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ANAPTYSBIO, INC (ANAB)·Q2 2025 Earnings Summary

Executive Summary

  • Collaboration revenue of $22.3M and diluted EPS of -$1.34 for Q2 2025; results driven by higher Jemperli royalties and $9.7M revenue recognized from the Vanda license agreement .
  • Results were above Wall Street consensus: revenue $22.3M vs $11.7M* and EPS -$1.34 vs -$1.58*; a clean beat on both top line and EPS with operating expenses down sequentially .
  • Pipeline execution advanced: RA Phase 2b data updated (best-in-disease, JAK-like efficacy; durability off-drug), UC Phase 2 enrollment completed with top-line Week 12 data on track for Q4 2025, and ANB033 initial indication disclosed as celiac disease with Phase 1b cohort planned by Q4 2025 .
  • Corporate catalysts: anticipated $75M milestone in 2025 upon Jemperli reaching $1B annual sales, stock repurchase progress (2.85M shares, $55.5M spent), and reiterated cash runway through year-end 2027 .

Estimates marked with * retrieved from S&P Global.

What Went Well and What Went Wrong

What Went Well

  • Rosnilimab RA Phase 2b update showed JAK-like efficacy and durable responses for at least 12–14 weeks off-drug, supporting extended dosing intervals (e.g., Q8W/Q12W) and a favorable safety/tolerability profile; “best-in-disease” narrative reinforced by KOL feedback .
  • UC Phase 2 trial enrollment completed (N=136, ~50% advanced therapy experienced) with top-line Week 12 data on track for Q4 2025; blinded safety surveillance consistent with prior trials .
  • CEO commentary: “Rosnilimab’s Phase 2b data in RA delivered a compelling safety and tolerability profile and JAK-like efficacy… durable for at least three months off-drug,” underscoring confidence in transformational potential .

What Went Wrong

  • Non-cash interest expense from sale of future royalties increased significantly YoY, pressuring bottom line (Q2 2025: $19.606M vs $10.953M Q2 2024) despite higher collaboration revenues .
  • Continued net losses (Q2 2025: -$38.6M; EPS -$1.34) driven by R&D spend across rosnilimab Phase 2 programs and Phase 1 trials for ANB033/ANB101, partially offset by license revenue .
  • No Q2 2025 earnings call transcript available in our document catalog; qualitative call themes substituted from the June 3 RA data update call transcript .

Financial Results

MetricQ2 2024Q4 2024Q1 2025Q2 2025Q2 2025 Consensus*
Collaboration Revenue ($USD Millions)$10.971 $43.113 $27.771 $22.263 $11.684*
Total Operating Expenses ($USD Millions)$51.292 $52.783 $55.310 $48.433 —
Net Loss ($USD Millions)$(46.660) $(21.784) $(39.329) $(38.630) —
Diluted EPS ($USD)$(1.71) $(0.72) $(1.28) $(1.34) $(1.5816)*

Estimates marked with * retrieved from S&P Global.

Revenue Drivers (Q2 2025):

ComponentQ2 2025 Detail
Jemperli royaltiesIncrease of $11.0M YoY contributed to revenue growth
Vanda license revenue$9.7M recognized in Q2 2025

Key Operating and Balance Sheet Items:

KPIQ2 2025
Cash & investments$293.7M (as of June 30, 2025)
Stock repurchase progress2,853,836 shares; $55.5M spent from $75M program
Non-cash interest expense (sale of future royalties)$19.606M in Q2 2025
UC Phase 2 trialEnrollment complete (N=136); top-line Week 12 data Q4 2025
GSK Jemperli sales$262M in Q2 2025; $482M in 1H 2025

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
UC Phase 2 top-line dataQ4 2025Initial Phase 2 data anticipated in Q4 2025 (Q1 update) Top-line Week 12 data on track for Q4 2025 Maintained
ANB033 initial indication & Phase 1b startH2/Q4 2025Phase 1b indication to be disclosed at H2 2025 R&D event Initial indication is celiac disease; Phase 1b cohort to initiate by Q4 2025 Raised clarity/timing
Cash runwayThrough YE 2027Cash runway through YE 2027 Reiterated Maintained
Jemperli $75M sales milestone2025/2026Anticipate receipt in 2025 or 2026 upon $1B annual sales Anticipates triggering in 2025 Pulled forward
Stock repurchaseOngoing$75M authorized (Mar 2025) $55.5M executed by Q2; 9.3% shares outstanding repurchased Progress update

Earnings Call Themes & Trends

Note: No Q2 2025 earnings call transcript found; themes reflect Q4 2024 and Q1 2025 earnings materials and the June 3 RA data update call.

TopicPrevious Mentions (Q4 2024)Previous Mentions (Q1 2025)Current Period (Q2 2025)Trend
RA (rosnilimab) efficacy & durabilityPositive Phase 2b results; full data in Q2 2025 “Impressive” efficacy/safety/tolerability; updated data early June Best-in-disease profile, JAK-like efficacy; durable responses off-drug; safety favorable Strengthening
UC Phase 2Top-line data moved up to Q4 2025; enrollment ongoing Enrollment ongoing; initial data Q4 2025 Enrollment completed; Week 12 top-line Q4 2025; favorable blinded safety to date Advancing to readout
Manufacturing/extended dosing——Maintenance potential Q8W/Q12W supported by durability Emerging
ANB033 (CD122 antagonist)Phase 1 ongoing; indication to be disclosed in 2025 Phase 1a ongoing; indication disclosure H2 2025 Indication is celiac disease; Phase 1b cohort planned Q4 2025 Clarified and advancing
Jemperli collaborationStrong Q4 sales; milestone path Strong Q1 sales; EMA approval; milestone could be 2025/2026 Strong Q2/1H sales; $75M milestone anticipated in 2025 Improving
Capital allocation~$420M YE cash; runway to 2027 $383M cash/investments; $75M buyback authorized; runway to 2027 $293.7M cash/investments; $55.5M buyback executed; runway reiterated On plan

Management Commentary

  • CEO (Daniel Faga): “Rosnilimab’s Phase 2b data in RA delivered a compelling safety and tolerability profile and JAK-like efficacy through six months that is durable for at least three months off-drug… We look forward to reading out top-line [UC] data… in Q4 2025” .
  • CMO (Paul Lizzul): “Rosnilimab patients… improved on the Pain VAS from a mean baseline of ~65 to ~15… HAQ-DI… reduced by 0.9… CRP reductions… sustained through 28 weeks… off-drug durability data… highlight the uniqueness and differentiation of rosnilimab’s novel mechanism” .
  • KOL (Paul Emery, MD): “It is… the best that’s been seen… speed of onset for a monoclonal that’s acting mainly through a cellular effect… producing responses which are as quick as the market leaders” .

Q&A Highlights

  • Dosing strategy and maintenance: Management indicated monthly dosing appears viable for Phase 3 with potential extended dosing (Q8W) supported by off-drug durability; high and mid doses showed superior translational impact without dose-dependent safety signals .
  • Safety profile: No treatment-related SAEs; opportunistic infections low; liver enzyme elevations were isolated, normalized, and did not prompt discontinuations .
  • Phase 3 design: KOLs suggested allowing crossover and longer assessment windows to capture later LDA achievers; avoiding early continuation gates that cap response rates .
  • UC program details: Two active induction doses (monthly and twice-monthly), with high dose above RA high dose; exploring Q8W in TEP for months 6–12; surveillance shows no serious safety signals .
  • Competitive context: Management distinguished rosnilimab’s cellular MoA and translational depth from other PD-1 approaches; noted limited UC data disclosures from peers and manufacturing challenges elsewhere .

Estimates Context

  • Q2 2025 revenue beat: $22.3M vs $11.7M* consensus .
  • Q2 2025 EPS beat: -$1.34 vs -$1.58* consensus .
  • Estimate counts: EPS estimates (8*), revenue estimates (11*) indicate reasonable coverage; results likely prompt upward revisions to near-term collaboration revenue assumptions and modest improvement in EPS trajectory given OpEx discipline .

Estimates marked with * retrieved from S&P Global.

Key Takeaways for Investors

  • Rosnilimab’s RA profile is increasingly de-risked: JAK-like efficacy, strong patient-reported outcomes, and off-drug durability position it well for Phase 3 and commercial differentiation; expect data presentation catalysts ahead .
  • Near-term binary: UC Phase 2 top-line Week 12 data in Q4 2025 is the primary catalyst; favorable blinded safety to date supports risk-adjusted probability .
  • Financial optionality: Strong Jemperli sales momentum and anticipated $75M milestone in 2025 provide non-dilutive capital; runway through 2027 and buyback execution support shareholder returns .
  • P&L dynamics: Non-cash interest expense tied to royalty monetization is a recurring headwind; monitor collaboration revenue mix (Jemperli royalties vs. license recognition) and OpEx trajectory to gauge EPS path .
  • Positioning: If UC data confirm RA durability themes, maintenance dosing advantage could broaden competitive moat; watch for Phase 3 design clarity, dosing selection, and potential BD partnerships .
  • Risk checks: Regulatory expectations on trial continuation criteria and long-term safety (e.g., CV/infections) will be key in Phase 3; early data remain favorable, but larger/longer studies needed .
  • Trading lens: Q4 2025 UC readout is the main stock-mover; interim signals (R&D event, ANB033 Phase 1b initiation, Jemperli milestone confirmation) may create tradable setups .

Appendix: Additional Data Tables

Operating Detail (YoY and Sequential):

MetricQ2 2024Q1 2025Q2 2025
Collaboration Revenue ($USD Millions)$10.971 $27.771 $22.263
Research & Development ($USD Millions)$41.997 $41.180 $37.824
General & Administrative ($USD Millions)$9.295 $14.130 $10.609
Non-cash interest (sale of future royalties) ($USD Millions)$10.953 $18.061 $19.606
Net Loss ($USD Millions)$(46.660) $(39.329) $(38.630)
Diluted EPS ($USD)$(1.71) $(1.28) $(1.34)

Balance Sheet Snapshot:

MetricQ4 2024 (Dec 31, 2024)Q1 2025 (Mar 31, 2025)Q2 2025 (Jun 30, 2025)
Cash & Cash Equivalents ($USD Thousands)$123,080 $98,637 $44,298
Short-term Investments ($USD Thousands)$262,293 $241,299 $221,412
Total Cash & Investments ($USD Millions)$420.8 $383.0 $293.7
Liability related to sale of future royalties ($USD Thousands)$353,426 $330,382 $331,361

Notes:

  • No Q2 2025 earnings call transcript found in the document catalog; June 3 RA data update call transcript used for qualitative themes .
  • Estimates marked with * retrieved from S&P Global.