Estados financieros detallados de Annexon, Inc. (ANNX): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Márgenes de los últimos 12 meses: margen bruto 0.0%, margen operativo 0.0%, margen neto 0.0%.
Al precio actual de $3.93, ANNX presenta beneficios negativos (P/E no significativo) y un ROE del -106.15%. La capitalización bursátil es de $644M.
Cuenta de Resultados (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Coste de Ventas | $271000 | $488000 | 0 | 0 | 0 | 0 | 0 | $3.5M | $3.7M |
| Beneficio Bruto | -$271000 | -$488000 | 0 | 0 | 0 | 0 | 0 | -$3.5M | -$3.7M |
| I+D | $17.9M | $15.5M | $24.5M | $49.3M | $100.1M | $112.5M | $113.8M | $119.4M | $184.7M |
| Generales y Administrativos | $2.4M | $3.6M | $8.0M | $14.2M | $30.6M | $30.9M | $28.0M | $34.6M | $31.7M |
| Gastos Operativos | $20.2M | $19.1M | $32.5M | $63.5M | $130.7M | $145.6M | $143.7M | $150.6M | $212.7M |
| Beneficio Operativo | -$20.5M | -$19.1M | -$32.5M | -$63.5M | -$130.7M | -$145.6M | -$143.7M | -$154.1M | -$216.4M |
| EBITDA | -$20.2M | -$18.7M | -$32.0M | -$62.8M | -$128.2M | -$139.8M | -$132.1M | -$134.7M | -$204.0M |
| Gastos por Intereses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Beneficio Antes de Impuestos | -$18.7M | -$18.3M | -$37.2M | -$63.4M | -$130.3M | -$141.9M | -$134.2M | -$138.2M | -$206.7M |
| Impuestos | $1000 | $1000 | $4000 | 0 | 0 | 0 | 0 | 0 | 0 |
| Beneficio Neto | -$18.7M | -$18.3M | -$37.2M | -$63.4M | -$130.3M | -$141.9M | -$134.2M | -$138.2M | -$206.7M |
| BPA | $-0.49 | $-1.60 | $-0.97 | $-3.70 | $-3.34 | $-2.60 | $-1.77 | $-1.01 | $-1.34 |
| BPA Diluido | $-0.49 | $-1.60 | $-0.97 | $-3.70 | $-3.34 | $-2.60 | $-1.77 | $-1.01 | $-1.34 |
| Acciones en Circulación (Diluidas) | $38.2M | $11.5M | $38.2M | $17.0M | $38.3M | $54.7M | $75.7M | $137.4M | $155.1M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | 0 | 0 | 0 | 0 |
| Beneficio Bruto | 0 | -$945000 | -$957000 | 0 |
| Beneficio Operativo | -$57.0M | -$50.3M | -$46.1M | -$57.2M |
| EBITDA | -$54.4M | -$47.3M | -$43.2M | -$54.8M |
| Beneficio Neto | -$54.9M | -$48.3M | -$44.1M | -$55.3M |
| BPA | $-0.37 | $-0.28 | $-0.23 | $-0.28 |
| BPA Diluido | $-0.37 | $-0.28 | $-0.23 | $-0.28 |
Balance (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $3.0M | $44.2M | $43.9M | $268.6M | $74.8M | $140.0M | $225.1M | $49.5M | $162.1M |
| Inversiones a Corto | 0 | 0 | 0 | $82.6M | $167.9M | $102.6M | $34.6M | $262.5M | $76.3M |
| Cuentas por Cobrar | $582000 | $225000 | $79000 | $3000 | 0 | 0 | 0 | 0 | 0 |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $4.9M | $45.7M | $45.4M | $354.0M | $247.7M | $248.1M | $263.9M | $316.5M | $242.2M |
| Inmovilizado Material | $2.8M | $2.3M | $2.1M | $1.9M | $38.2M | $36.0M | $32.8M | $29.3M | $25.8M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Totales | $7.8M | $48.1M | $49.9M | $355.9M | $287.0M | $285.1M | $297.7M | $350.1M | $277.6M |
| Cuentas por Pagar | $1.5M | $1.3M | $2.4M | $3.7M | $11.2M | $7.4M | $5.5M | $10.4M | $14.9M |
| Deuda a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Corrientes | $2.9M | $3.3M | $4.9M | $10.6M | $21.7M | $22.4M | $17.9M | $30.5M | $42.6M |
| Deuda a Largo | 0 | $107.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Totales | $54.0M | $10.3M | $6.4M | $11.7M | $55.1M | $53.9M | $47.1M | $57.0M | $65.9M |
| Reservas | -$47.1M | -$65.4M | -$102.6M | -$166.0M | -$296.3M | -$438.3M | -$572.5M | -$710.7M | -$917.4M |
| Patrimonio Neto | -$46.2M | $37.9M | $43.5M | $344.3M | $231.9M | $231.2M | $250.6M | $293.1M | $211.6M |
| Deuda Total | $49.0M | $107.2M | 0 | 0 | $34.6M | $32.9M | $31.4M | $29.0M | $26.2M |
| Deuda Neta | $46.0M | $63.0M | -$43.9M | -$351.2M | -$208.1M | -$209.8M | -$228.4M | -$283.0M | -$212.1M |
| Capital Circulante | $2.0M | $42.4M | $40.5M | $343.4M | $225.9M | $225.7M | $245.9M | $285.9M | $199.6M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $139.4M | $162.1M | $175.2M | $199.3M |
| Activos Totales | $229.1M | $277.6M | $262.9M | $246.1M |
| Pasivos Totales | $67.7M | $65.9M | $58.4M | $60.0M |
| Patrimonio Neto | $161.4M | $211.6M | $204.5M | $186.1M |
| Deuda Total | $26.9M | $26.2M | $25.4M | $24.7M |
Flujo de Caja (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$18.7M | -$18.3M | -$37.2M | -$63.4M | -$130.3M | -$141.9M | -$134.2M | -$138.2M | -$206.7M |
| Amortizaciones | $271000 | $488000 | $493000 | $667000 | $2.1M | $2.1M | $2.1M | $2.1M | $2.2M |
| Compensación en Acciones | $401000 | $408000 | $2.0M | $4.9M | $16.3M | $18.5M | $18.2M | $19.4M | $16.4M |
| Cambio en Capital Circulante | -$1.2M | $478000 | $625000 | $4.7M | $3.3M | $3.7M | -$5.8M | $6.4M | $4.2M |
| Flujo de Caja Operativo | -$19.3M | -$17.2M | -$28.4M | -$53.1M | -$106.1M | -$116.3M | -$121.1M | -$118.0M | -$186.4M |
| Inversiones (CapEx) | -$567000 | -$17000 | -$267000 | -$464000 | -$1.7M | -$6.5M | -$193000 | -$15000 | -$137000 |
| Adquisiciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | -$6.2M | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$19.8M | -$17.2M | -$28.6M | -$53.6M | -$107.8M | -$122.8M | -$121.3M | -$118.0M | -$186.5M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$52.3M | -$45.9M | -$46.8M | -$48.0M |
| Inversiones (CapEx) | -$48000 | 0 | 0 | -$137000 |
| Flujo de Caja Libre | -$52.4M | -$45.9M | -$46.8M | -$48.1M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $3.8M | $3.3M | $4.2M | $4.8M |
Crecimiento y Márgenes (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Beneficio Neto (anual) | | +2.2% | -103.1% | -70.5% | -105.5% | -8.9% | +5.4% | -3.0% | -49.6% |
| Crecimiento BPA (anual) | | -226.5% | +39.4% | -281.4% | +9.7% | +22.2% | +31.9% | +42.9% | -32.7% |
| Cambio en Acciones (anual) | | -70.0% | +233.7% | -55.6% | +125.9% | +42.7% | +38.4% | +81.6% | +12.9% |
| Crecimiento FCF (anual) | | +13.2% | -66.4% | -87.1% | -101.2% | -14.0% | +1.2% | +2.7% | -58.0% |
| Tasa Impositiva Efectiva | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Datos por Acción (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-0.52 | $-1.50 | $-0.75 | $-3.16 | $-2.81 | $-2.25 | $-1.60 | $-0.86 | $-1.20 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.37 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $38.2M | $11.5M | $38.2M | $17.0M | $38.3M | $54.7M | $75.7M | $137.4M | $155.1M |
Qué mirar en Biotech
La mayoría de biotechs pequeñas pierden dinero. Analizarlas con P/E no tiene sentido — mira caja y pipeline.
- Cash Runway — Meses de caja al ritmo de gasto actual. <18 meses = riesgo de dilución urgente
- Cash burn anual — Ritmo al que queman caja operativa. Comparar con posición de caja para proyectar runway
- Total Debt — Biotech sin ingresos + deuda = receta para bancarrota
- I+D / Capitalización — Cuánto invierten en pipeline vs lo que vale la empresa — indicador de intensidad investigadora
- Market cap / Cash — Si cotiza cerca de su caja, el mercado le da ~0 valor al pipeline — puede ser oportunidad o trampa
Rentabilidad
| Rentabilidad sobre capital | -106.15% |
| Rentabilidad sobre capital invertido | -99.93% |
| Rentabilidad sobre activos | -82.36% |
| Margen bruto | 0.00% |
| Margen operativo | 0.00% |
| Margen neto | 0.00% |
Salud financiera
| Deuda / Patrimonio | 0.13 |
| Ratio corriente | 5.53 |
| Piotroski F-Score | 1 |
| Altman Z-Score | 0.75 |
Ratios Clave (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -36.24 | -11.10 | -18.31 | -6.76 | -3.44 | -1.99 | -2.56 | -5.08 | -3.75 |
| P/VC | -14.69 | 5.37 | 15.59 | 1.23 | 1.90 | 1.22 | 1.37 | 2.40 | 3.68 |
| P/V | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Margen Bruto | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Margen Operativo | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Margen Neto | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |