olivLaw · US equity research
AnaptysBio, Inc. ANAB
Pharmaceutical Preparations · SIC 2834 · Vertical: Pharmaceutical Preparations (SIC 2834)
AnaptysBio now exclusively manages the financial collaborations for Jemperli with GSK and imsidolimab with Vanda, after spinning off its clinical biopharma business, First Tracks Biotherapeutics, on April 20, 2026. Revenue comes from royalties, and the net loss in the first quarter of 2026 shows the cost structure is still adjusting. The key question is whether royalties grow enough to sustain the company and return value to shareholders.
At the close of 04 Nov 2026, AnaptysBio, Inc. (ANAB) stock was 47.51 USD (−0.46% on the day), with market capitalisation 1.4 bn USD, P/E 11.5 on diluted EPS of 4.14 USD over the last 12 months, beta 0.81, 52-week range 22.06–69.81 USD. Latest reported quarter (Q2 2026): revenue of 27.5 m USD (+23.5% YoY), net income of 183.9 m USD, diluted EPS 3.98 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 45.0
- neutral
- Bollinger (20, 2)
- 44.86 – 50.46
- in the lower half of the band · %B 0.47 · band width 11.7%
- SMA 50 / 200
- 51.11 / 50.65
- mixed trend
- MACD (12, 26, 9)
- -0.69 / -0.90
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −3.4% | −1.1% | −2.3 pp | — |
| 3 months | −13.6% | −0.5% | −13.2 pp | — |
| 6 months | −29.5% | +4.4% | −33.9 pp | — |
| Year to date | +47.0% | +12.3% | +34.7 pp | — |
| 1 year | +105.1% | +13.5% | +91.6 pp | −9.2% |
| 3 years | +306.5% | +76.4% | +230.1 pp | +50.7% |
| 5 years | +92.3% | +63.7% | +28.6 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 30.0 m | 43.1 m | 27.8 m | 22.3 m | 76.3 m | 108.2 m | 25.6 m | 27.5 m ≈ |
| Research & development | 42.2 m | — | 41.2 m | 37.8 m | 31.4 m | — | — | — |
| Operating income | -22.8 m | 171.4 m | -27.5 m | -26.2 m | 34.7 m | 245.9 m | -34.6 m | 67.0 m ≈ |
| Depreciation & amortisation | 144.0 k ≈ | -441.0 k | 146.0 k | -136.0 k ≈ | 418.0 k ≈ | -408.0 k | 130.0 k | -121.0 k ≈ |
| Pre-tax income | -32.9 m | 154.6 m | -39.3 m | -38.6 m | 15.1 m | 225.0 m | -52.8 m | 47.8 m ≈ |
| Income tax | 0 | 149.0 k | 44.0 k | 39.0 k | 0 | 689.0 k | 40.0 k | -181.5 m ≈ |
| Net income | -32.9 m | -21.8 m | -39.3 m | -38.6 m | 15.1 m | 49.6 m | -52.9 m | 183.9 m ≈ |
| Diluted EPS | -1.14 | -0.62 ≈ | -1.28 | -1.34 | 0.52 | 1.47 ≈ | -1.84 | 3.98 ≈ |
| Operating cash flow | -10.1 m ≈ | -66.7 m | -10.7 m | -40.2 m ≈ | -27.4 m ≈ | 98.0 m | -25.9 m | -26.6 m ≈ |
| Capex | 35.0 k ≈ | 263.0 k | 35.0 k | 39.0 k ≈ | 12.0 k ≈ | 1.0 k | 17.0 k | — |
| Share repurchases | 0 ≈ | 456.0 k | 4.4 m | 51.1 m ≈ | 9.7 m ≈ | 3.4 m | 0 | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 2-quarter history (min 16.3, median 37.3, max 58.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5.0 m | 8.0 m | 75.0 m | 63.2 m | 10.3 m | 17.2 m | 91.3 m | 234.6 m |
| Revenue YoY | −50.0% | +60.0% | +837.5% | −15.8% | −83.7% | +66.8% | +432.0% | +157.0% |
| Net income | -61.7 m | -97.3 m | -19.9 m | -57.8 m | -128.7 m | -163.6 m | -145.2 m | -13.2 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -2.50 | -3.60 | -0.73 | -2.11 | -4.57 | -6.08 | -4.92 | -0.44 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -1,233.1% | -1,216.7% | -26.6% | -91.5% | -1,251.3% | -953.7% | -159.1% | -5.6% |
| Free cash flow | -49.6 m | -70.3 m | -14.7 m | -47.3 m | -74.0 m | -121.6 m | -135.7 m | 19.6 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 138.2 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 37.2 m USD
- Total assets
- 364.4 m USD
- Debt / equity
- unavailable
- Current ratio
- 9.07x
- ROE
- -24.5%
- ROA
- -3.1%
- FCF margin
- 8.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 75.0 m | 63.2 m | 10.3 m | 17.2 m | 91.3 m | 234.6 m | SEC (XBRL)· 03 Mar 2026verified |
| Research & development | 80.0 m | 98.5 m | 88.8 m | — | — | — | SEC (XBRL)· 01 Mar 2023verified |
| Operating income | -23.9 m | -56.8 m | -115.2 m | -164.4 m | 66.2 m | 226.9 m | SEC (XBRL)· 21 Sept 2026verified |
| Depreciation & amortisation | 559.0 k | 619.0 k | 675.0 k | 652.0 k | 20.0 k | 20.0 k | SEC (XBRL)· 21 Sept 2026verified |
| EBITDA | -23.3 m ≈ | -56.2 m ≈ | -114.5 m ≈ | -163.8 m ≈ | 66.2 m ≈ | 226.9 m ≈ | SEC (XBRL)· 21 Sept 2026derived |
| Interest expense | 0 | 0 | — | — | — | — | SEC (XBRL)· 07 Mar 2022verified |
| Pre-tax income | -19.9 m | -57.8 m | -128.7 m | -163.6 m | 31.1 m | 162.3 m | SEC (XBRL)· 21 Sept 2026verified |
| Income tax | 0 | 0 | 24.0 k | -4.0 k | 158.0 k | 772.0 k | SEC (XBRL)· 21 Sept 2026verified |
| Net income | -19.9 m | -57.8 m | -128.7 m | -163.6 m | -145.2 m | -13.2 m | SEC (XBRL)· 03 Mar 2026verified |
| Diluted EPS | -0.73 | -2.11 | -4.57 | -6.08 | -4.92 | -0.44 | SEC (XBRL)· 21 Sept 2026verified |
| Weighted average diluted shares | 27.3 m | 27.4 m | 28.2 m | 26.9 m | 29.5 m | 30.2 m | SEC (XBRL)· 21 Sept 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 250.5 m | 495.7 m | 71.3 m | 36.0 m | 23.1 m | 138.2 m | SEC (XBRL)· 21 Sept 2026verified |
| Current assets | 396.6 m | 553.9 m | 447.2 m | 406.8 m | 431.9 m | 350.3 m | SEC (XBRL)· 03 Mar 2026verified |
| Property, plant & equipment, net | 1.8 m | 2.3 m | 2.1 m | 2.1 m | 131.0 k | 111.0 k | SEC (XBRL)· 21 Sept 2026verified |
| Total assets | 416.6 m | 643.1 m | 610.4 m | 452.4 m | 483.8 m | 364.4 m | SEC (XBRL)· 03 Mar 2026verified |
| Accounts payable | 4.2 m | 1.7 m | 2.8 m | 4.7 m | 4.0 m | 3.9 m | SEC (XBRL)· 03 Mar 2026verified |
| Current liabilities | 19.8 m | 16.1 m | 26.1 m | 37.4 m | 45.4 m | 38.6 m | SEC (XBRL)· 03 Mar 2026verified |
| Equity | 396.7 m † | 356.4 m † | 262.1 m † | 88.1 m † | 70.9 m † | 37.2 m † | SEC (XBRL)· 03 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -14.2 m | -45.9 m | -73.6 m | -120.8 m | -135.3 m | 19.7 m | SEC (XBRL)· 03 Mar 2026verified |
| Capex | 569.0 k | 1.4 m | 358.0 k | 807.0 k | 358.0 k | 87.0 k | SEC (XBRL)· 03 Mar 2026verified |
| Free cash flow | -14.7 m ≈ | -47.3 m ≈ | -74.0 m ≈ | -121.6 m ≈ | -135.7 m ≈ | 19.6 m ≈ | SEC (XBRL)· 03 Mar 2026derived |
| Investing cash flow | 94.5 m | 38.8 m | -394.8 m | 144.8 m | 31.4 m | 228.0 m | SEC (XBRL)· 03 Mar 2026verified |
| Financing cash flow | -879.0 k | 252.3 m | 44.0 m | -59.3 m | 127.1 m | -132.6 m | SEC (XBRL)· 03 Mar 2026verified |
| Share repurchases | — | 0 | 0 | 50.0 m | 456.0 k | 68.6 m | SEC (XBRL)· 03 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 50.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 1.4 bn USD
Key indicators
Coverage and freshness
Score by group
50% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 61.85 – 180.58 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E61.85 – 180.58 (Mid 120.61)14 companies used · median multiple 29.1x · quartiles 14.9x – 43.6xABBV, ABT, ALNY, AUPH, BMY, JNJ, LLY, NATR, PFE, REGN, RPRX, UTHR, VRTX, ZTS
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 50.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 82.4% | 97 (vs peers) | 13% |
| FCF conversion · Quality | 9.2% | 0 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | 183.6% | 100 (on a fixed band) | 17% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 5.6x | 100 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 11.5x | 88 (vs peers) | 21% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 1.3% | 16 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 0.9% | 13 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality49/100 · 2/3 factors with a value
- Returns· partial13/100 · 1/2 factors with a value
- Valuation56/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ANAPTYSBIO, INC. (ANAB). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 234.6 m USD in 2025; YoY growth 157.0%; net margin 82.4%.
The estimated value range is 61.85–180.58 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 120.61 USD, the price of 47.51 USD leaves a potential of 153.9% (value / price − 1) and a margin of safety of 60.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 50.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 82.4%
- Revenue CAGR 3Y: 183.6%
- Current ratio: 5.6x
- P/E (TTM): 11.5x
- The price is below the estimated value range
What contradicts it
- FCF conversion: 9.2%
- FCF yield: 1.3%
- Shareholder yield (distributions): 0.9%
Not assessed (insufficient data or a ratio without meaning): ROIC, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Pharmaceutical Preparations (SIC 2834) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| LLYEli Lilly And Company | 1,334.0 bn | 46.0 | 86.1% | 31.9% | +44.7% | +32% / +140% |
| JNJJohnson & Johnson | 665.2 bn | 41.9 | 20.0% | 16.2% | +6.0% | +34% / +79% |
| ONCBeone Medicines Ltd. | 558.4 bn | 869.9 | 14.7% | 10.7% | +40.2% | +11% / +102% |
| ABBVAbbVie Inc. | 521.1 bn | 50.7 | — | 15.7% | +8.6% | +29% / +107% |
| MRKMerck & Co., Inc. | 370.7 bn | 154.7 | 5.1% | 3.6% | +1.3% | +43% / +47% |
| ABTAbbott Laboratories | 200.1 bn | 43.0 | 9.2% | 9.7% | +5.7% | −10% / +11% |
| PFEPfizer Inc | 175.5 bn | 43.9 | 4.4% | 6.3% | −1.6% | +20% / +1% |
| VRTXVertex Pharmaceuticals Inc | 139.2 bn | 35.3 | 20.8% | 30.7% | +8.9% | +27% / +55% |
| BMYBristol-Myers Squibb Company | 131.2 bn | 14.2 | 44.1% | 18.5% | −0.2% | +30% / +30% |
| TEVATeva Pharmaceutical Industries Limited | 48.8 bn | 97.4 | 6.6% | 3.6% | +4.3% | +56% / +326% |
| ZTSZoetis Inc. | 36.9 bn | 14.7 | 64.4% | 27.5% | +2.3% | −30% / −50% |
| ROIVRoivant Sciences Ltd. | 27.6 bn | — | -6.2% | -3,535.0% | −71.6% | +84% / +300% |
| RPRXRoyalty Pharma plc | 26.2 bn | 47.7 | 6.9% | 25.7% | +5.1% | +69% / +150% |
| UTHRUnited Therapeutics Corporation | 25.9 bn | 23.0 | 19.1% | 38.6% | +10.6% | +25% / +154% |
| INSMInsmed Inc | 24.1 bn | — | -72.5% | -39.9% | +66.7% | −47% / +340% |
| VTRSViatris Inc. | 22.1 bn | — | -23.6% | -23.9% | −3.0% | +80% / +109% |
| ALNYAlnylam Pharmaceuticals, Inc. | 21.6 bn | 8.1 | 126.6% | 52.8% | +65.2% | −64% / −4% |
| ORKAOruka Therapeutics, Inc. | 6.7 bn | — | -18.2% | — | unavailable | +237% / +364% |
| IONSIonis Pharmaceuticals, Inc. | 6.7 bn | — | -105.5% | -64.7% | +33.8% | −51% / −19% |
| IDYAIDEAYA Biosciences, Inc. | 3.1 bn | — | -38.5% | -1,149.6% | +3,024.4% | −9% / +3% |
| RADXRadiopharm Theranostics Limited | 3.1 bn | — | -109.2% | -1,055.3% | +1,114.3% | −81% / unavailable |
| AUPHAurinia Pharmaceuticals Inc. | 2.3 bn | 7.5 | 61.4% | 97.7% | +20.4% | +6% / +98% |
| QUREuniQure N.V. | 1.6 bn | — | -89.0% | -1,154.8% | −40.6% | −16% / +240% |
| ANABAnaptysbio, Inc. | 1.4 bn | 11.5 | — | 82.4% | +157.0% | +105% / +307% |
| URGNUroGen Pharma Ltd. | 1.4 bn | — | — | -26.3% | +21.4% | −0% / +118% |
1- and 3-year price returns: for ANAB from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 49.12 Total return 3% · Per year 3% | 86.44 Total return 82% · Per year 82% | 129.66 Total return 173% · Per year 173% |
| 3 years | 58.26 Total return 23% · Per year 7% | 114.32 Total return 141% · Per year 34% | 186.72 Total return 293% · Per year 58% |
| 5 years | 69.11 Total return 45% · Per year 8% | 151.19 Total return 218% · Per year 26% | 268.87 Total return 466% · Per year 41% |
- Exit P/E± 28.58
- Net margin± 20.01
- Annual revenue growth± 14.92
- Annual dilution± 1.68
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
AnaptysBio now exclusively manages the financial collaborations for Jemperli with GSK and imsidolimab with Vanda, after spinning off its clinical biopharma business, First Tracks Biotherapeutics, on April 20, 2026. Revenue comes from royalties, and the net loss in the first quarter of 2026 shows the cost structure is still adjusting. The key question is whether royalties grow enough to sustain the company and return value to shareholders.
SWOT
Strengths
- Recurring royalty revenue tied to an approved product that is growing rapidly.
- Lean operating structure with minimal costs, which could support high margins.
- Cash and investment reserves that provide a buffer for current activity.
Weaknesses
- Dependence on the performance of a single product controlled by an external partner.
- Net losses in the first quarter of 2026, with rising general and administrative costs.
- Stockholders' equity has fallen significantly, which limits financial flexibility.
Opportunities
- New GSK trials for Jemperli could expand indications and royalty volume.
- An FDA decision on imsidolimab could generate new milestones and royalties.
- New board members with royalty experience could help manage the value of the assets.
Threats
- A failed trial or delay in GSK programs could reduce royalty prospects.
- The litigation with GSK could create extra costs and affect the collaboration.
- If the separation does not create the expected value, returning value to shareholders could be weaker than estimated.
Risks
- Dependence on Jemperlihigh
Revenue depends mainly on royalties from Jemperli, which GSK controls. Any change in the partner's strategy or performance could directly affect revenue.
- Litigation with GSKmedium
Legal costs tied to the GSK litigation have increased general and administrative expenses. The outcome could influence the terms of the collaboration.
- Effects of the separationmedium
The split into two companies is complete, but reclassifying assets and liabilities may create accounting and operational uncertainty.
- Royalty financing structuremedium
Monetizing royalties through non-recourse financing involves debt payments that reduce the income available to shareholders.
- Imsidolimab approvallow
The application for imsidolimab is under FDA review, and a negative decision could reduce the prospects of this agreement.
Investment thesis
What would need to be true (bull case)
- If Jemperli sales keep growing and royalties approach the levels announced, the company could have stable revenue with high operating margins.
- The lean operating structure and the share buyback program could support returning value to shareholders.
- New GSK trials and the imsidolimab decision could add unexpected revenue sources in the coming years.
What would break the thesis
- If Jemperli sales slow or trials fail, royalty revenue could be lower than estimated.
- Net losses and litigation costs could erode stockholders' equity, which is already reduced.
- If the separation did not create enough value, the company could be left with limited revenue and royalty-related debt.
What to watch
- Jemperli sales reported by GSK and royalties received by AnaptysBioQ2 2026
- Completion of the reduction of debt tied to the royalty monetizationend of Q2 2027
- FDA decision on imsidolimab in generalized pustular psoriasisDecember 12, 2026
- Results of GSK's AZUR-1 trial of dostarlimab in rectal cancerH2 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
AnaptysBio, Inc. (Nasdaq: ANAB) was until recently a clinical-stage biotechnology company focused on immunology therapeutics for autoimmune and inflammatory diseases. In September 2025, its board approved plans to explore separating the business into two independent public companies. The separation was completed on April 20, 2026, and the clinical programs, including rosnilimab, ANB033 and ANB101, moved to First Tracks Biotherapeutics. AnaptysBio keeps management of the financial collaborations, meaning the royalties on Jemperli and imsidolimab. The company has not generated product sales; its revenue comes from license payments, research funding, milestones and royalties.
Trends
- Growth of Jemperli salestailwind
Jemperli sales are growing strongly, and GSK is investing in new trials, including in rectal and colorectal cancer. If these trials succeed, royalties could grow over the longer term.
- Higher G&A from separation and litigationheadwind
The company reported higher general and administrative expenses, partly due to legal costs of the separation and the GSK litigation 3. If these costs persist, they could reduce operating margins.
- Imsidolimab approval processmixed
Vanda submitted the application for imsidolimab in generalized pustular psoriasis, and the FDA has set a target action date. A favorable decision could trigger new milestones and royalties.
- Share buyback and a leaner operating modelmixed
The company announced a share repurchase program and a lean operating structure with few employees. This model could raise profitability, but it limits the ability to develop new programs.
Competitive position
AnaptysBio does not face direct product competition in the Jemperli market, since commercialization belongs to GSK. The relevant competition is for capital and partners in the royalty and immunology biotech space. The company also competes for the resources it needs for its new activities after the separation.
- GSKGSK
Company that markets Jemperli and controls development strategy and sales, from which AnaptysBio receives royalties.
- Vanda PharmaceuticalsVNDA
Partner that holds the global license for imsidolimab and is pursuing its approval in generalized pustular psoriasis.
- First Tracks Biotherapeutics
Company spun out of AnaptysBio that takes on the clinical work with rosnilimab, ANB033 and ANB101 and competes for capital and investor attention.
- XOMA Royalty
Company specialized in acquiring biotech royalties, referenced in the context of a board appointment.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Alphyn Capital on Its Special-Situation Investment: AnaptysBio (ANAB)Yahoo Finance — News · 09 Sept 2026 · EN
The latest news item in our archive is from 09 Sept 2026; the newest SEC filing is from 21 Sept 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report21 Sept 2026Financial statements and exhibits
- Current report11 Aug 2026Shareholder vote · Financial statements and exhibits
- Current report30 Jul 2026Regulation FD disclosure
- Proxy statement29 Jun 2026
- Current report22 Jun 2026Material agreement
- Current report29 May 2026Regulation FD disclosure
- Current report21 May 2026Amendments to articles or bylaws
- Quarterly report12 May 2026
- Current report12 May 2026Results of operations · Financial statements and exhibits
- Current report11 May 2026Departure or appointment of officers
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / AnaptysBio, Inc. · 03 Mar 2026
- [2] Form 10-Q, quarter ended 2026-03-31 · SEC / AnaptysBio, Inc. · 12 May 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / AnaptysBio, Inc. · 12 May 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.