ANABNasdaqPharmaceutical PreparationsUS GAAP · USD

AnaptysBio, Inc

AnaptysBio, Inc. is a clinical-stage biotechnology company focused on immunology therapeutics for autoimmune and inflammatory diseases. Its internal pipeline includes rosnilimab for rheumatoid arthritis and ulcerative colitis, ANB033 for celiac disease and eosinophilic esophagitis, and ANB101 for additional immune-mediated indications. The company also monetizes discoveries made through collaborations, including Jemperli (dostarlimab) with GSK and imsidolimab with Vanda Pharmaceuticals. As a result, AnaptysBio combines early-stage drug development with collaboration-based revenue from milestones, royalties, and license services rather than product sales.

Revenue235m USD
+157.0 %y/y
Operating profit (EBIT)47.9m USD
+141.7 %y/y
EBIT margin20.4%
+146.3 ppy/y
Net income-13.2m USD
+90.9 %y/y
Free cash flow19.6m USD
+114.5 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-200-1000100200300m USD2020: 75 m USD2020: EBIT -24 m USD20202021: 63 m USD2021: EBIT -57 m USD20212022: 10 m USD2022: EBIT -115 m USD20222023: 17 m USD2023: EBIT -164 m USD20232024: 91 m USD2024: EBIT -115 m USD20242025: 235 m USD2025: EBIT 48 m USD202523548
RevenueOperating profit (EBIT)

Business

Share of revenue
Clinical-stage pipeline therapeutics0 %

Internally discovered antibody programs advancing through Phase 1 and Phase 2 trials for autoimmune and inflammatory diseases.

Collaboration revenue100 %

Milestone, royalty, and research funding revenue from partnered programs such as GSK and Vanda.

License and transition services0 %

Services tied to out-licensed assets and collaboration transition activities, especially under the Vanda agreement.

Customers

AnaptysBio does not sell commercial products directly to patients; its current revenue comes primarily from pharmaceutical collaboration partners. GSK is a key collaborator for Jemperli, and Vanda is a licensee for imsidolimab, making large biopharma partners the main paying counterparties. For future marketed products, the company’s end-market customers would be physicians, hospitals, and third-party payors that influence adoption and reimbursement in autoimmune and inflammatory diseases. The company also depends on clinical investigators, contract research organizations, and manufacturing vendors to advance its programs, even though these are not revenue customers.

Pharmaceutical collaboration partners

Large biopharma partners such as GSK and Vanda that pay upfront fees, milestones, royalties, and service revenue for licensed antibody assets.

Healthcare providers

Physicians and treatment centers would prescribe any approved autoimmune or inflammatory disease therapies developed from the pipeline.

Third-party payors

Commercial insurers and government programs that determine reimbursement and therefore the commercial viability of future products.

Clinical research ecosystem

CROs, trial sites, and manufacturing vendors that support development and supply for the company’s clinical programs.

Strategy

AnaptysBio’s strategy is to advance its internal immunology pipeline while monetizing selected discoveries through partnerships and licensing. The company is prioritizing clinical development of rosnilimab, ANB033, and ANB101 to generate proof-of-concept data in autoimmune and inflammatory diseases. At the same time, it seeks non-dilutive value creation through collaboration revenue, royalties, and license transactions such as the Vanda agreement. This dual model helps fund development, but it also means long-term value depends on clinical success, partner execution, and regulatory approvals.

Advance rosnilimab clinical developmentShort term

Rosnilimab is the lead internal program and the main driver of future standalone value creation.

Expand proof-of-concept for ANB033 and ANB101Medium term

Additional pipeline assets diversify scientific risk and broaden the company’s immunology franchise.

Monetize partnered assets through royalties and milestonesMedium term

Collaboration economics provide funding and reduce dependence on equity financing.

Geography

AnaptysBio is headquartered in San Diego, California and operates primarily from the United States. Its business is global in the sense that collaboration agreements and future commercialization can extend into foreign markets, but the company’s disclosed operating footprint is centered in the U.S. The Vanda agreement explicitly includes potential regulatory and commercial milestones in both the U.S. and EU, showing that future value creation depends on multi-region approvals. The company also notes that its facilities are in a seismically active and wildfire-prone region, which creates operational concentration risk.

Risks

The company faces the core biotechnology risk that its product candidates may fail in clinical development or be delayed, which would reduce the likelihood of future commercialization. Safety findings, weak efficacy, or unfavorable trial results could impair regulatory approval and market acceptance, especially because the company’s pipeline is still early stage. AnaptysBio also depends on collaborators such as GSK and Vanda to execute development and commercialization, so partner decisions and timelines can materially affect revenue. In addition, the company is exposed to operational concentration risk because its facilities are in San Diego, a region subject to earthquakes, wildfires, and power disruptions, and it relies on a geographically concentrated supply chain.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Clinical development failure1Safety or tolerability issues in trials2Regulatory approval delays3Partner dependence4Natural disaster and site concentration5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Clinical development failureImpact: CriticalLikelihood: Medium

    The company’s value depends on unproven pipeline assets advancing successfully through trials.

    ExposureRosnilimabANB033ANB101
  2. Safety or tolerability issues in trialsImpact: HighLikelihood: Medium

    Adverse events could reduce the chance of regulatory approval and commercial acceptance.

    Exposure: All clinical-stage programs

  3. Regulatory approval delaysImpact: HighLikelihood: Medium

    Biologics cannot generate product revenue until approvals are obtained in the U.S. and abroad.

    Exposure: U.S. and foreign jurisdictions

  4. Partner dependenceImpact: HighLikelihood: Medium

    Milestones and royalties rely on collaborators’ development and commercialization performance.

    Exposure: GSK and Vanda agreements

  5. Natural disaster and site concentrationImpact: MediumLikelihood: Medium

    San Diego operations face earthquake, wildfire, and power outage risk, with limited recovery redundancy.

    Exposure: Headquarters and stored antibody sequences/data

Accounting

Judgemental items
Collaboration revenue recognition

Revenue from GSK and Vanda depends on contract milestones, royalties, and service obligations, which can create uneven quarterly results.

Impact: Can materially change reported revenue timing

Sale of future royalties accounting

The company records non-cash interest expense using forecasted royalty and milestone cash flows under royalty monetization agreements.

Impact: Affects operating results and financing-related expense

Clinical trial accruals

R&D expenses depend on estimates for services performed by CROs, labs, and manufacturers before invoices are received.

Impact: Can cause period-to-period expense adjustments

Stock-based compensation

Equity awards are a significant component of compensation in a development-stage biotech company.

Impact: Raises non-cash G&A and R&D expense

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026