AnaptysBio (ANAB) Barclays 28th Annual Global Healthcare Conference summary

Corporate strategy and restructuring

• Preparing to spin off biopharma operations into First Tracks Biotherapeutics within 1–2 months.

• Remaining entity will focus on royalty-based financial operations with high EBIT margins and minimal operating expenses.

• Most employees and labs will transfer to the new biopharma company, which will be initially funded from the balance sheet.

• Capital allocation decisions for the new entity will be finalized soon, with potential for shareholder returns from excess capital.

• Royalty business expects to be GAAP positive immediately and cash flow positive by mid-2027 after debt repayment.

Pipeline and clinical development

• ANB033, a CD122 antagonist, is advancing in celiac disease and EoE, with phase I-B data expected in Q4 2024.

• Rosanilimab, a PD-1 depleter, showed positive phase II-B arthritis data and is being prepared for phase III.

• ANB101, a BDCA-2 modulator, is in phase I-A, with a similar Biogen program in phase III for SLE and CLE.

• EoE trial for ANB033 is enrolling, with data anticipated in 2027, targeting both Dupixent-experienced and naive patients.

• Expansion into additional indications, such as vitiligo and type 1 diabetes, is under consideration pending further data.

Clinical trial design and differentiation

• Celiac disease phase I-B includes two cohorts: gluten challenge and patients with existing mucosal injury.

• Primary endpoints include histology (VHCD) and patient-reported outcomes (PROs), aligning with draft FDA guidance.

• Second cohort design is novel, aiming to de-risk future phase II-B trials by including a more representative patient population.

• ANB033 targets both IL-2 and IL-15 pathways, potentially offering broader efficacy than competitors focused solely on IL-15.

• Differentiation includes a potent subcutaneous format and unique epitope binding, with additional data from the second cohort.