AnaptysBio (ANAB) investor relations material

Strategic separation and business structure

• Plans to separate into Biopharma Co and Royalty Management Co are targeted for Q2, with Biopharma Co anchored by three clinical assets and Royalty Co holding royalty rights to JEMPERLI and imsidolimab.

• Rationale for the split is to align different business strategies and investment philosophies, aiming to unlock value and address perceived mispricing as a combined entity.

• $310 million in cash will be allocated between the two entities, with Royalty Co expected to become cash flow positive after paying down Sagard debt by Q2 2027.

• The split is not impacted by ongoing litigation with GSK over JEMPERLI, which is scheduled for trial in July and could result in reversion rights if GSK is found in breach.

• Biopharma Co will not use royalty proceeds or current cash to fund phase III for rosnilimab; external financing or partnerships are being sought.

Royalty Management Company outlook

• JEMPERLI royalties are significant, with tiered rates up to 25% at $2.5B annual revenue; peak sales guidance is $2.7B, with potential for more based on recent trends.

• GSK is investing in expanding JEMPERLI indications, with key trial readouts expected in rectal and colon cancer this year.

• Imsidolimab, out-licensed to Vanda, has a BLA filed for GPP and anticipated U.S. approval this year, with additional filings in Europe and Japan expected.

• Royalty Co aims for a capital-efficient structure, focusing on maximizing shareholder returns from royalty streams.

Biopharma Company pipeline and clinical progress

• ANB033, a CD122 antagonist, is in phase I-B trials for celiac disease and EoE, targeting both IL-15 and IL-2 pathways with broad potential across GI and dermatological indications.

• Celiac disease trial includes two cohorts: gluten challenge and patients with existing villi damage, with endpoints aligned to FDA guidance and data expected in Q4.

• EoE trial is launching, targeting a large and growing market where DUPIXENT is currently the only approved therapy; ANB033 aims to address both DUPIXENT responders and non-responders.

• Rosnilimab showed best-in-disease data in phase II-B RA trial; phase III planning is underway, with strategic partnerships or financing being explored.

• AMB101, a BDCA2 modulator, is in phase I-A with competitive data from Biogen expected later in the year.