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Here are 1-3 brief analogies to describe AnaptysBio (ANAB):

• A Vertex Pharmaceuticals, but specializing in groundbreaking treatments for inflammatory diseases.

• An aspiring Regeneron, developing new antibody drugs for chronic inflammation.

• A Gilead Sciences for inflammatory diseases, focused on novel therapies.

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• Roclapor (ANB032): An investigational oral melanocortin-4 receptor (MC4R) agonist designed to treat rare genetic diseases of obesity, such as Bardet-Biedl Syndrome.
• ANB030: An investigational oral pan-muscarinic agonist targeting M1, M4, and M5 receptors for central nervous system (CNS) disorders, including schizophrenia.
• ANB033: An investigational oral compound targeting a novel CNS receptor for the treatment of psychiatric disorders.

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AnaptysBio (symbol: ANAB) is a clinical-stage biotechnology company focused on the discovery and development of novel therapeutic antibodies for inflammatory and autoimmune diseases. The company does not sell products directly to individuals.

Its business model involves developing drug candidates through various stages of clinical trials. The company typically seeks to partner with or license these candidates to larger pharmaceutical or biotechnology companies for further development, commercialization, and distribution. Therefore, its major customers, in the context of its business model, are other companies.

Major Customers (Historical and Potential Future):

• GlaxoSmithKline plc (symbol: GSK): Historically, GlaxoSmithKline was AnaptysBio's major customer and collaboration partner. This significant partnership involved multiple therapeutic programs (such as anti-IL-33 and anti-PD-1) and was a primary source of revenue for AnaptysBio through milestone payments and research funding. This collaboration concluded in 2021, with AnaptysBio regaining full rights to its lead assets.
• Other Pharmaceutical and Biotechnology Companies (Potential Future): As AnaptysBio continues to advance its internal pipeline (e.g., mepukovumab, rosnilimab, ANB032), its future "customers" or partners would likely be other pharmaceutical or biotechnology companies. These companies would be interested in licensing or acquiring AnaptysBio's drug candidates for further development, regulatory approval, and eventual commercialization, or potentially acquiring the company itself.

As of its latest financial reports (for the year ended December 31, 2023), AnaptysBio is primarily focused on the internal development of its pipeline and has not generated product revenue. The company does not currently have major active collaboration agreements generating significant revenue that would qualify as 'major customers' in the traditional sense, as its primary collaboration with GSK has ended.

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Daniel Faga, President & CEO

Daniel Faga has over 20 years of operating and advisory experience in the life sciences industry, serving as AnaptysBio's President and Chief Executive Officer since March 2022 and as a Director since August 2023. Prior to joining AnaptysBio, he was the Chief Operating Officer at Mirati Therapeutics from 2020 to 2021, responsible for leading corporate strategy, finance, legal, and other business operations. He also served as Chief Business Officer for Spark Therapeutics Inc from 2016 to 2019, a company that was acquired by Roche during his tenure. Earlier in his career, Mr. Faga was a Managing Director and a founding member of Centerview Partners' healthcare advisory practice from 2009 to 2016.

Dennis Mulroy, Chief Financial Officer

Dennis Mulroy has been the Chief Financial Officer of AnaptysBio since July 2020. Before joining AnaptysBio, he served as the Chief Financial Officer for several companies, including La Jolla Pharmaceutical Company, Taxus Cardium Pharmaceuticals Group, Molecular Imaging, and SeraCare Life Sciences. Mr. Mulroy began his professional career as a Certified Public Accountant with Ernst & Young LLP.

Eric Loumeau, Chief Legal Officer

Eric Loumeau serves as AnaptysBio's Chief Legal Officer. He has over 20 years of experience in the biotech sector, with expertise in corporate finance, raising over $5 billion in public and private securities offerings, and mergers and acquisitions. Prior to his current role, he was the General Counsel and Chief Compliance Officer of Otonomy, Inc. Mr. Loumeau also served as Chief Financial Officer of Rempex Pharmaceuticals, Inc., and continued as Vice President of Legal Affairs following its acquisition by The Medicines Company. His experience also includes serving as General Counsel at Hollis-Eden Pharmaceuticals, Inc.

Paul F. Lizzul, M.D., Ph.D., M.P.H, M.B.A., Chief Medical Officer

Dr. Paul F. Lizzul has been the Chief Medical Officer of AnaptysBio since 2020. His prior roles include serving as the Global Development Head for Inflammation at Amgen. Additionally, he held positions as Chief Medical Officer of Sienna Biopharmaceuticals and Senior Medical Director of Kythera Biopharmaceuticals.

Ben Stone, Chief Business Officer

Ben Stone is the Chief Business Officer at AnaptysBio. Before joining AnaptysBio, he was an operating principal at Two River, where he co-founded and held interim senior leadership roles in 76Bio and IconoVir Bio. Earlier in his career, Mr. Stone led the Corporate Strategy function at Spark Therapeutics, which was acquired by Roche, and was a member of the Healthcare Investment Banking Group at Credit Suisse.

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The key risks to AnaptysBio's business include:

1. Clinical Trial Failures and Pipeline Risk: AnaptysBio faces significant risks associated with the inherent uncertainties of clinical trials. The company recently discontinued its ANB032 program for atopic dermatitis after it failed to meet primary and secondary endpoints in its Phase 2b trial. Similarly, the Phase 2 trial of rosnilimab did not meet primary or secondary endpoints in moderate-to-severe ulcerative colitis. AnaptysBio has a history of programs that have "flunked or partially flunked," including etokimab and imsidolimab. While rosnilimab showed positive Phase 2b results in rheumatoid arthritis, management is seeking a partnership rather than advancing it to a pivotal trial, raising questions about its commercial potential and "best-in-class" claims.
2. Financial Stability and Profitability Challenges: AnaptysBio consistently faces challenges in achieving profitability, marked by a negative Earnings Per Share (EPS) and a significantly negative return on equity. The company has reported substantial net losses and a deeply negative gross profit margin. While AnaptysBio maintains a strong cash position that provides an operational runway, it continues to burn through cash in its pursuit of new therapies. The discontinuation of clinical programs, such as ANB032, highlights the financial impact of unsuccessful trials.
3. Competitive Landscape: The immunology therapeutics market, in which AnaptysBio operates, is highly competitive. The success of AnaptysBio's product candidates is dependent on their ability to differentiate themselves from therapies offered by established pharmaceutical companies. A notable risk factor is Eli Lilly's decision to pursue alternative therapeutic pathways over PD-1 in rheumatoid arthritis, which could negatively impact AnaptysBio's own PD-1 programs, such as rosnilimab.

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AnaptysBio (NASDAQ: ANAB) focuses on developing immunology therapeutics for autoimmune and inflammatory diseases. The addressable markets for its main product candidates are:

• Rosnilimab (for Rheumatoid Arthritis): The estimated addressable market for rheumatoid arthritis (RA) is approximately $20 billion in the U.S.. Globally, the RA drug market is estimated to be around $50 billion to $60 billion.
• Rosnilimab (for Ulcerative Colitis): The market size for ulcerative colitis (UC) is estimated to be around $6 billion. The region for this market size is not explicitly specified, but it is presented in a context that suggests a U.S. focus.
• ANB032 (for Atopic Dermatitis): The market size for atopic dermatitis is estimated at approximately $16 billion. The region for this market size is not explicitly specified, but it is presented in a context that suggests a U.S. focus.

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AnaptysBio (ANAB) is strategically positioning itself for future revenue growth over the next 2-3 years through a combination of existing royalty streams and advancements in its clinical pipeline, which is expected to be further defined by a planned corporate separation.

Here are 3-5 expected drivers of future revenue growth for AnaptysBio:

1. Increased Royalties from Jemperli (dostarlimab): AnaptysBio is entitled to tiered royalties from GSK's Jemperli, an immuno-oncology treatment. Jemperli has demonstrated strong commercial performance, with Q3 2025 sales reaching $303 million and year-to-date sales of $785 million. GSK projects peak sales for Jemperli in monotherapy indications to exceed $2.7 billion. While current royalties are directed to Sagard due to a prior monetization agreement, AnaptysBio anticipates accruing a one-time $75 million commercial sales milestone in Q4 2025 once Jemperli achieves $1 billion in worldwide net sales. The full royalties are expected to revert to AnaptysBio between mid-2027 and Q2 2028 after the Sagard payback of $600 million is completed. This transition will significantly boost AnaptysBio's royalty revenue stream.

2. Milestone Payments and Royalties from Imsidolimab: AnaptysBio has a financial collaboration with Vanda Pharmaceuticals for imsidolimab. Vanda anticipates submitting a Biologics License Application (BLA) for imsidolimab in generalized pustular psoriasis (GPP) in the second half of 2025. Upon U.S. FDA approval and future sales milestones, AnaptysBio is eligible to receive up to $35 million in additional payments, including a $5 million milestone, along with a 10% royalty on net sales.

3. Advancement and Potential Partnerships for Rosnilimab: Rosnilimab, a lead PD-1 agonist program, has shown promising results in its Phase 2b trial for rheumatoid arthritis, with data highlighting deepening clinical responses. Phase 2a data for rosnilimab in ulcerative colitis is also anticipated in late 2025. AnaptysBio is actively exploring strategic options for rosnilimab, including securing a global partnership to advance its development across all indications or independently progressing in a Phase 3 indication. A successful partnership or independent development and commercialization of rosnilimab would be a significant new revenue driver for the "Biopharma Co" after the planned separation.

4. Progress of ANB033 in Celiac Disease: ANB033, a CD122 antagonist, has initiated a Phase 1b trial for celiac disease, with top-line data expected in Q4 2026. Successful clinical development and subsequent market entry for ANB033 in celiac disease or other inflammatory conditions would introduce a new product and revenue stream for AnaptysBio's biopharma operations.

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Share Repurchases

• AnaptysBio's Board of Directors authorized a Stock Repurchase Plan of up to $75 million in March 2025, set to expire on December 31, 2025.
• As of September 30, 2025, the company had repurchased 3,344,064 shares of common stock, representing 10.9% of outstanding shares, for a total of $65.2 million under the program.
• In the first three quarters of 2025, the company repurchased $65.2 million in shares, including $4.4 million in Q1 2025 and $55.5 million in Q2 2025.

Inbound Investments

• AnaptysBio received a $15 million upfront payment from Vanda Pharmaceuticals for the license of imsidolimab.
• The company anticipates accruing a one-time $75 million commercial sales milestone in Q4 2025 from GSK once Jemperli achieves $1 billion in worldwide net sales.
• Under its financial collaboration with Vanda, AnaptysBio is eligible to receive up to $35 million for future sales milestones and regulatory approvals for imsidolimab, including a $5 million milestone upon U.S. FDA approval, in addition to a 10% royalty on net sales.