Financial Performance - As of year-end 2025, the company has approximately $310 million in cash, including a one-time $75 million milestone from GSK due to Jemperli achieving $1 billion in worldwide net sales in November 2025[6]. - Jemperli generated $303 million in Q3 2025, reflecting a greater than 16% quarter-over-quarter growth rate, with an annualized run rate exceeding $1.2 billion[14]. - The company expects to receive over $390 million annually in Jemperli royalties at GSK's peak sales guidance of over $2.7 billion, anticipated to be achieved before 2031[14]. - Jemperli's revenue forecasts indicate a steep growth trajectory, with projected sales reaching over $2 billion by 2031[16]. Corporate Strategy - The company plans to separate into two independent publicly traded entities by Q2 2026 to maximize shareholder value[6]. - The anticipated paydown of financial obligations to Sagard is projected between Q2 2027 and Q1 2028, based on Jemperli's continued strong growth[14]. - The company anticipates minimal infrastructure and staff requirements post-separation, focusing on protecting and returning value from royalty assets[6]. - The company is focused on expanding its market presence and enhancing its product pipeline through ongoing clinical trials and research[116]. Clinical Trials and Drug Development - The company is initiating a Phase 1b clinical trial for ANB033 in Eosinophilic Esophagitis in Q1 2026, with top-line data from the Phase 1b trial in Celiac Disease expected in Q4 2026[8]. - Imsidolimab has received FDA BLA submission for generalized pustular psoriasis (GPP) in December 2025, with potential approval as early as mid-2026[14]. - The ongoing Phase 1b trial in Celiac Disease (CeD) anticipates top-line data in Q4 2026, with a focus on mucosal healing and prevention of mucosal damage[56]. - The ongoing Phase 1b trial for ANB033 is set to initiate in Q1 2026, focusing on its efficacy in treating eosinophilic esophagitis[66]. - The Phase 1a trial of ANB033 in healthy volunteers showed no serious adverse events (SAEs) or severe adverse events (AEs), indicating favorable safety and tolerability[36]. - The Phase 2b trial for ulcerative colitis showed a favorable safety and tolerability profile, but the lack of efficacy at Week 12 led to the decision to discontinue further development in this indication[126]. Drug Mechanism and Efficacy - ANB033 demonstrated a statistically significant survival benefit in a GvHD mouse model compared to isotype control (P<0.0001) and Belatacept (P=0.003) with a 60-day study showing body weight loss was also significantly reduced (P<0.001)[32]. - ANB033 exhibited a favorable pharmacokinetic (PK) profile with a half-life of 2 to 3 weeks and full receptor occupancy maintained for over 30 days[36]. - The drug's mechanism of action targets excessive IL-15 and IL-2 production, which are key drivers of CeD inflammation[42]. - ANB033 treatment preserved villus height and crypt depth in a CeD mouse model, indicating improved histological outcomes[46]. - ANB033 significantly reduced CD122+ NK cells by over 50% with a return towards baseline within 3 months, demonstrating its potential in CeD treatment[40]. - Rosnilimab shows a best-in-disease profile in rheumatoid arthritis (RA) with a market potential of approximately $20 billion in the U.S., the first new mechanism approved since 2012[88]. - Rosnilimab demonstrated JAK-like efficacy with comparable response rates across more stringent endpoints regardless of prior therapy type, including JAKs[100]. Market Potential and Demographics - The U.S. market for patients non-responsive to a gluten-free diet is projected to be $4-5 billion, with an initial target population of approximately 1.1 million diagnosed patients[62]. - There are about 340,000 diagnosed U.S. patients with eosinophilic esophagitis (EoE), with 170,000 being biologic-eligible and around 30,000 currently treated with Dupixent[74]. - The prevalence of EoE is increasing at a compound annual growth rate (CAGR) of over 8%, with anticipated U.S. sales exceeding $5 billion by 2030[74]. - The target population for rheumatoid arthritis (RA) in the US generated approximately $10 billion in 2021, with over $1 billion in sales from Rituxan and biosimilars in the third-line treatment despite infection risks[124]. - The prevalence of RA in the US is around 1.8 million, with approximately 1 million treated with biologics and JAK inhibitors, and about 500,000 in the second-line treatment category[124]. Safety and Tolerability - Rosnilimab's safety and tolerability were favorable compared to standard of care, with strict continuation criteria preventing patients with improvement at 3 months from continuing in the trial[88]. - Serious adverse events (SAEs) were low across treatment groups, with only one ischemic stroke reported in the 100 mg group[122]. - The company observed a 90% depletion of pathogenic T cells in the Phase 2 trial for RA, indicating expected pharmacological activity[126]. - Rosnilimab demonstrated a well-tolerated safety profile with a dropout rate of less than 2% due to adverse events (AEs) over six months, with only one dropout attributed to a moderate headache[122]. Competitive Landscape - The incidence of serious adverse events (SAEs) in commercial products with black box warnings has not hindered their sales, with RA sales reaching $4.5 billion for one product[120]. - Rosnilimab's competitive landscape shows it as a best-in-class T cell depleter, outperforming competitors in pathogenic T cell depletion[116]. - The market for RA treatments remains fragmented, with no clear treatment of choice after anti-TNF failures, presenting an opportunity for new biologics[124].

Core Viewpoint - AnaptysBio has filed a partial motion to dismiss a claim from GSK's oncology unit regarding a breach of contract related to royalties from the cancer drug Jemperli [1] Group 1 - AnaptysBio is currently involved in a legal dispute with GSK's oncology unit [1] - The dispute centers around allegations that AnaptysBio breached their contract [1] - The claim involves royalties tied to the sales of the cancer drug Jemperli [1]

Core Viewpoint - AnaptysBio is engaged in a legal dispute with Tesaro and GSK regarding a Collaboration and Exclusive License Agreement, with a trial scheduled for July 14-17, 2026, to resolve all claims [1]. Group 1: Legal Proceedings - Anaptys filed a partial motion to dismiss Tesaro's anticipatory breach of contract claim in Delaware Chancery Court [1]. - Tesaro initiated a lawsuit against Anaptys on November 20, 2025, claiming Anaptys had repudiated the Collaboration Agreement [2]. - Anaptys responded with its own complaint, asserting that Tesaro materially breached the Collaboration Agreement and that GSK tortiously interfered with it [3]. Group 2: Motion to Dismiss - Anaptys filed a Motion to Dismiss Tesaro's claim on December 30, 2025, arguing that it has not repudiated the Collaboration Agreement and is merely asserting its contract rights [4]. - The motion also invokes Delaware's anti-SLAPP law, which aims to prevent lawsuits that deter good-faith legal rights assertions [4]. - Tesaro and GSK argue that Anaptys' Motion to Dismiss should stay all discovery, which Anaptys opposes as they prepare for the upcoming trial [5]. Group 3: Collaboration Agreement Details - The Collaboration Agreement, established in March 2014, allows Anaptys to receive royalties from Jemperli sales, structured as follows: 8% for net sales below $1 billion, 12% for sales between $1 billion and $1.5 billion, 20% for sales between $1.5 billion and $2.5 billion, and 25% for sales above $2.5 billion [6][7]. - The royalty term extends until at least the expiration of composition of matter coverage, which is set to expire in 2035 in the U.S. and 2036 in the EU [7]. Group 4: Company Overview - AnaptysBio is a clinical-stage biotechnology company focused on innovative immunology therapeutics for autoimmune and inflammatory diseases [8]. - The company's pipeline includes several candidates, such as rosnilimab for rheumatoid arthritis and ANB033 for celiac disease [8]. - Anaptys plans to separate its biopharma operations from its royalty assets by the end of 2026 to better align with investor interests [9].

Core Viewpoint - AnaptysBio is engaged in a legal dispute with Tesaro and GSK regarding a Collaboration and Exclusive License Agreement, with a trial scheduled for July 14-17, 2026 [1][5]. Group 1: Legal Proceedings - Anaptys filed a partial motion to dismiss Tesaro's anticipatory breach of contract claim in Delaware Chancery Court [1]. - Tesaro initiated a lawsuit against Anaptys on November 20, 2025, claiming Anaptys had repudiated the Collaboration Agreement [2]. - Anaptys responded with its own complaint, asserting that Tesaro materially breached the Collaboration Agreement and that GSK tortiously interfered with it [3]. Group 2: Collaboration Agreement Details - The Collaboration Agreement, established in March 2014, allows Anaptys to receive royalties from sales of Jemperli, with rates of 8% for net sales below $1 billion, 12% for sales between $1 billion and $1.5 billion, 20% for sales between $1.5 billion and $2.5 billion, and 25% for sales above $2.5 billion [6][7]. - The royalty term extends at least until the expiration of composition of matter coverage in 2035 in the U.S. and 2036 in the EU [7]. Group 3: Company Overview - AnaptysBio is a clinical-stage biotechnology company focused on innovative immunology therapeutics for autoimmune and inflammatory diseases [8]. - The company's pipeline includes several candidates, such as rosnilimab for rheumatoid arthritis and ANB033 for celiac disease [8]. - Anaptys plans to separate its biopharma operations from its royalty assets by the end of 2026 to better align with investor interests [9].

Company Overview - AnaptysBio, Inc. is a clinical-stage biotechnology company focused on delivering innovative immunology therapeutics for autoimmune and inflammatory diseases [3] - The company's pipeline includes rosnilimab, a pathogenic T cell depleter, which has completed a Phase 2b trial for rheumatoid arthritis; ANB033, a CD122 antagonist, currently in a Phase 1b trial for celiac disease; and ANB101, a BDCA2 modulator, in a Phase 1a trial [3] - Anaptys has discovered and out-licensed multiple therapeutic antibodies, including a PD-1 antagonist (Jemperli) to GSK and an IL-36R antagonist (imsidolimab) to Vanda Pharmaceuticals [3] Upcoming Events - Daniel Faga, president and CEO of Anaptys, will present at the 44th Annual J.P. Morgan Healthcare Conference on January 13, 2026, at 4:30 PM PT / 7:30 PM ET [1] - A live webcast of the presentation will be available on the investor section of the Anaptys website, with a replay accessible for at least 30 days following the event [2] Strategic Developments - Anaptys recently announced plans to separate its biopharma operations from its substantial royalty assets by year-end 2026, allowing investors to align their investment philosophies and portfolio allocation with the strategic opportunities and financial objectives of each company [4]

Core Viewpoint - AnaptysBio (ANAB) is a biotechnology company focused on therapeutic antibodies for inflammation and immuno-oncology, currently valued at $1.32 billion [1]. Group 1: Stock Performance - AnaptysBio has surged 227% over the past year, reaching a 5-year high of $49.52 on December 19 [6][4]. - The stock gained 32.5% since the Trend Seeker issued a "Buy" signal on November 18 [2]. - The stock has a Weighted Alpha of +194.83 and a Relative Strength Index (RSI) of 75.79, indicating strong technical momentum [7]. Group 2: Market Sentiment - AnaptysBio has a 100% "Buy" opinion from Barchart, reflecting strong analyst and investor sentiment [6][7]. - Despite the positive sentiment, Wall Street anticipates a decline in earnings and revenue next year [6]. - More than 30% of the float is sold short, suggesting caution among investors [6]. Group 3: Financial Projections - Revenue is expected to grow by 124.23% this year but is projected to decrease by 37.71% next year [7]. - Earnings are estimated to increase by 71.91% this year but are expected to decline by 181.57% next year [7].

Summary of AnaptysBio FY Conference Call (December 03, 2025) Company Overview - **Company**: AnaptysBio (NasdaqGS:ANAB) - **Industry**: Biopharmaceuticals Key Points Business Segments and Developments - **Biopharma Operations**: - **ANB033**: A CD122 antagonist, initiated a trial for celiac disease in 2025, with data expected in Q4 2026. A second trial for eosinophilic esophagitis (EOE) is planned for 2026 [4][19]. - **Rosnilimab**: Advanced program for rheumatoid arthritis (RA) with positive phase 2b data from a study involving 424 patients. Plans to move into phase 3 development in 2026 with external funding [4][12]. - **Royalty Management**: - **Jemperli**: Expected to generate $1.4 billion in sales at GSK, with significant royalty rights. The company plans to separate the royalty management business from biopharma assets in 2026 [5][31]. Clinical Trials and Efficacy - **Rosnilimab**: - Phase 2 trial in ulcerative colitis (UC) showed good safety but insufficient efficacy to continue. The focus will be on RA with a phase 3 design that includes placebo-controlled trials [6][8]. - 69% of patients achieved low disease activity (CDAI) by week 14, with a placebo-adjusted delta over 20% [11]. - Safety profile was unremarkable, with no malignancies or serious infections reported [15]. - **ANB033**: - Targeting celiac disease with a focus on mucosal healing, measuring villus height to crypt depth ratio. The phase 1B trial will assess both gluten challenge and patients with severe mucosal injury [20][22]. - The market for celiac disease treatment is estimated to be multi-billion dollars, with over 250,000 patients in the U.S. not well controlled on a gluten-free diet [26]. Financial and Strategic Considerations - The company anticipates ending 2025 with $300 million in cash, including $75 million milestone from GSK upon Jemperli exceeding $1 billion in sales [36]. - Plans to separate the biopharma and royalty management businesses in 2026, ensuring each can operate independently and maintain value [29][35]. - The royalty management business is projected to become cash flow positive by Q2 2027 [31][37]. Legal and Regulatory Issues - Ongoing litigation with GSK regarding Jemperli, with AnaptysBio contending that GSK is in breach of obligations related to the asset's development [33][34]. - The separation plans are independent of the litigation, ensuring that the biopharma operations can execute their strategy regardless of the trial outcome [35]. Market Outlook - The biopharma segment is expected to capture significant value post-separation, with potential for growth in both ANB033 and Rosnilimab [40]. - The company believes there is substantial upside in the biopharma business that is currently undervalued by the market [40]. Additional Insights - The company is exploring strategic partnerships for RA development while protecting its royalty stream [9][16]. - There is a focus on broadening the ANB033 program with potential for multiple indications, including EOE [39]. This summary encapsulates the critical developments and strategic outlook for AnaptysBio as discussed in the conference call, highlighting both opportunities and challenges within the biopharmaceutical landscape.

Summary of AnaptysBio Conference Call Company Overview - **Company**: AnaptysBio - **Industry**: Biopharmaceuticals Key Points Business Separation - AnaptysBio is planning to split its operations into two distinct entities: a royalty management business and a biopharma business by the end of 2026 [1][2] - The rationale for the split is to allow investors to focus on different asset portfolios, as the royalty business (including Jemperli, LIMS, and Dolomap) is substantial enough to operate independently [2][3] - The separation aims to protect and return value to shareholders, with expectations of significant upside for both businesses [3] Operational Timeline - The separation process includes regulatory approvals, financial audits, and logistical arrangements, with a potential update on rosnilimab expected in the first half of the year [4][5] - AnaptysBio anticipates ending the year with $300 million in cash, which will support the biopharma business post-separation [12] Rosnilimab and Celiac Disease Programs - Rosnilimab is being advanced for rheumatoid arthritis (RA), with positive phase 2b data indicating sustained low disease activity and remission rates [37] - The company is preparing for an end-of-phase 2 meeting with the FDA to discuss the next steps for Rosnilimab [38] - AnaptysBio is also conducting a phase 1b trial for AMB-033, a CD122 antagonist targeting celiac disease, with two cohorts designed to assess the drug's efficacy [20][21] Clinical Trial Insights - The phase 1b trial for AMB-033 includes a gluten challenge for one cohort and a focus on inflammation in the second cohort, aiming to demonstrate healing of the mucosal injury [22][24] - The target population for AMB-033 includes over two million patients with celiac disease, with a focus on statistically significant healing compared to placebo [27][31] Market Potential - The biopharma business is expected to have at least two years of capital to operate post-separation, ensuring a solid financial foundation [12] - The company is exploring strategic and financial collaborations to support the phase 3 program for Rosnilimab [39] - AnaptysBio is positioned to be the first approved drug for celiac disease, which currently has no approved treatments [31] Future Developments - Multiple catalysts are expected in the coming year, including updates on Rosnilimab, AMB-033, and ongoing growth in Jemperli's monotherapy indications [41] - The company is committed to maintaining a streamlined infrastructure for the royalty business post-separation [7][9] Additional Important Information - The litigation with GSK and Tesaro is deemed independent of the biopharma business's optimization efforts, with no expected impact on timelines [10][11] - The company is focused on minimizing operational complexity while maximizing shareholder value through the separation [7][8]

Group 1 - AnaptysBio, Inc. is a clinical-stage biotechnology company focused on innovative immunology therapeutics for autoimmune and inflammatory diseases [2] - The company's pipeline includes rosnilimab, ANB033, and ANB101, with various stages of clinical trials [2] - Anaptys plans to separate its biopharma operations from its royalty assets by year-end 2026 to better align with investor interests [3] Group 2 - Upcoming investor conferences include the Piper Sandler 37th Annual Healthcare Conference and the Evercore 8th Annual Healthcare Conference [1] - Live webcasts of the events will be available on the Anaptys investor website, with replays accessible for at least 30 days [1] - The company is engaging in fireside chats and one-on-one investor meetings on specific dates in December 2025 [4]

Group 1 - ANAB stock increased by 4.7% in early trading [1] - Hims & Hers saw a rise of 4.3% [1] - Biogen (BIIB) shares rose by 2.7% [1] Group 2 - Eli Lilly experienced a slight decline [1] - Abbott's stock fell by over 0.6% [1] - Novo Nordisk ADR dropped by over 9% [1]