AnaptysBio (NASDAQ: ANAB) Q4 profit, royalties surge and 2026 spin-off

Rhea-AI Filing Summary

AnaptysBio plans to separate its biopharma operations into a new public company, First Tracks Biotherapeutics, in Q2 2026, while the existing company will focus on managing royalty streams from Jemperli with GSK and imsidolimab with Vanda. A Form 10 for the spin-off has been filed, and leadership and board line-ups for First Tracks are outlined.

For Q4 2025, collaboration revenue rose to $108.2 million and AnaptysBio generated net income of $49.6 million, versus a loss a year earlier, driven largely by Jemperli milestones and higher royalties. For 2025, collaboration revenue reached $234.6 million, with a narrowed net loss of $13.2 million. Cash, cash equivalents and investments were $311.6 million as of December 31, 2025, after repurchasing 3.44 million shares under a $175 million program.

Positive

• Strong collaboration revenue growth: Collaboration revenue rose to $108.2 million in Q4 2025 and $234.6 million for 2025, more than doubling year over year, driven by Jemperli milestones and higher royalties plus Vanda license revenue.
• Return to quarterly profitability: AnaptysBio reported Q4 2025 net income of $49.6 million, reversing a $21.8 million loss in the prior-year quarter, while significantly narrowing the full-year net loss.
• Strategic spin-off plan: The planned Q2 2026 spin-off of biopharma operations into First Tracks Biotherapeutics aims to create two focused public companies, separating substantial royalty assets from the development pipeline.
• Solid liquidity and capital return: Cash, cash equivalents and investments totaled $311.6 million as of December 31, 2025, after repurchasing 3,444,079 shares (11.2% of shares outstanding) for $68.6 million under the stock repurchase program.

Negative

• Full-year loss and declining cash: Despite Q4 profitability, AnaptysBio recorded a 2025 net loss of $13.2 million and saw cash, cash equivalents and investments fall from $420.8 million to $311.6 million year over year.
• Large royalty monetization liability: The liability related to the sale of future royalties remained high at $276.5 million as of December 31, 2025, limiting the net benefit of rising Jemperli cash flows.
• Higher G&A tied to separation: General and administrative expenses increased to $50.7 million in 2025 from $42.4 million in 2024, primarily due to legal and transaction costs related to the planned separation and the Vanda license agreement.

Insights

Biotech equity analyst

Spin-off and royalty growth reshape AnaptysBio’s profile.

AnaptysBio is preparing to split into a royalty-focused company and a development-stage biotech, First Tracks Biotherapeutics, in Q2 2026. The parent will concentrate on Jemperli and imsidolimab financial collaborations, while First Tracks advances ANB033, rosnilimab and ANB101.

Financially, collaboration revenue climbed to $108.2 million in Q4 2025 and $234.6 million for 2025, supported by Jemperli sales milestones and rising royalties. Q4 net income of $49.6 million contrasts with prior-year losses, though full-year results still show a $13.2 million net loss and a large royalty-liability balance of $276.5 million.

Key milestones include top-line ANB033 Phase 1b data in celiac disease and eosinophilic esophagitis expected in Q4 2026, and multiple GSK Jemperli trials with readouts stretching into 2026–2028. These events, together with execution of the spin-off, will shape each company’s future cash flows and risk profile.

0001370053false00013700532026-03-032026-03-03

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 03, 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, California				92121
(Address of Principal Executive Offices)				(Zip Code)

Registrant’s Telephone Number, Including Area Code: 858 362-6295

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

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, $0.001 par value		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. ☐

Item 2.02 Results of Operations and Financial Condition.

On March 3, 2026, AnaptysBio, Inc. (“AnaptysBio”) issued a press release announcing its financial results for the three months and year ended December 31, 2025. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.

The information in this Item 2.02, including Exhibit 99.1 to this Current Report on Form 8-K, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. The information contained in this Item 2.02 and in the accompanying Exhibit 99.1 shall not be incorporated by reference into any registration statement or other document filed by AnaptysBio with the Securities and Exchange Commission, whether made before or after the date of this Current Report on Form 8-K, regardless of any general incorporation language in such filing (or any reference to this Current Report on Form 8-K generally), except as shall be expressly set forth by specific reference in such filing.

Item 7.01 Regulation FD.

AnaptysBio is furnishing the Presentation, a full copy is attached hereto as Exhibit 99.2.

The information in this Item 7.01, including Exhibit 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Exchange Act or the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number	Exhibit Title or Description
99.1	Press release issued by AnaptysBio, Inc. regarding its financial results for the three months and year ended December 31, 2025, dated March 3, 2026.
99.2	Anaptys Corporate Presentation March 2026
104	Cover Page Interactive Data File (the cover page XBRL tags are 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.

			AnaptysBio, Inc.
Date:	March 3, 2026	By:	/s/ Dennis Mulroy
			Name: Dennis Mulroy Title: Chief Financial Officer

Anaptys Provides Update on Business Separation and
Announces Fourth Quarter and Full Year 2025 Financial Results

•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 3, 2026 — 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 ~$1.4 billion annualized run rate, reinforcing GSK’s peak sales guidance of far more than $2.7 billion2 in monotherapy indications. At the same time, our biopharma portfolio is advancing multiple attractive, high-potential assets, including ANB033, which has pipeline-in-a-product potential, initially in a Phase 1b trial for both celiac disease and eosinophilic esophagitis.”

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; $1.128 billion/£861 million in YTD 2025 sales) with >13% USD and GBP quarter-over-quarter growth1

oImplies a ~$1.4 billion annualized run rate

oIn 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

•Anaptys expects to achieve >$390 million in annualized Jemperli royalties payable to Anaptys at GSK’s peak sales guidance of >$2.7 billion2 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:

o 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

o 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

o 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

o 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

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 at https://www.anaptysbio.com/technology/#anb030

•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 increased 89% from $17.3 million to $32.7 million and 103% 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 at https://ir.anaptysbio.com/news-releases/news-release-details/anaptys-announces-intent-separate-biopharma-operations.

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 £2 billion.”; Converted from GBP to USD using Q3 2025 average exchange rate (1.35x)

3.~$250 million accrued to Sagard accruals by YE 2025 and assumes a ~10% quarter-over-quarter growth rate for Jemperli from Q4’25 through Q2’27 and milestone payments associated with filing ($5mm) and approval ($10mm) of dMMR rectal approval in the EU

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, $0.001 par value, 10,000 shares authorized and no shares, issued or outstanding at December 31, 2025 and December 31, 2024, respectively			—				—
Common stock, $0.001 par value, 500,000 shares authorized, 28,019 shares and 30,473 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively			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 did AnaptysBio (ANAB) report for Q4 and full-year 2025 financial results?

AnaptysBio reported Q4 2025 collaboration revenue of $108.2 million and net income of $49.6 million. For full-year 2025, collaboration revenue reached $234.6 million with a narrowed net loss of $13.2 million, reflecting strong Jemperli milestones and rising royalty income.

What is AnaptysBio’s planned spin-off of First Tracks Biotherapeutics?

AnaptysBio intends to spin off its biopharma operations into a new public company, First Tracks Biotherapeutics, in Q2 2026. The new entity will focus on immunology drug development, while AnaptysBio retains royalty assets from Jemperli and imsidolimab collaborations and continues as a separate public company.

How strong is AnaptysBio’s cash position after 2025?

As of December 31, 2025, AnaptysBio held $311.6 million in cash, cash equivalents and investments. This compares with $420.8 million a year earlier, after funding operations and a $68.6 million share repurchase while receiving milestone and license payments from GSK and Vanda Pharmaceuticals.

What progress has GSK’s Jemperli collaboration delivered for AnaptysBio?

GSK reported Q4 2025 Jemperli sales of $343 million, implying about a $1.4 billion annualized run rate. Jemperli surpassing $1.0 billion in 2025 net sales triggered a $75 million commercial milestone to AnaptysBio, and royalties increased sharply year over year during 2025.

Which pipeline programs will First Tracks Biotherapeutics focus on after the spin-off?

First Tracks Biotherapeutics will advance ANB033, a CD122 antagonist in Phase 1b trials for celiac disease and eosinophilic esophagitis, rosnilimab, a pathogenic T cell depleter, and ANB101, a BDCA2 modulator in Phase 1a, targeting autoimmune and inflammatory diseases.

How much stock has AnaptysBio repurchased under its program?

By December 31, 2025, AnaptysBio had repurchased 3,444,079 shares of common stock, representing 11.2% of shares outstanding, for $68.6 million. These buybacks are part of a $175.0 million stock repurchase program scheduled to expire on March 31, 2026.

What were AnaptysBio’s key expense trends in 2025?

Research and development expenses declined to $136.0 million in 2025 from $163.8 million, reflecting lower costs for several programs and higher spend on ANB033 and ANB101. General and administrative expenses rose to $50.7 million, mainly from separation-related legal and transaction costs.

Filing Exhibits & Attachments

3 documents

Press Releases

• EX-99.1 EX-99.1 306.2 KB
• EX-99.2 EX-99.2 36.8 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA WITH EMBEDDED LINKBASES DOCUMENT 24.5 KB