AnaptysBio, Inc. (ANAB) yesterday reported its fourth-quarter and full-year 2025 financial results while outlining progress across its immunology pipeline and confirming plans to spin off its biopharma operations into a new public company, First Tracks Biotherapeutics, in the second quarter of 2026.
For the fourth quarter of 2025, Anaptys posted net income of $49.6 million or $1.79 per share, compared with a net loss of $21.8 million or $0.72 per share in the same quarter of 2024.
For full year 2025, the company recorded a net loss of $13.2 million, or $0.46 per share, narrowing from a net loss $145.2 million, or $5.12 per share in 2024.
Collaboration revenue rose sharply to $108.2 million in Q4 2025 from $43.1 million Q4 2024, and to $234.6 million for the full year 2025 from $91.3 million in 2024, driven by milestone payments and royalties from GSK's Jemperli and Vanda's Imsidolimab.
The company's pipeline includes Rosnilimab, ANB033, ANB101, each advancing in clinical development with anticipated milestones ahead.
-- Rosnilimab, a pathogenic T cell depleter, has completed a Phase 2b trial in rheumatoid arthritis, with late-breaking data presented at the Americal College of Rheumatology Convergence 2025. Anaptys expects to provide an update on its advancement in rheumatoid arthritis in the second quarter of 2026.
--ANB033, a CD122 antagonist, is in Phase 1b trials for both celiac disease and eosinophilic esophagitis. In celiac disease, two cohorts are underway: one assessing prevention of mucosal damage under gluten challenge and another evaluating mucosal healing. Top-line Phase 1b data are anticipated in the fourth quarter of 2026. In eosinophilic esophagitis, a 50-patient Phase 1b cohort began in early 2026, with top-line data expected in 2027.
--ANB101, a BDCA2 modulator, is in an ongoing Phase 1a trial in healthy volunteers. Early data suggest it may offer deeper and more durable depletion of plasmacytoid dendritic cells compared with Biogen's litifilimab, a competing BDCA2 modulator.
Alongside its clinical pipeline, Anaptys continues to benefit from royalty streams. GSK's Jemperli (dostarlimab) achieved $343 million in Q4 2025 sales, implying a ~$1.4 billion annualized run rate, while Vanda's Imsidolimab has a Biologics License Application under FDA review for generalized pustular psoriasis, with a target action date of December 12, 2026.
Anaptys expects to achieve over $390 million in annualized Jemperli royalties at GSK's peak sales guidance of more than $2.7 billion as early as 2029.
Anaptys ended 2025 with $311.6 million in cash and investments, reflecting operating expenses, share repurchases, and milestone receipts. The planned separation into First Tracks Biotherapeutics and a royalty-focused AnaptysBio is intended to unlock value by creating two independent companies with distinct strategies.
ANAB has traded between $15.12 and $57.74 over the past year. The stock closed Tuesday's trading at $52.83, down 3.79%.
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