AnaptysBio, Inc. (ANAB) Bundle
A Brief History of AnaptysBio, Inc.
AnaptysBio, Inc., a clinical-stage biotechnology company, has made significant strides in the biopharmaceutical industry since its inception. Founded in 2005, the company specializes in developing antibody-based therapeutics for the treatment of serious diseases, including cancer and autoimmune disorders.
Company Overview as of 2024
As of September 30, 2024, AnaptysBio reported total assets of $493.4 million, an increase from $452.4 million at the end of 2023. The company’s liabilities stood at $409.1 million, with total stockholders’ equity amounting to $84.4 million.
Financial Performance
For the nine months ended September 30, 2024, AnaptysBio reported a net loss of $123.4 million compared to a net loss of $121.4 million for the same period in the previous year. The increase in losses was primarily attributed to higher operating expenses.
| Financial Metric | 2024 (9 Months) | 2023 (9 Months) |
|---|---|---|
| Net Loss | $123.4 million | $121.4 million |
| Total Assets | $493.4 million | $452.4 million |
| Total Liabilities | $409.1 million | $364.3 million |
| Total Stockholders’ Equity | $84.4 million | $88.1 million |
Revenue Streams
AnaptysBio recognized collaboration revenue of $48.2 million for the nine months ended September 30, 2024, compared to $8.2 million in the same period of 2023. This significant increase was largely due to milestone payments from collaborations, notably the Jemperli and Zejula programs.
| Revenue Source | 2024 (9 Months) | 2023 (9 Months) |
|---|---|---|
| Collaboration Revenue | $48.2 million | $8.2 million |
| Royalty Revenue | $33.2 million | $8.2 million |
Stock Performance and Financing Activities
As of September 30, 2024, AnaptysBio had 30.4 million shares outstanding, with a market capitalization reflecting a recent stock price of approximately $36.50 per share. The company raised approximately $93.9 million from a public offering in August 2024, which was crucial for funding ongoing clinical trials and operational expenses.
Research and Development Expenses
Research and development expenses increased to $121.3 million for the nine months ended September 30, 2024, compared to $98.8 million in the same period in 2023. This increase is attributed to expanded clinical trials and increased personnel costs.
| Expense Type | 2024 (9 Months) | 2023 (9 Months) |
|---|---|---|
| Research and Development | $121.3 million | $98.8 million |
| General and Administrative | $32.2 million | $31.7 million |
Liquidity and Capital Resources
As of September 30, 2024, AnaptysBio had cash, cash equivalents, and investments totaling $458 million. The company has raised approximately $1.3 billion since inception to fund its operations, including $738.6 million from equity sales and $335 million from future royalties.
Future Outlook
With ongoing collaborations and clinical trials, AnaptysBio is well-positioned to leverage its research and development capabilities. The company anticipates continued growth in revenue from collaboration agreements and royalties as products advance through the development pipeline.
A Who Owns AnaptysBio, Inc. (ANAB)
Shareholder Composition
As of October 31, 2024, AnaptysBio, Inc. had approximately 30,428,682 shares of common stock outstanding.
Top Institutional Shareholders
| Institution | Shares Owned | Percentage of Total Shares |
|---|---|---|
| BlackRock, Inc. | 3,532,012 | 11.6% |
| The Vanguard Group, Inc. | 2,400,000 | 7.9% |
| State Street Corporation | 1,750,000 | 5.7% |
| Invesco Ltd. | 1,200,000 | 3.9% |
| Wellington Management Group LLP | 1,100,000 | 3.6% |
Executive Management Ownership
As of September 30, 2024, the executive management team owned a total of approximately 2,500,000 shares, representing about 8.2% of total shares outstanding.
Recent Stock Performance
As of October 31, 2024, AnaptysBio's stock price was $36.50 per share, reflecting a market capitalization of approximately $1.11 billion.
Recent Financial Highlights
- Collaboration revenue for the nine months ended September 30, 2024, was $48.2 million.
- Net loss for the same period was approximately $123.4 million.
- The total cash and cash equivalents as of September 30, 2024, were $191.6 million.
Stock Repurchase Program
In January 2023, AnaptysBio's Board of Directors authorized a stock repurchase program for up to $50 million, which was completed by May 2023. A total of 2,124,214 shares were repurchased at an average price of $24.19 per share.
Summary of Stockholder Equity
| Equity Component | Value (in thousands) |
|---|---|
| Common Stock | $30 |
| Additional Paid-in Capital | $821,121 |
| Accumulated Deficit | $(737,543) |
| Total Stockholders’ Equity | $84,367 |
Future Financing and Collaborations
AnaptysBio has received a total of $1.3 billion in funding since inception, with $738.6 million from equity sales, $335 million from future royalties, and $234.2 million from collaborations. The company is also eligible for milestone payments based on collaboration agreements, including those with GSK.
AnaptysBio, Inc. (ANAB) Mission Statement
Overview of Mission Statement
AnaptysBio, Inc. aims to leverage its proprietary antibody platform to discover and develop differentiated therapeutic antibodies for the treatment of serious diseases. The company focuses on immunology and oncology, striving to provide innovative solutions that improve patient outcomes.
Financial Performance Indicators
As of September 30, 2024, AnaptysBio reported:
- Net loss: $123.4 million for the nine months ended September 30, 2024, compared to a net loss of $121.4 million for the same period in 2023.
- Collaboration revenue: $48.2 million for the nine months ended September 30, 2024, compared to $8.2 million for the same period in 2023.
- Research and development expenses: $121.3 million for the nine months ended September 30, 2024, compared to $98.8 million for the same period in 2023.
- General and administrative expenses: $32.2 million for the nine months ended September 30, 2024, compared to $31.7 million for the same period in 2023.
Stockholder Equity
As of September 30, 2024, the stockholders' equity of AnaptysBio was:
| Category | Amount (in thousands) |
|---|---|
| Common Stock | $30 |
| Additional Paid-in Capital | $821,121 |
| Accumulated Other Comprehensive Gain (Loss) | $759 |
| Accumulated Deficit | $(737,543) |
| Total Stockholders' Equity | $84,367 |
Investment and Funding
From inception through September 30, 2024, AnaptysBio has received an aggregate of $1.3 billion to fund its operations. This includes:
- $738.6 million from the sale of equity securities
- $335.0 million from the sale of future royalties
- $234.2 million from collaboration agreements
As of September 30, 2024, the company had $458.0 million in cash, cash equivalents, and investments.
Research and Development Focus
AnaptysBio's research and development expenses include costs associated with:
- External research and development expenses incurred under arrangements with third parties, such as contract research organizations (CROs).
- Employee-related expenses, including salaries, benefits, and stock-based compensation.
- Facilities and other allocated expenses for maintenance and laboratory supplies.
For the three months ended September 30, 2024, the external costs were:
| Program | Cost (in thousands) |
|---|---|
| Rosnilimab | $14,188 |
| ANB032 | $7,239 |
| ANB033 | $1,631 |
| ANB101 | $687 |
| Imsidolimab | $2,389 |
| Preclinical and other unallocated costs | $3,917 |
| Total External Costs | $30,051 |
Recent Developments
In August 2024, AnaptysBio completed an underwritten public offering, selling 2,750,498 shares of common stock at an offering price of $36.50 per share, resulting in net proceeds of approximately $93.9 million.
Future Milestones and Collaborations
Future milestones under collaboration agreements include potential payments based on the success of partnered products. The company anticipates continued collaboration revenue as it progresses its clinical trials and partnerships.
How AnaptysBio, Inc. (ANAB) Works
Business Model
AnaptysBio, Inc. operates as a clinical-stage biotechnology company, primarily focusing on the discovery and development of therapeutic antibodies. The company collaborates with larger pharmaceutical companies to develop product candidates aimed at treating autoimmune diseases and cancer.
Financial Performance
As of September 30, 2024, AnaptysBio reported a net loss of $123.4 million for the nine months ended September 30, 2024, compared to a net loss of $121.4 million for the same period in 2023. The total revenue for the nine months ended September 30, 2024, was $48.2 million, a significant increase from $8.2 million in the previous year.
| Financial Metrics | Q3 2024 | Q3 2023 | 9M 2024 | 9M 2023 |
|---|---|---|---|---|
| Collaboration Revenue | $30.0 million | $3.3 million | $48.2 million | $8.2 million |
| Net Loss | $32.9 million | $37.3 million | $123.4 million | $121.4 million |
| Research & Development Expenses | $42.2 million | $30.9 million | $121.3 million | $98.8 million |
| General & Administrative Expenses | $10.6 million | $10.2 million | $32.2 million | $31.7 million |
Research and Development Pipeline
AnaptysBio has several product candidates in various stages of clinical development. The company is focused on inflammation and oncology programs, with its most advanced partnered program being Jemperli (dostarlimab), an anti-PD-1 antibody.
| Product Candidate | Indication | Development Stage | Expected Milestone |
|---|---|---|---|
| Jemperli | Advanced or recurrent dMMREC | Marketed | Phase 3 results Q4 2024 |
| Rosnilimab | Autoimmune diseases | Phase 2 | Upcoming data readout |
| ANB032 | Autoimmune diseases | Phase 2 | Upcoming data readout |
| ANB101 | Autoimmune diseases | Preclinical | Clinical trial initiation |
Revenue Sources
The company's revenue is derived from collaboration agreements, milestone payments, and royalty revenues. Notably, AnaptysBio recognized $33.2 million in royalty revenue during the nine months ended September 30, 2024, primarily from GSK's sales of Jemperli and Zejula.
| Source of Revenue | Q3 2024 | Q3 2023 |
|---|---|---|
| Royalty Revenue | $15.0 million | $3.3 million |
| Milestone Payments | $15.0 million | $0.0 million |
Liquidity and Capital Resources
As of September 30, 2024, AnaptysBio had $458.0 million in cash, cash equivalents, and investments. The company has raised approximately $1.3 billion since inception, primarily through equity sales and collaboration agreements.
| Liquidity Metrics | Value (in millions) |
|---|---|
| Cash and Cash Equivalents | $191.6 million |
| Short-term Investments | $238.5 million |
| Total Assets | $493.4 million |
| Total Liabilities | $409.1 million |
Stock Performance
As of September 30, 2024, AnaptysBio's common stock was trading with a market capitalization reflecting its ongoing development and financial metrics. The company issued 2,750,498 shares at an offering price of $36.50 per share in August 2024, generating net proceeds of approximately $93.9 million.
| Stock Metrics | Value |
|---|---|
| Shares Outstanding | 30,429,000 |
| Market Capitalization | $1.1 billion (approx.) |
| Stock Price (as of Sept 30, 2024) | $36.50 |
How AnaptysBio, Inc. (ANAB) Makes Money
Revenue Streams
AnaptysBio, Inc. generates revenue primarily through collaboration agreements, milestone payments, and royalty revenues. The company has not generated any revenue from product sales directly.
Collaboration Agreements
As of September 30, 2024, AnaptysBio has recognized a total of $303.4 million in revenue from collaboration agreements since inception. The largest collaboration is with GSK, covering several drug candidates, including Jemperli and Zejula.
Royalty Revenue
For the three months ended September 30, 2024, AnaptysBio recognized $15.0 million in royalty revenue, an increase from $3.3 million during the same period in 2023. For the nine months ended September 30, 2024, royalty revenue was $33.2 million, compared to $8.2 million in the prior year.
| Period | Royalty Revenue (in millions) |
|---|---|
| Q3 2024 | $15.0 |
| Q3 2023 | $3.3 |
| 9M 2024 | $33.2 |
| 9M 2023 | $8.2 |
Milestone Payments
In Q3 2024, AnaptysBio recognized a milestone payment of $15.0 million when Jemperli's annual sales exceeded $250 million. This milestone payment is part of the Jemperli Royalty Monetization Agreement.
Research and Development Funding
Research and development expenses are significant for AnaptysBio, totaling $42.2 million for the three months ended September 30, 2024, compared to $30.9 million for the same period in 2023. For the nine months ended September 30, 2024, R&D expenses amounted to $121.3 million, up from $98.8 million in 2023.
| Expense Type | Q3 2024 (in millions) | Q3 2023 (in millions) | 9M 2024 (in millions) | 9M 2023 (in millions) |
|---|---|---|---|---|
| Research and Development | $42.2 | $30.9 | $121.3 | $98.8 |
Cash Flow and Financing Activities
As of September 30, 2024, AnaptysBio had $458.0 million in cash, cash equivalents, and investments. The company reported net cash used in operating activities of $68.7 million for the nine months ended September 30, 2024, down from $86.5 million for the same period in 2023.
| Cash Flow Activity | 9M 2024 (in millions) | 9M 2023 (in millions) |
|---|---|---|
| Net Cash Used in Operating Activities | ($68.7) | ($86.5) |
| Net Cash Provided by Investing Activities | $124.8 | $95.6 |
| Net Cash Provided by Financing Activities | $99.5 | ($54.1) |
Equity Financing
In August 2024, AnaptysBio issued and sold approximately 2,750,498 shares of common stock at an offering price of $36.50 per share, generating net proceeds of about $93.9 million.
Future Revenue Potential
Future revenue may also come from milestone payments related to ongoing clinical trials and product approvals under collaboration agreements, with potential future payments estimated at up to $165.0 million.
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Resources:
- AnaptysBio, Inc. (ANAB) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of AnaptysBio, Inc. (ANAB)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View AnaptysBio, Inc. (ANAB)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.