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]