AnaptysBio Conference Call Summary Company Overview - **Company**: AnaptysBio (NasdaqGS:ANAB) - **Date**: February 12, 2026 Key Points Separation of Royalty Pharma and Biopharma - The separation of the royalty company and the biopharma business is a top priority, targeted for completion in Q2 2026, though it may extend beyond April 1 [2][4] - The royalty company will focus on recognizing the value of commercial entities with low operational expenses, driven by the growth of Jemperli and Imsidolimab [4][5] Financial Position - AnaptysBio started the year with $310 million in cash, approximately $11 per share [7] - The company plans to allocate sufficient cash to the biopharma business to support operations through 2027, potentially extending cash reserves into 2028 [7][8] Jemperli Performance - Jemperli reported Q4 sales of $343 million, reflecting a 13% quarter-over-quarter growth [12] - It is positioned as a best-in-class PD-1 antagonist, with significant growth potential driven by multiple indications, including rectal cancer and MSI-H colon cancer [13][15] - Analysts have not fully recognized Jemperli's growth potential, with some assigning negative growth rates despite its rapid sales increase [14] ANB033 and Celiac Disease - ANB033, a CD122 antagonist, is being developed for celiac disease, targeting a market with over 2 million patients in the U.S. [21][22] - The study design includes a gluten challenge with a focus on histological outcomes and patient-reported outcomes [24][25] - Data readout is expected in Q4 2026, with enrollment having started in Q4 2025 [27][28] Eosinophilic Esophagitis (EoE) - The company is also advancing a program for EoE, with a focus on reducing eosinophils and improving patient-reported outcomes [52] - The market for EoE is significant, with dupilumab generating approximately $2 billion annually [48] Rosnilimab Development - Rosnilimab has shown promising results in rheumatoid arthritis, with plans to advance it through partnerships rather than using balance sheet cash [55][56] - An update on the phase 3 advancement is expected in the first half of 2026 [54] BDCA2 Modulator (ANB101) - ANB101 is in phase 1 development, with potential applications in systemic lupus erythematosus (SLE) and cutaneous lupus erythematosus (CLE) [60] - The company is monitoring Biogen's trials for insights on advancing ANB101 [61] Legal Considerations - Ongoing litigation with GSK regarding contractual issues could impact the royalty business, with potential for the drug to revert back to AnaptysBio [65][66] Conclusion - AnaptysBio is positioned for significant developments in 2026, with multiple catalysts including the separation of its businesses, Jemperli's growth, and advancements in its clinical programs [68]

Faga described the remaining royalty-focused entity as anchored by two assets: royalties on GSK’s Jemperli and potential economics from imsidolimab, which Anaptys has outlicensed to Vanda.The biopharma business is expected to house three clinical-stage programs, and “most, if not all” employees would move into the new company, which will have a new name and remain publicly traded. Faga said the new biopharma entity would be capitalized with at least enough cash to reach key readouts in the CD122 program “pl ...

SAN DIEGO, Feb. 05, 2026 (GLOBE NEWSWIRE) -- AnaptysBio, Inc. (Nasdaq: ANAB), a clinical-stage biotechnology company focused on delivering innovative immunology therapeutics, today announced that Daniel Faga, president and chief executive officer of Anaptys, and/or other members of its executive leadership team, are scheduled to participate in multiple upcoming investor conferences: Guggenheim Emerging Outlook: Biotech Summit 2026, New York, NY Format – Fireside chat and 1x1 investor meetingsDate and Time – ...

Core Viewpoint - AnaptysBio is undergoing a significant transformation, planning to separate into two distinct businesses by the second quarter of 2025, referred to as Biopharma Co and Royalty Management Co [1] Group 1: Business Structure - The separation will create two entities: Biopharma Co, which will focus on clinical assets, and Royalty Management Co [1] - Biopharma Co will be anchored by three clinical assets, with ANB033 being a key driver for the operating business [2] Group 2: Clinical Development - ANB033 is currently enrolling patients in a Phase Ib trial for celiac disease and initiating a second Phase Ib trial for eosinophilic esophagitis (EoE) [2] - Rosnilimab, another asset, has shown positive Phase IIb results in an arthritis trial, with plans to explore Phase III development and secure necessary capital [2] - An end of Phase II meeting with the FDA is scheduled for the next quarter to discuss the progression of Rosnilimab [2]

Core Viewpoint - AnaptysBio is engaged in a legal dispute with Tesaro and GSK regarding a Collaboration and Exclusive License Agreement, with a trial scheduled for July 14-17, 2026, to resolve all claims [1]. Group 1: Legal Proceedings - Anaptys filed a partial motion to dismiss Tesaro's anticipatory breach of contract claim in Delaware Chancery Court [1]. - Tesaro initiated a lawsuit against Anaptys on November 20, 2025, claiming Anaptys had repudiated the Collaboration Agreement [2]. - Anaptys responded with its own complaint, asserting that Tesaro materially breached the Collaboration Agreement and that GSK tortiously interfered with it [3]. Group 2: Motion to Dismiss - Anaptys filed a Motion to Dismiss Tesaro's claim on December 30, 2025, arguing that it has not repudiated the Collaboration Agreement and is merely asserting its contract rights [4]. - The motion also invokes Delaware's anti-SLAPP law, which aims to prevent lawsuits that deter good-faith legal rights assertions [4]. - Tesaro and GSK argue that Anaptys' Motion to Dismiss should stay all discovery, which Anaptys opposes as they prepare for the upcoming trial [5]. Group 3: Collaboration Agreement Details - The Collaboration Agreement, established in March 2014, allows Anaptys to receive royalties from Jemperli sales, structured as follows: 8% for net sales below $1 billion, 12% for sales between $1 billion and $1.5 billion, 20% for sales between $1.5 billion and $2.5 billion, and 25% for sales above $2.5 billion [6][7]. - The royalty term extends until at least the expiration of composition of matter coverage, which is set to expire in 2035 in the U.S. and 2036 in the EU [7]. Group 4: Company Overview - AnaptysBio is a clinical-stage biotechnology company focused on innovative immunology therapeutics for autoimmune and inflammatory diseases [8]. - The company's pipeline includes several candidates, such as rosnilimab for rheumatoid arthritis and ANB033 for celiac disease [8]. - Anaptys plans to separate its biopharma operations from its royalty assets by the end of 2026 to better align with investor interests [9].

Core Viewpoint - AnaptysBio is engaged in a legal dispute with Tesaro and GSK regarding a Collaboration and Exclusive License Agreement, with a trial scheduled for July 14-17, 2026 [1][5]. Group 1: Legal Proceedings - Anaptys filed a partial motion to dismiss Tesaro's anticipatory breach of contract claim in Delaware Chancery Court [1]. - Tesaro initiated a lawsuit against Anaptys on November 20, 2025, claiming Anaptys had repudiated the Collaboration Agreement [2]. - Anaptys responded with its own complaint, asserting that Tesaro materially breached the Collaboration Agreement and that GSK tortiously interfered with it [3]. Group 2: Collaboration Agreement Details - The Collaboration Agreement, established in March 2014, allows Anaptys to receive royalties from sales of Jemperli, with rates of 8% for net sales below $1 billion, 12% for sales between $1 billion and $1.5 billion, 20% for sales between $1.5 billion and $2.5 billion, and 25% for sales above $2.5 billion [6][7]. - The royalty term extends at least until the expiration of composition of matter coverage in 2035 in the U.S. and 2036 in the EU [7]. Group 3: Company Overview - AnaptysBio is a clinical-stage biotechnology company focused on innovative immunology therapeutics for autoimmune and inflammatory diseases [8]. - The company's pipeline includes several candidates, such as rosnilimab for rheumatoid arthritis and ANB033 for celiac disease [8]. - Anaptys plans to separate its biopharma operations from its royalty assets by the end of 2026 to better align with investor interests [9].

Company Overview - AnaptysBio, Inc. is a clinical-stage biotechnology company focused on delivering innovative immunology therapeutics for autoimmune and inflammatory diseases [3] - The company's pipeline includes rosnilimab, a pathogenic T cell depleter, which has completed a Phase 2b trial for rheumatoid arthritis; ANB033, a CD122 antagonist, currently in a Phase 1b trial for celiac disease; and ANB101, a BDCA2 modulator, in a Phase 1a trial [3] - Anaptys has discovered and out-licensed multiple therapeutic antibodies, including a PD-1 antagonist (Jemperli) to GSK and an IL-36R antagonist (imsidolimab) to Vanda Pharmaceuticals [3] Upcoming Events - Daniel Faga, president and CEO of Anaptys, will present at the 44th Annual J.P. Morgan Healthcare Conference on January 13, 2026, at 4:30 PM PT / 7:30 PM ET [1] - A live webcast of the presentation will be available on the investor section of the Anaptys website, with a replay accessible for at least 30 days following the event [2] Strategic Developments - Anaptys recently announced plans to separate its biopharma operations from its substantial royalty assets by year-end 2026, allowing investors to align their investment philosophies and portfolio allocation with the strategic opportunities and financial objectives of each company [4]

Summary of AnaptysBio FY Conference Call (December 03, 2025) Company Overview - **Company**: AnaptysBio (NasdaqGS:ANAB) - **Industry**: Biopharmaceuticals Key Points Business Segments and Developments - **Biopharma Operations**: - **ANB033**: A CD122 antagonist, initiated a trial for celiac disease in 2025, with data expected in Q4 2026. A second trial for eosinophilic esophagitis (EOE) is planned for 2026 [4][19]. - **Rosnilimab**: Advanced program for rheumatoid arthritis (RA) with positive phase 2b data from a study involving 424 patients. Plans to move into phase 3 development in 2026 with external funding [4][12]. - **Royalty Management**: - **Jemperli**: Expected to generate $1.4 billion in sales at GSK, with significant royalty rights. The company plans to separate the royalty management business from biopharma assets in 2026 [5][31]. Clinical Trials and Efficacy - **Rosnilimab**: - Phase 2 trial in ulcerative colitis (UC) showed good safety but insufficient efficacy to continue. The focus will be on RA with a phase 3 design that includes placebo-controlled trials [6][8]. - 69% of patients achieved low disease activity (CDAI) by week 14, with a placebo-adjusted delta over 20% [11]. - Safety profile was unremarkable, with no malignancies or serious infections reported [15]. - **ANB033**: - Targeting celiac disease with a focus on mucosal healing, measuring villus height to crypt depth ratio. The phase 1B trial will assess both gluten challenge and patients with severe mucosal injury [20][22]. - The market for celiac disease treatment is estimated to be multi-billion dollars, with over 250,000 patients in the U.S. not well controlled on a gluten-free diet [26]. Financial and Strategic Considerations - The company anticipates ending 2025 with $300 million in cash, including $75 million milestone from GSK upon Jemperli exceeding $1 billion in sales [36]. - Plans to separate the biopharma and royalty management businesses in 2026, ensuring each can operate independently and maintain value [29][35]. - The royalty management business is projected to become cash flow positive by Q2 2027 [31][37]. Legal and Regulatory Issues - Ongoing litigation with GSK regarding Jemperli, with AnaptysBio contending that GSK is in breach of obligations related to the asset's development [33][34]. - The separation plans are independent of the litigation, ensuring that the biopharma operations can execute their strategy regardless of the trial outcome [35]. Market Outlook - The biopharma segment is expected to capture significant value post-separation, with potential for growth in both ANB033 and Rosnilimab [40]. - The company believes there is substantial upside in the biopharma business that is currently undervalued by the market [40]. Additional Insights - The company is exploring strategic partnerships for RA development while protecting its royalty stream [9][16]. - There is a focus on broadening the ANB033 program with potential for multiple indications, including EOE [39]. This summary encapsulates the critical developments and strategic outlook for AnaptysBio as discussed in the conference call, highlighting both opportunities and challenges within the biopharmaceutical landscape.

Group 1 - AnaptysBio, Inc. is a clinical-stage biotechnology company focused on innovative immunology therapeutics for autoimmune and inflammatory diseases [2] - The company's pipeline includes rosnilimab, ANB033, and ANB101, with various stages of clinical trials [2] - Anaptys plans to separate its biopharma operations from its royalty assets by year-end 2026 to better align with investor interests [3] Group 2 - Upcoming investor conferences include the Piper Sandler 37th Annual Healthcare Conference and the Evercore 8th Annual Healthcare Conference [1] - Live webcasts of the events will be available on the Anaptys investor website, with replays accessible for at least 30 days [1] - The company is engaging in fireside chats and one-on-one investor meetings on specific dates in December 2025 [4]

Core Viewpoint - AnaptysBio, Inc. has authorized an amended Stock Repurchase Plan allowing for the repurchase of up to $100 million of its common stock, in addition to the remaining $6.4 million from a previous plan [1][2]. Group 1: Stock Repurchase Plan - The amended Stock Repurchase Plan allows AnaptysBio to repurchase up to $100 million of its outstanding common stock, with $6.4 million remaining from the previous $75 million plan [1]. - As of November 20, 2025, AnaptysBio has repurchased a total of 3,443,188 shares, representing 11.2% of shares outstanding before the initiation of the repurchase plan [1]. - The repurchase may occur through open market transactions or other means, with the plan set to expire on March 31, 2026, and can be suspended or discontinued at any time [3]. Group 2: Financial Position - AnaptysBio anticipates ending 2025 with approximately $300 million in cash, cash equivalents, and investments, which includes a one-time $75 million commercial sales milestone expected in Q4 2025 from GSK [2]. Group 3: Company Overview - AnaptysBio is a clinical-stage biotechnology company focused on innovative immunology therapeutics for autoimmune and inflammatory diseases, with a pipeline that includes several candidates in various stages of clinical trials [4]. - The company has out-licensed therapeutic antibodies, including a PD-1 antagonist to GSK and an IL-36R antagonist to Vanda Pharmaceuticals [4]. - AnaptysBio plans to separate its biopharma operations from its royalty assets by the end of 2026, allowing investors to align their investment strategies with each entity's objectives [5].