Spin-off leaves AnaptysBio (NASDAQ: ANAB) with 2025 pro forma profit

Rhea-AI Filing Summary

AnaptysBio, Inc. completed the spin-off of its biopharma operations into First Tracks Biotherapeutics, Inc. on April 20, 2026 and is now providing unaudited pro forma financial information reflecting the company after this separation.

The pro forma balance sheet as of December 31, 2025 shows a $100.0 million initial cash distribution to First Tracks, reducing AnaptysBio’s cash and cash equivalents from $238,196 to $138,196 (in thousands). Pro forma 2025 results convert a historical net loss of $13,232 (in thousands) into net income of $114,857 (in thousands), with collaboration revenue of $234,603 (in thousands) and basic pro forma earnings per share of $3.99.

Notes explain that First Tracks is treated as discontinued operations under ASC 205, that AnaptysBio anticipates approximately $7.0 million of additional non-recurring spin-off costs, and that a transition services agreement will add about $2.0 million to general and administrative expenses.

Insights

Equity spin-off and pro forma financials specialist

Spin-off leaves AnaptysBio smaller, focused, and pro forma profitable.

AnaptysBio has carved out its biopharma operations into First Tracks Biotherapeutics, distributing one First Tracks share for every one AnaptysBio share held on April 6, 2026. Pro forma statements recast past results as if AnaptysBio had operated without those spun-off activities.

For 2025, collaboration revenue remains $234,603 (in thousands), but removing First Tracks and applying transaction adjustments turns a historical net loss of $13,232 (in thousands) into pro forma net income of $114,857 (in thousands), or $3.99 basic EPS. A $100.0 million cash distribution to First Tracks and higher accrued expenses reshape the balance sheet and equity.

Management also anticipates about $7.0 million of additional non-recurring spin-off costs and records roughly $2.0 million of transition services expense. Future disclosures in periodic filings will show how the post-spin entity performs relative to these pro forma baselines.

8-K Event Classification

Item 9.01 — Financial Statements and Exhibits

1 item

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Initial cash distribution to First Tracks: $100.0 million Cash and cash equivalents pre-spin: $238,196 (in thousands) Cash and cash equivalents pro forma: $138,196 (in thousands) +5 more

8 metrics

Initial cash distribution to First Tracks $100.0 million Cash provided to First Tracks Biotherapeutics in connection with the spin-off

Cash and cash equivalents pre-spin $238,196 (in thousands) Historical AnaptysBio balance sheet as of December 31, 2025

Cash and cash equivalents pro forma $138,196 (in thousands) Pro forma AnaptysBio continuing operations as of December 31, 2025

2025 collaboration revenue $234,603 (in thousands) Pro forma continuing operations year ended December 31, 2025

2025 pro forma net income $114,857 (in thousands) Net income from continuing operations after spin-off adjustments, 2025

Basic EPS 2025 pro forma $3.99 per share Pro forma net income per basic common share for 2025

Additional non-recurring spin-off costs $7.0 million Anticipated transaction advisory and professional fees within 12 months

Transition services expense $2.0 million Increase to general and administrative expenses from Transition Services Agreement

Key Terms

Spin-Off, discontinued operations, Transaction Accounting Adjustments, Transition Services Agreement, +2 more

6 terms

Spin-Off financial

"completed the previously announced separation (the “Spin-Off”) of First Tracks Biotherapeutics, Inc."

A spin-off happens when a company creates a new, independent business by separating part of itself, like splitting off a division into its own company. This often happens so the new company can focus better on its own goals or attract different investors. It matters because it can lead to more growth opportunities and clearer focus for both companies.

discontinued operations financial

"Reflects the discontinued operations of First Tracks Biotherapeutics, including the associated assets, liabilities, equity"

Discontinued operations are parts of a company that it has decided to sell or shut down, and no longer plans to run in the future. This matters to investors because it helps them understand which parts of the business are ongoing and which are being phased out, providing a clearer picture of the company’s current performance and future prospects. Think of it like a store closing a department—it no longer contributes to sales or profits.

Transaction Accounting Adjustments financial

"Transaction Accounting Adjustments The unaudited pro forma condensed consolidated financial statements"

Transition Services Agreement financial

"entered into a transition services agreement on April 20, 2026 (the “Transition Services Agreement”)"

A transition services agreement is a formal arrangement where one company continues to provide essential services—such as IT, human resources, or accounting—to another company after a business deal or change in ownership. It acts like a temporary bridge, ensuring smooth operations during a transition period. For investors, it provides clarity on how long support will last and helps assess potential costs and stability during the change.

non-cash interest expense for the sale of future royalties financial

"Non-cash interest expense for the sale of future royalties"

ASC 205 financial

"prepared in accordance with the discontinued operations guidance in Accounting Standards Codification 205"

Understanding 8-K Material Events →

ANAPTYSBIO, INC true 0001370053 0001370053 2026-04-20 2026-04-20

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K/A

(Amendment No. 1)

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 20, 2026

ANAPTYSBIO, INC.

(Exact name of registrant as specified in its charter)

Delaware		001-37985		20-3828755
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

10770 Wateridge Circle, Suite 210, San Diego, CA		92121
(Address of principal executive offices)		(Zip Code)

(858) 362-6295

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading symbol(s)		Name of each exchange on which registered
Common stock, par value $0.001 per share		ANAB		The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Explanatory Note

On April 20, 2026 (the “Distribution Date”) at 12:01 a.m., New York City time, AnaptysBio, Inc. (the “Company”) completed the previously announced separation (the “Spin-Off”) of First Tracks Biotherapeutics, Inc. (“First Tracks Biotherapeutics”) from the Company. The Spin-Off of First Tracks Biotherapeutics was achieved through the Company’s pro rata distribution of all of the outstanding shares of common stock of First Tracks Biotherapeutics to holders of record of the Company’s common stock. Each holder of record of the Company’s common stock received one share of First Tracks Biotherapeutics’ common stock for every one share of Company common stock held on April 6, 2026, the record date for the distribution. On April 20, 2026, First Tracks Biotherapeutics’ shares of common stock began trading on the Nasdaq Stock Market LLC under the ticker symbol “TRAX.”

In this Amendment No. 1 the Company amends the Current Report on Form 8-K filed by the Company with the Securities and Exchange Commission on April 20, 2026 (the “Original Form 8-K”) that reported the completion of the Spin-Off. The Original Form 8-K did not include the unaudited pro forma financial information of the Company reflecting the performance of the Company’s businesses after giving effect to the Spin-Off. This Amendment No. 1 to the Original Form 8-K is being filed to include such pro forma financial information as required under Item 9.01(b) of Form 8-K.

Unaudited pro forma financial information included in this Amendment No. 1 to the Original Form 8-K has been presented to illustrate the estimated effects of the Spin-Off and is not necessarily indicative of the results of operations that the Company would have achieved had the Spin-Off been completed as of the dates indicated or of the results that may be obtained in the future.

Item 9.01 Financial Statements and Exhibits.

(b) Pro Forma Financial Information

The following unaudited pro forma financial information of the Company is filed as Exhibit 99.1 to this Amendment No. 1 to the Original Form 8-K and is incorporated herein by reference.

• Unaudited Pro Forma Condensed Consolidated Balance Sheet as of December 31, 2025

• Unaudited Pro Forma Condensed Consolidated Statements of Operations for each of the three years ended December 31, 2025, 2024 and 2023

• Notes to the Unaudited Pro Forma Condensed Consolidated Financial Statements.

(d) Exhibits

Exhibit No.		Description
99.1		Unaudited Pro Forma Consolidated Financial Information of AnaptysBio, Inc.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: April 24, 2026

ANAPTYSBIO, INC.
By:		/s/ Dan Faga
		Dan Faga
		President and Chief Executive Officer

Exhibit 99.1

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL INFORMATION

Spin-Off of First Tracks Biotherapeutics

On April 20, 2026 (the “Distribution Date”), AnaptysBio, Inc. (the “Company” or “AnaptysBio”) completed the separation of its biopharma operations by means of a spin-off (the “Spin-Off”) into a new, independent public company, First Tracks Biotherapeutics, Inc. (“First Tracks”).

Unaudited Pro Forma Condensed Consolidated Financial Information

The following unaudited pro forma condensed consolidated financial statements as of and for the year ended December 31, 2025, and for each of the years ended December 31, 2024, and 2023, reflect adjustments to the Company’s historical financial results related to the:

• Spin-Off and related events. The unaudited pro forma condensed consolidated statement of operations for the year ended December 31, 2025 gives effect to the Spin-Off and related events as if they occurred on January 1, 2025. The unaudited pro forma condensed consolidated balance sheet as of December 31, 2025 gives effect to the Spin-Off and related events as if they occurred on December 31, 2025, the Company’s latest balance sheet date.

• First Tracks Discontinued Operations. The unaudited pro forma condensed consolidated financial statements reflect the reclassification of First Tracks as Discontinued Operations for all periods presented.

The unaudited pro forma condensed consolidated financial statements were prepared in accordance with Article 11 of Regulation S-X. The unaudited pro forma condensed consolidated financial statements (i) are presented based on information currently available, (ii) are intended for informational purposes only, (iii) are not necessarily indicative of and do not purport to represent what the Company’s operating results would have been had the Spin-Off and related events occurred as described or what the Company’s future operating results will be after giving effect to these events, and (iv) do not reflect all actions that may be undertaken by the Company after the Spin-Off.

The unaudited pro forma condensed consolidated financial statements and the accompanying notes should be read together with:

• The audited consolidated financial statements, the accompanying notes and Management’s Discussion and Analysis of Financial Condition and Results of Operations of AnaptysBio as of and for the year ended December 31, 2025 in AnaptysBio’s Annual Report on Form10-K for the year ended December 31, 2025.

• First Tracks audited annual combined financial statements, the accompanying notes and Management’s Discussion and Analysis of Financial Condition and Results of Operations included in First Track’s Registration Statement on Form 10 filed with the SEC on March 3, 2026 and most recently amended on March 27, 2026.

In the enclosed unaudited pro forma condensed consolidated statements of operations and unaudited pro forma condensed consolidated balance sheet, the amounts reflected in the columns presented are described below:

Historical AnaptysBio, Inc.

This column reflects the Company’s historical financial statements for the periods presented and does not reflect any adjustments related to the Spin-Off and related events.

The historical consolidated statements of operations for each of the years ended December 31, 2025, 2024 and 2023 were derived from the Company’s audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2025.

First Tracks Discontinued Operations

The unaudited pro forma financial information related to First Tracks Discontinued Operations has been prepared in accordance with the discontinued operations guidance in Accounting Standards Codification 205, “Financial Statement Presentation” (“ASC 205”) and therefore does not reflect what AnaptysBio or First Tracks’s results of operations would have been on a stand-alone basis, and are not necessarily indicative of AnaptysBio or First Tracks’s future results of operations.

Transaction Accounting Adjustments

The unaudited pro forma condensed consolidated financial statements as of and for the year ended December 31, 2025 reflect additional pro forma adjustments.

AnaptysBio, Inc,

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET

AS OF DECEMBER 31, 2025

(in thousands, except par value)

		Historical AnaptysBio, Inc.				First Tracks Biotherapeutics, Inc. Discontinued Operations (A)				Transaction Accounting Adjustments				Pro Forma AnaptysBio, Inc. Continuing Operations
ASSETS
Current assets:
Cash and cash equivalents		$	238,196			$	—			$	(100,000	) (B)		$	138,196
Receivables from collaborative partners			33,850				—				—				33,850
Short-term investments			73,442				—				—				73,442
Prepaid expenses and other current assets			4,762				(4,762	)			—				—
Total current assets			350,250				(4,762	)			(100,000	)			245,488
Property and equipment, net			1,370				(1,370	)			—				—
Operating lease right-of-use assets			12,519				—				—				12,519
Other long-term assets			256				—				—				256
Total assets		$	364,395			$	(6,132	)		$	(100,000	)		$	258,263
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable		$	3,871			$	—			$	—			$	3,871
Accrued expenses			32,674				—				47,354	(C)(D)(E)			80,028
Current portion of operating lease liability			2,080				—				—				2,080
Total current liabilities			38,625				—				47,354				85,979
Liability related to sale of future royalties			276,528				—				—				276,528
Operating lease liability, net of current portion			12,032				—				—				12,032
Stockholders’ equity:
Common stock			28				—				—				28
Additional paid in capital			809,765				—				—				809,765
Accumulated other comprehensive loss			(24	)			—				—				(24	)
Accumulated deficit			(772,559	)			(6,132	)			(147,354	) (B)(C)(D)(E)			(926,045	)
Total stockholders’ equity			37,210				(6,132	)			(147,354	)			(116,276	)
Total liabilities and stockholders’ equity		$	364,395			$	(6,132	)		$	(100,000	)		$	258,263

AnaptysBio, Inc.

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2025

(in thousands, except per share amounts)

		Historical AnaptysBio, Inc.				First Tracks Biotherapeutics, Inc. Discontinued Operations (A)				Transaction Accounting Adjustments				Pro Forma AnaptysBio, Inc. Continuing Operations
Collaboration revenue		$	234,603			$	—			$	—			$	234,603
Operating expenses:
Research and development			135,970				(139,614	)			—				(3,644	)
General and administrative			50,737				(39,392	)			9,014	(C)(D)			20,359
Total operating expenses			186,707				(179,006	)			9,014				16,715
Income from operations			47,896				179,006				(9,014	)			217,888
Other (expense) income, net:
Interest income			13,499				(3,586	)			—				9,913
Non-cash interest expense for the sale of future royalties			(79,893	)			—				—				(79,893	)
Other income, net			5,430				23				—				5,453
Total other expense, net			(60,964	)			(3,563	)			—				(64,527	)
(Loss) income before income taxes			(13,068	)			175,443				(9,014	)			153,361
Provision for income taxes			(164	)			—				(38,340	) (E)			(38,504	)
Net (loss) Income			(13,232	)			175,443				(47,354	)			114,857
Other comprehensive loss:
Unrealized loss on available for sale securities			(329	)			—				—				(329	)
Comprehensive (loss) income		$	(13,561	)		$	175,443			$	(47,354	)		$	114,528
Net (loss) income per common share:
Basic		$	(0.46	)										$	3.99
Diluted		$	(0.46	)										$	3.07
Weighted-average number of shares outstanding:
Basic			28,758												28,758
Diluted			28,758												37,453

AnaptysBio, Inc.

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2024

(in thousands, except per share amounts)

		Historical AnaptysBio, Inc				First Tracks Biotherapeutics, Inc. Discontinued Operations (A)				Pro Forma AnaptysBio, Inc. Continuing Operations
Collaboration revenue		$	91,280			$	—			$	91,280
Operating expenses:
Research and development			163,840				(152,345	)			11,495
General and administrative			42,389				(28,756	)			13,633
Total operating expenses			206,229				(181,101	)			25,128
(Loss) income from operations			(114,949	)			181,101				66,152
Other (expense) income, net:
Interest income			19,794				(17,382	)			2,412
Non-cash interest expense for the sale of future royalties			(50,087	)			—				(50,087	)
Other income, net			14				(14	)			—
Total other expense, net			(30,279	)			(17,396	)			(47,675	)
(Loss) income before income taxes			(145,228	)			163,705				18,477
Provision for income taxes			(3	)			—				(3	)
Net loss			(145,231	)			163,705				18,474
Other comprehensive (loss) income:
Unrealized gain on available for sale securities			1,102				—				1,102
Comprehensive (loss) income		$	(144,129	)		$	163,705			$	19,576
Net (loss) income per common share:
Basic		$	(5.12	)						$	0.65
Diluted		$	(5.12	)						$	0.52
Weighted-average number of shares outstanding:
Basic			28,382								28,382
Diluted			28,382								35,298

AnaptysBio, Inc.

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2023

(in thousands, except per share amounts)

		Historical AnaptysBio, Inc				First Tracks Biotherapeutics, Inc. Discontinued Operations (A)				Pro Forma AnaptysBio, Inc. Continuing Operations
Collaboration revenue		$	17,157			$	—			$	17,157
Operating expenses:
Research and development			132,283				(90,255	)			42,028
General and administrative			41,946				(20,867	)			21,079
Acquired in-process research and development			7,339				(7,339	)			—
Total operating expenses			181,568				(118,461	)			63,107
Loss from operations			(164,411	)			118,461				(45,950	)
Other income (expense), net:
Interest income			18,873				(12,313	)			6,560
Non-cash interest expense for the sale of future royalties			(18,083	)			—				(18,083	)
Other expense, net			(2	)			2				—
Total other income (expense), net			788				(12,311	)			(11,523	)
Loss before income taxes			(163,623	)			106,150				(57,473	)
Benefit for income taxes			4				0				4
Net loss			(163,619	)			106,150				(57,469	)
Other comprehensive loss:
Unrealized gain on available for sale securities			4,449				—				4,449
Comprehensive loss		$	(159,170	)		$	106,150			$	(53,020	)
Net loss per common share:
Basic and diluted		$	(6.08	)						$	(2.13	)
Weighted-average number of shares outstanding:
Basic and diluted			26,924								26,924

NOTES TO UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

First Tracks Biotherapeutics, Inc. Discontinued Operations:

(A) Reflects the discontinued operations of First Tracks Biotherapeutics, including the associated assets, liabilities, equity and results of operations in accordance with ASC 205.

Transaction Accounting Adjustments:

(B) Reflects an initial cash distribution of $100.0 million provided to First Tracks Biotherapeutics in connection with the Spin-Off.

(C) Subsequent to December 31, 2025, AnaptysBio anticipates it will incur additional non-recurring costs of approximately $7.0 million to complete the Spin-Off. These costs primarily relate to transaction advisory and professional fees associated with the Spin-Off and are expected to be incurred within 12 months of the Spin-Off.

(D) In connection with the Spin-Off, AnaptysBio and First Tracks Biotherapeutics entered into a transition services agreement on April 20, 2026 (the “Transition Services Agreement”), pursuant to which First Tracks Biotherapeutics will provide certain post-closing services to AnaptysBio on a transitional basis. As such, a pro forma adjustment of approximately $2.0 million has been recorded as an increase to selling, general and administrative expenses.

(E) Reflects income tax expense based on an estimated 25% combined federal and state tax rate on the net income from 2025 excluding impacts of available net operating losses and R&D credits.

FAQ

What did AnaptysBio (ANAB) change with this 8-K/A filing?

AnaptysBio filed an amended report to add unaudited pro forma condensed consolidated financial statements. These show how its balance sheet and results of operations would look after spinning off First Tracks Biotherapeutics, helping investors see the company’s performance without the discontinued biopharma operations.

How was the First Tracks Biotherapeutics spin-off structured for AnaptysBio (ANAB) shareholders?

The spin-off was completed on April 20, 2026 through a pro rata distribution. Each AnaptysBio shareholder of record on April 6, 2026 received one share of First Tracks Biotherapeutics common stock for every one share of AnaptysBio common stock they held on that record date.

What key pro forma 2025 results does AnaptysBio (ANAB) report after the spin-off?

For 2025, pro forma continuing operations show collaboration revenue of $234,603 (in thousands) and net income of $114,857 (in thousands). Basic and diluted pro forma earnings per share are $3.99 and $3.07 respectively, compared with a historical net loss of $13,232 (in thousands) before the spin-off adjustments.

How did the spin-off affect AnaptysBio’s (ANAB) cash and equity balances?

The pro forma balance sheet reflects a $100.0 million initial cash distribution to First Tracks Biotherapeutics, reducing cash and cash equivalents from $238,196 to $138,196 (in thousands). Total stockholders’ equity declines from $37,210 to negative $116,276 (in thousands) after discontinued operations and transaction accounting adjustments.

What additional spin-off costs does AnaptysBio (ANAB) expect to incur?

AnaptysBio anticipates approximately $7.0 million of additional non-recurring costs to complete the spin-off. These primarily consist of transaction advisory and professional fees and are expected to be incurred within 12 months of the spin-off, on top of other transaction adjustments already reflected in the pro forma statements.

What ongoing arrangements exist between AnaptysBio (ANAB) and First Tracks after the spin-off?

In connection with the separation, AnaptysBio and First Tracks Biotherapeutics entered into a Transition Services Agreement on April 20, 2026. Under this agreement, First Tracks provides certain post-closing services to AnaptysBio, with about $2.0 million recorded as an increase to general and administrative expenses in the pro forma results.

How are First Tracks Biotherapeutics results treated in AnaptysBio’s (ANAB) pro forma statements?

First Tracks Biotherapeutics is presented as discontinued operations under ASC 205 in the pro forma information. Its associated assets, liabilities, equity and results of operations are removed from AnaptysBio’s continuing operations, so the pro forma figures focus solely on the remaining AnaptysBio business after the spin-off.

Filing Exhibits & Attachments

4 documents

Press Releases

• EX-99.1 EX-99.1 141.2 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 3.1 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 18.3 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 11.4 KB