ANX-005 is a monoclonal antibody commercialized by Annexon, with a leading Phase III program in Guillain-Barre Syndrome. According to Globaldata, it is involved in 11 clinical trials, of which 4 were completed, 4 are ongoing, 2 are planned, and 1 was terminated. GlobalData uses proprietary data and analytics to provide a complete picture of ANX-005’s valuation in its risk-adjusted NPV model (rNPV). Buy the model here.
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The revenue for ANX-005 is expected to reach an annual total of $167 mn by 2037 in the US based off GlobalData’s Expiry Model. The drug’s revenue forecasts along with estimated costs are used to measure the value of an investment opportunity in that drug, otherwise known as net present value (NPV). Applying the drug’s phase transition success rate to remaining R&D costs and likelihood of approval (LoA) to sales related costs provides a risk-adjusted NPV model (rNPV). The rNPV model is a more conservative valuation measure that accounts for the risk of a drug in clinical development failing to progress.
ANX-005 Overview
ANX-005 is under development for the treatment and acute antibody-mediated autoimmune disease such as Guillain-Barre syndrome, amyotrophic lateral sclerosis, warm autoimmune hemolytic anemia, Huntington disease and multifocal motor neuropathy (MMN). It is administered as intravenous infusion. The drug candidate is a humanized monoclonal antibody that inhibits early components of the classical complement cascade. It is based on composite human antibody technology. The drug candidate was also under development for the treatment of Alzheimer's disease.
Annexon Overview
Annexon is a developer of therapeutic products and pathway inhibitors for the treatment of neurological disorders. The company develops treatments for Huntington’s disease and Alzheimer’s disease by targeting complement-mediated neurodegeneration. Its lead drug candidates include ANX005 and ANX007, which are potent inhibitory antibodies against C1q, an initiating molecule of the classical complement cascade. The company also develops ANX105, for the treatment of neurodegenerative disorders. It develops therapeutic products to protect against synapse loss and inflammatory nerve damage in the brain and retinal cells. Annexon is headquartered in South San Francisco, California, the US.
The operating loss of the company was US$145.6 million in FY2022, compared to an operating loss of US$130.7 million in FY2021. The net loss of the company was US$142 million in FY2022, compared to a net loss of US$130.3 million in FY2021.
For a complete picture of ANX-005’s valuation, buy the drug’s risk-adjusted NPV model (rNPV) here.
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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.
To create this model, GlobalData takes into account factors including patent law, known and projected regulatory approval processes, cash flows, drug margins and company expenses. Combining these data points with GlobalData’s world class analysis creates high value models that companies can use to help in evaluation processes for each drug or company.
The rNPV method integrates the probability of a drug reaching a clinical stage into the cash flow at that time, which provides a more accurate valuation, as it considers the probability that the drug never makes it through the clinical pathway to commercialization. GlobalData’s rNPV model uses proprietary likelihood of approval (LoA) and phase transition success rate (PTSR) data for the indication in the highest development stage, which can be found on GlobalData’s Pharmaceutical Intelligence Center.
