ANAB · AnaptysBio, Inc.

AnaptysBio reported Q1 2026 results reflecting the completion of its spin-off of First Tracks Biotherapeutics, transitioning to a pure-play royalty management company. Collaboration revenue decreased to $25.6 million from $27.8 million in the prior year, driven by a $9.7 million Vanda license revenue recognized in Q1 2025 that did not recur, partially offset by a 44% increase in Jemperli royalties to $24.7 million. Operating expenses rose to $60.2 million from $55.3 million, with R&D spending declining to $34.0 million due to reduced costs for rosnilimab and ANB032, while G&A expenses surged to $26.2 million from $14.1 million, primarily due to legal costs for the separation, ongoing GSK litigation, and non-cash stock compensation for former executives. Net loss widened to $52.9 million ($1.84 per share) from $39.3 million ($1.28 per share). Cash and investments totaled $286.5 million, down $25.1 million from year-end 2025, reflecting operating activities offset by $14.0 million from stock option exercises. Management highlighted streamlined operations with limited FTEs and an EBIT margin greater than 95% post-spin-off. The company announced a $100 million stock repurchase plan expiring Dec. 31, 2026, and appointed Chris Murphy as CFO, along with Susannah Gray and Owen Hughes to the Board. Key catalysts include Jemperli data readouts in H2 2026 and 2028, and a PDUFA date for imsidolimab in GPP on Dec. 12, 2026.