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statements other than statements of historical facts contained in this presentation are forward looking statements. These forward looking statements include, but are not limited to statements regarding the potential therapeutic benefits of
our product candidates; our clinical and preclinical programs, timing and commencement of future nonclinical studies and clinical trials and research and development programs, timing of clinical results, anticipated timing and results of regulatory
interactions related to our product candidates, including the timing of our planned biologics license application (BLA) submission to the U.S. Food and Drug Administration (FDA); our ability to achieve regulatory approval for our product candidates;
the potential for vonaprument to be the first drug approved for dry AMD with GA; the potential for vonaprument and tanruprubart to reset the standard of care; strategic plans for our business and product candidates, including additional indications
which we may pursue, our ability to commercialize our product candidates, if approved; the potential for us to deliver significant value for patients and our stakeholders; our financial position, runway and anticipated milestones. In some cases, you
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candidates to not receive regulatory approval, including if the FDA and comparable foreign regulatory authorities determine that our submission package is not sufficient or require us to provide additional data in patients that are not feasible to
obtain; the early stages of certain of clinical development of our product candidates; the effects of public health crises on our clinical programs and business operations; our ability to obtain regulatory approval of and successfully commercialize
our product candidates; any undesirable side effects or other properties of our product candidates; our reliance on third party suppliers and manufacturers; the outcomes of any future collaboration agreements; and our ability to adequately
maintain intellectual property rights for our product candidates. These and other risks are described in greater detail under the section titled "Risk Factors" and in the other cautionary statements contained in our Annual Report on Form
10K for year ended December 31, 2024, our subsequent Quarterly Reports on Form 10 Q and our other filings with the Securities Exchange Commission. Any forward looking statements that we make in this presentation are made
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update any forward looking statements, whether as a result of new information, future events or otherwise. This presentation concerns drug candidates that are under clinical investigation, and which have not yet been approved for marketing by
the FDA. These are currently limited by federal law to investigational use, and no representation is made as to their safety or effectiveness for the purposes for which they are being investigated. This presentation also contains estimates and other
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or statistical data. Neither we nor any other person makes any representation as to the accuracy or completeness of such data or undertakes any obligation to update such data after the date of this presentation. 2
Unlocking a New Era of Care for Neuroinflammatory Diseases Two
Blockbuster Registrational Opportunities 1 ~10M Patients and >$10B Global Market Dry AMD with Geographic Atrophy Guillain-Barr Syndrome A leading cause of blindness in the elderly Most common cause of acute neuromuscular paralysis
Vonaprument (ANX007) Tanruprubart (ANX005) Ph 3 registrational trial MAA submitted 1 3 Company market research reports, analysis of global market opportunity for Annexon's pipeline of late stage assets
2026: A Pivotal Year of Potential Significant Value Creation Driving
Value From Multiple Late-Stage Assets Clinically Validated Multiple Catalysts Well-positioned for C1q Platform in 2026 Market Development Next gen targeted Cash to fund anticipated key Vonaprument (ANX007) Ph3 immunotherapies to
halt milestones into late 2027 pivotal data neuroinflammation at the Accelerating US medical Tanruprubart (ANX005) source in diseases with limited education / pre launch efforts EMA/FDA submissions or no approved therapies /
potential partnering activities ANX1502 proof-of-concept for Diversified pipeline of drug first oral C1 inhibitor candidates for C1q mediated neuroinflammatory diseases 4
C1q Inhibition Platform Creates Competitive Advantage Transformative
therapeutic approach halting neuroinflammation at its source to minimize damage Classical Complement Cascade Proprietary anti-C1q approach yields enhanced efficacy and safety by blocking all classical cascade neuroinflammation AMPLIFYING
INFLAMMATION Improved inhibition of neuroinflammation vs. first generation C3 & C5 inhibitors Differentiated clinical outcomes across multiple diseases (e.g., GBS, GA, ALS) 5
Late-Stage Pipeline with Multiple Blockbuster Opportunities Diverse and
informed drug candidates addressing neuroinflammatory diseases for ~10 million patients PRECLINICAL PHASE 1 PHASE 2 PHASE 3 FLAGSHIP PROGRAMS Autoimmune Tanruprubart Guillain Barr Syndrome (GBS) Dry age related macular
degeneration Ophthalmology Vonaprument (AMD) with geographic atrophy (GA) First oral C1 inhibitor for Autoimmune Autoimmune ANX1502 Indications NEXT WAVE PROGRAMS Huntington's Disease Neurodegenerative Tanruprubart Amyotrophic Lateral
Sclerosis (ALS) Autoimmune ANX009 Lupus Nephritis 6
Annexon Poised to Capture Asymmetric Value Opportunity Positioned to
unlock significant value with multiple late-stage assets Next Generation C1q Inhibition Second Generation C3 Inhibition Pioneering C1q Inhibition First Generation in several diseases C5 Inhibition Pioneered C3 inhibition in GA 4 ~$900M 3 ~$3B
Pioneered C5 inhibition Pioneered C5 Acquired by AstraZeneca inhibition in GA Acquired by Astellas 1 2 $39B $5.9B 1 https://www.astrazeneca.com/media centre/press releases/2020/astrazeneca to acquire alexion.html#
2 https://investors.ivericbio.com/news releases/news release details/astellas enters definitive agreement acquire iveric bio 3 Yahoo Finance APLS as of 1/8/2026 4 Based on 191M fully
diluted shares outstanding, including 149M common shares and 42M prefunded warrants at $4.85 per share, the last 30 day average closing price of the company's stock on 1/8/2026. 7 Comparisons to complement companies are purely for
illustrative purposes only. Actual results for the Company will vary and nothing in this presentation should be regarded as a representation by any person that similar results will be achieved.
Established Leadership with Drug Development through Commercial Depth
Ted Yednock, PhD Rick Artis, PhD Jamie Dananberg, MD Chief Innovation Officer Chief Scientific Officer Chief Medical Officer Doug Love President & CEO Jennifer Lew Michael Overdorf, MBA Shikhar Agarwal Chief Financial Officer Chief Business
Officer Head of Commercial 8
Vonaprument: First Potential Treatment to Preserve Vision for Dry AMD
with Geographic Atrophy Shifting Treatment Paradigm in 2026
Geographic Atrophy Remains a Significant Unmet Need No approved
treatments demonstrating vision preservation WORLDWIDE US EU 8M+ ~1.5M ~2.5M patients affected patients affected patients affected 1 2 3 by GA by GA by GA Avg. Age of GA Patient: 79 years GA greatly impacts quality of GA SEVERELY
LIMITS INDEPENDENCE AND IS A life, interfering with reading, driving, recognizing faces LEADING CAUSE OF BLINDNESS IN THE ELDERLY Incidence projected to increase due to aging population 1 2 Keenan et al, Ophthalmology. 2018 Jul
27;125(12):1913-1928; Tufail A, et al. Presented at the 15th EURETINA Congress, Nice, France, September 17 20, 2015. Accessed 3 November 21, 2019; Based on Colijin JM, et al., 2016; Wong WL, et al., 2014; Rudnicka AR, et al., 2014; Korb
CA, et al., 2014; Piermarocchi S, et al., 2011; Fernandez Arias 10 4 C, et al., 2011; Augood CA, et al., 2006; Rudnicka AR et al., Ophthalmology. 2012;119(3):571 80. doi:10.1016/j.ophtha.2011.09.027
Vonaprument Designed to Stop Vision Loss Prior to Lesion Growth
Targeting C1q, the locus of disease vs. lagging indicator addressed by first generation C3 and C5 inhibitors Vonaprument Protects Eye Structure: Photoreceptor Cells, Synapses & Function (Vision) Lost Prior to RPE in GA (picture of human GA eye)
IPL Intact photoreceptors, synapses FAF Lesion and RPE furthest from lesion (no RPE) INL Photoreceptor cell OPL Gradient of synapse loss in OPL above intact RPE nearing lesion edge (on right) synapses (OPL) 1 Synapses (red dots w/ white arrows) =
functional connections Photoreceptor ONL cells (ONL) Retinal Pigmented RPE Epithelium (RPE) GA retinal tissue 200 m Section Image: Annexon, data on file 200 mm Average 12 month 4 GA lesion growth Representative FAF image from Fleckenstein et
al., 2017, to illustrate position of retinal cross section (yellow bar) relative to lesion 1 2 Selkoe, 2002 doi: 10.1126/science.1074069; Burger, et al., doi.org/10.1016/j.ydbio.2021.04.001; Bird et al., 2014 JAMA Ophthalmol
doi:10.1001/jamaophthalmol.2013.5799; Li, et al., 2018 Retina 38:1937; Pfau, et al., 2020 11 3 4 10.1001/jamaophthalmol.2020.2914; Sarks, et al., 1988 Eye 2:552; Heier, et al., 2020 Ophthalmology Retina 4:673; Shen, et al., 2020 Ophthalmol Retina
ARCHER Vonaprument Profoundly Protected Central Retinal Phase 2
Structure Responsible for Visual Acuity Protection against loss of photoreceptors (neurons) in retina center, the locus of disease CENTRAL 2.0 MM CENTRAL 1.5 MM 0.35 0.35 Sham (n = 25) Sham (n = 22) 0.3 0.3 Vonaprument pooled (n = 36) Vonaprument
pooled (n = 24) 0.25 0.25 48% 0.2 0.2 decrease 59% 0.15 0.15 decrease 0.1 0.1 0.05 0.05 0 0 0 6 12 0 6 12 Month Month Nominal Vonaprument Pooled vs Sham 0.0218 Vonaprument Pooled vs Sham 0.0319 p value^ ^Nominal p values from a linear
mixed model for repeated measures model (slope) analysis; 12 Heidelberg Spectralis OCT population with baseline OCT data, excludes patients with >98% atrophy/attenuation at baseline
ARCHER Vonaprument Demonstrated Robust Vision Protection Phase 2 on
Multiple Measures of Visual Acuity Consistent, dose dependent vision preservation 1 1 BCVA 15-LETTER LOSS THROUGH MONTH 12 LLVA 15-LETTER LOSS THROUGH MONTH 12 25 25 21.3% 9.8% 5.6% 9.4% 20.3% 7.6% 20 20 15 15 * 10 10 * * * 5 5 16/79
8/85 6/79 19/89 9/92 5/89 16/79 6/79 8/85 0 0 Sham EOM EM Sham EOM EM Nominal Nominal p-value vs p-value vs -- 0.032 -- 0.0497 0.0216 0.0021 2 2 sham sham 1 1 Confirmed for two consecutive visits through month 12 or at last study visit Patients with
at least one post baseline LLVA measurement and two consecutive or last visit 15 letter loss events 2 2 Nominal p value from a Chi square test in ITT population: * Nominal p < 0.05 Nominal p value from a Chi
Square test; *p<0.05 Final data Final data 13 % Patients % Patients
ARCHER Vonaprument Monthly Dosing Reduced Risk of Phase 2 Vision Loss
by 73% at Month 12 BCVA 15-LETTER LOSS CONFIRMED AT 2 1 CONSECUTIVE VISITS THROUGH MONTH 12 100% EM (n=89) 73% Risk Reduction Vonaprument EM 95% HR (CI) = 0.272 (0.090 to 0.819); Nominal p = 0.0119 90% EOM (n=92) 50% Risk Reduction
Vonaprument EOM 85% HR (CI) = 0.504 (0.214 to 1.189); Nominal p = 0.1098 Sham (n=89) 80% 75% INCREASING 70% VONAPRUMENT IMPACT OVER 65% TIME 0 1 2 3 4 5 6 7 8 9 10 11 12 Month HR, hazard ratio; Nominal log rank test (versus sham) p
values are presented; 1 Confirmed BCVA 15 LL at two consecutive visits including month 12 supported by ensuing 14 (off treatment) visit Final data % Patients without 15 Letter BCVA Loss
ARCHER Vonaprument Demonstrated Clear On vs. Off-Treatment Phase 2
Vision Protection PATIENTS WITH ANY BCVA 15-LETTER LOSS FROM BASELINE 30 Off Treatment Sham pooled (n=89) Sham Pooled (n=89) Reinforces on- A V N oX n007 E aprum OM en ( tn E = O 92) M (n=92) 25 treatment drug effect ANX007 EM (n=89)
Vonaprument EM (n=89) and disease-modifying 20 mechanism of action 15 10 5 0 0 1 2 3 4 5 6 7 8 9 10 11 12 15 18 Study Month 15 % Patients
ARCHER II Phase 3 Phase 3 Pivotal Study: Well-Informed Design and
Powering Leverages Phase 2 learnings and enriched for patients with higher risk of vision loss Primary analysis: Treatment masked 15 months through 24 months Vonaprument (ANX007) Monthly 5.0 mg/eye N=659 Randomized 2:1 Sham Sites: North America,
Europe, AUS, NZ GLOBAL REGISTRATION PATH PRIMARY ENDPOINT SECONDARY ENDPOINT Prime designation in EU Proportion of patients who experience a Safety, LLVA, EZ integrity 1 Selected by EMA for PDC program BCVA 15 Letter Loss confirmed at
two FDA Fast Track designation consecutive visits 1 Product Development Coordinator 16
Vonaprument Poised to Capture and Drive Immense GA Market Pursuing
vision preservation to drive a fundamental shift in standard of care Lesion-sparing Vision- medicines preservation medicines ~$1.5B 1 >$7B Combined current sales 2 Global peak sales Vonaprument Vision preservation offers enhanced 1st generation
IVT drugs have established patient demand, benefit-risk to tap full market but lagged expectations due to benefit risk profile Differentiated profile: Small, non pegylated, low viscosity, limited conversion to CNV 1 Analyst estimates 2
ClearView Healthcare Partners analysis of 2037 worldwide sales 17
Tanruprubart: Potential First in Class Targeted Therapy
for Guillain Barr Syndrome Delivering for Patients in 2026
GBS: Sudden Neurological Emergency No FDA approved therapies
IVIg used off label WORLDWIDE INCIDENCE IN US INCIDENCE IN EUROPE ~150K ~8K ~15K 1 3 cases per year cases per year cases per year Most common cause of acute neuromuscular paralysis Typically caused by infection, 1,2,3,4,5,6,7
SIGNIFICANT DISEASE BURDEN DESPITE IVIG TREATMENT vaccine side effects, other therapies ~30% ~75% ~20% admitted to in ICU require can't walk a year >$7B annual burden associated 8 ICU ventilation after treatment with the disease 1 2 3 4
ClearView Health Market Research (2024); Hughes et al. (2003). Neurology, 61, 736 40; Hund et al. (1993). Crit Care Med, 21, 433 46; Doets, et al. (2018). Brain, 141, 2866 5 6 7 77; Van den Berg et al. (2014). Nat Rev Neurol,
10, 469 82; Leonhard et al. (2019). Nat Rev Neurol, 15, 671 83; Inflation and population adjusted cost estimates from 19 8 Frenzen (2008). Neurology, 71(1), 21 7; Ongoing Annexon study submitted for AAN
GBS Provides a Compelling Market Opportunity Tanruprubart is first
targeted therapy designed to create a new standard of care in GBS BLOCKBUSTER MARKET OPPORTUNITY FOR GBS Tanruprubart Single infusion halts neuroinflammation ~90% of treated patients improved by week 1 >90% Patients Treated
>23K Safety data comparable to placebo Upon Diagnosis U.S./EU Patients Top 50 Annually Significant potential savings to U.S. U.S. Hospital Networks healthcare system over IVIg/PE >50% of GBS Patients Current treatments are slow
and suboptimal Targeted treatment offers faster, more complete recovery Most patients suffer from incomplete benefit for patients to regain their independence 20
Phase 3 Distinct From IVIg or Placebo, Tanruprubart Significantly &
IGOS Reduced Key Markers of Neuroinflammation Within 1 Week REDUCTION OF ACUTE INFLAMMATORY BIOMARKERS WITHIN 1 WEEK Resulted in Rapid Muscle Strength and Motor Function Recovery 21
~90% of Treated Patients Responded at Week 1, Translating Phase 3 to
>2X Odds of Fully Recovering at Week 26 vs. Placebo 86% OF PATIENTS TREATED WITH ANX005 2 TIMES MORE TREATED PATIENTS FULLY IMPROVED IN WEEK 1 (10 PTS ON AVG) RECOVER AT WEEK 26 (GBS-DS = 0) MRC Sumscore at Week 1 GBS-DS Through Week 26
p<0.0001 10 ANNX005 8 30mg/kg (N= 79) 6 Placebo 4 (N=81) 2 0 2 Study Weeks 1 Nominal 22 LS Mean Change From Baseline SEM % of Patients at GBS-DS 0
Tanruprubart Demonstrated Profound Impact on Phase 3 Measures Most
Important To Patients, HCPs and Payers Helped Patients Achieve Their Independence Sooner versus Placebo Tanruprubart 56 Days 5 30mg/kg : n=79 Walking independently earlier 1 2 31 days earlier , p=0.0211 Placebo 87 Days n=81 Tanruprubart 20 Days 5