AnaptysBio (ANAB) 2024 Cantor Fitzgerald Global Healthcare Conference summary

Pipeline overview and strategic focus

• Refocused on checkpoint agonist programs targeting BTLA and PD-1 for autoimmune diseases, with broad immunological impact and multiple phase IIb readouts expected soon.

• BTLA program (ANB032) in atopic dermatitis to report topline data in December; PD-1 program (rosnilimab) in rheumatoid arthritis to report in Q1 2025 and in ulcerative colitis in Q1 2026.

• Two additional immune cell modulators (CD122 antagonist and BDCA2 modulator) entering clinical development by year-end.

• Strong financial position with $500 million in cash, supporting operations through year-end 2026 and enabling advancement of multiple programs.

BTLA agonist in atopic dermatitis

• BTLA agonist targets multiple immune pathways (Th1, Th2, Th17, Th22) and modulates dendritic cells, aiming for broader efficacy than current Th2-focused therapies.

• Phase I data showed safety, no serious adverse events, and robust PK/PD profile with durable receptor engagement.

• Phase IIb trial enrolled 200 patients, testing three doses versus placebo, with a focus on severe cases and a subset of Dupi-experienced patients.

• Efficacy benchmark is 40%+ EASI-75 at three months, with potential for higher and more durable responses compared to existing therapies.

• Durability of response and multi-pathway targeting could differentiate the asset in a growing market.

PD-1 agonist in rheumatoid arthritis and ulcerative colitis

• PD-1 agonist designed as a strong depleter of PD-1 high T cells, showing 90% reduction in activated T cells in early studies.

• Phase II RA trial targets 400 patients, with a mix of biologic-naive and experienced, aiming for robust ACR50/70 responses and durable efficacy.

• Efficacy goal is to approach or exceed benchmarks set by JAK inhibitors and Lilly's peresolimab, with potential for second- and third-line use in a $10B+ market.

• Safety profile to date is benign, with no concerning signals in phase I or comparator studies.

• Ulcerative colitis phase II trial underway, leveraging strong mechanistic rationale and aiming for improved clinical remission rates.