AnaptysBio (ANAB) Corporate presentation summary

Strategic transformation and company separation

• Plans to separate into two independent, publicly traded entities by Q2 2026: First Tracks Biotherapeutics (biopharma) and AnaptysBio (royalty management).

• First Tracks will focus on immunology R&D and clinical-stage assets, while AnaptysBio will manage and return value from royalty streams, notably Jemperli (GSK) and imsidolimab (Vanda).

• Anticipated YE 2025 cash of ~$311M, including a $75M milestone from GSK.

• First Tracks to be capitalized to fund operations through key product milestones.

Pipeline and clinical development

• First Tracks' pipeline includes ANB033 (CD122 antagonist), rosnilimab (pathogenic T cell depleter), and ANB101 (BDCA2 modulator).

• ANB033 is in Phase 1b for celiac disease (CeD) and eosinophilic esophagitis (EoE), with top-line data expected Q4 2026 and 2027, respectively.

• Rosnilimab completed Phase 2b in rheumatoid arthritis (RA), showing best-in-disease efficacy and favorable safety.

• ANB101 is in Phase 1 for inflammatory diseases.

ANB033: Mechanism, data, and market opportunity

• ANB033 targets CD122, inhibiting IL-15/IL-2 signaling, reducing pathogenic T and NK cells, and showing strong preclinical and Phase 1a safety and PK data.

• Phase 1b in CeD includes cohorts for prevention of mucosal damage and mucosal healing; top-line data expected Q4 2026.

• Addresses a high unmet need in non-responsive CeD (~250,000 US patients), with a potential $4-5B US market.

• Also in Phase 1b for EoE, targeting both dupilumab-sensitive and insensitive pathways.