AnaptysBio (ANAB) 2024 Wells Fargo Healthcare Conference summary

Pipeline overview and development strategy

• Two lead therapeutic antibodies in mid-stage development target BTLA and PD-1, with phase II-B readouts expected in the next six months.

• Additional two antibody programs are advancing toward clinical development in 2025.

• Approximately $500 million in cash available, supporting ongoing and future trials.

• Investment in drug supply for phase III and phase II expansion indications is underway.

• Strategy includes both internal advancement and potential partnerships for large-scale trials.

Scientific rationale and differentiation

• Focus on autoimmune diseases with heterogeneous patient populations and systemic impact.

• Checkpoint agonists (PD-1, BTLA) aim to modulate multiple immune cell types for broader efficacy.

• Rosnilimab (PD-1 agonist) shows higher potency and broader T cell depletion compared to competitors.

• BTLA program targets broader immune pathways, including Th1 and dendritic cells, for potentially deeper and more durable responses.

Clinical trial design and competitive landscape

• RA phase II-B trial: 420 patients, three active arms vs. placebo, standard 12-week endpoint, with extended follow-up for responders.

• UC phase II trial: 130 patients, two active arms vs. placebo, clinical remission as primary endpoint, Q1 2026 readout.

• Efficacy benchmarks aim for JAK-like responses without associated adverse events, targeting second- and third-line markets.

• BTLA phase II trial in atopic dermatitis includes Dupi-experienced patients, seeking signals of efficacy in both frontline and second-line settings.