Bull case
Annexon is viewed favorably because its upstream C1q inhibition targets the initiating step of the classical complement cascade, offering a differentiated mechanism that could preserve vision or prevent tissue damage while potentially avoiding some downstream-pathway safety tradeoffs. The investment case is strengthened by lead assets with meaningful commercial and clinical optionality: vonaprument in GA is supported by Phase 2 evidence of a 73% reduction in BCVA 15-letter loss in the EM arm and a favorable safety profile, while tanruprubart has shown clear proof of mechanism and clinically meaningful GBS benefit with rapid improvements in strength and disability outcomes. Financially, the company had $225M in cash at 1Q26, runway into 2H27, and the favorable risk/reward is amplified by large addressable markets, including a GA market expected to exceed $2B by 2030 and a GBS opportunity with ~150K global cases annually.