MEDIUMBuilt-in & outside partyPipeline
tanruprubart and vonaprument lead programs
“10-K Item 1A: 'Our resources are primarily focused on advancing tanruprubart in GBS, and vonaprument in GA.'”
ANNX · Concentration risk · 10-K extracted
Annexon (ANNX) concentration risks
Updated
The most significant concentration Annexon discloses is tanruprubart and vonaprument lead programs, classified MEDIUM by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Annexon’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 1 disclosed concentration
HIGH0
MEDIUM1
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-07-06Annexon's concentration risk is pipeline-based: the company's resources are primarily focused on advancing tanruprubart in GBS (Guillain-Barré syndrome) and vonaprument in GA (geographic atrophy). This is a medium-share exposure with mixed character — part structural, in that a clinical-stage biotech necessarily concentrates its resources on its most advanced programs rather than spreading them across a broad portfolio, and part dependency, since the near-term investment case rides on the clinical and regulatory progress of these two specific programs rather than a diversified pipeline. Because the disclosure names two distinct programs across two different indications rather than a single asset, there is some internal diversification within this concentration — a setback in one program does not necessarily undermine the other — but resources being "primarily focused" on just these two means there is limited capacity disclosed for pursuing additional programs in parallel. With no customer, supplier, or geographic concentrations disclosed, this pipeline focus is the defining feature of Annexon's risk profile, and clinical data readouts for tanruprubart and vonaprument are the key catalysts that could move the investment verdict.
For the engine’s reasoning on ANNX’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Biotechnology
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| ACAD | ACADIA Pharmaceuticals Inc. | 2 | 0 | 0 | 2 |
| ABUS | Arbutus Biopharma Corporation | 1 | 1 | 0 | 2 |
| ABSI | Absci Corporation | 1 | 0 | 0 | 1 |
| ANNX● | Annexon, Inc. | 0 | 1 | 0 | 1 |
| ABCL | AbCellera Biologics Inc. | 0 | 0 | 0 | 0 |
| ACHV | Achieve Life Sciences, Inc. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.