Annexon, Inc. — Form 10-Q
Filed August 12, 2026 · analyzed by the Periodic Agent
10-Q
— Neutral
significance 42/100
What the filing says
Annexon amended its certificate of incorporation on June 11, 2026, increasing authorized shares from an unstated prior amount to 505M total (500M common, 5M preferred). Separately, the company adopted an updated Non-Employee Director Compensation Program effective the same date, specifying cash retainers ($40K base for directors, up to $20K for committee chairs) and equity grants (130K option shares on initial appointment, 65K annually, vesting over 1-3 years; full acceleration on change of control).
Why this rating
Share authorization increase is administrative housekeeping; no shares issued or dilution yet. Director comp is routine governance cost at this scale (~$500K-$1M annually for ~7 directors is ~0.2-0.4% of market cap). Not material to trajectory.
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