AnaptysBio (ANAB) 43rd Annual J.P. Morgan Healthcare Conference 2025 summary

Key program updates and clinical development

• Rosnilimab is in phase II trials for RA (420-patient, placebo-controlled, top-line data Feb 2025) and UC (132-patient, placebo crossover, data Q1 2026).

• ANB033 (CD122 antagonist) is in phase I for autoimmune/inflammatory diseases, with R&D updates planned for 2025.

• ANB101 (BDCA2 modulator) IND submitted, phase I start expected Q1 2025.

• Legacy programs imsidolimab and etokimab are positioned for out-licensing, with imsidolimab showing positive phase III data in GPP.

• Preclinical immunology pipeline continues to expand, supporting future growth.

Clinical rationale, efficacy, and safety

• Rosnilimab depletes and agonizes PD-1+ T cells, restoring immune homeostasis and showing greater potency than Lilly's peresolimab.

• Safety profile remains favorable, with no dose-limiting toxicities or significant safety signals observed.

• RA trial targets higher order response rates (ACR50, ACR70, CDAI LDA) at week 12, aiming for JAK-like efficacy.

• Durability of response is assessed to week 28 in RA and up to one year in UC, with ongoing blinded safety and efficacy surveillance.

• The main risk is not achieving a commercially compelling efficacy profile, rather than lack of effect or safety issues.

Market landscape and financial position

• RA and UC are large markets with significant unmet need, especially among biologic-experienced patients; US sales exceed $10B for RA and $6.5B for UC.

• 20-25% of RA patients cycle through all classes without achieving low disease activity.

• Rosnilimab aims for JAK-like efficacy with a better safety profile, potentially positioning it before JAK inhibitors.

• The company is well capitalized with ~$420M cash, providing runway through 2027, and expects significant GSK royalties and milestones, including a $75M Jemperli milestone.

• Sagard monetization provides $300M non-dilutive capital, with Jemperli receivables payable to Sagard until $600M paydown, projected by 2029.