Anaptys Provides Update on Business Separation and Announces Fourth Quarter and Full Year 2025 Financial Results
Rhea-AI Summary
Anaptys (Nasdaq: ANAB) announced a planned Q2 2026 spin-off of its biopharma portfolio into a new public company, First Tracks Biotherapeutics (TRAX), while retaining a royalty-management company under the Anaptys name.
Key financials: year-end cash and investments of $311.6M, Q4 2025 net income of $49.6M, and full-year 2025 net loss of $13.2M. Jemperli sales reached $343M in Q4 2025, implying a ~$1.4B annualized run rate and potential >$390M annualized royalties to Anaptys at GSK peak guidance.
Positive
- Cash and investments of $311.6M at Dec. 31, 2025
- Received a $75M one-time commercial milestone from GSK in Dec. 2025
- Jemperli Q4 sales of $343M imply a ~$1.4B annualized run rate
- Jemperli royalties increased 89% quarter and 103% year for reported periods
- Repurchased 3,444,079 shares (11.2% outstanding) totaling $68.6M
Negative
- Cash decreased by $109.2M year-over-year to $311.6M
- Full-year 2025 net loss of $13.2M
- Operating cash used of $130.6M in 2025
- Expect to repay $600M non-recourse debt by end of Q2 2027
- General & administrative expenses rose to $50.7M for 2025 due to separation and transaction costs
Market Reaction – ANAB
Following this news, ANAB has gained 4.30%, reflecting a moderate positive market reaction. The stock is currently trading at $55.10. This price movement has added approximately $60M to the company's valuation.
Data tracked by StockTitan Argus (15 min delayed). Upgrade to Silver for real-time data.
Key Figures
Market Reality Check
Peers on Argus
ANAB slipped 0.25% with relatively low volume, while 2 tracked peers (RIGL, PVLA) from the same biotech group showed downside momentum (median about -2.0%), pointing to a sector-leaning move rather than a purely idiosyncratic reaction.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 04 | Q3 2025 earnings | Positive | +3.6% | Outlined business separation plan and stronger royalty outlook from Jemperli. |
| Aug 06 | Q2 2025 earnings | Neutral | -9.6% | Reported cash, collaboration revenue, net loss and progress on rosnilimab and ANB033. |
| May 05 | Q1 2025 earnings | Positive | -2.9% | Positive rosnilimab Phase 2b data and growing collaboration revenue with strong cash. |
| Feb 27 | FY 2024 results | Positive | +2.6% | Year-end cash strength, higher collaboration revenue and positive RA data for rosnilimab. |
| Nov 05 | Q3 2024 earnings | Positive | +11.7% | Strong cash position, higher collaboration revenue and advancing pipeline trials. |
Earnings/news updates for ANAB have more often led to positive price moves, though there are notable instances of selloffs after otherwise constructive updates.
Over the past five earnings cycles from Nov 2024 through Nov 2025, Anaptys has repeatedly paired financial updates with strategic and clinical milestones. Cash levels have been substantial (e.g., $458.0M in Q3 2024, $383.0M in Q1 2025, $293.7M in Q2 2025, $256.7M in Q3 2025), while collaboration revenue has steadily grown. The company has highlighted positive rosnilimab Phase 2b data, advancing ANB033/ANB101, and a planned separation of biopharma and royalty businesses. Today’s 2025 results and spin-off update extend that trajectory of monetizing Jemperli royalties while advancing immunology assets.
Historical Comparison
In the past five earnings or annual results updates, ANAB moved on average about 1.07%, often reacting to combined financial and pipeline news. Today’s earnings and spin-off update fit this pattern of pairing royalty growth with pipeline progress.
Earnings releases have traced a path from strong cash and rising collaboration revenue toward a clearer royalty-centric model, while rosnilimab, ANB033, and ANB101 advanced and the planned separation of biopharma and royalty businesses took shape.
Market Pulse Summary
This announcement combined full-year 2025 financials with a substantial strategic step: separating royalty assets and biopharma operations into two public companies. Key data include Jemperli Q4 2025 sales of $343M, expected royalties of >$390M at GSK’s peak guidance, and year-end cash of $311.6M. Investors may focus on execution of the Q2 2026 spin-off, progress of ANB033 and rosnilimab, and the durability of collaboration revenue growth.
Key Terms
spin-off financial
Phase 1b medical
Phase 2b medical
Biologics License Application regulatory
Breakthrough Therapy Designation regulatory
stock repurchase program financial
AI-generated analysis. Not financial advice.
- Spin-off of biopharma operations into a public company to be called “First Tracks Biotherapeutics” on track for Q2 2026, potentially as early as late-April
- Phase 1b enrollment ongoing in celiac disease and trial cohort initiated in eosinophilic esophagitis for ANB033, a CD122 antagonist
- GSK announced strong commercial performance for Jemperli, growing >
13% quarter-over-quarter to$343 million in Q4 2025, implying a ~$1.4 billion annualized run rate - Expect to achieve >
$390 million in annualized Jemperli royalties payable to Anaptys at GSK’s peak sales guidance of >$2.7 billion as early as 2029 - Year-end 2025 cash and investments of ~
$311 million
SAN DIEGO, March 03, 2026 (GLOBE NEWSWIRE) -- AnaptysBio, Inc. (Nasdaq: ANAB), a clinical-stage biotechnology company focused on delivering innovative immunology therapeutics, today provided an update on the potential spin-off of its biopharma operations and reported financial results for the fourth quarter and year ended Dec. 31, 2025.
“We are approaching a defining inflection point for Anaptys, as we plan to spin-off in Q2 2026 our wholly owned biopharma portfolio into a public company, to be called First Tracks Biotherapeutics, to unlock and amplify value for investors across two distinct sets of assets,” said Daniel Faga, president and chief executive officer of Anaptys. “In our royalty portfolio, Jemperli exited Q4 2025 on a ~
INTENT TO SEPARATE BUSINESS
- Intention to separate biopharma operations from substantial royalty assets on track for Q2 2026, potentially as early as late-April
- Designed to unlock potential value by creating two independent, publicly traded companies with different business objectives and opportunities
- The royalty management company will initially retain the name AnaptysBio (Nasdaq: ANAB) and will manage the financial collaborations from Jemperli with GSK and imsidolimab with Vanda, with a focus on protecting and returning their value to shareholders
- While specific decisions regarding board composition, leadership and financial operations will be disclosed at a later time, Daniel Faga is anticipated to be the initial CEO
- First Tracks Biotherapeutics, Inc. (Nasdaq: TRAX) (formerly referred to as Biopharma Co), will be a public company focused on the development and potential commercialization of innovative immunology therapeutics for autoimmune and inflammatory diseases, including ANB033, rosnilimab and ANB101
- Form 10 registration statement has been publicly filed in connection with the planned spin-off
- Initial Board of Directors for First Tracks Biotherapeutics is expected to include certain current members of Anaptys’ Board: Daniel Faga, Dennis Fenton, Ph.D., John Orwin (Chairman), John Schmid, Magda Marquet, Ph.D., Rita Jain, M.D., and Tony Ware, M.D.
- Initial executive leadership team for First Tracks Biotherapeutics will include Daniel Faga, CEO, Paul Lizzul, CMO and Ben Stone, CBO. Additional executives will be disclosed at a later time.
- Upon completion of the spin-off, First Tracks Biotherapeutics will launch with adequate capital to fund operations through significant potential product milestones
AnaptysBio (formerly referred to as “Royalty Management Co”)
GSK Jemperli Financial Collaboration
- GSK announced strong commercial performance for Jemperli (
$343 million /£261 million in Q4 2025 sales;$1.12 8 billion/£861 million in YTD 2025 sales) with >13% USD and GBP quarter-over-quarter growth1- Implies a ~
$1.4 billion annualized run rate - In Dec. 2025, Anaptys received a one-time
$75 million commercial sales milestone from GSK when Jemperli achieved$1 billion in worldwide net sales in Nov. 2025
- Implies a ~
- Anaptys expects to achieve >
$390 million in annualized Jemperli royalties payable to Anaptys at GSK’s peak sales guidance of >$2.7 billion 2 as early as 2029 - Anaptys estimates Sagard will have accrued ~
$250 million in royalties and sales milestones through year-end 2025 and anticipates full paydown of$600 million non-recourse debt monetization by the end of Q2 20273 - Substantial GSK investment in additional monotherapy and potential combination trials for Jemperli, including:
- AZUR-1 – pivotal Phase 2 – dostarlimab monotherapy in untreated stage II/III dMMR/MSI-H locally advanced rectal cancer
- Top-line data expected in 2026; U.S. FDA Breakthrough Therapy Designation
- Received an FDA Commissioner’s National Priority Voucher (CNPV) in Nov. 2025 allowing for only a one to two-month BLA review timeline for US FDA approval
- AZUR-2 – pivotal Phase 3 – dostarlimab versus standard of care in untreated TN40 or stage III dMMR/ MSI-H resectable colon cancer
- Top-line data expected in 2028
- AZUR-4 – Phase 2 – dostarlimab plus chemotherapy versus standard of care (chemotherapy) in untreated stage III MMRp/MSS resectable colon cancer
- Top-line data expected in Q4 2026
- JADE – pivotal Phase 3 – dostarlimab monotherapy versus placebo in locally advanced unresected head and neck squamous cell carcinoma (PD-L1 hiPghD-L1 CPS≥1) post chemoradiation
- Top-line data expected in 2028
- Top-line data expected in 2028
- AZUR-1 – pivotal Phase 2 – dostarlimab monotherapy in untreated stage II/III dMMR/MSI-H locally advanced rectal cancer
Vanda Imsidolimab Financial Collaboration
- FDA accepted the BLA filing for imsidolimab in generalized pustular psoriasis (GPP) in Feb. 2026 with a target action date of Dec. 12, 2026
First Tracks Biotherapeutics (formerly referred to as “Biopharma Co”)
ANB033 (CD122 antagonist)
- Phase 1b trial in celiac disease ongoing
- 60-patient trial assessing one dose level of subcutaneously administered ANB033 vs. placebo (randomized 1:1) across two different cohorts
- Cohort 1 (n=30) is a gluten-challenge study to assess the prevention of mucosal damage
- Patients enrolled have a Vh:Cd ratio of >2.0 are treated with ANB033 or placebo for 4 weeks, and after are administered a daily 6-gram gluten challenge at Week 4 for 14 days, and are assessed at Week 6 via biopsy
- Cohort 2 (n=30) is a study to assess the possibility of mucosal healing in the likely commercial population
- Patients enrolled have a Vh:Cd ratio of <2.0 are treated with ANB033 or placebo for 4 weeks and are assed at Week 12 via biopsy
- Top-line Phase 1b data for both cohorts anticipated in Q4 2026
- Phase 1b trial in eosinophilic esophagitis initiated in Q1 2026
- 50-patient cohort assessing one dose level of subcutaneously administered ANB033 vs. placebo (randomized 1:1)
- Top-line Phase 1b data anticipated in 2027
Rosnilimab (Pathogenic T Cell Depleter)
- Presented Phase 2b data for rosnilimab, a pathogenic T cell depleter, in rheumatoid arthritis as a late-breaking oral presentation at American College of Rheumatology (ACR) Convergence 2025
- Presentation available on the Anaptys website here
- Anticipate providing an update on advancement of rosnilimab in RA, which would be funded by strategic or other outside sources of capital, in Q2 2026
ANB101 (BDCA2 modulator)
- Phase 1a trial in healthy volunteers ongoing
- To date, ANB101’s preclinical and Phase 1a data have suggested it is a more potent antibody with longer half-life resulting in deeper and more durable PD effect of pDC depletion vs. Biogen’s litifilimab, a competing BDCA2 modulator
FINANCIAL UPDATES
Cash Position and Stock Repurchase Program
- Cash and investments of
$311.6 million as of Dec. 31, 2025 - Company has repurchased a total of 3,444,079 shares of common stock (
11.2% shares outstanding) with$68.6 million as of Dec. 31, 2025, from its$175.0 million Stock Repurchase Program, which expires March 31, 2026
Fourth Quarter and Full Year 2025 Financial Results
- Cash, cash equivalents and investments totaled
$311.6 million as of Dec. 31, 2025, compared to$420.8 million as of Dec. 31, 2024, for a decrease of$109.2 million due primarily to$130.6 million used for operating activities and$68.6 million in shares repurchased offset by$75.0 million received from GSK for Jemperli total sales for 2025 exceeding$1.0 billion and$15.0 million received from Vanda Pharmaceuticals for the license of imsidolimab. - Collaboration revenue was
$108.2 million and$234.6 million for the three and twelve months ended Dec. 31, 2025, compared to$43.1 million and$91.3 million for the three and twelve months ended Dec. 31, 2024. The increase was due primarily to Jemperli total sales for 2025 exceeding$1.0 billion which earned one-time$50 million and$75 million commercial sales milestones under our license agreement with GSK, Jemperli royalties increased89% from$17.3 million to$32.7 million and103% from$47.4 million to$96.0 million for the three and twelve months ended Dec. 31, 2025, and$9.7 million in revenue recognized for the Vanda license agreement. - Research and development expenses were
$25.6 million and$136.0 million for the three and twelve months ended Dec. 31, 2025, compared to$42.6 million and$163.8 million for the three and twelve months ended Dec. 31, 2024. The decrease for the three and twelve months ended Dec. 31, 2025, was primarily due to decreased development costs for ANB032, rosnilimab, and imsidolimab, offset by increased costs relating to the Phase 1 trials for ANB033 and ANB101. The R&D non-cash, stock-based compensation expense was$3.8 million and$17.1 million for the three and twelve months ended Dec. 31, 2025, as compared to$3.9 million and$14.8 million in the same period in 2024. - General and administrative expenses were
$15.8 million and$50.7 million for the three and twelve months ended Dec. 31, 2025, compared to$10.2 million and$42.4 million for the three and twelve months ended Dec. 31, 2024. The increase was due primarily to legal costs including the separation of the company and transaction costs associated with the Vanda Pharmaceuticals license agreement. The G&A non-cash, stock-based compensation expense was$4.7 million and$18.9 million for the three and twelve months ended Dec. 31, 2025, as compared to$4.3 million and$19.2 million in the same period in 2024. - Net income was
$49.6 million for the three months ended Dec. 31, 2025, or a net income per share of$1.79 and a net loss of$13.2 million for the twelve months ended Dec. 31, 2025, or a net loss per share of$0.46 , compared to a net loss of$21.8 million and$145.2 million for the three and twelve months ended Dec. 31, 2024, or a net loss per share of$0.72 and$5.12 .
About Anaptys
Anaptys is a clinical-stage biotechnology company focused on delivering innovative immunology therapeutics for autoimmune and inflammatory diseases. The company’s pipeline includes rosnilimab, a pathogenic T cell depleter, which has completed a Phase 2b trial for rheumatoid arthritis; ANB033, a CD122 antagonist, in a Phase 1b trial for celiac disease and eosinophilic esophagitis; and ANB101, a BDCA2 modulator, in a Phase 1a trial. Anaptys has also discovered and out-licensed in financial collaborations multiple therapeutic antibodies, including a PD-1 antagonist (Jemperli (dostarlimab-gxly)) to GSK and an IL-36R antagonist (imsidolimab) to Vanda Pharmaceuticals. To learn more, visit www.AnaptysBio.com or follow us on LinkedIn.
Anaptys recently announced the intent to separate its biopharma operations from its substantial royalty assets by year-end 2026, enabling investors to align their investment philosophies and portfolio allocation with the strategic opportunities and financial objectives of each company. Learn more here.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to: the timing of the release of data from the Company’s clinical trials, including initial data from ANB033's Phase 1b clinical trial in celiac disease and initial data from ANB033's Phase 1b clinical trial in eosinophilic esophagitis; expectations regarding the structure, infrastructure, timing and taxation of the proposed separation of companies; timing of paydown of financial obligations to Sagard; whether any partnership with rosnilimab will take place; the potential to receive any royalties or milestone payments from the Vanda Pharmaceuticals license agreement; the potential to receive any additional milestones or royalties from the GSK collaboration and timing therefor; and the projected cash runway for First Tracks Biotherapeutics. Statements including words such as “plan,” “continue,” “expect,” or “ongoing” and statements in the future tense are forward-looking statements. These forward-looking statements involve risks and uncertainties, as well as assumptions, which, if they do not fully materialize or prove incorrect, could cause its results to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements are subject to risks and uncertainties that may cause the company’s actual activities or results to differ significantly from those expressed in any forward-looking statement, including risks and uncertainties related to the company’s ability to advance its product candidates, obtain regulatory approval of and ultimately commercialize its product candidates, the timing and results of preclinical and clinical trials, the company’s ability to fund development activities and achieve development goals, the company’s ability to protect intellectual property, the ability to effect the separation of companies as described herein and other risks and uncertainties described under the heading “Risk Factors” in documents the company files from time to time with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this press release, and the company undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof.
Contact:
Nick Montemarano
Executive Director, Investor Relations
858.732.0178
investors@anaptysbio.com
| ___________________________________ | |
| 1. | GSK Q4 2025 earnings call, 2/4/2026 |
| 2. | CEO Emma Walmsley, 2025 JP Morgan CEO Series fireside chat, 9/11/2025,“there's no change to our peak year sales overall ambition for Jemperli, that's for sure, which is far more than |
| 3. | ~ |
| AnaptysBio, Inc. Consolidated Balance Sheets (in thousands, except par value data) | |||||||
| December 31, 2025 | December 31, 2024 | ||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 238,196 | $ | 123,080 | |||
| Receivables from collaborative partners | 33,850 | 40,765 | |||||
| Short-term investments | 73,442 | 262,293 | |||||
| Prepaid expenses and other current assets | 4,762 | 5,738 | |||||
| Total current assets | 350,250 | 431,876 | |||||
| Property and equipment, net | 1,370 | 1,849 | |||||
| Operating lease right-of-use assets | 12,519 | 14,383 | |||||
| Long-term investments | — | 35,470 | |||||
| Other long-term assets | 256 | 256 | |||||
| Total assets | $ | 364,395 | $ | 483,834 | |||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 3,871 | $ | 4,002 | |||
| Accrued expenses | 32,674 | 39,501 | |||||
| Current portion of operating lease liability | 2,080 | 1,925 | |||||
| Total current liabilities | 38,625 | 45,428 | |||||
| Liability related to sale of future royalties | 276,528 | 353,426 | |||||
| Operating lease liability, net of current portion | 12,032 | 14,112 | |||||
| Stockholders’ equity: | |||||||
| Preferred stock, | — | — | |||||
| Common stock, | 28 | 30 | |||||
| Additional paid in capital | 809,765 | 829,860 | |||||
| Accumulated other comprehensive (loss) gain | (24 | ) | 305 | ||||
| Accumulated deficit | (772,559 | ) | (759,327 | ) | |||
| Total stockholders’ equity | 37,210 | 70,868 | |||||
| Total liabilities and stockholders’ equity | $ | 364,395 | $ | 483,834 | |||
| AnaptysBio, Inc. Consolidated Statements of Operations and Comprehensive Income (Loss) (in thousands, except per share data) | |||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Collaboration revenue | $ | 108,249 | $ | 43,113 | $ | 234,603 | $ | 91,280 | |||||||
| Operating expenses: | |||||||||||||||
| Research and development | 25,559 | 42,589 | 135,970 | 163,840 | |||||||||||
| General and administrative | 15,789 | 10,194 | 50,737 | 42,389 | |||||||||||
| Total operating expenses | 41,348 | 52,783 | 186,707 | 206,229 | |||||||||||
| Income (loss) from operations | 66,901 | (9,670 | ) | 47,896 | (114,949 | ) | |||||||||
| Other (expense) income, net: | |||||||||||||||
| Interest income | 2,508 | 5,263 | 13,499 | 19,794 | |||||||||||
| Non-cash interest expense for the sale of future royalties | (19,711 | ) | (17,404 | ) | (79,893 | ) | (50,087 | ) | |||||||
| Other (expense) income, net | (3 | ) | 21 | 5,430 | 14 | ||||||||||
| Total other (expense) income, net | (17,206 | ) | (12,120 | ) | (60,964 | ) | (30,279 | ) | |||||||
| Gain (loss) before income taxes | 49,695 | (21,790 | ) | (13,068 | ) | (145,228 | ) | ||||||||
| (Provision) benefit for income taxes | (81 | ) | 6 | (164 | ) | (3 | ) | ||||||||
| Net income (loss) | 49,614 | (21,784 | ) | (13,232 | ) | (145,231 | ) | ||||||||
| Other comprehensive income (loss): | |||||||||||||||
| Unrealized (loss) gain on available for sale securities | (71 | ) | (454 | ) | (329 | ) | 1,102 | ||||||||
| Comprehensive income (loss) | $ | 49,543 | $ | (22,238 | ) | $ | (13,561 | ) | $ | (144,129 | ) | ||||
| Net income (loss) per common share: | |||||||||||||||
| Basic | $ | 1.79 | $ | (0.72 | ) | $ | (0.46 | ) | $ | (5.12 | ) | ||||
| Diluted | $ | 1.58 | $ | (0.72 | ) | $ | (0.46 | ) | $ | (5.12 | ) | ||||
| Weighted-average number of shares outstanding: | |||||||||||||||
| Basic | 27,789 | 30,448 | 28,758 | 28,382 | |||||||||||
| Diluted | 31,343 | 30,448 | 28,758 | 28,382 | |||||||||||
FAQ
What is Anaptys (ANAB) announcing about the Q2 2026 spin-off to First Tracks Biotherapeutics?
How much cash did Anaptys (ANAB) report at year-end 2025 and what drove the change?
What do Jemperli sales mean for Anaptys (ANAB) royalty prospects and timing?
What are the near-term clinical milestones for First Tracks Biotherapeutics' ANB033 under ANAB?
How much stock has Anaptys (ANAB) repurchased and what percent of shares outstanding does that represent?
What were Anaptys (ANAB) reported 2025 earnings and major expense drivers affecting profitability?
