Annexin Pharmaceuticals
Annexin Pharmaceuticals AB is a Swedish biopharmaceutical company based in Stockholm that develops ANXV, a recombinant human Annexin A5 protein. The company’s work centers on advancing this drug candidate for vascular injury and inflammation, with additional potential applications in ophthalmology, cancer and other inflammatory diseases. It also holds patents and manufacturing know-how related to the ANXV production process.
Fiscal year 2025 · change from previous year
Development 2022–2025
Business
Share of revenueThe company’s core therapeutic asset is ANXV, a recombinant Annexin A5 protein under clinical development.
Human studies and proof-of-concept work in RVO and related indications.
Earlier-stage research in cancer and other inflammatory or vascular diseases.
Patents, licenses and manufacturing process rights supporting ANXV.
Customers
Annexin Pharmaceuticals does not sell a commercialized medicine; its direct counterparties are research sites, clinical investigators, and development partners involved in advancing ANXV. If the program progresses, the eventual customers would be hospitals, specialists and healthcare systems treating vascular, ophthalmic and inflammatory diseases. The company’s value proposition is therefore tied to generating clinical evidence and securing partnering or licensing interest rather than recurring product sales.
Trial sites, investigators and collaborators that help run ANXV proof-of-concept studies.
Biopharma companies that may license ANXV or specific Annexin A5 rights after clinical validation.
Specialists and healthcare systems treating retinal vein occlusion and related eye disease.
Providers treating conditions linked to blood vessel injury and inflammation.
Researchers and future partners evaluating Annexin A5 applications in cancer.
Strategy
The company’s strategy is to advance ANXV through proof-of-concept and Phase 2 studies in-house, then use the generated data to support partnerships or licensing deals. It focuses on indications with high unmet medical need, especially retinal vein occlusion and other vascular or inflammatory diseases, while keeping the organization small and development-focused.
Clinical data is the main value driver for a development-stage biotech company.
External partners can fund later-stage development and commercialization.
Patent coverage and process control support differentiation and deal value.
Geography
Annexin Pharmaceuticals is headquartered in Stockholm, Sweden and operates as a Swedish public company. Its development work has included clinical activity in the United States, while its intellectual property and manufacturing process are protected in multiple countries. Geography matters because the company’s value depends on cross-border clinical development, patent protection and eventual partnering in larger pharmaceutical markets.
Risks
Annexin Pharmaceuticals faces the typical risks of a clinical-stage biotech company: trial failure, uncertain efficacy, safety issues and dependence on external financing. Its concentration in a single lead asset also creates binary development risk, while patent scope, third-party IP and regulatory requirements can affect the path to commercialization.
- Clinical development failureImpact: CriticalLikelihood: Medium
ANXV’s value depends on positive proof-of-concept and later-stage trial results.
Exposure: Lead asset ANXV
- Safety or tolerability issuesImpact: HighLikelihood: Medium
Unexpected adverse events could limit dosing, enrollment or indication scope.
Exposure: RVO and other clinical programs
- Intellectual property uncertaintyImpact: High
The business relies on patents and licensed rights around Annexin A5 and ANXV.
Exposure: Patent portfolio and manufacturing process
- Funding dependenceImpact: High
A development-stage biotech typically consumes cash before product revenue exists.
Exposure: Corporate operations and clinical programs
- Regulatory and trial execution riskImpact: MediumLikelihood: Medium
Approvals, site execution and protocol compliance affect timing and cost of studies.
Exposure: International clinical development
Accounting
Judgemental itemsThe value of the company depends heavily on ANXV-related IP and development assets.
Impact: A negative clinical outcome could trigger impairment charges.
The company has a subsidiary that holds and manages warrants, and equity incentives are common in biotech.
Impact: Fair value changes can affect equity and reported finance items.
Trial costs are incurred unevenly as studies start, pause or complete.
Impact: Quarterly comparability can be distorted by study milestones.
Partnering or license deals may include upfront fees, milestones and royalties.
Impact: Revenue timing will depend on contract structure and performance obligations.
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Last updated: 24/09/2026