AnaptysBio(ANAB) - 2025 Q1 - Quarterly Results

Financial Performance - AnaptysBio reported a net loss of $39.3 million for Q1 2025, with a net loss per share of $1.28, compared to a net loss of $43.9 million and a net loss per share of $1.64 in Q1 2024[15]. - Net loss decreased to $(39.329) million in Q1 2025 from $(43.936) million in Q1 2024, reflecting a 10.5% improvement[21]. - Net loss per common share improved to $(1.28) in Q1 2025 from $(1.64) in Q1 2024, a reduction of 21.9%[21]. - Loss from operations improved to $(27.539) million in Q1 2025 compared to $(42.201) million in Q1 2024, a reduction of 34.8%[21]. - Comprehensive loss for Q1 2025 was $(39.473) million, compared to $(43.763) million in Q1 2024, showing an improvement of 9.5%[21]. Revenue and Collaboration - Collaboration revenue increased to $27.8 million in Q1 2025, up from $7.2 million in Q1 2024, driven by a $11.0 million increase in royalties from Jemperli and $9.6 million from the Vanda license agreement[15]. - Collaboration revenue increased significantly to $27.771 million in Q1 2025 from $7.179 million in Q1 2024, representing a growth of 286%[21]. - The company anticipates receiving a $75 million commercial sales milestone payment from GSK once Jemperli achieves $1 billion in worldwide net sales in a calendar year[11]. Expenses - Research and development expenses were $41.2 million for Q1 2025, compared to $37.0 million in Q1 2024, primarily due to costs associated with Phase 2 trials for rosnilimab[15]. - General and administrative expenses increased to $14.1 million in Q1 2025 from $12.3 million in Q1 2024, mainly due to transaction costs related to the Vanda Pharmaceuticals license agreement[15]. - Total operating expenses rose to $55.310 million in Q1 2025, up from $49.380 million in Q1 2024, an increase of 12.3%[21]. - Total other expense, net was $(11.746) million in Q1 2025, compared to $(1.735) million in Q1 2024, indicating a significant increase in expenses[21]. Cash and Assets - Cash, cash equivalents, and investments totaled $383.0 million as of March 31, 2025, down from $420.8 million as of December 31, 2024, reflecting a decrease of $37.8 million primarily due to operating activities[10]. - AnaptysBio's total assets decreased to $422.1 million as of March 31, 2025, from $483.8 million as of December 31, 2024[19]. Clinical Trials and Developments - Rosnilimab achieved positive results in a 424-patient Phase 2b trial for rheumatoid arthritis, with the highest-ever reported clinical disease activity index low disease activity response over 6 months[6]. - Initial Phase 2 data for rosnilimab in ulcerative colitis is on track for Q4 2025, with a global Phase 2 trial currently ongoing[5]. Stock and Shareholder Actions - The company authorized a $75 million stock repurchase program in March 2025 and reiterated its cash runway through year-end 2027[5]. - Weighted-average number of shares outstanding increased to 30.644 million in Q1 2025 from 26.801 million in Q1 2024, an increase of 14.3%[21].