ANAB · AnaptysBio, Inc.

AnaptysBio completed the spin-off of its biopharma operations into First Tracks Biotherapeutics, a new independent public company, on April 20, 2026. The pro forma financial statements reflect the reclassification of First Tracks as discontinued operations and include adjustments for the spin-off. For the year ended December 31, 2025, pro forma continuing operations show a dramatic turnaround: net income of $114.9 million (diluted EPS $3.07) compared to a historical net loss of $13.2 million (diluted loss per share $0.46). This improvement is driven by the removal of First Tracks' R&D expenses and the addition of transaction accounting adjustments, including $9.0 million in increased SG&A from transition services and $38.3 million in income tax expense. The spin-off included a $100 million cash distribution to First Tracks, reducing AnaptysBio's cash to $138.2 million. AnaptysBio expects to incur $7 million in additional non-recurring costs within 12 months. The transaction allows AnaptysBio to focus on its continuing operations, which generated $234.6 million in collaboration revenue in 2025. Investors should note the pro forma nature of these figures and the significant adjustments, including the tax provision at a 25% rate.