AnaptysBio (ANAB) Leerink Global Healthcare Conference 2026 summary

Corporate restructuring and royalty business outlook

• Company is splitting into two entities: a royalty-focused parent and a biopharma spin-off, with the separation expected by end of April.

• Parent will retain royalties from Jemperli and imsidolimab, with Jemperli's royalty rate escalating from 8% at $1B sales to 25% above $2.5B.

• Jemperli's run rate is $1.4B, with GSK guiding to peak sales north of $2.7B; royalties could reach $400M by 2029.

• Parent company expects to be cash flow positive by mid-2027, operating virtually with minimal OpEx and staff.

• Litigation with GSK over Jemperli's development is ongoing, with a bench trial set for July 14; outcome could revert Jemperli rights.

Biopharma spin-off and pipeline development

• Biopharma business (First Tracks Bio, ticker FSTX) will receive all employees and relevant assets, with the spin-off not contingent on litigation outcome.

• ANB033, a CD122 antagonist, is the anchor program targeting celiac disease and EoE, both with significant unmet need.

• ANB033 differentiates via subcutaneous dosing and strong PD effects, showing 98% elimination of CD122+ NK cells in phase Ia.

• Celiac phase Ib trial is underway, with data expected in Q4; trial design includes gluten challenge and mucosal healing cohorts.

• EoE program leverages similar mechanisms, aiming to address the 175,000 biologic-eligible US patients, with potential to outperform current standard Dupixent.

Clinical and strategic outlook

• Celiac trial is enrolling globally, on track for Q4 data; EoE data expected in 2027.

• Safety profile for ANB033 is favorable, with no significant issues observed to date.

• Dosing strategy for ANB033 is induction-based, with potential for less frequent dosing in later trials.

• Biopharma business aims to advance four indications to phase IIb by 2028, with flexibility to expand into additional autoimmune diseases.

• Capital allocation between the two entities is designed to maximize shareholder value, with potential for share repurchases and further pipeline investment.