Annexon, Inc. Enters Up to $200M Loan Facility; $50M Funded

What Happened
Annexon, Inc. announced on July 30, 2026 that it entered into a Loan and Security Agreement with Oxford Finance LLC as collateral agent and certain lenders for term loans of up to $200.0 million. The initial $50.0 million tranche was funded on the effective date; additional tranches (up to $100.0 million) are available upon achievement of specified milestones and one uncommitted tranche (up to $50.0 million) is available by mutual agreement.

Key Details

• Effective date: July 30, 2026. Collateral agent: Oxford Finance LLC.
• Total facility: up to $200.0 million; initial funded tranche: $50.0 million.
• Interest: floating rate equal to the greater of (i) 1‑Month CME Term SOFR + 4.6% or (ii) 7.60% per annum.
• Maturity: July 1, 2031 or June 1, 2032 depending on milestone achievement; monthly interest-only payments required until Sept 1, 2029 (extendable to Sept 1, 2030 or Sept 1, 2031 by milestones), then monthly principal + interest.
• Security and covenants: Annexon granted a security interest in substantially all assets; the agreement contains customary representations, covenants (including liquidity and minimum revenue requirements upon certain events), events of default, prepayment provisions and customary fees (including a final payment fee).

Why It Matters
This secured loan facility provides Annexon with near-term liquidity (a $50M draw today and potential access to up to $150M more) to support working capital and general business needs. The financing is material for investors because it changes the company’s capital structure (secured debt) and includes covenants and repayment terms that may affect future operations and financial flexibility. The company also issued a press release about the financing on July 30, 2026.