Annexon Inc. reported a net loss of $54.9 million, or $0.37 per share, for the third quarter ended September 30, 2025, compared to a net loss of $34.8 million, or $0.25 per share, for the same period in 2024. Research and development expenses rose to $49.7 million from $30.1 million, mainly due to progress in the Phase 3 ARCHER II trial of vonaprument in GA and investments in tanruprubart global filings for GBS. General and administrative expenses decreased to $7.3 million from $9.3 million, reflecting ongoing corporate efficiencies. The company held $188.7 million in cash, cash equivalents, and short-term investments as of September 30, 2025, and expects to fund operations and milestones into late first quarter 2027. Key business developments included anticipated milestones such as the completion of the ANX1502 proof of concept study in 2026 and continued advancement of late-stage clinical programs.