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ANAPTYSBIO, INC (ANAB)·Q4 2024 Earnings Summary

Executive Summary

  • Q4 2024 delivered sharply higher collaboration revenue ($43.1M) and narrower net loss (-$21.8M; -$0.72 EPS) versus prior quarters, driven by Jemperli milestones and higher royalties; year-end cash/investments stood at $420.8M and runway extended through 2027 .
  • Clinical execution was a highlight: rosnilimab Phase 2b RA achieved statistically significant primary and secondary endpoints and “highest ever” Week 14 responses; UC top-line was accelerated from Q1 2026 to Q4 2025, adding a nearer-term catalyst .
  • Portfolio reshaping continued: ANB032 (BTLA) was discontinued after missing endpoints, and imsidolimab was out-licensed to Vanda ($10M upfront, $5M supply payment; milestones/royalties retained) .
  • Street estimates from S&P Global for Q4 were unavailable*, so we cannot formally categorize beats/misses; nonetheless, revenue and EPS improved materially vs Q3 and Q2 .
  • Stock-relevant catalysts: sustained RA efficacy through Week 28 expected in Q2 2025 and UC top-line in Q4 2025; extended cash runway supports execution without near-term financing overhang .

*Values retrieved from S&P Global (consensus data unavailable due to access limits).

What Went Well and What Went Wrong

What Went Well

  • Rosnilimab RA Phase 2b met primary (mean change DAS28-CRP at Week 12) and key secondary endpoints; Week 14 showed “highest ever” ACR20/50/70 and CDAI LDA responses; management emphasized transformative potential to restore immune homeostasis in RA and UC .
    • “Rosnilimab is safe and well tolerated with the highest ever reported CDAI low disease activity at ~3 months that, to date, is sustained and potentially deepening over 6 months… surpass our target product profile” — CEO Daniel Faga .
  • UC timeline was pulled forward: top-line Phase 2 rosnilimab data moved up to Q4 2025, increasing nearer-term optionality and potential value inflection .
  • Financials improved quarter-over-quarter with collaboration revenue up to $43.1M and net loss narrowing to $21.8M; cash/investments ended at $420.8M with runway extended through 2027, reducing financing risk .

What Went Wrong

  • ANB032 (BTLA) in AD missed primary and secondary endpoints across all doses; program was discontinued, removing a prior near-term clinical catalyst .
  • Non-cash interest expense tied to sale of future royalties increased ($17.4M in Q4), weighing on reported net loss despite better operating results .
  • S&P Global consensus estimates for Q4 EPS/revenue were unavailable*, limiting formal beat/miss framing; investors must rely on sequential and YoY comparisons [GetEstimates error].

*Values retrieved from S&P Global (consensus data unavailable due to access limits).

Financial Results

MetricQ2 2024Q3 2024Q4 2024
Collaboration Revenue ($USD Millions)$10.971 $30.017 $43.113
Net Loss ($USD Millions)$(46.660) $(32.851) $(21.784)
EPS (Basic & Diluted, $USD)$(1.71) $(1.14) $(0.72)
Operating Metrics ($USD Millions)Q2 2024Q3 2024Q4 2024
R&D Expense$41.997 $42.212 $42.589
G&A Expense$9.295 $10.562 $10.194
Total Operating Expenses$51.292 $52.774 $52.783
LiquidityQ2 2024Q3 2024Q4 2024
Cash, Cash Equivalents & Investments ($USD Millions)$393.5 $458.0 $420.8
Cash & Cash Equivalents ($USD Millions)$71.821 $191.581 $123.080

Notes:

  • Collaboration revenue growth in 2024 was primarily driven by Jemperli commercial milestones ($15M and $25M) and increased royalties; GSK reported Jemperli sales of $598.0M in 2024 vs $175.6M in 2023, including $190M in Q4 2024 .

Segment breakdown not applicable; ANAB reports collaboration revenue, not product segments.

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Rosnilimab RA: full clinical + translational dataQ2 2025NA (new detail for full data)Q2 2025 Introduced
Rosnilimab UC: top-line Phase 2Q4 2025Q1 2026 Q4 2025 Raised (accelerated)
ANB101 Phase 1a initiationQ1 2025Plan to initiate Q1 2025 Initiate this quarter (Q1 2025) Maintained/Executing
ANB033 Phase 1a status2024–2025Phase 1 initiated Oct 2024 Phase 1a ongoing Maintained
Imsidolimab partnering2024–2025Intend to out-license in 2024 Out-licensed to Vanda; $10M upfront + $5M supply; up to $35M milestones + 10% royalty Executed
Cash RunwayThrough YE 2027Through YE 2026 Through YE 2027 Extended

No explicit revenue/margin/OpEx guidance was provided in Q4 materials.

Earnings Call Themes & Trends

TopicPrevious Mentions (Q2 2024, Q3 2024)Current Period (Q4 2024)Trend
Rosnilimab RA efficacyEnrollment complete; top-line timing narrowed to Feb 2025 ; ongoing Phase 2b Positive Phase 2b results; highest ever Week 14 responses; full six-month + translational data in Q2 2025 Strongly improving (efficacy validation)
UC program timingTop-line targeted Q1 2026 Top-line accelerated to Q4 2025 Pull-forward (nearer-term catalyst)
BTLA (ANB032)December 2024 top-line anticipated Missed endpoints; program discontinued Negative; portfolio refocus
Partnered assets (GSK/Jemperli)FIRST/COSTAR timelines; milestone potential Jemperli Q4 sales $190M; 2024 $598M; >200% YoY growth; ongoing pivotal timelines Positive commercial traction
Capital & runwayYE 2026 runway YE 2027 runway reiterated Extended runway
BD pipeline (ANB033, ANB101)ANB033 Ph1 initiated; ANB101 IND planned ANB033 Ph1a ongoing; ANB101 Ph1a initiating Q1 2025 Progressing as planned

Note: A formal Q4 earnings call transcript was not available in our document catalog; management commentary reflects the Q4 press release and Feb 12 RA data call materials.

Management Commentary

  • “With approximately $420 million of cash coming into 2025, we are well capitalized through year-end 2027, which does not include the significant potential residual royalties and milestones from our GSK financial collaboration.” — CEO Daniel Faga .
  • “Rosnilimab’s transformative potential to restore immune homeostasis… not only in RA but also in other diseases like ulcerative colitis.” — CEO Daniel Faga .
  • “Rosnilimab is safe and well tolerated with the highest ever reported CDAI low disease activity at ~3 months that, to date, is sustained and potentially deepening over 6 months… surpass our target product profile in the ~$20 billion U.S. RA market.” — CEO Daniel Faga .

Q&A Highlights

  • A full Q4 earnings call transcript was not available in our catalog; however, company Q&A-style clarifications in Feb 12 RA materials emphasized: robust translational biomarkers (90% reduction in PD-1high T cells; ~50% CRP reduction), balanced safety (no malignancies/MACE; similar serious infections vs placebo), and sustained responses through Week 28 (blinded) to be detailed in Q2 2025 .

KPIs (Clinical Outcomes)

Endpoint (Overall Population)Week 12Week 14
Mean change DAS28-CRP (100mg Q4W)-2.06; p=0.0092 -2.52; p<0.0001
Mean change DAS28-CRP (400mg Q4W)-2.12; p=0.0016 -2.57; p<0.0001
Mean change DAS28-CRP (600mg Q2W)-2.06; p=0.0062 -2.65; p<0.0001
CDAI LDA (≤10) — Rosnilimab vs Placebo46–50% vs 31% 68–71% vs 23%
ACR20 — Rosnilimab vs Placebo69–75% vs 53% 79–82% vs 47%
ACR50 — Rosnilimab vs Placebo36–47% vs 33% 59–67% vs 26%
ACR70 — Rosnilimab vs Placebo22% vs 18% 41–48% vs 10%

Safety (Week 12): No malignancies/MACE; low injection-site reactions; AEs broadly similar to placebo .

Estimates Context

  • S&P Global consensus estimates for Q4 2024 EPS and revenue were unavailable at the time of review due to access limitations; as a result, formal beat/miss comparisons cannot be provided*.
  • Absent consensus, sequential comparisons show notable revenue growth and narrowing losses, supported by milestone/royalty revenue from GSK’s Jemperli .

*Values retrieved from S&P Global (consensus data unavailable due to access limits).

Key Takeaways for Investors

  • Rosnilimab’s RA efficacy and safety profile, plus biomarker validation, strengthens the medium-term thesis; full six-month data in Q2 2025 is a pivotal catalyst .
  • UC top-line acceleration to Q4 2025 expands the 2025 catalyst stack and broadens the potential label opportunity beyond RA .
  • Collaboration revenue momentum tied to Jemperli milestones/royalties can provide non-dilutive funding tailwinds while development advances; watch GSK trial timelines (COSTAR Lung H1 2025; AZUR-1 in 2026) .
  • Portfolio rationalization (ANB032 discontinued; imsidolimab out-licensed) focuses capital on higher-probability assets, aligning with extended runway through YE 2027 .
  • Near-term trading setup: anticipate volatility around Q2 2025 RA six-month readout and any interim UC updates; positive durability/safety would be stock-supportive.
  • Medium-term: if RA durability and UC efficacy confirm the immune homeostasis mechanism, program differentiation vs current RA classes could support partnering or later-stage investment decisions .
  • Risk watch: royalty monetization non-cash interest expense impacts reported GAAP losses; clinical risks remain for UC and later-stage RA development; absence of product revenue keeps dependency on external milestones .