AnaptysBio(ANAB) - 2025 Q1 - Quarterly Report

Financial Performance - The company reported a total revenue of $374.3 million from collaborations since inception through March 31, 2025, with no revenue generated from product sales [124]. - Royalty revenue for the three months ended March 31, 2025, was $18.1 million, up from $7.2 million in the same period of 2024, representing a 151.4% increase [135]. - Research and development expenses increased to $41.2 million for the three months ended March 31, 2025, compared to $37.0 million in 2024, reflecting an increase of $4.2 million or 11.4% [137]. - General and administrative expenses rose to $14.1 million in the three months ended March 31, 2025, from $12.3 million in 2024, marking an increase of $1.8 million or 14.6% [139]. - Non-cash interest expense for the sale of future royalties was $18.1 million for the three months ended March 31, 2025, compared to $6.3 million in 2024, an increase of $11.8 million or 187.3% [141]. - Cash, cash equivalents, and investments totaled $383.0 million as of March 31, 2025, down from $420.8 million as of December 31, 2024, a decrease of $37.8 million or 9.0% [150]. - Net cash used in operating activities was $10.7 million for the three months ended March 31, 2025, compared to $37.3 million in 2024, a reduction of $26.6 million or 71.4% [152]. - Net cash provided by investing activities was $14.8 million for the three months ended March 31, 2025, compared to $68.6 million in 2024, a decrease of $53.8 million or 78.4% [154]. - Net cash used in financing activities was $28.6 million for the three months ended March 31, 2025, compared to $13.6 million in 2024, an increase of $15.0 million or 110.3% [155]. - The company has received an aggregate of $1.3 billion to fund operations since inception, including $738.4 million from equity sales and $335.0 million from future royalties [144]. Clinical Trials and Product Development - Rosnilimab achieved a >90% reduction in PD-1 T cells and a >50% reduction in PD-1+ T cells, maintaining these effects for over 30 days [111]. - In the Phase 2b trial for moderate-to-severe rheumatoid arthritis, rosnilimab met its primary endpoint with statistical significance across all doses compared to placebo [112]. - The company initiated a Phase 1 clinical trial for ANB033 in October 2024, targeting CD122 to modulate NK cell and CD8 T cell activity [114]. - A Phase 1 clinical trial for ANB101 commenced in March 2025, focusing on BDCA2 modulation to inhibit interferon secretion in autoimmune diseases [115]. - The company anticipates reporting initial Phase 2 data for rosnilimab in ulcerative colitis in Q4 2025, following a 132-patient trial [113]. - The GSK collaboration includes multiple antibody programs, with ongoing trials for cobolimab in combination with dostarlimab for advanced non-small-cell lung cancer [121]. Regulatory Approvals and Agreements - The FDA approved Jemperli (dostarlimab) for advanced or recurrent deficient mismatch repair endometrial cancer in April 2021, with full approval granted in February 2023 [120]. - The company received an upfront payment of $10 million and a $5 million payment for existing drug supply from Vanda under a new licensing agreement [123]. Future Expectations - The company expects research and development expenses to increase as it advances its product candidates [128]. - The company expects general and administrative expenses to increase due to costs associated with being a publicly traded company and expanding its intellectual property portfolio [140].