AnaptysBio (ANAB)
Market Price (7/8/2026): $67.24 | Market Cap: $1.9 BilSector: Health Care | Industry: Biotechnology
AnaptysBio (ANAB)
Market Price (7/8/2026): $67.24Market Cap: $1.9 BilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -14% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 108% Megatrend and thematic driversMegatrends include Precision Medicine. Themes include Biopharmaceutical R&D, and Targeted Therapies. | Trading close to highsDist 52W High is -4.1%, Dist 3Y High is -4.1% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 16% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 34x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 431x Stock price has recently run up significantly12M Rtn12 month market price return is 187% Weak revenue growthRev Chg QQuarterly Revenue Change % is -8.0% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 18% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -5.6% Key risksANAB key risks include [1] a history of significant clinical trial failures and discontinued programs, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -14% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 108% |
| Megatrend and thematic driversMegatrends include Precision Medicine. Themes include Biopharmaceutical R&D, and Targeted Therapies. |
| Trading close to highsDist 52W High is -4.1%, Dist 3Y High is -4.1% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 16% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 34x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 431x |
| Stock price has recently run up significantly12M Rtn12 month market price return is 187% |
| Weak revenue growthRev Chg QQuarterly Revenue Change % is -8.0% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 18% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -5.6% |
| Key risksANAB key risks include [1] a history of significant clinical trial failures and discontinued programs, Show more. |
Qualitative Assessment
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Updated on 7/7/2026
AnaptysBio (ANAB) stock has gained about 20% since 3/31/2026 because of the following key factors:
1. Successful Spin-off into a Pure-Play Royalty Company.
AnaptysBio completed the spin-off of its biopharma portfolio into a new public company, First Tracks Biotherapeutics (TRAX), on April 20, 2026, during fiscal Q2 2026. This strategic separation transformed AnaptysBio into a focused royalty-management company, primarily concentrating on its financial collaborations for Jemperli with GSK and imsidolimab with Vanda, a move designed to unlock and amplify shareholder value by streamlining operations.
2. Robust Jemperli Royalty Performance and Strong Financial Position.
AnaptysBio is positioned to benefit from strong and growing royalty revenues, especially from Jemperli. GSK reported Q4 2025 sales of Jemperli at $343 million, implying an approximate $1.4 billion annualized run rate, with AnaptysBio anticipating over $390 million in annualized Jemperli royalties by as early as 2029. Following the spin-off, AnaptysBio commenced operations with approximately $140-$145 million in net cash and is projected to achieve a greater than 95% EBIT margin due to significantly reduced operating expenses.
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AnaptysBio (ANAB) stock has gained about 20% since 3/31/2026 because of the following key factors:
1. Successful Spin-off into a Pure-Play Royalty Company.
AnaptysBio completed the spin-off of its biopharma portfolio into a new public company, First Tracks Biotherapeutics (TRAX), on April 20, 2026, during fiscal Q2 2026. This strategic separation transformed AnaptysBio into a focused royalty-management company, primarily concentrating on its financial collaborations for Jemperli with GSK and imsidolimab with Vanda, a move designed to unlock and amplify shareholder value by streamlining operations.
2. Robust Jemperli Royalty Performance and Strong Financial Position.
AnaptysBio is positioned to benefit from strong and growing royalty revenues, especially from Jemperli. GSK reported Q4 2025 sales of Jemperli at $343 million, implying an approximate $1.4 billion annualized run rate, with AnaptysBio anticipating over $390 million in annualized Jemperli royalties by as early as 2029. Following the spin-off, AnaptysBio commenced operations with approximately $140-$145 million in net cash and is projected to achieve a greater than 95% EBIT margin due to significantly reduced operating expenses.
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Updated on 7/7/2026
AnaptysBio (ANAB) stock has gained about 20% since 3/31/2026 because of the following key factors:
1. Successful Spin-off into a Pure-Play Royalty Company.
AnaptysBio completed the spin-off of its biopharma portfolio into a new public company, First Tracks Biotherapeutics (TRAX), on April 20, 2026, during fiscal Q2 2026. This strategic separation transformed AnaptysBio into a focused royalty-management company, primarily concentrating on its financial collaborations for Jemperli with GSK and imsidolimab with Vanda, a move designed to unlock and amplify shareholder value by streamlining operations.
2. Robust Jemperli Royalty Performance and Strong Financial Position.
AnaptysBio is positioned to benefit from strong and growing royalty revenues, especially from Jemperli. GSK reported Q4 2025 sales of Jemperli at $343 million, implying an approximate $1.4 billion annualized run rate, with AnaptysBio anticipating over $390 million in annualized Jemperli royalties by as early as 2029. Following the spin-off, AnaptysBio commenced operations with approximately $140-$145 million in net cash and is projected to achieve a greater than 95% EBIT margin due to significantly reduced operating expenses.
3. Shareholder Capital Return Initiatives and Positive Analyst Sentiment.
The company demonstrated a commitment to shareholder value through a $100 million stock repurchase plan announced on March 27, 2026. Furthermore, institutional insider Ecor1 Capital, Llc, made a substantial purchase of AnaptysBio shares exceeding $10.9 million within the last 24 months. This was reinforced by a "Strong Buy" consensus rating from analysts, who, as of early July 2026, assigned an average price target of $87.09, indicating a significant upside from current trading levels.
Show less
AnaptysBio (ANAB) stock has gained about 20% since 3/31/2026 because of the following key factors:
1. Successful Spin-off into a Pure-Play Royalty Company.
AnaptysBio completed the spin-off of its biopharma portfolio into a new public company, First Tracks Biotherapeutics (TRAX), on April 20, 2026, during fiscal Q2 2026. This strategic separation transformed AnaptysBio into a focused royalty-management company, primarily concentrating on its financial collaborations for Jemperli with GSK and imsidolimab with Vanda, a move designed to unlock and amplify shareholder value by streamlining operations.
2. Robust Jemperli Royalty Performance and Strong Financial Position.
AnaptysBio is positioned to benefit from strong and growing royalty revenues, especially from Jemperli. GSK reported Q4 2025 sales of Jemperli at $343 million, implying an approximate $1.4 billion annualized run rate, with AnaptysBio anticipating over $390 million in annualized Jemperli royalties by as early as 2029. Following the spin-off, AnaptysBio commenced operations with approximately $140-$145 million in net cash and is projected to achieve a greater than 95% EBIT margin due to significantly reduced operating expenses.
3. Shareholder Capital Return Initiatives and Positive Analyst Sentiment.
The company demonstrated a commitment to shareholder value through a $100 million stock repurchase plan announced on March 27, 2026. Furthermore, institutional insider Ecor1 Capital, Llc, made a substantial purchase of AnaptysBio shares exceeding $10.9 million within the last 24 months. This was reinforced by a "Strong Buy" consensus rating from analysts, who, as of early July 2026, assigned an average price target of $87.09, indicating a significant upside from current trading levels.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 21.4% change in ANAB stock from 3/31/2026 to 7/7/2026 was primarily driven by a 26.6% change in the company's P/S Multiple.| (LTM values as of) | 3312026 | 7072026 | Change |
|---|---|---|---|
| Stock Price ($) | 55.46 | 67.33 | 21.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 235 | 232 | -0.9% |
| P/S Multiple | 6.6 | 8.3 | 26.6% |
| Shares Outstanding (Mil) | 28 | 29 | -3.2% |
| Cumulative Contribution | 21.4% |
Market Drivers
3/31/2026 to 7/7/2026| Return | Correlation | |
|---|---|---|
| ANAB | 21.4% | |
| Market (SPY) | 15.0% | 21.8% |
| Sector (XLV) | 12.2% | 9.0% |
Fundamental Drivers
The 38.9% change in ANAB stock from 12/31/2025 to 7/7/2026 was primarily driven by a 37.1% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 12312025 | 7072026 | Change |
|---|---|---|---|
| Stock Price ($) | 48.48 | 67.33 | 38.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 169 | 232 | 37.1% |
| P/S Multiple | 8.0 | 8.3 | 4.4% |
| Shares Outstanding (Mil) | 28 | 29 | -3.0% |
| Cumulative Contribution | 38.9% |
Market Drivers
12/31/2025 to 7/7/2026| Return | Correlation | |
|---|---|---|
| ANAB | 38.9% | |
| Market (SPY) | 9.9% | 26.4% |
| Sector (XLV) | 6.7% | 16.7% |
Fundamental Drivers
The 203.3% change in ANAB stock from 6/30/2025 to 7/7/2026 was primarily driven by a 107.7% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 6302025 | 7072026 | Change |
|---|---|---|---|
| Stock Price ($) | 22.20 | 67.33 | 203.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 112 | 232 | 107.7% |
| P/S Multiple | 6.1 | 8.3 | 36.7% |
| Shares Outstanding (Mil) | 31 | 29 | 6.8% |
| Cumulative Contribution | 203.3% |
Market Drivers
6/30/2025 to 7/7/2026| Return | Correlation | |
|---|---|---|
| ANAB | 203.3% | |
| Market (SPY) | 22.0% | 18.6% |
| Sector (XLV) | 23.6% | 23.0% |
Fundamental Drivers
The 231.0% change in ANAB stock from 6/30/2023 to 7/7/2026 was primarily driven by a 2073.7% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 6302023 | 7072026 | Change |
|---|---|---|---|
| Stock Price ($) | 20.34 | 67.33 | 231.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 11 | 232 | 2073.7% |
| P/S Multiple | 53.2 | 8.3 | -84.4% |
| Shares Outstanding (Mil) | 28 | 29 | -2.6% |
| Cumulative Contribution | 231.0% |
Market Drivers
6/30/2023 to 7/7/2026| Return | Correlation | |
|---|---|---|
| ANAB | 231.0% | |
| Market (SPY) | 74.6% | 17.4% |
| Sector (XLV) | 29.7% | 20.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ANAB Return | 62% | -11% | -31% | -38% | 266% | 29% | 190% |
| Peers Return | 8% | 7% | 5% | 14% | 45% | 9% | 119% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 101% |
Monthly Win Rates [3] | |||||||
| ANAB Win Rate | 75% | 50% | 25% | 58% | 75% | 57% | |
| Peers Win Rate | 53% | 57% | 52% | 47% | 67% | 54% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 57% | |
Max Drawdowns [4] | |||||||
| ANAB Max Drawdown | -46% | -48% | -55% | -68% | -31% | -28% | |
| Peers Max Drawdown | -35% | -35% | -35% | -29% | -33% | -24% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: VRTX, REGN, ALNY, INCY, KYMR.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/7/2026 (YTD)
How Low Can It Go
| Event | ANAB | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -25.3% | -18.8% |
| % Gain to Breakeven | 33.9% | 23.1% |
| Time to Breakeven | 45 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -21.4% | -9.5% |
| % Gain to Breakeven | 27.1% | 10.5% |
| Time to Breakeven | 15 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -29.4% | -6.7% |
| % Gain to Breakeven | 41.6% | 7.1% |
| Time to Breakeven | 263 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -47.9% | -24.5% |
| % Gain to Breakeven | 92.1% | 32.4% |
| Time to Breakeven | 782 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -17.5% | -33.7% |
| % Gain to Breakeven | 21.1% | 50.9% |
| Time to Breakeven | 22 days | 140 days |
In The Past
AnaptysBio's stock fell -25.3% during the 2025 US Tariff Shock. Such a loss loss requires a 33.9% gain to breakeven.
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Asset Allocation
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| Event | ANAB | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -25.3% | -18.8% |
| % Gain to Breakeven | 33.9% | 23.1% |
| Time to Breakeven | 45 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -21.4% | -9.5% |
| % Gain to Breakeven | 27.1% | 10.5% |
| Time to Breakeven | 15 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -29.4% | -6.7% |
| % Gain to Breakeven | 41.6% | 7.1% |
| Time to Breakeven | 263 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -47.9% | -24.5% |
| % Gain to Breakeven | 92.1% | 32.4% |
| Time to Breakeven | 782 days | 427 days |
In The Past
AnaptysBio's stock fell -25.3% during the 2025 US Tariff Shock. Such a loss loss requires a 33.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About AnaptysBio (ANAB)
AnaptysBio, Inc. (ANAB) is a clinical-stage biotechnology company dedicated to the discovery and development of novel therapeutic product candidates. The company primarily focuses on creating antibody-based treatments for conditions falling under the categories of inflammation and immuno-oncology, aiming to address significant unmet medical needs in these areas.
The company's pipeline features several key antibody programs. Imsidolimab is an antibody designed to inhibit the interleukin-36 receptor, targeting a range of dermatological inflammatory diseases. Rosnilimab is an anti-PD-1 agonist antibody program engineered to augment PD-1 signaling, intending to suppress T-cell driven human inflammatory diseases. Furthermore, ANB032 is an anti-BTLA modulator antibody with potential applications in inflammatory diseases linked to lymphoid and myeloid immune cell dysregulation. AnaptysBio also leverages its expertise through collaborations, advancing additional antibody programs with partners such as GlaxoSmithKline and Bristol-Myers Squibb.
AnaptysBio's primary market encompasses patients suffering from various inflammatory and immuno-oncology conditions, particularly those involving dermatological issues and immune cell dysregulation. As a clinical-stage company, its "products" are its drug candidates in development, with the ultimate goal of providing new therapeutic options to healthcare providers and patients within these specialized medical fields.
AI Analysis | Feedback
Here are 1-3 brief analogies for AnaptysBio:
AnaptysBio is like an early-stage Genentech, developing novel antibody therapies for inflammatory and immune diseases.
AnaptysBio is like a specialized AbbVie, but for emerging antibody treatments targeting inflammation.
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AnaptysBio Major Products:
- Imsidolimab: An antibody that inhibits the interleukin-36 receptor (IL-36R) for the treatment of various dermatological inflammatory diseases.
- Rosnilimab: An anti-PD-1 agonist antibody program designed to augment PD-1 signaling to suppress T-cell driven human inflammatory diseases.
- ANB032: An anti-BTLA modulator antibody applicable to human inflammatory diseases associated with lymphoid and myeloid immune cell dysregulation.
- Collaboration Antibody Programs: Various antibody programs advanced to preclinical and clinical milestones under collaborations with partners like GlaxoSmithKline and Bristol-Myers Squibb.
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Major Customers of AnaptysBio (ANAB)
AnaptysBio, Inc. is a clinical-stage biotechnology company that develops therapeutic product candidates and antibody programs. Its business model primarily involves collaborations and licensing agreements with other companies and research institutions, rather than selling products directly to individuals. Based on the provided information, its major customers and partners include:- GlaxoSmithKline, Inc. (Symbol: GSK)
- Bristol-Myers Squibb (Symbol: BMY)
- United Kingdom Research and Innovation
- Millipore Corporation
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Daniel Faga, President & CEO
Daniel Faga has served as AnaptysBio's President and Chief Executive Officer since March 2022, transitioning from interim to full CEO in August 2023. He brings over 20 years of operating and advisory experience in the life sciences industry. Prior to joining AnaptysBio, Mr. Faga was Chief Operating Officer at Mirati Therapeutics. He also served as Chief Business Officer at Spark Therapeutics until its acquisition by Roche. Earlier in his career, he was a managing director and founding member of Centerview Partners' healthcare advisory practice, and held roles in healthcare investment banking at Merrill Lynch and management consulting at PRTM.
Dennis Mulroy, Chief Financial Officer
Dennis Mulroy joined AnaptysBio as Chief Financial Officer in July 2020, leading the company's finance, accounting, reporting, and investor relations functions. His prior experience includes serving as 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 career as a Certified Public Accountant with Ernst & Young LLP.
Paul F. Lizzul, M.D., Ph.D., M.P.H, M.B.A., Chief Medical Officer
Paul F. Lizzul serves as the Chief Medical Officer at AnaptysBio.
Eric Loumeau, J.D., Chief Legal Officer
Eric Loumeau is the Chief Legal Officer at AnaptysBio, with over 20 years of experience in the biotech sector. His expertise spans corporate finance, including raising over $5 billion in public and private securities offerings, and mergers and acquisitions. Before his current role, Mr. Loumeau was General Counsel and Chief Compliance Officer at Otonomy, Inc. He also previously served as Chief Financial Officer of Rempex Pharmaceuticals, Inc., and became Vice President of Legal Affairs following its acquisition by The Medicines Company. Mr. Loumeau's background also includes serving as General Counsel at Hollis-Eden Pharmaceuticals, Inc., and practicing securities and corporate law at various national law firms.
Ben Stone, Chief Business Officer
Ben Stone holds the position of Chief Business Officer at AnaptysBio.
AI Analysis | Feedback
The key risks to AnaptysBio (ANAB) primarily revolve around the inherent uncertainties of clinical-stage biotechnology development, its financial needs, and its reliance on collaborations.
- Clinical Trial Success and Regulatory Approval: As a clinical-stage biotechnology company, AnaptysBio faces significant risks related to the development and commercialization of its product candidates. There is a risk of potential failures, delays, or encountering significant adverse events or toxicities in ongoing and planned clinical trials, which could adversely affect the commercial viability of its products and inhibit regulatory approval or market acceptance. Even if clinical trials are successful, there is no guarantee that the company will obtain the necessary regulatory approvals in a timely manner, or at all, in the United States or foreign jurisdictions. Furthermore, product candidates like Imsidolimab (IL-36R inhibitor) require careful evaluation for long-term safety, potential immunogenicity, and maintaining a balance between efficacy and safety. The development of Rosnilimab (anti-PD-1 agonist) and ANB032 (anti-BTLA modulator) also carries risks related to adverse events, patient selection, and the complex mechanisms of immune modulation.
- Funding and Commercialization Challenges: AnaptysBio has limited operating revenue and a history of operational losses, necessitating additional capital to finance its extensive and costly research, development, and commercialization efforts. There is a risk that this capital may not be available on acceptable terms or at all, which could jeopardize ongoing projects and operational stability. Even with regulatory approval, the company faces significant challenges in commercializing its products, as it has no history of independently commercializing biotechnology products. This includes risks related to market acceptance of its product candidates, intense competition from other existing or developing therapies, and the ability to build internal sales and marketing capabilities or secure suitable third-party agreements. The decision to seek a partnership for Rosnilimab rather than advancing to a pivotal trial independently may also suggest uncertainties regarding its commercial potential.
- Reliance on Collaborations and Business Separation Risks: AnaptysBio is heavily reliant on its collaborations, such as the one with GlaxoSmithKline (GSK), and any disruption or underperformance in these relationships could materially and adversely affect its business. Litigation with a GSK unit concerning a cancer therapy deal has been identified as a risk. The timing and ability of collaborators to successfully develop and commercialize partnered product candidates is a key external risk factor. Additionally, AnaptysBio has announced plans to separate its biopharma operations into a new public company, First Tracks Biotherapeutics. This separation process carries inherent risks and uncertainties, including those related to its structure, timing, taxation, costs, and the ability to attract and retain key talent across the newly independent entities, which could materially impact shareholder value.
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Imsidolimab (IL-36R inhibitor)
- For Generalized Pustular Psoriasis (GPP), the global market is projected to reach USD 36.9 billion by 2035.
Rosnilimab (anti-PD-1 agonist antibody)
- For Rheumatoid Arthritis (RA), the U.S. market is valued at more than $20 billion. Global sales for the RA market reached $42.3 billion in 2024, with the U.S. market accounting for $25.3 billion.
- For Ulcerative Colitis (UC), the market size is around $6 billion.
- As a PD-1 agonist, Rosnilimab operates within the broader global PD-1/PD-L1 inhibitors market, which was valued at approximately USD 59.46 billion in 2025 and is projected to reach USD 146.02 billion by 2035. The PD-L1 inhibitors market in the 7MM (United States, EU4, UK, and Japan) was approximately USD 36 billion in 2023, with the United States holding the largest share at nearly USD 26 billion in 2023.
ANB032 (anti-BTLA modulator antibody)
- For Atopic Dermatitis (AD), the market size is around $16 billion.
- As a BTLA agonist, ANB032 is part of the global immunomodulators market, which was valued at USD 217.5 million in 2023 and is projected to grow to USD 1,237.66 billion by 2034, exhibiting a compound annual growth rate (CAGR) of 14.6%. The United States immunomodulator market alone is projected to reach USD 32 billion by 2034.
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AnaptysBio, Inc. (ANAB) is expected to have several key drivers for future revenue growth over the next two to three years, primarily stemming from its existing collaborations and the advancement of its clinical pipeline. It is important to note that AnaptysBio is planning a business separation in the second quarter of 2026, which will create two independent public companies: one focused on managing royalty streams (retaining the AnaptysBio name and ANAB symbol) and another, First Tracks Biotherapeutics, dedicated to advancing the clinical immunology pipeline.
Here are the primary expected drivers of future revenue growth:
- Growing Royalties from Jemperli (dostarlimab): AnaptysBio is entitled to royalties from GSK's oncology drug, Jemperli, a PD-1 antagonist. Jemperli's sales have shown significant growth, with a Q4 2025 annualized run rate of approximately $1.4 billion. GSK anticipates Jemperli's peak sales to exceed $2.7 billion as early as 2029, which is expected to translate into over $390 million in annualized royalties for AnaptysBio. This growing royalty stream will be a significant revenue contributor for the royalty-focused AnaptysBio entity post-spin-off.
- Commercialization of Imsidolimab and Associated Royalties/Milestones: AnaptysBio has an exclusive global license agreement with Vanda Pharmaceuticals for the development and commercialization of imsidolimab, an IL-36R antagonist for Generalized Pustular Psoriasis (GPP). Imsidolimab has successfully completed two Phase 3 studies, and Vanda is preparing regulatory applications for the US and Europe in 2025. The FDA's Prescription Drug User Fee Act (PDUFA) target action date for imsidolimab in GPP is December 12, 2026. AnaptysBio is eligible to receive a 10% royalty on global net sales of imsidolimab and up to $35 million in future regulatory approval and sales milestones. This represents a new revenue stream for the royalty-focused AnaptysBio after the spin-off.
- Advancement of Rosnilimab in Rheumatoid Arthritis (RA): Rosnilimab, an anti-PD-1 agonist antibody, is a lead program in AnaptysBio's wholly-owned pipeline that will be part of the spun-off First Tracks Biotherapeutics. It has demonstrated positive Phase 2b data in rheumatoid arthritis, with updated clinical and translational data presented in June 2025. The company is assessing the best path to move this program into Phase 3 development and is meeting with the FDA in Q1 2026 to discuss this. Successful progression through later-stage clinical trials will be a key driver of increased valuation and potential future revenue generation, although commercialization is likely beyond the immediate 2-3 year timeframe.
- Progress of ANB033 in Celiac Disease and Eosinophilic Esophagitis (EoE): ANB033, a CD122 antagonist, is another promising asset within the pipeline that will transition to First Tracks Biotherapeutics. It is currently undergoing Phase 1b trials for celiac disease and has initiated a trial cohort in eosinophilic esophagitis (EoE). Initial data for the EoE trial is anticipated in 2027. Positive clinical trial results and continued advancement of ANB033 in these indications, particularly given its "pipeline-in-a-product potential," could significantly contribute to the long-term value and future revenue of the biopharma entity.
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Share Repurchases
- AnaptysBio authorized an amended stock repurchase plan of $100 million in November 2025, adding to the $6.4 million remaining from a prior $75 million program.
- Under its previous repurchase program, AnaptysBio repurchased 3,443,188 shares of common stock for $68.6 million, representing 11.2% of outstanding shares before the program's commencement.
- The expanded stock repurchase program is scheduled to expire on March 31, 2026.
Inbound Investments
- AnaptysBio received a one-time $75 million commercial sales milestone payment from GSK in December 2025, as Jemperli achieved $1 billion in worldwide net sales.
- The company received $15 million from Vanda Pharmaceuticals in 2025 for the license of imsidolimab.
- AnaptysBio maintains financial collaborations for out-licensed therapeutic antibodies, including Jemperli with GSK and imsidolimab with Vanda Pharmaceuticals, which provide royalty and milestone payments.
Capital Expenditures
- In the last 12 months (as of March 9, 2026), AnaptysBio reported capital expenditures of -$87,000.
- Property and equipment, net, decreased from $1.849 million in 2024 to $1.370 million in 2025.
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 220.41 |
| Mkt Cap | 33.1 |
| Rev LTM | 4,824 |
| Op Inc LTM | 1,101 |
| FCF LTM | 1,032 |
| FCF 3Y Avg | 532 |
| CFO LTM | 1,116 |
| CFO 3Y Avg | 596 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 15.8% |
| Rev Chg 3Y Avg | 13.2% |
| Rev Chg Q | 20.0% |
| QoQ Delta Rev Chg LTM | 4.1% |
| Op Inc Chg LTM | 340.4% |
| Op Inc Chg 3Y Avg | 111.6% |
| Op Mgn LTM | 21.7% |
| Op Mgn 3Y Avg | 9.2% |
| QoQ Delta Op Mgn LTM | 0.6% |
| CFO/Rev LTM | 22.5% |
| CFO/Rev 3Y Avg | 13.8% |
| FCF/Rev LTM | 20.2% |
| FCF/Rev 3Y Avg | 11.9% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Royalty Management | 235 | 91 | |||
| Biopharma | 0 | 0 | |||
| Research and development activities to deliver immunology therapeutics for autoimmune and | 17 | ||||
| Single Segment | 10 | 63 | |||
| Total | 235 | 91 | 17 | 10 | 63 |
| $ Mil | 2025 | 2024 | 2023 |
|---|---|---|---|
| Royalty Management | 227 | 66 | |
| Biopharma | -179 | -181 | |
| Research and development activities to deliver immunology therapeutics for autoimmune and | -164 | ||
| Total | 48 | -115 | -164 |
| $ Mil | 2025 | 2024 | 2023 |
|---|---|---|---|
| Royalty Management | 153 | 18 | |
| Biopharma | -166 | -164 | |
| Research and development activities to deliver immunology therapeutics for autoimmune and | -164 | ||
| Total | -13 | -145 | -164 |
| $ Mil | 2020 |
|---|---|
| Single Segment | 417 |
| Total | 417 |
Price Behavior
Price Behavior
| Market Price | $67.33 | |
| Market Cap ($ Bil) | 1.9 | |
| First Trading Date | 01/26/2017 | |
| Distance from 52W High | -4.1% | |
| 50 Days | 200 Days | |
| DMA Price | $59.58 | $49.77 |
| DMA Trend | up | down |
| Distance from DMA | 13.0% | 35.3% |
| 3M | 1YR | |
| Volatility | 81.6% | 73.2% |
| Downside Capture | 239.52 | 120.21 |
| Upside Capture | 160.06 | 218.28 |
| Correlation (SPY) | 23.7% | 19.3% |
ANAB Betas & Captures as of 6/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.40 | 0.66 | 1.22 | 1.47 | 1.11 | 0.84 |
| Up Beta | 3.62 | 2.97 | 1.13 | 1.28 | 0.57 | 0.53 |
| Down Beta | 1.19 | -0.01 | -1.53 | 0.42 | -0.00 | 0.34 |
| Up Capture | 225% | 29% | 213% | 274% | 420% | 324% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 13 | 20 | 34 | 67 | 135 | 368 |
| Down Capture | -16% | 20% | 236% | 156% | 115% | 105% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 8 | 21 | 29 | 57 | 114 | 378 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ANAB | |
|---|---|---|---|---|
| ANAB | 188.3% | 73.2% | 1.75 | - |
| Sector ETF (XLV) | 23.0% | 15.7% | 1.13 | 23.3% |
| Equity (SPY) | 20.7% | 12.5% | 1.22 | 18.3% |
| Gold (GLD) | 23.0% | 27.8% | 0.73 | 7.5% |
| Commodities (DBC) | 22.9% | 18.6% | 0.97 | -9.8% |
| Real Estate (VNQ) | 13.6% | 13.8% | 0.68 | 8.7% |
| Bitcoin (BTCUSD) | -41.8% | 42.8% | -1.14 | 13.2% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ANAB | |
|---|---|---|---|---|
| ANAB | 21.2% | 66.2% | 0.57 | - |
| Sector ETF (XLV) | 7.1% | 14.9% | 0.29 | 24.0% |
| Equity (SPY) | 13.3% | 17.1% | 0.60 | 22.5% |
| Gold (GLD) | 17.8% | 18.3% | 0.79 | 2.5% |
| Commodities (DBC) | 7.6% | 19.5% | 0.29 | -4.0% |
| Real Estate (VNQ) | 3.1% | 18.9% | 0.06 | 18.9% |
| Bitcoin (BTCUSD) | 13.2% | 53.5% | 0.43 | 13.9% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ANAB | |
|---|---|---|---|---|
| ANAB | 15.0% | 75.7% | 0.55 | - |
| Sector ETF (XLV) | 10.9% | 16.6% | 0.54 | 24.6% |
| Equity (SPY) | 15.7% | 17.9% | 0.75 | 23.8% |
| Gold (GLD) | 11.6% | 16.1% | 0.59 | 2.7% |
| Commodities (DBC) | 6.2% | 18.0% | 0.27 | 5.6% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.23 | 17.8% |
| Bitcoin (BTCUSD) | 57.9% | 66.2% | 0.98 | 9.5% |
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Returns Analyses
Earnings Returns History
Updated 6/14/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/12/2026 | -4.4% | -8.9% | -17.3% |
| 3/3/2026 | 14.6% | 17.4% | 7.4% |
| 1/9/2026 | 9.8% | 2.3% | 12.5% |
| 11/4/2025 | 3.6% | -3.4% | 27.7% |
| 8/6/2025 | -9.6% | -8.1% | -2.8% |
| 5/5/2025 | -2.9% | -3.4% | 2.6% |
| 2/27/2025 | 2.6% | 0.0% | 15.5% |
| 11/5/2024 | 11.7% | 8.1% | 19.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 12 | 12 |
| # Negative | 15 | 15 | 15 |
| Median Positive | 7.8% | 4.4% | 12.3% |
| Median Negative | -4.3% | -6.4% | -13.7% |
| Max Positive | 14.6% | 17.4% | 27.7% |
| Max Negative | -23.1% | -23.6% | -18.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/12/2026 | -4.4% | -8.9% | -17.3% |
| 3/3/2026 | 14.6% | 17.4% | 7.4% |
| 1/9/2026 | 9.8% | 2.3% | 12.5% |
| 11/4/2025 | 3.6% | -3.4% | 27.7% |
| 8/6/2025 | -9.6% | -8.1% | -2.8% |
| 5/5/2025 | -2.9% | -3.4% | 2.6% |
| 2/27/2025 | 2.6% | 0.0% | 15.5% |
| 11/5/2024 | 11.7% | 8.1% | 19.0% |
| 8/5/2024 | -0.9% | 4.3% | 14.7% |
| 5/9/2024 | -10.8% | -2.9% | -10.0% |
| 3/11/2024 | 11.6% | -0.8% | -5.1% |
| 1/5/2024 | 5.3% | 8.1% | 12.1% |
| 11/2/2023 | 8.2% | -8.0% | -3.8% |
| 8/7/2023 | 2.7% | 4.4% | 7.9% |
| 5/11/2023 | -6.3% | -8.8% | -9.6% |
| 3/1/2023 | -2.4% | -6.4% | -15.8% |
| 1/5/2023 | -23.1% | -23.6% | -14.5% |
| 11/8/2022 | -0.9% | 1.3% | -4.6% |
| 8/8/2022 | -5.6% | 4.4% | 7.7% |
| 5/4/2022 | -11.1% | -12.3% | -13.9% |
| 3/7/2022 | -0.8% | -5.4% | -15.9% |
| 11/4/2021 | 7.5% | -3.6% | -11.2% |
| 8/9/2021 | -2.4% | -0.8% | 13.4% |
| 5/4/2021 | 3.7% | 9.6% | 1.4% |
| 2/25/2021 | 10.5% | 8.3% | -18.4% |
| 11/4/2020 | -1.3% | 0.9% | -18.5% |
| 8/10/2020 | -4.3% | -8.4% | -13.7% |
| SUMMARY STATS | |||
| # Positive | 12 | 12 | 12 |
| # Negative | 15 | 15 | 15 |
| Median Positive | 7.8% | 4.4% | 12.3% |
| Median Negative | -4.3% | -6.4% | -13.7% |
| Max Positive | 14.6% | 17.4% | 27.7% |
| Max Negative | -23.1% | -23.6% | -18.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/12/2026 | 10-Q |
| 12/31/2025 | 03/03/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/05/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/05/2024 | 10-Q |
| 06/30/2024 | 08/05/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 03/11/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/07/2023 | 10-Q |
| 03/31/2023 | 05/11/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/08/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/12/2026 | 10-Q |
| 12/31/2025 | 03/03/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/05/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/05/2024 | 10-Q |
| 06/30/2024 | 08/05/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 03/11/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/07/2023 | 10-Q |
| 03/31/2023 | 05/11/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/08/2022 | 10-Q |
| 03/31/2022 | 05/04/2022 | 10-Q |
| 12/31/2021 | 03/07/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/09/2021 | 10-Q |
| 03/31/2021 | 05/04/2021 | 10-Q |
| 12/31/2020 | 02/25/2021 | 10-K |
| 09/30/2020 | 11/04/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/06/2020 | 10-Q |
| 12/31/2019 | 03/02/2020 | 10-K |
| 09/30/2019 | 11/08/2019 | 10-Q |
| 06/30/2019 | 08/08/2019 | 10-Q |
Recent Forward Guidance
Updated 5/31/2026Latest: Q1 2026 Earnings Reported 5/12/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2029 Annualized Jemperli Royalties | 390.00 Mil | 0 | Affirmed | Guidance: 390.00 Mil for 2029 | |||
| Q2 2027 Debt Paydown | 325.00 Mil | ||||||
Prior: Q4 2025 Earnings Reported 3/3/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2029 Annualized Jemperli Royalties | 390.00 Mil | 0 | Same New | Guidance: 390.00 Mil for 2031 | |||
| 2029 GSK Peak Sales Guidance | 2.70 Bil | 0 | Same New | Guidance: 2.70 Bil for 2031 | |||
Q4 2025 Earnings Reported 1/9/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Cash | 310.00 Mil | 3.3% | Raised | Guidance: 300.00 Mil for 2025 | |||
| 2026 Imsidolimab Future Milestones | 35.00 Mil | Higher New | |||||
| 2031 Jemperli Annual Royalties | 390.00 Mil | Higher New | |||||
Q3 2025 Earnings Reported 11/4/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Commercial Sales Milestone | 75.00 Mil | 0 | Affirmed | Guidance: 75.00 Mil for 2025 | |||
| 2025 Cash and Investments | 300.00 Mil | ||||||
Insider Activity
Updated 6/17/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Schmid, John P | Direct | Sell | 4012026 | 56.11 | 20,645 | 1,158,451 | 1,774,403 | Form | |
| 2 | Faga, Daniel | President, CEO | Direct | Sell | 3272026 | 61.61 | 17,679 | 1,089,199 | 30,556,279 | Form |
| 3 | Loumeau, Eric J | CHIEF LEGAL OFFICER | Direct | Sell | 2132026 | 54.00 | 10,000 | 540,000 | 693,090 | Form |
| 4 | Marquet, Magda | Direct | Sell | 1162026 | 48.23 | 11,000 | 530,531 | 478,925 | Form | |
| 5 | Lizzul, Paul F | Chief Medical Officer | Direct | Sell | 1092026 | 44.71 | 3,650 | 163,192 | 1,881,754 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Schmid, John P | Direct | Sell | 4012026 | 56.11 | 20,645 | 1,158,451 | 1,774,403 | Form | |
| 2 | Faga, Daniel | President, CEO | Direct | Sell | 3272026 | 61.61 | 17,679 | 1,089,199 | 30,556,279 | Form |
| 3 | Loumeau, Eric J | CHIEF LEGAL OFFICER | Direct | Sell | 2132026 | 54.00 | 10,000 | 540,000 | 693,090 | Form |
| 4 | Marquet, Magda | Direct | Sell | 1162026 | 48.23 | 11,000 | 530,531 | 478,925 | Form | |
| 5 | Lizzul, Paul F | Chief Medical Officer | Direct | Sell | 1092026 | 44.71 | 3,650 | 163,192 | 1,881,754 | Form |
| 6 | Mulroy, Dennis | CHIEF FINANCIAL OFFICER | Direct | Sell | 1092026 | 44.71 | 2,515 | 112,446 | 977,003 | Form |
| 7 | Loumeau, Eric J | CHIEF LEGAL OFFICER | Direct | Sell | 1092026 | 44.71 | 2,210 | 98,809 | 573,853 | Form |
| 8 | Faga, Daniel | President, CEO | Direct | Sell | 1092026 | 44.71 | 14,281 | 638,504 | 21,431,470 | Form |
| 9 | Faga, Daniel | President, CEO | Direct | Sell | 1062026 | 43.26 | 15,309 | 662,267 | 19,819,093 | Form |
| 10 | Mulroy, Dennis | CHIEF FINANCIAL OFFICER | Direct | Sell | 1062026 | 43.26 | 3,363 | 145,483 | 619,916 | Form |
| 11 | Lizzul, Paul F | Chief Medical Officer | Direct | Sell | 1062026 | 43.26 | 4,219 | 182,514 | 1,440,688 | Form |
| 12 | Loumeau, Eric J | CHIEF LEGAL OFFICER | Direct | Sell | 1062026 | 43.26 | 2,983 | 129,045 | 573,238 | Form |
| 13 | Ware, J. Anthony | Direct | Sell | 12232025 | 49.58 | 3,900 | 193,342 | 477,407 | Form | |
| 14 | Lizzul, Paul F | Chief Medical Officer | Direct | Sell | 12232025 | 50.00 | 1,500 | 75,000 | 1,348,350 | Form |
| 15 | Mulroy, Dennis | CHIEF FINANCIAL OFFICER | Direct | Sell | 12232025 | 50.00 | 10,000 | 500,000 | 470,050 | Form |
| 16 | Loumeau, Eric J | CHIEF LEGAL OFFICER | Direct | Sell | 12232025 | 51.00 | 10,000 | 510,000 | 456,297 | Form |
| 17 | Loumeau, Eric J | CHIEF LEGAL OFFICER | Direct | Sell | 12182025 | 46.99 | 141 | 6,626 | 420,420 | Form |
| 18 | Loumeau, Eric J | CHIEF LEGAL OFFICER | Direct | Sell | 12182025 | 46.00 | 10,000 | 460,000 | 418,048 | Form |
| 19 | Loumeau, Eric J | CHIEF LEGAL OFFICER | Direct | Sell | 12182025 | 44.86 | 12,500 | 560,800 | 407,724 | Form |
| 20 | Mulroy, Dennis | CHIEF FINANCIAL OFFICER | Direct | Sell | 12182025 | 44.85 | 15,725 | 705,333 | 421,675 | Form |
| 21 | Loumeau, Eric J | CHIEF LEGAL OFFICER | Direct | Sell | 10012025 | 29.00 | 8,240 | 238,960 | 263,552 | Form |
| 22 | Renton, Hollings | Direct | Sell | 8122025 | 19.62 | 10,231 | 200,714 | 97,404 | Form | |
| 23 | Renton, Hollings | Direct | Sell | 7032025 | 23.57 | 20,925 | 493,191 | 117,022 | Form | |
| 24 | Fenton, Dennis M | Direct | Sell | 6202025 | 23.97 | 3,015 | 72,270 | 119,011 | Form | |
| 25 | Renton, Hollings | Direct | Sell | 6202025 | 23.97 | 3,015 | 72,270 | 119,011 | Form |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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