to obtain necessary capital to fund its clinical programs; potential for delays in the company s clinical trials, including if the FDA and comparable foreign regulatory authorities do not accept data from clinical trials for product candidates outside the United States; the early stages of clinical development of the company s product candidates; the effects of public health crises on the company s clinical programs and business operations; the company s ability to obtain regulatory approval of and successfully commercialize its product candidates; any undesirable side effects or other properties of the company s product candidates; the company s reliance on third-party suppliers and manufacturers; the outcomes of any future collaboration agreements; and the company s ability to adequately maintain intellectual property rights for its product candidates. These and other risks are described in greater detail under the section titled Risk Factors contained in the company s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and the company s other filings with the U.S. Securities and Exchange Commission. Any forward-looking statements that the company makes in this letter are made pursuant to the Private Securities Litigation Reform Act of 1995, as amended, and speak only as of the date of this letter. Except as required by law, the company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
ANNEXON, INC. 1400 Sierra Point Parkway, Bldg C, Suite 200 Brisbane, California 94005 NOTICE OF 2026 ANNUAL MEETING OF STOCKHOLDERS To be held on June 11, 2026 Dear Stockholder: You are cordially invited to attend the 2026 Annual Meeting of Stockholders (the Annual Meeting ) of Annexon, Inc., a Delaware corporation (the Company ), on Thursday, June 11, 2026 at 8:00 a.m. Pacific Time. This year s Annual Meeting will be held virtually, conducted via live audio webcast. You can attend the meeting via the internet at www.virtualshareholdermeeting.com/ANNX2026 by using the 16-digit control number that appears on your proxy card (printed in the box and marked by the arrow) and the instructions that accompanied your proxy materials. You will not be able to attend the meeting in person. The Annual Meeting will be held for the following purposes: 1. To elect the two nominees for director named in the accompanying proxy statement to serve as Class III directors to hold office until the 2029 annual meeting of stockholders or until their respective successors are duly elected and qualified or until the director s earlier death, resignation or removal. 2. To ratify the selection by the Audit Committee of our Board of Directors of KPMG LLP as our independent registered public accounting firm for our fiscal year ending December 31, 2026. 3. To approve, on a non-binding advisory basis, the compensation of our named executive officers. 4. To approve an amendment to our amended and restated certificate of incorporation (our Certificate of Incorporation ) to increase the number of authorized shares of common stock from 300,000,000 to 500,000,000. 5. To conduct any other business properly brought before the meeting or any continuation, adjournment or postponement thereof. These items of business are more fully described in the Proxy Statement accompanying this Notice. The record date for the Annual Meeting is April 13, 2026. Only stockholders of record at the close of business on that date may vote at the Annual Meeting or any continuation, adjournment or postponement thereof. A complete list of such stockholders will be open to the examination of any stockholder for a period of ten days prior to the Annual Meeting for a purpose germane to the meeting at our principal executive offices by stating the purpose of the request and providing proof of ownership of our common stock. The complete list of such stockholders will also be available to stockholders during the Annual Meeting at www.virtualshareholdermeeting.com/ANNX2026. Important Notice Regarding the Availability of Proxy Materials for the Stockholders Meeting to Be Held on Thursday, June 11, 2026 at 8:00 a.m. Pacific Time, conducted via live audio webcast. The proxy statement and annual report to stockholders are available electronically at www.proxyvote.com. By Order of the Board of Directors Douglas Love President and Chief Executive Officer Brisbane, California April 27, 2026 You are cordially invited to attend the Annual Meeting, conducted via live audio webcast. Whether or not you expect to attend the meeting, please vote by proxy over the telephone or through the internet, or by completing, dating, signing and returning a proxy card that we may mail to you as instructed in these materials, as promptly as possible in order to ensure your representation at the meeting. Even if you have voted by proxy, you may still vote at the Annual Meeting. Please note, however, that if your shares are held through a broker, bank or other nominee and you wish to vote at the Annual Meeting, you must obtain a proxy issued in your name from that record holder.
 • shareholder letter icon 4/27/2026 Letter Continued (Full PDF)
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ANNX Shareholder/Stockholder Letter Transcript:

202  Proxy Statement
202  Annual Report


Dear Fellow Stakeholders,
Unlocking a New Era of Care for Neuroinflammatory Diseases
The field of complement biology has rapidly emerged as one of the most exciting
and transformative areas in neuroinflammation and drug development. A once
underappreciated component of the immune system, the classical complement
pathway, is now widely recognized as a central driver of disease across the body,
brain, and eye. Against this backdrop, Annexon stands at the forefront of a new
generation of innovation     advancing a differentiated, upstream classical
complement approach designed to further define this evolving landscape.
From our inception 11 years ago, we set out with a bold mission to create an
entirely new class of targeted immunotherapies to stop harmful
neuroinflammation. Built on the pioneering discoveries of our co-founder, the late
Dr. Ben Barres, former Chair of Neurobiology at Stanford University, our
scientific platform is designed to stop harmful classical complement inflammation
where it starts to preserve function in devastating neuroinflammatory diseases.
Over the years we   ve developed an array of drug candidates to selectively block
C1q, the initiator of classical complement inflammation, to halt this diseasedriving process across key compartments of the body, brain, and eye.
Douglas Love, Esq.
President and Chief Executive Officer
A Validated Platform with Market Leading Potential
Today, our mission has evolved into a clinically validated late-stage platform with the potential to establish a firstin-class, and ultimately best-in-class, category of neuroinflammatory medicines.
Through rigorous preclinical work, including the development of more than 40 classical complement and diseasespecific assays, we   ve built a highly robust body of evidence that has translated with remarkable consistency into the
clinic. Across both acute and chronic indications, and in diverse patient populations, our approach has demonstrated
robust inflammatory protection and durable functional benefit that is differentiated from first generation downstream
complement approaches.
Advancing a New Therapeutic Class Across Indications
Our diversified pipeline aims to redefine standards of care and deliver what patients want most     disease-modifying
therapies in areas of significant unmet need.
In Guillain-Barr   Syndrome (GBS), the number one cause of acute paralysis affecting nearly 150,000 people
globally each year, tanruprubart has demonstrated unprecedented functional improvement in muscle strength and
disability in the pivotal Phase 3 trial. In geographic atrophy (GA), a leading cause of blindness affecting more than 8
million people worldwide, vonaprument has shown unprecedented neuronal and vision preservation in our Phase 2
ARCHER trial, which we   re seeking to replicate in an ongoing pivotal trial. Lastly, in autoimmune disease,
ANX1502 is a first-of-its-kind oral therapy designed to expand access and convenience being studied in an ongoing
proof-of-concept trial.
Together, these flagship programs position us for multiple important inflection points in 2026 and beyond, including
the potential first approval of a targeted therapy for GBS, first ever pivotal Phase 3 data designed to preserve vision
in GA, and proof-of-concept data for a first-of-its-kind oral C1 inhibitor for the treatment of autoimmune diseases.
Our pipeline also extends into additional neuroinflammatory diseases, reflecting a powerful and differentiated
platform that we believe is positioned for scientific and commercial success.
In sum, by helping to shape the future of neuroinflammatory medicine and advancing new standards of care, we are
closer and more excited than ever to translating our mission to thrive by helping millions impacted by devastating

neuroinflammatory diseases live their best lives. And we   re exceedingly thankful to everyone on the journey with
us.
Warm regards,
Douglas Love, Esq.
President and Chief Executive Officer
Forward-Looking Statements
This letter contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify
forward-looking statements by terminology such as    aim,       anticipate,       assume,       believe,       contemplate,   
   continue,       could,       design,       due,       estimate,       expect,       goal,       intend,       may,       objective,       plan,   
   positioned,       potential,       predict,       seek,       should,       target,       will,       would    and other similar expressions that
are predictions of or indicate future events and future trends, or the negative of these terms or other comparable
terminology. All statements other than statements of historical facts contained in this letter are forward-looking
statements.
These forward-looking statements include, but are not limited to, statements regarding the company   s potential to
establish a first-in-class, and ultimately best-in-class, category of medicines and redefine standards of care;
important inflection points in 2026 and beyond, including the potential first approval of a targeted therapy for GBS,
first ever pivotal Phase 3 data designed to preserve vision in GA, and proof-of-concept data for a first-of-its-kind
oral C1 inhibitor for the treatment of autoimmune diseases; and the company   s platform being positioned for future
scientific and commercial success. Forward-looking statements are not guarantees of future performance and are
subject to risks and uncertainties that could cause actual results and events to differ materially from those
anticipated, including, but not limited to, risks and uncertainties related to: the company   s history of net operating
losses; the company   s ability to obtain necessary capital to fund its clinical programs; potential for delays in the
company   s clinical trials, including if the FDA and comparable foreign regulatory authorities do not accept data
from clinical trials for product candidates outside the United States; the early stages of clinical development of the
company   s product candidates; the effects of public health crises on the company   s clinical programs and business
operations; the company   s ability to obtain regulatory approval of and successfully commercialize its product
candidates; any undesirable side effects or other properties of the company   s product candidates; the company   s
reliance on third-party suppliers and manufacturers; the outcomes of any future collaboration agreements; and the
company   s ability to adequately maintain intellectual property rights for its product candidates. These and other
risks are described in greater detail under the section titled    Risk Factors    contained in the company   s most recent
Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and the company   s other filings with the U.S.
Securities and Exchange Commission. Any forward-looking statements that the company makes in this letter are
made pursuant to the Private Securities Litigation Reform Act of 1995, as amended, and speak only as of the date of
this letter. Except as required by law, the company undertakes no obligation to publicly update any forward-looking
statements, whether as a result of new information, future events or otherwise.

ANNEXON, INC.
1400 Sierra Point Parkway, Bldg C, Suite 200
Brisbane, California 94005
NOTICE OF 2026 ANNUAL MEETING OF STOCKHOLDERS
To be held on June 11, 2026
Dear Stockholder:
You are cordially invited to attend the 2026 Annual Meeting of Stockholders (the       Annual Meeting      ) of Annexon,
Inc., a Delaware corporation (the       Company      ), on Thursday, June 11, 2026 at 8:00 a.m. Pacific Time. This year   s
Annual Meeting will be held virtually, conducted via live audio webcast. You can attend the meeting via the internet
at www.virtualshareholdermeeting.com/ANNX2026 by using the 16-digit control number that appears on your
proxy card (printed in the box and marked by the arrow) and the instructions that accompanied your proxy materials.
You will not be able to attend the meeting in person.
The Annual Meeting will be held for the following purposes:
1.
To elect the two nominees for director named in the accompanying proxy statement to serve as Class III
directors to hold office until the 2029 annual meeting of stockholders or until their respective successors are
duly elected and qualified or until the director   s earlier death, resignation or removal.
2.
To ratify the selection by the Audit Committee of our Board of Directors of KPMG LLP as our
independent registered public accounting firm for our fiscal year ending December 31, 2026.
3.
To approve, on a non-binding advisory basis, the compensation of our named executive officers.
4.
To approve an amendment to our amended and restated certificate of incorporation (our       Certificate of
Incorporation      ) to increase the number of authorized shares of common stock from 300,000,000 to
500,000,000.
5.
To conduct any other business properly brought before the meeting or any continuation, adjournment or
postponement thereof.
These items of business are more fully described in the Proxy Statement accompanying this Notice.
The record date for the Annual Meeting is April 13, 2026. Only stockholders of record at the close of business on that date
may vote at the Annual Meeting or any continuation, adjournment or postponement thereof. A complete list of such
stockholders will be open to the examination of any stockholder for a period of ten days prior to the Annual Meeting for a
purpose germane to the meeting at our principal executive offices by stating the purpose of the request and providing
proof of ownership of our common stock. The complete list of such stockholders will also be available to stockholders
during the Annual Meeting at www.virtualshareholdermeeting.com/ANNX2026.
Important Notice Regarding the Availability of Proxy Materials for the Stockholders    Meeting to Be Held on
Thursday, June 11, 2026 at 8:00 a.m. Pacific Time, conducted via live audio webcast.
The proxy statement and annual report to stockholders
are available electronically at www.proxyvote.com.
By Order of the Board of Directors
Douglas Love
President and Chief Executive Officer
Brisbane, California
April 27, 2026
You are cordially invited to attend the Annual Meeting, conducted via live audio webcast. Whether or not you expect to
attend the meeting, please vote by proxy over the telephone or through the internet, or by completing, dating, signing
and returning a proxy card that we may mail to you as instructed in these materials, as promptly as possible in order to
ensure your representation at the meeting. Even if you have voted by proxy, you may still vote at the Annual Meeting.
Please note, however, that if your shares are held through a broker, bank or other nominee and you wish to vote at the
Annual Meeting, you must obtain a proxy issued in your name from that record holder.


shareholder letter icon 4/27/2026 Letter Continued (Full PDF)
 

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