AnaptysBio(ANAB) - 2020 Q1 - Quarterly Report

Revenue and Collaboration - Collaboration revenue for Q1 2020 was $15.0 million, compared to $0.0 million in Q1 2019, driven by two milestones related to dostarlimab[91]. - The company has received approximately $100.0 million in cash receipts from collaborations to date[80]. - The company expects marketing approval for dostarlimab by the FDA for endometrial cancer during 2020[80]. Research and Development Expenses - Research and development expenses increased to $21.0 million in Q1 2020 from $20.6 million in Q1 2019, primarily due to a $0.5 million rise in clinical expenses[92]. - External costs for the etokimab program were $7.9 million in Q1 2020, up from $7.5 million in Q1 2019, reflecting an increase of $0.4 million[95]. - ANB019 external costs rose to $5.2 million in Q1 2020 from $5.0 million in Q1 2019, an increase of $0.2 million[95]. - ANB030 external costs decreased significantly to $0.7 million in Q1 2020 from $1.5 million in Q1 2019, a decrease of $0.8 million[95]. - Total external costs for the company were $16.4 million in Q1 2020, compared to $16.0 million in Q1 2019, reflecting a modest increase of $0.4 million[95]. - The company anticipates interim top-line data from the ECLIPSE trial of etokimab in Q3 2020[75]. Financial Performance - The ongoing COVID-19 pandemic may negatively impact the company's financial results and liquidity in fiscal 2020[82]. - General and administrative expenses increased to $4.3 million for Q1 2020 from $4.1 million in Q1 2019, primarily due to a $0.2 million rise in personnel costs and insurance expenses[96]. - Interest expense decreased to $0.0 million in Q1 2020 from $0.3 million in Q1 2019 due to the final payment on Term Loans[97]. - Interest income fell to $1.9 million in Q1 2020 from $3.0 million in Q1 2019, attributed to lower interest rates and decreased investment balances[98]. - Cash, cash equivalents, and investments totaled $412.7 million as of March 31, 2020, down from $428.5 million as of December 31, 2019[104]. - Net cash used in operating activities was $15.1 million in Q1 2020, compared to $16.1 million in Q1 2019, reflecting a reduced net loss[106]. - Net cash provided by investing activities was $10.8 million in Q1 2020, up from $9.7 million in Q1 2019, primarily due to investment maturity timing[107]. Future Financial Outlook - The company expects general and administrative expenses to rise due to costs associated with being publicly traded, including legal and compliance expenses[96]. - Future minimum annual obligations under non-cancellable operating lease commitments are $0.7 million for the remainder of fiscal years ending 2020 and 2021[110]. - The company has received an aggregate of $738.5 million since inception, with $412.7 million available as of March 31, 2020, to fund operations[100]. - The company may seek additional financing through equity or debt financings or collaborations, with uncertainty regarding the ability to obtain such financing on reasonable terms[102].