Core Insights - Warren Buffett plans to accelerate the distribution of his $149 billion estate to his children's foundations, allowing Berkshire Hathaway shareholders to gain confidence in incoming CEO Greg Abel [1][2] - Buffett emphasizes that this acceleration is not indicative of any change in his views about Berkshire's prospects [5] Company Transition - Greg Abel, set to become CEO at the start of the new year, is supported by Buffett's children and Berkshire directors [2][3] - Buffett intends to retain a significant amount of 'A' shares until shareholders feel comfortable with Abel's leadership [3] Wealth Distribution - Buffett converted 1,800 Berkshire A shares into 2.7 million B shares, distributing them to four family foundations [4] - The foundations include The Susan Thompson Buffett Foundation, The Sherwood Foundation, The Howard G. Buffett Foundation, and the NoVo Foundation [4] Company Performance - Berkshire Hathaway held a record $381.6 billion in cash at the end of September, showcasing its strong balance sheet [8] - The company's operating profit increased by 34% in the third quarter, indicating robust underlying business performance [9] Market Position - Buffett acknowledges that while Berkshire's businesses have moderately better-than-average prospects, its size may limit future performance compared to smaller companies [10] - Berkshire's stock has risen approximately 10% in 2025, outperforming many defensive stocks but lagging behind the S&P 500 [10] Buffett's Health and Legacy - Buffett provided an update on his health, stating he generally feels good despite some physical challenges [7] - He reassured that Berkshire is designed to withstand various economic environments, emphasizing its durability [8]

Core Insights - AnaptysBio Inc. announced data from the Phase 2 trial of rosnilimab for moderate-to-severe ulcerative colitis, indicating that the drug did not meet its primary or key secondary endpoints [2][5]. Trial Results - Rosnilimab was found to be safe and well-tolerated, but it performed no better than placebo at Week 12, with clinical remission rates of 7% for patients receiving 400mg Q4W and 800mg Q2W, compared to 5% and 4% for endoscopic remission [2][5]. - The placebo rates in the trial were within expected historical ranges [2]. - Preliminary data suggested an increase in remission rates between Week 12 and Week 24, but these rates did not meet the six-month target product profile [5]. Financial Implications - The company will discontinue the ulcerative colitis trial, resulting in at least $10 million in savings [3]. Future Plans - AnaptysBio remains optimistic about the potential of rosnilimab in rheumatoid arthritis (RA) and plans to provide an update in H1 2026, including funding strategies that do not dilute royalties [4]. - The company is also conducting a Phase 1b study for ANB033 for celiac disease and plans to announce another Phase 1b study in a different inflammatory disease in 2026 [7]. Market Reaction - Following the announcement, AnaptysBio shares fell by 13.63%, trading at $34.24 [8]. Strategic Moves - AnaptysBio reiterated its intention to separate biopharma assets from substantial royalty assets in 2026, including expected royalties of over $390 million per year from Jemperli at GSK's peak sales guidance of over $2.7 billion [8].

Core Insights - AnaptysBio's stock experienced a significant decline of over 15% following the failure of its experimental ulcerative colitis drug, rosnilimab, in midstage testing, reversing a previous 70% increase since late September [1][4]. Company Performance - The drug was found to be safe and tolerable, but it did not meet the primary and secondary goals of the study, leading AnaptysBio to discontinue the study [2]. - The stock price fell to 33.33, down from a breakout point of 28.50 established on September 30, when the company announced plans to separate its biopharma business from its royalty assets by the end of 2026 [4][5]. - Following the disappointing results, Leerink Partners analyst David Risinger reduced the price target for AnaptysBio stock from 62 to 58, reflecting a low probability of success for the drug [3]. Market Reaction - The stock's decline sent it back below a profit-taking zone, which is typically a signal for investors to take profits after a significant rise [5]. - AnaptysBio had previously shown improving price performance, earning an upgrade to its IBD Relative Strength Rating, but the recent developments have negatively impacted investor sentiment [6][7].

Core Insights - AnaptysBio announced that rosnilimab was safe and well tolerated but failed to meet primary and key secondary endpoints in a Phase 2 trial for moderate-to-severe ulcerative colitis, leading to the discontinuation of the trial and an estimated savings of at least $10 million [1][6][9] Group 1: Trial Results - The Phase 2 trial enrolled 136 patients with a baseline mean modified Mayo Score (mMS) of 6.7, who had inadequate responses to prior therapies [2][3] - At Week 12, clinical remission was achieved by 7% of patients receiving rosnilimab, compared to 5% and 4% for endoscopic remission [3][4] - Blood biomarker data indicated ~90% depletion of pathogenic T cells at Week 12, consistent with previous studies [4][6] Group 2: Future Plans - The company remains optimistic about advancing rosnilimab in rheumatoid arthritis (RA) and plans to provide updates in H1 2026, with funding expected from strategic sources without diluting royalties [2][6] - AnaptysBio intends to separate its biopharma assets from its royalty assets by 2026, which includes Jemperli royalties projected to exceed $390 million annually [2][11] Group 3: Safety Profile - Rosnilimab demonstrated a favorable safety profile, with adverse events primarily mild to moderate, including nasopharyngitis and dizziness [7][13] - No serious adverse events or malignancies were reported, and the ongoing safety profile remains consistent with previous studies [8][13]

Core Insights - AnaptysBio, Inc. reported quarterly earnings of $0.52 per share, significantly beating the Zacks Consensus Estimate of a loss of $1.06 per share, marking an earnings surprise of +149.06% [1] - The company achieved revenues of $76.32 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 145.36% and showing a substantial increase from $30.02 million in the same quarter last year [2] - AnaptysBio shares have increased approximately 172.2% year-to-date, outperforming the S&P 500's gain of 16.5% [3] Earnings Outlook - The future performance of AnaptysBio's stock will largely depend on management's commentary during the earnings call and the company's earnings outlook [4] - The current consensus EPS estimate for the upcoming quarter is $0.24 on revenues of $82.95 million, while for the current fiscal year, the estimate is -$3.57 on revenues of $146.17 million [7] Industry Context - The Medical - Biomedical and Genetics industry, to which AnaptysBio belongs, is currently ranked in the top 39% of over 250 Zacks industries, indicating a favorable outlook compared to lower-ranked industries [8] - Ovid Therapeutics, another company in the same industry, is expected to report a quarterly loss of $0.15 per share, reflecting a year-over-year change of +25%, with revenues anticipated to be $0.34 million, up 100% from the previous year [9]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2025 OR ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to . Commission File Number: 001-37985 ANAPTYSBIO, INC. (Exact name of registrant as specified in its charter) Delaware 20-3828755 (State or other jurisdiction of in ...

Anaptys Announces Third Quarter 2025 Financial Results and Provides Business Update SAN DIEGO, Nov. 4, 2025 — AnaptysBio, Inc. (Nasdaq: ANAB), a clinical-stage biotechnology company focused on delivering innovative immunology therapeutics, today reported financial results for the third quarter ended September 30, 2025, and provided a business update. "Our intent to separate our wholly owned biopharma programs from our royalty assets provides investors with the opportunity to realize and enhance the potentia ...

Company Overview - AnaptysBio, Inc. is a clinical-stage biotechnology company focused on innovative immunology therapeutics for autoimmune and inflammatory diseases [2] - The lead program, rosnilimab, has completed a Phase 2b trial for rheumatoid arthritis and is currently in a Phase 2 trial for ulcerative colitis [2] - The pipeline includes ANB033, a CD122 antagonist in a Phase 1b trial for celiac disease, and ANB101, a BDCA2 modulator in a Phase 1a trial [2] - Anaptys has out-licensed multiple therapeutic antibodies, including a PD-1 antagonist to GSK and an IL-36R antagonist to Vanda Pharmaceuticals [2] Upcoming Events - Daniel Faga, CEO, and other executives will participate in several investor conferences, including the TD Cowen Immunology & Inflammation Summit and the Jefferies Global Healthcare Conference [1] - Live webcasts of the events will be available on the investor section of the Anaptys website, with replays accessible for at least 30 days [1] Strategic Developments - Anaptys plans to separate its biopharma operations from its royalty assets by the end of 2026, allowing investors to align their investment strategies with the distinct opportunities of each entity [3]

Core Insights - AnaptysBio, Inc. reported strong financial results for Q3 2025, with a net income of $15.1 million for the quarter, marking a significant improvement compared to a net loss of $32.9 million in Q3 2024 [14][23]. - The company announced its intent to separate its biopharma operations from its royalty assets by the end of 2026, aiming to unlock potential value for investors [5][16]. Financial Performance - Collaboration revenue for Q3 2025 was $76.3 million, up from $30.0 million in Q3 2024, driven primarily by Jemperli sales exceeding $750 million [17][23]. - Research and development expenses decreased to $31.4 million in Q3 2025 from $42.2 million in Q3 2024, while general and administrative expenses remained relatively stable [17][23]. - Cash and investments totaled $256.7 million as of September 30, 2025, down from $420.8 million at the end of 2024, primarily due to operating activities and share repurchases [17][20]. Business Updates - Jemperli sales grew to $785 million year-to-date in 2025, with a quarter-over-quarter growth of over 16% [5][6]. - Anaptys anticipates a one-time $75 million commercial sales milestone in Q4 2025 from GSK once Jemperli achieves $1 billion in worldwide net sales [5][6]. - The company is on track to report top-line Phase 2 data for rosnilimab in ulcerative colitis in November or December 2025 [5][13]. Strategic Initiatives - The planned separation will create two independent publicly traded companies, allowing investors to align their portfolios with distinct business objectives [6][16]. - The biopharma operations will focus on innovative immunology therapeutics, including rosnilimab, ANB033, and ANB101, while the royalty management company will handle royalties and milestone payments [6][16]. Clinical Development - Rosnilimab's Phase 2b data in rheumatoid arthritis was presented at ACR Convergence 2025, showing promising response rates [13]. - A Phase 1b trial for ANB033 in celiac disease has been initiated, with top-line data expected in Q4 2026 [5][13].

Core Insights - AnaptysBio, Inc. announced positive late-breaking data from a Phase 2b trial of rosnilimab for rheumatoid arthritis, showing durable clinical benefits and a favorable safety profile [1][4][5] Group 1: Trial Overview - The Phase 2b RENOIR trial involved 424 patients with moderate-to-severe rheumatoid arthritis, assessing the efficacy, safety, and tolerability of rosnilimab [3][4] - Patients were either naïve to biologic or targeted synthetic disease-modifying antirheumatic drugs (b/tsDMARDs) or had prior treatment experience [3][6] Group 2: Efficacy Results - Positive results were observed at Week 12, with significant efficacy on primary endpoints such as DAS28-CRP and ACR20 across all doses [5] - By Week 28, clinical responses continued to improve, including CDAI remission and ACR50/70 rates, regardless of prior treatments [4][5] - Durable clinical benefits were confirmed for at least three months off drug, with significant reductions in Tph cells by over 90% [4][5] Group 3: Safety Profile - Rosnilimab was well-tolerated throughout the trial, with no treatment-related serious adverse events or malignancies reported [1][4][5] - The trial demonstrated a low dropout rate and no safety trends similar to those seen with JAK inhibitors or other biologics [2][4] Group 4: Mechanism of Action - Rosnilimab targets pathogenic T cells, effectively depleting them while sparing nonpathogenic T cells, which helps maintain overall immune function [8][9] - The drug's mechanism was validated by significant reductions in T cell and B cell activation in synovial biopsies [5]