AnaptysBio Conference Call Summary Company Overview - **Company**: AnaptysBio (NasdaqGS:ANAB) - **Focus**: Development of antibodies targeting disease-driving immune cells, specifically in autoimmune and inflammatory diseases [2][3] Key Programs 1. **Rosnilimab**: - **Type**: Selective depletor of pathogenic T cells - **Phase IIb Trial**: Completed in August 2025 with high impact and durable responses observed over nine months [2][3][4] - **Safety Profile**: Safe and tolerable with less than 2% of patients discontinuing due to adverse events [10] - **Efficacy**: High ACR20 rates, with deepening responses over time [10][12] - **Comparison with Competitors**: Demonstrated superior efficacy compared to Eli Lilly's parasolumab, which showed declining efficacy over time [12][14] 2. **ANB033**: - **Type**: CD122 receptor antagonist - **Phase IA Trial**: Nearing initiation for celiac disease, with an upcoming investor relations event [3][52] 3. **ANB101**: - **Type**: BDCA2 modulator - **Phase IA Trial**: Initiated in healthy volunteers earlier in the year [3] Financial Position - **Capital**: Almost $300 million available as of summer 2025 [3] - **Royalties**: Substantial royalty interest in dostarlimab (Jemperli) from GSK, projected to generate over $1 billion in revenue, triggering a $75 million milestone for AnaptysBio [4] Competitive Landscape - **Eli Lilly's Parasolumab**: Recent phase IIb study revealed safety concerns with malignancies reported, contrasting with AnaptysBio's safety profile [5][11][17] - **Johnson & Johnson and Gilead**: Different programs with less potency and effectiveness compared to AnaptysBio's offerings [24] Upcoming Milestones - **Ulcerative Colitis Trial**: Initial data readout expected in Q4 2025, with a focus on achieving clinical remission [27][32] - **Long-term Data**: Six-month data will be critical for strategic decisions regarding the future of rosnilimab [46][50] Market Opportunity - **Autoimmune Disease Market**: Significant potential for a biologic that can drive deeper remission and stable outcomes over time, addressing the high patient turnover in existing treatments [38][40] Safety and Regulatory Insights - **FDA Communication**: No concerns raised by the FDA regarding the class of drugs being developed [21][23] - **Ongoing Safety Monitoring**: No severe infections or malignancies reported in blinded data from ongoing trials [20] Conclusion AnaptysBio is positioned strongly within the autoimmune disease market with promising clinical data for its lead program, rosnilimab, and a robust pipeline. The company is focused on maintaining a competitive edge through targeted therapies and is preparing for significant upcoming data releases that could influence its strategic direction.

Summary of AnaptysBio Conference Call Company Overview - AnaptysBio is focused on developing antibodies that modulate overexpressed or disease-driving immune cells to restore immune homeostasis in patients with autoimmune inflammatory diseases [4][6] - The company has three development-stage antibodies: rosnilimab, ANB033, and ANB101 [4][5] Key Programs and Developments Rosnilimab - Rosnilimab is a selective and potent depleter of pathogenic T cells, with recent Phase IIb arthritis study results showing remission rates surpassing best-in-class medicines [4][5][9] - The drug demonstrated over 90% depletion of specific T cells in both the periphery and synovium, with a tolerability profile showing less than 2% dropout due to adverse events [9][10] - Initial data from an ulcerative colitis trial is expected in Q4 of this year [5][11] ANB033 - ANB033 is a CD122 antagonist targeting celiac disease, with the Phase Ib trial starting imminently [5][39] - The drug is designed to block both IL-15 and IL-2, providing a dual mechanism of action [41][42] ANB101 - ANB101 is a BDCA2 modulator currently in Phase IA trials with healthy volunteers [5] Financial Position - AnaptysBio has over $300 million in capital, sufficient to fund operations through year-end 2027 [6][50] Market Dynamics - The ulcerative colitis market is seen as an attractive opportunity, with a potential $6 billion market size in the U.S. [25][26] - The company anticipates a different market uptake in ulcerative colitis compared to rheumatoid arthritis, which is more mature and competitive [24][25] Competitive Landscape - AnaptysBio believes its rosnilimab has a differentiated mechanism compared to competitors like J&J, which faced challenges in dosing and efficacy [33][34][35] - The company is optimistic about the potential for class cycling in ulcerative colitis, similar to trends seen in rheumatoid arthritis [25][26] Future Expectations - The company is focused on achieving maximum remission rates in ulcerative colitis, with a significant readout expected in six months [27][29] - The royalty stream from Jemperli, a drug discovered by AnaptysBio, is projected to be a significant asset, with potential revenues exceeding the company's current market cap [49][50] Conclusion - AnaptysBio is positioned for growth with multiple promising drug candidates and a strong financial foundation, targeting significant unmet needs in autoimmune diseases [6][50]