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AnaptysBio (ANAB) investor relations material
AnaptysBio Evercore ISI 8th Annual HealthCONx Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Evercore ISI 8th Annual HealthCONx Conference summary3 Dec, 2025
Key business updates and strategy
Plans to separate the royalty management and biopharma operations into two independent businesses in 2026, with the royalty business retaining Jemperli and Imsidolimab rights and the biopharma business focusing on ANB033 and Rosnilimab.
Royalty business expected to be cash flow positive by Q2 2027 after paying off Sagard debt, with potential for dividends or share repurchases.
Biopharma operations will be spun out with at least two years of cash, anchored by ANB033, and designed for resilience and independence from royalty business outcomes.
Ongoing litigation with GSK over Jemperli CRE obligations, with an expedited trial expected by summer and no operational impact on the planned separation.
Stock price has doubled since the separation announcement, with management seeing further upside in both businesses post-separation.
Pipeline and clinical development
ANB033, a CD122 antagonist, is in a phase 1B trial for celiac disease with data expected in Q4 next year; a second trial in EOE is planned for 2026.
Rosnilimab showed positive phase 2b results in rheumatoid arthritis, with plans for phase 3 development in 2026, pending strategic or external funding.
Ulcerative colitis trial for Rosnilimab showed good safety and pharmacodynamics but insufficient efficacy, informing future RA trial design.
Phase 2b RA data showed rapid and sustained low disease activity and remission rates, with efficacy across prior therapies and strong safety profile.
ANB033 program aims to address a large, underserved celiac population, with potential for orphan-like pricing and expansion into additional indications.
Financial outlook and operational planning
Projected year-end cash of $300 million, including a $75 million milestone from GSK as Jemperli surpasses $1 billion in sales.
Biopharma spinout will be capitalized for at least two years of operations, with flexibility to run early studies and enhance partnering value.
Royalty business will minimize infrastructure and focus on returning value to shareholders through dividends or buybacks.
Multiple clinical readouts for Jemperli in new indications expected over the next two years, supporting ongoing royalty growth.
Strategic capital will be sought for late-stage Rosnilimab development, with a Q1 FDA meeting to inform phase 3 design.
Rosnilimab RA Phase 3 funding decision criteria?
ANB033 severe celiac cohort impact on Phase 2?
Royalty business value return post-GSK trial?
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Next AnaptysBio earnings date
Q4 202527 Feb, 2026
Next AnaptysBio earnings date
Q4 202527 Feb, 2026
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Frequently asked questions
AnaptysBio Inc is a clinical-stage biotechnology company. It focuses on developing immunology therapeutics aimed at autoimmune and inflammatory diseases. The company's product pipeline includes several key antibody candidates like Imsidolimab, an anti-IL-36 receptor antibody for treating generalized pustular psoriasis, currently in Phase 3 trials. Another significant product is Rosnilimab, an anti-PD-1 agonist antibody designed to address T-cell driven inflammatory diseases. Additionally, ANB032, an anti-BTLA modulator antibody, is being developed for various human inflammatory diseases linked to immune cell dysregulation. The company is headquartered in San Diego, California, and its shares are listed on the Nasdaq.
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