Summary of AnaptysBio (ANAB) FY Conference Call - June 11, 2025 Company Overview - AnaptysBio is focused on developing antibodies targeting overactive immune cells in autoimmune inflammatory diseases, with three clinical stage programs in development [3][5][20]. Key Programs and Data - **Rozanolimab**: Lead program targeting rheumatoid arthritis (RA) with promising Phase 2b data showing 70% of patients achieving low disease activity at three months [3][13]. - **Ozanelimab**: Ongoing trial for ulcerative colitis (UC) with initial data expected by the end of 2025 [4][8]. - **ANB033**: A CD123 antagonist that started Phase 1a in October 2024 [5]. - **AMB101**: A BTCA2 modulator with plans for an R&D event later in 2025 [5]. Financial Position - Company reported $383 million in cash at the end of Q1 2025 and has access to a significant royalty stream from GSK's drug JEMPRIRLY [5][6]. Upcoming Catalysts - Key upcoming catalysts include: - Phase 2b results for rozanolimab in RA [7]. - Initial data readout for ozanelimab in UC [4][8]. - Royalty readout from GSK's lung cancer trial involving cabolumab [8][11]. Market Dynamics - The RA market has not seen a new mechanism of action approved since 2012, indicating a potential opportunity for rozanolimab [12]. - The company believes the RA market is less crowded than perceived, with few competitors in Phase III development [12][20]. Efficacy and Safety Data - Rozanolimab demonstrated significant efficacy with over 80% of patients achieving ACR20 (20% improvement) [16]. - Safety profile appears favorable with no serious infections or malignancies reported in the Phase 2b trial [50][51]. - The drug targets PD-1 high expressing T cells, aiming to restore immune homeostasis without broadly depleting T cells [46][48]. Competitive Landscape - AnaptysBio's rozanolimab is positioned against other treatments like JAK inhibitors and biologics, with a focus on achieving deeper and more durable responses [17][56]. - The company views the discontinuation of competing PD-1 drugs by other firms as a positive indicator of its drug's potential [53][56]. Future Directions - The company is considering partnerships for further development in RA and UC, with a focus on maximizing the drug's potential in various autoimmune diseases [22][33]. - AnaptysBio is exploring additional indications beyond RA and UC, leveraging its PD-1 depleting mechanism [60][62]. Conclusion - AnaptysBio is well-positioned with a strong financial base, promising clinical data, and a strategic focus on autoimmune diseases, particularly RA and UC, with significant upcoming milestones that could enhance its market position [81].