Annexon stock gains premarket on extension of cash runway into 2025

• Annexon (NASDAQ:ANNX) stock gained 10% premarket on Tuesday after the biopharmaceutical firm extended its cash runway into H2 of 2025 following the closing of a $130M private placement.
• Proceeds from the private placement, along with ANNX's current cash, cash equivalents and marketable securities, are expected to fund its current operating plan into H2 of 2025.
• "With an operating runway extended and several clinical data readouts anticipated throughout 2022 and 2023, we believe we are well-positioned to execute our near- and long-term goals," said ANNX CEO Douglas Love.
• Proceeds from the private placement, along with existing cash and investments, will be used for working capital and general corporate purposes.
• ANNX stock has declined 67.3% YTD.