AnaptysBio, Inc.

What they do

Following the April 20, 2026 spin-off of First Tracks Biotherapeutics, AnaptysBio holds royalty and milestone rights under its immuno-oncology collaboration with GSK for Jemperli (dostarlimab) and under its January 2025 exclusive license agreement with Vanda for imsidolimab. It no longer conducts internal clinical development; operations are limited to managing these financial collaborations and returning royalty value to stockholders.

Revenue drivers

• GSK Jemperli royalties — Anaptys recognizes revenue from milestones and royalties on GSK's Jemperli (dostarlimab) sales; GSK reported Q1 2026 Jemperli sales of $313 million (232 million), up over 40% year-over-year.
• Vanda imsidolimab royalties — Under the January 31, 2025 Vanda License Agreement, Anaptys received a $10.0 million upfront payment and a $5.0 million payment for existing drug supply, and is eligible for a 10% royalty on net sales of imsidolimab.
• Annual and quarterly revenue — Total revenue was $234.6 million in 2025 (up from $91.3 million in 2024), with quarterly revenue of $22.3 million (Q2 2025), $76.3 million (Q3 2025), $108.2 million (Q4 2025), and $25.6 million (Q1 2026).

Recent performance

For the first quarter of 2026, revenue was $25.6 million, and the company reported cash, cash equivalents and investments of $286.5 million as of March 31, 2026, versus $311.6 million at December 31, 2025. Full-year 2025 revenue was $234.6 million with a net loss of $13.2 million and operating cash flow of positive $19.7 million. The Q1 2026 results include First Tracks Biotherapeutics because the spin-off closed on April 20, 2026; beginning in Q2 2026, Anaptys expects to reclassify historical First Tracks Bio assets, liabilities, and expenses as discontinued operations. As of March 31, 2026, total assets were $329.7 million and shareholder equity was $12.7 million.

Strategy

Management's stated priority is to protect its two royalty streams and return their value to shareholders through streamlined operations with limited FTEs, minimal operating expenses, and an EBIT margin greater than 95%. The company completed the spin-off of First Tracks Biotherapeutics on April 20, 2026, agreed to a $100.0 million stock repurchase plan in March 2026 that expires December 31, 2026, and appointed Chris Murphy as CFO and Susannah Gray and Owen Hughes to its Board. Anaptys estimates that Sagard will have accrued approximately $275 million in royalties and sales milestones through Q1 2026 and anticipates paying down the remaining approximately $325 million non-recourse debt monetization by the end of Q2 2027.

Risks

• Dependence on two royalty streams — Post-spin-off, Anaptys has no internal clinical pipeline and relies on Jemperli and imsidolimab royalties and milestones from GSK and Vanda.
• Imsidolimab regulatory risk — Imsidolimab is not yet approved; the FDA target action date for imsidolimab in generalized pustular psoriasis is December 12, 2026.
• GSK commercial and trial execution risk — Anaptys's expected >$390 million annualized Jemperli royalties as early as 2029 depend on GSK achieving peak sales guidance of >$2.7 billion and on additional trials such as AZUR-1, AZUR-2, AZUR-4, and JADE.
• Non-recourse debt monetization — Anaptys anticipates paying down the remaining approximately $325 million non-recourse debt monetization by the end of Q2 2027, based on Sagard having accrued approximately $275 million in royalties and sales milestones through Q1 2026.

Outlook

Management expects Anaptys to continue as a streamlined royalty manager with an EBIT margin greater than 95% and to reclassify First Tracks Bio results as discontinued operations beginning in Q2 2026. The company points to an FDA target action date of December 12, 2026 for imsidolimab in GPP and to multiple GSK-sponsored Jemperli trials with data expected in H2 2026, Q4 2026, and 2028. It continues to expect >$390 million in annualized Jemperli royalties payable to Anaptys as early as 2029 at GSK's peak sales guidance of >$2.7 billion.