Executive Summary

Q1 2025 collaboration revenue of $27.77M and EPS of $(1.28) both exceeded S&P Global consensus; revenue was boosted by higher Jemperli royalties and $9.6M from the Vanda imsidolimab license, while net loss narrowed year over year despite higher OpEx . Consensus: Revenue $15.27M*, EPS $(1.46)*. Values retrieved from S&P Global.
Strategic updates centered on rosnilimab: management highlighted “JAK-like” efficacy and durable off‑drug responses in RA, with an investor data update held June 3; UC Phase 2 initial data remain on track for Q4 2025 .
Cash and investments were $383.0M at March 31, 2025; the company reiterated cash runway through year‑end 2027 and authorized a $75M stock repurchase program in March 2025 (repurchased $4.4M during Q1) .
Royalty tailwinds continue via GSK: Jemperli delivered $220M in Q1 2025 sales; ANAB anticipates a $75M commercial milestone upon Jemperli reaching $1B in annual sales, potentially in 2025 or 2026—an additional non‑dilutive catalyst .

What Went Well and What Went Wrong

What Went Well

Rosnilimab RA data exceeded internal targets: management emphasized “JAK‑like efficacy” at 3 months, deepening through 6 months, with durable responses at least two months off drug; safety profile showed no treatment‑related SAEs and low discontinuations .
Revenue outperformed expectations: $27.77M vs higher YoY ($7.18M in Q1 2024), driven by increased Jemperli royalties and $9.6M from Vanda licensing .
Balance sheet strength and capital return: $383.0M cash & investments; $75M repurchase authorization with $4.4M of buybacks in Q1; runway reiterated through YE2027 .

“Rosnilimab… delivered impressive three‑month Phase 2b efficacy, safety and tolerability data in RA… with data through six months surpassing those of competitor all‑active, head‑to‑head trials.” — Daniel Faga, President & CEO

What Went Wrong

Sequential revenue declined vs Q4 2024: $27.77M in Q1 vs $43.11M in Q4, reflecting variable collaboration/milestone timing; OpEx rose QoQ and YoY, and non‑cash interest expense on royalty monetization increased .
Continuing net losses: Q1 2025 net loss $(39.33)M, albeit improved YoY from $(43.94)M; EPS $(1.28) vs $(1.64) prior year .
Royalty monetization drag: Non‑cash interest expense tied to the sale of future royalties rose to $(18.06)M in Q1 (vs $(6.32)M in Q1 2024), a headwind to reported bottom line .

Financial Results

Quarterly trend (oldest → newest)

Metric	Q3 2024	Q4 2024	Q1 2025
Collaboration Revenue ($M)	$30.02	$43.11	$27.77
Research & Development ($M)	$42.21	$42.59	$41.18
General & Administrative ($M)	$10.56	$10.19	$14.13
Total Operating Expenses ($M)	$52.77	$52.78	$55.31
Interest Income ($M)	$5.32	$5.26	$4.41
Non‑cash Interest Expense – Sale of Future Royalties ($M)	$(15.41)	$(17.40)	$(18.06)
Net Loss ($M)	$(32.85)	$(21.78)	$(39.33)
Diluted EPS	$(1.14)	$(0.72)	$(1.28)
Cash & Investments (period‑end, $M)	$458.0	$420.8	$383.0

Year-over-year comparison

Metric	Q1 2024	Q1 2025
Collaboration Revenue ($M)	$7.18	$27.77
Research & Development ($M)	$37.04	$41.18
General & Administrative ($M)	$12.34	$14.13
Total Operating Expenses ($M)	$49.38	$55.31
Net Loss ($M)	$(43.94)	$(39.33)
Diluted EPS	$(1.64)	$(1.28)
Wtd Avg Shares (M)	26.80	30.64

Actual vs S&P Global consensus (Q1 2025)

Metric	Actual	Consensus
Revenue ($M)	$27.77	$15.27*
Primary EPS ($)	$(1.28)	$(1.46)*

Values retrieved from S&P Global.

Revenue composition/context (qualitative): Revenue increase YoY driven by +$11.0M higher Jemperli royalties and $9.6M from the Vanda license; sequential decline vs Q4 reflects lumpy milestone timing (Q4 included sizable milestones) .

Balance sheet and capital return: Liability related to sale of future royalties $330.38M at 3/31/25; $4.4M shares repurchased in Q1 under $75M authorization; cash runway reiterated to YE2027 .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Cash runway	Through YE2027	Through YE2027 (Q4 2024)	Through YE2027 (Q1 2025)	Maintained
Rosnilimab RA – full Phase 2b clinical/translational data	Q2 2025	“Full data in Q2 2025”	“First week of June” update call (delivered 6/3)	Narrowed/Executed
Rosnilimab UC – initial Phase 2 data	Q4 2025	Top‑line moved up to Q4 2025	Initial data in Q4 2025 (on track)	Maintained
GSK Jemperli commercial sales milestone ($75M upon $1B annual sales)	2025 or 2026	Not specifically quantified in Q4 release	Anticipate in 2025 or 2026	Introduced/Updated
Stock Repurchase Program	2025	N/A	Authorized up to $75M; expires 12/31/2025	New

Earnings Call Themes & Trends

Note: No Q1 earnings call transcript was available. We use the June 3 investor call on updated RA Phase 2b data as the “current period” commentary.

Topic	Previous Mentions (Q-2 and Q-1)	Current Period (Q1 2025)	Trend
Rosnilimab efficacy/safety	RA P2b positive; full data Q2’25; “highest‑ever” CDAI LDA over 6 months (Q4 release)	JAK‑like efficacy at 3 months deepened through 6 months; 83% maintained LDA at Week 34 off drug; no treatment‑related SAEs	Improving efficacy depth; strong durability signal
UC program timing	UC Phase 2 data moved up to Q4’25 (Q4 release)	UC Phase 2 initial data on track Q4’25; high‑dose > RA high‑dose; exploring Q8W maintenance in TEP	On track; design de‑risked via RA translational data
Royalty/milestones (GSK)	Jemperli $190M Q4’24; FY24 $598M; strong YoY growth (Q4)	Jemperli $220M Q1’25; $75M milestone upon $1B annual sales anticipated 2025/2026	Strengthening royalty base; milestone visibility
Cash runway & capital return	Runway through YE2027 (Q4)	Runway reaffirmed; $75M repurchase authorized; $4.4M Q1 repurchases	Maintained runway; shareholder returns initiated
BD/strategic options	Not specified	Considering global partnership for RA/UC vs independent UC Ph3; Phase 3 enablement in 2026	Optionality expanding post‑RA data

Management Commentary

CEO framing on RA: “Rosnilimab’s efficacy results are JAK-like in both speed and magnitude… through six months we observed JAK-like efficacy on CDAI LDA, CDAI remission, and ACR70… safety profile is notably unremarkable.” — Daniel Faga (June 3 call) .
Durability/off‑drug: “83% maintained responses and were still in LDA at Week 34 across all doses… patients knowing they were off drug.” — Paul Lizzul, CMO (June 3 call) .
Strategic positioning: “We are assessing two alternative strategic paths… a global partnership… or independently advance into Phase 3 for UC… enable activities to be executed in 2026.” — Paul Lizzul (June 3 call) .
Q1 outlook and catalysts: “We remain well‑capitalized… while executing our $75 million stock repurchase program… supported by substantial royalties and milestone payments anticipated from our GSK financial collaboration.” — Daniel Faga (Q1 release) .

Q&A Highlights

Dosing and maintenance: Management sees a monthly dose regimen viable for Phase 3, with potential for extended maintenance (e.g., every 8 weeks) supported by off‑drug durability .
Phase 3 design: KOLs and management advocate allowing cross‑over and longer assessment windows to capture slower responders and avoid ceiling effects from stringent Week 14 LDA continuation criteria used in Phase 2b .
Safety: KOLs characterized safety as favorable with no treatment‑related SAEs and low infection signals relative to typical RA populations on background DMARDs; isolated LFT elevations were transient and non‑actionable .
UC differentiation: Doses include monthly and twice‑monthly from baseline; UC high dose exceeds RA high dose; TEP explores Q8W maintenance—seeking durable responses beyond one year vs current classes .
Business development: Company evaluating partnership vs independent UC path; Phase 3 enablement spend mostly 2026‑onward, preserving runway .

Estimates Context

Q1 2025 results beat consensus: Revenue $27.77M vs $15.27M*; EPS $(1.28) vs $(1.46)*. Values retrieved from S&P Global. Actuals per company filings .
Implications: The beat reflects stronger Jemperli royalties and one‑time Vanda license revenue; sequential variability should be expected given milestone timing. Estimate models may need to raise near‑term collaboration revenue run‑rate assumptions tied to Jemperli growth and recognized licensing, while keeping OpEx elevated for pipeline momentum .

Key Takeaways for Investors

Rosnilimab profile is emerging as potentially best‑in‑disease in RA with JAK‑like efficacy, favorable safety, and meaningful off‑drug durability—key differentiators into Phase 3 and a BD process .
Near‑term catalysts: UC Phase 2 initial data in Q4 2025; potential $75M Jemperli sales milestone in 2025/2026; continued royalty growth as Jemperli scales globally .
Q1 revenue/earnings beat was driven by royalties and license revenue; sequential declines vs Q4 highlight milestone lumpy nature—focus on medium‑term royalty/milestone accrual and pipeline derisking .
Cash runway to YE2027 with new $75M buyback provides downside support while preserving flexibility for Phase 3 readiness and UC options in 2026 .
Watch estimate revisions: Analysts likely to lift revenue near term on stronger royalty line; monitor non‑cash royalty financing expense as a recurring drag on reported EPS .
Trading setup: Q4 UC readout is the next major binary; RA durability and safety narrative post‑June call is supportive for strategic optionality and could underpin multiple expansion ahead of BD/Ph3 decisions .
Risk checks: Non‑dilutive financing structure yields persistent non‑cash interest expense; collaboration revenue is concentrated; clinical timelines remain execution‑sensitive .

Citations:

Q1 2025 8‑K and press release, financials and business update
RA updated data press release (June 3, 2025)
Stock repurchase announcement (March 24, 2025)
Q4 2024 8‑K (trend)
Q3 2024 8‑K (trend)
June 3 investor call transcript (themes, Q&A) –

Estimates note: Consensus values marked with an asterisk (*) are from S&P Global. Values retrieved from S&P Global.

ANAPTYSBIO, INC (ANAB)·Q1 2025 Earnings Summary