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].

Summary of AnaptysBio (ANAB) Conference Call on June 03, 2025 Company Overview - **Company**: AnaptysBio - **Product**: Rozanolimab (ozanilumab) - **Indication**: Rheumatoid Arthritis (RA) Key Points and Arguments Clinical Trial Results 1. **Efficacy of Rozanolimab**: The phase 2b trial demonstrated significant efficacy with statistical significance on primary endpoints (DAS28 CRP and ACR20) at week 12, with all doses showing positive results compared to placebo [4][8] 2. **Durability of Response**: Patients exhibited durable responses off drug for at least two months after six months of treatment, indicating potential for extended dosing intervals [8][63] 3. **Market Potential**: The RA market generates over $10 billion in annual revenue in the US alone, highlighting the commercial opportunity for rozanolimab [8] 4. **Comparison with Competitors**: Rozanolimab showed comparable or superior results to existing therapies like RINVOQ and Orencia in terms of ACR20, ACR50, and ACR70 response rates [9][14][57] Safety Profile 5. **Safety Data**: Rozanolimab exhibited a notably unremarkable safety profile with no treatment-related serious adverse events (SAEs) reported, and a low incidence of injection site reactions [78][80] 6. **Tolerability**: Less than 2% of patients discontinued due to adverse events, indicating high tolerability compared to standard care [80][84] Mechanism of Action 7. **Targeting T Cells**: Rozanolimab demonstrated a rapid and sustained reduction in PD-1 positive T cells, which are implicated in RA pathology, supporting its mechanism of action [39][41] 8. **Gene Expression Changes**: Significant downregulation of genes associated with T cell and B cell activation was observed, indicating a broad impact on immune pathways relevant to RA and ulcerative colitis [42][43] Patient Population Insights 9. **Patient Disposition**: 95% of patients completed the all-active treatment period, demonstrating high acceptance of the treatment [23] 10. **Real-World Implications**: The trial design may have capped the maximum response rates achievable, as many patients who showed improvement were ineligible to continue treatment [21][56] Expert Commentary 11. **Clinical Relevance**: Experts highlighted the importance of the trial design and the implications of excluding patients who showed improvement but did not meet the strict criteria for continuation [66][69] 12. **Long-Term Efficacy**: The consistency of clinical responses and the durability of effects post-treatment were emphasized as significant advantages of rozanolimab [72][73] Additional Important Content - **Market Context**: The RA market has not seen a new mechanism approved since 2012, making rozanolimab's introduction particularly timely [9] - **Comparative Efficacy**: Rozanolimab's performance in the naive patient population was noted to be particularly strong, suggesting a high ceiling for response rates [35] - **Future Directions**: Ongoing studies and follow-ups will provide further insights into the long-term efficacy and safety of rozanolimab [24][62] This summary encapsulates the critical insights from the conference call regarding AnaptysBio's rozanolimab, its clinical trial results, safety profile, and market potential in the context of rheumatoid arthritis treatment.