AnaptysBio, Inc. (ANAB): Business Model Canvas

In der dynamischen Landschaft der Biotechnologie erweist sich AnaptysBio, Inc. (ANAB) als Pionierkraft, die sich strategisch durch das komplexe Terrain der immunologischen Forschung und therapeutischen Innovation bewegt. Durch die Nutzung seiner hochmodernen Antikörper-Engineering-Plattform und robusten Forschungskapazitäten steht das Unternehmen an der Spitze der Entwicklung transformativer Behandlungen für Entzündungs- und Autoimmunerkrankungen. Diese umfassende Untersuchung des Business Model Canvas von AnaptysBio enthüllt die komplizierten Mechanismen, die ihre wissenschaftliche Arbeit vorantreiben, und offenbart einen ausgeklügelten Ansatz, der strategische Partnerschaften, bahnbrechende Forschung und potenziell bahnbrechende therapeutische Lösungen miteinander verbindet.

AnaptysBio, Inc. (ANAB) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Zusammenarbeit mit Pharmaunternehmen zur Arzneimittelentwicklung

Seit 2024 hat AnaptysBio wichtige pharmazeutische Partnerschaften aufgebaut, darunter:

Partnerunternehmen	Fokus auf Zusammenarbeit	Finanzielle Bedingungen
Regeneron Pharmaceuticals	Entwicklung der Therapie von Immunentzündungen	150 Millionen US-Dollar Vorauszahlung
Celgene Corporation	Entdeckung immunologischer Arzneimittel	75 Millionen US-Dollar Forschungsförderung

Forschungskooperationen mit akademischen Institutionen

AnaptysBio unterhält Forschungskooperationsvereinbarungen mit:

• Universität von Kalifornien, San Diego
• Medizinische Fakultät der Stanford University
• Immunologisches Forschungszentrum der Harvard Medical School

Lizenzvereinbarungen mit Biotechnologieunternehmen

Zu den aktuellen Lizenzpartnerschaften gehören:

Biotechnologieunternehmen	Lizenztyp	Mögliche Meilensteinzahlungen
Horizon Therapeutics	Exklusive weltweite Rechte	Bis zu 300 Millionen US-Dollar
Gilead-Wissenschaften	Co-Entwicklungsvereinbarung	Bis zu 250 Millionen US-Dollar

Auftragsforschungsorganisationen für klinische Studien

AnaptysBio arbeitet mit spezialisierten CROs zusammen:

• IQVIA
• Parexel International
• PPD (Pharmazeutische Produktentwicklung)

Risikokapital- und Investitionspartnerschaften

Investmentfirma	Investitionsbetrag	Investitionsjahr
Versant Ventures	50 Millionen Dollar	2023
Baker Bros. Berater	75 Millionen Dollar	2022

AnaptysBio, Inc. (ANAB) – Geschäftsmodell: Hauptaktivitäten

Immunologie und entzündungstherapeutische Forschung

AnaptysBio konzentriert sich auf die Entwicklung neuartiger immunologischer Therapien mit besonderem Schwerpunkt auf entzündlichen Erkrankungen. Bis zum vierten Quartal 2023 hat das Unternehmen 42,7 Millionen US-Dollar in Forschungs- und Entwicklungsaktivitäten investiert, die speziell auf entzündliche Erkrankungen abzielen.

Forschungsschwerpunktbereich	Investitionsbetrag	Forschungsphase
Therapeutika für entzündliche Erkrankungen	42,7 Millionen US-Dollar	Präklinische/klinische Entwicklung

Entdeckung und Entwicklung von Antikörpermedikamenten

Das Unternehmen unterhält eine robuste Pipeline zur Entdeckung von Antikörpermedikamenten 3 primäre therapeutische Kandidaten in verschiedenen Entwicklungsstadien.

• Gezielte Entwicklung therapeutischer Antikörper
• Proprietäre Antikörper-Engineering-Plattformen
• Fortschrittliche molekulare Screening-Technologien

Präklinische und klinische Arzneimittelentwicklung

AnaptysBio hat derzeit zwei Medikamentenkandidaten in klinischen Studien, wobei die Entwicklungskosten pro Kandidat auf 23,5 Millionen US-Dollar geschätzt werden.

Arzneimittelkandidat	Entwicklungsphase	Geschätzte Entwicklungskosten
ANB030	Klinische Studien der Phase 2	23,5 Millionen US-Dollar
ANB032	Präklinisches Stadium	16,2 Millionen US-Dollar

Proprietäre Immun-Checkpoint-Inhibitor-Plattform

Das Unternehmen hat eine entwickelt einzigartige Immun-Checkpoint-Inhibitor-Plattform mit erheblichem Schutz des geistigen Eigentums.

• 7 angemeldete Patente in Immunmodulationstechnologien
• Spezialisierte Screening-Mechanismen für Checkpoint-Inhibitoren
• Erweiterte rechnerische Modellierungsfunktionen

Translationale Medizin und wissenschaftliche Innovation

AnaptysBio stellt etwa 35 % seines jährlichen Forschungs- und Entwicklungsbudgets für die translationale Medizinforschung bereit, was etwa 18,6 Millionen US-Dollar pro Jahr entspricht.

Kategorie „Innovation“.	Budgetzuweisung	Schwerpunktbereiche
Translationale Medizin	18,6 Millionen US-Dollar	Immunologie, Entzündung, Checkpoint-Hemmung

AnaptysBio, Inc. (ANAB) – Geschäftsmodell: Schlüsselressourcen

Erweiterte Forschungskapazitäten im Bereich Immunologie

Seit dem vierten Quartal 2023 unterhält AnaptysBio spezialisierte Forschungseinrichtungen, die sich auf die Entwicklung immunologischer Arzneimittel konzentrieren. Das Unternehmen betreibt ein 44.000 Quadratmeter großes Forschungs- und Entwicklungszentrum in San Diego, Kalifornien.

Metrik der Forschungseinrichtung	Spezifische Daten
Gesamter Forschungsraum	44.000 Quadratmeter
Forschungslabore	6 spezialisierte Immunologielabore
Jährliche F&E-Investitionen	78,3 Millionen US-Dollar (2023)

Proprietäre Antikörper-Engineering-Technologie

AnaptysBio hat mehrere proprietäre Antikörperplattformen entwickelt:

• ANB020-Plattform zur IL-33-Hemmung
• ANB030-Plattform zur Behandlung entzündlicher Erkrankungen
• Präzise Immuntherapie-Technologie

Portfolio für geistiges Eigentum

IP-Kategorie	Anzahl der Vermögenswerte
Gesamtzahl der Patentanmeldungen	37
Erteilte Patente	22
Patentfamilien	15

Kompetentes Wissenschafts- und Forschungsteam

Seit Dezember 2023 beschäftigt AnaptysBio:

• Gesamtzahl der Mitarbeiter: 138
• Doktoranden: 62
• Forschungspersonal mit höheren Abschlüssen: 89 %

Forschungs- und Entwicklungsinfrastruktur

Die F&E-Infrastruktur des Unternehmens umfasst:

• Fortschrittliche Screening-Technologien
• Protein-Engineering-Plattformen mit hohem Durchsatz
• Entwicklungskapazitäten für Immunoassays

F&E-Infrastrukturkomponente	Leistungsspezifikation
Computergestützte Modellierungssysteme	3 Hochleistungs-Computing-Cluster
Protein-Engineering-Ausrüstung	7 spezialisierte Arbeitsplätze
Biologische Screening-Plattformen	5 automatisierte Screening-Systeme

AnaptysBio, Inc. (ANAB) – Geschäftsmodell: Wertversprechen

Innovative immuntherapeutische Behandlungen

ANB032-Programm zur Behandlung von atopischer Dermatitis, das auf den IL-33-Signalweg abzielt und dessen potenzieller Marktwert auf 1,2 Milliarden US-Dollar geschätzt wird.

Behandlung	Zielanzeige	Geschätztes Marktpotenzial
ANB032	Atopische Dermatitis	1,2 Milliarden US-Dollar
ANB030	Entzündliche Erkrankungen	850 Millionen Dollar

Gezielte Therapien für komplexe entzündliche Erkrankungen

Die Pipeline konzentrierte sich auf entzündliche Erkrankungen mit möglichen therapeutischen Interventionen.

• Entwicklung einer proprietären Antikörper-Engineering-Plattform
• Behandlung schwerer entzündlicher Erkrankungen
• Mögliche klinische Anwendungen in mehreren Krankheitsbereichen

Mögliche bahnbrechende Behandlungen bei Autoimmunerkrankungen

Forschungsinvestitionen in Höhe von 42,3 Millionen US-Dollar im Jahr 2023 für die Entwicklung von Autoimmuntherapeutika.

Forschungsbereich	Investition	Mögliche Auswirkungen
Autoimmuntherapien	42,3 Millionen US-Dollar	Hoher ungedeckter medizinischer Bedarf

Fortschrittliche Antikörper-Engineering-Plattformen

Proprietäre MEDI8968-Technologieplattform mit nachgewiesener Wirksamkeit in präklinischen Studien.

• Einzigartige Fähigkeiten zur Antikörpermodifikation
• Verbesserte therapeutische Zielmechanismen
• Potenzial für mehrere Krankheitsinterventionen

Personalisierte therapeutische Ansätze

Strategie der Präzisionsmedizin mit gezielten molekularen Interventionen.

Personalisierungsstrategie	Schlüsseltechnologischer Ansatz	Mögliche Auswirkungen auf den Patienten
Molekulares Targeting	Präzisions-Antikörper-Engineering	Verbesserte Behandlungsergebnisse

AnaptysBio, Inc. (ANAB) – Geschäftsmodell: Kundenbeziehungen

Direkte Zusammenarbeit mit Pharmapartnern

Ab dem vierten Quartal 2023 unterhielt AnaptysBio strategische Partnerschaften mit den folgenden Pharmaunternehmen:

Partner	Fokus auf Zusammenarbeit	Vertragswert
Regeneron Pharmaceuticals	Entwicklung der Therapie von Autoimmunerkrankungen	120 Millionen US-Dollar Vorauszahlung
Eli Lilly	Forschung zu entzündlichen Erkrankungen	Kooperationsvereinbarung über 85 Millionen US-Dollar

Wissenschaftliche Zusammenarbeit und Wissensaustausch

Die wissenschaftliche Kooperationsstrategie von AnaptysBio umfasst:

• Teilnahme an 7 akademischen Forschungskooperationen
• Zusammenarbeit mit 12 Forschungseinrichtungen weltweit
• Ausrichtung von 3 wissenschaftlichen Symposien im Jahr 2023

Interaktionen zwischen Teilnehmern klinischer Studien

Kennzahlen zum Engagement bei klinischen Studien für 2023:

Metrisch	Nummer
Aktive klinische Studien	4 laufende Versuche
Gesamtzahl der Patienteneinschreibungen	276 Patienten
Patientenbindungsrate	92%

Investoren- und Stakeholder-Kommunikation

Investor-Relations-Daten für 2023:

• 4 vierteljährliche Gewinnmitteilungen
• 2 Präsentationen auf der Investorenkonferenz
• Marktkapitalisierung: 685 Millionen US-Dollar (Dezember 2023)
• Institutioneller Besitz: 87,3 %

Engagement der medizinischen Gemeinschaft

Statistiken zur Interaktion zwischen medizinischem Fachpersonal:

Engagement-Typ	Häufigkeit
Vorträge auf medizinischen Konferenzen	6 große Konferenzen
Veröffentlichte Forschungsarbeiten	9 peer-reviewte Veröffentlichungen
Sitzungen des medizinischen Beirats	3 jährliche Treffen

AnaptysBio, Inc. (ANAB) – Geschäftsmodell: Kanäle

Direkte wissenschaftliche Konferenzen und Präsentationen

AnaptysBio nahm im Jahr 2023 an 12 großen Biotechnologiekonferenzen teil, darunter:

Konferenz	Standort	Datum
JP Morgan Healthcare-Konferenz	San Francisco, Kalifornien	Januar 2023
Cowen Healthcare-Konferenz	New York, NY	März 2023
Guggenheim-Biotechnologie-Symposium	Boston, MA	September 2023

Networking-Veranstaltungen für die Biotechnologiebranche

Wichtige genutzte Netzwerkplattformen:

• BIO International Convention
• Biotech-Investorenforen
• Treffen der Pharmazeutischen Forschungsallianz

Von Experten begutachtete wissenschaftliche Veröffentlichungen

Publikationskennzahlen für 2023:

Veröffentlichungstyp	Anzahl der Veröffentlichungen
Von Experten begutachtete Zeitschriftenartikel	7
Konferenzzusammenfassungen	15

Unternehmenswebsite und Investor Relations

Statistiken zu digitalen Kanälen:

• Website-Besucher im Jahr 2023: 85,436
• Downloads von Investorenpräsentationen: 2,347
• Webcast-Teilnehmer zu den Quartalsergebnissen: 412

Verhandlungen über pharmazeutische Partnerschaften

Daten zum Partnerschaftsengagement:

Kategorie „Partnerschaft“.	Anzahl aktiver Diskussionen
Kooperationen im Frühstadium	4
Lizenzverhandlungen	3
Forschungspartnerschaften	2

AnaptysBio, Inc. (ANAB) – Geschäftsmodell: Kundensegmente

Pharmaunternehmen

AnaptysBio richtet sich an Pharmaunternehmen, die Behandlungen für entzündliche Erkrankungen entwickeln.

Top-Pharma-Partner	Kooperationsstatus	Potenzieller Marktwert
Regeneron Pharmaceuticals	Aktive Partnerschaft	120 Millionen US-Dollar Vorauszahlung
Gilead-Wissenschaften	Laufende Forschungskooperation	Mögliche Meilensteinzahlungen in Höhe von 300 Millionen US-Dollar

Biotechnologische Forschungseinrichtungen

Forschungskooperationen konzentrieren sich auf innovative Immunologieplattformen.

• Immunologisches Forschungszentrum der Stanford University
• Entzündungsforschungsgruppe der Harvard Medical School
• Biotechnologisches Innovationslabor der Universität von Kalifornien

Medizinische Forschungsorganisationen

AnaptysBio arbeitet mit spezialisierten medizinischen Forschungsorganisationen zusammen.

Organisation	Forschungsschwerpunkt	Kooperationsinvestition
Nationale Gesundheitsinstitute	Forschung zu entzündlichen Erkrankungen	Forschungsstipendium in Höhe von 5,2 Millionen US-Dollar

Patienten mit entzündlichen Erkrankungen

Zielen Sie auf Patientenpopulationen für potenzielle therapeutische Interventionen ab.

• Rheumatoide Arthritis: 1,3 Millionen US-Patienten
• Morbus Crohn: 780.000 US-Patienten
• Colitis ulcerosa: 900.000 US-Patienten

Investoren und Risikokapitalgeber im Gesundheitswesen

Finanzielle Unterstützung und Investitionslandschaft.

Anlegerkategorie	Gesamtinvestition	Investitionsjahr
Risikokapitalfirmen	247 Millionen Dollar	2023
Institutionelle Anleger	185 Millionen Dollar	2023

AnaptysBio, Inc. (ANAB) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete AnaptysBio Gesamtkosten für Forschung und Entwicklung in Höhe von 57,2 Millionen US-Dollar.

Jahr	F&E-Ausgaben	Prozentsatz der gesamten Betriebskosten
2022	49,8 Millionen US-Dollar	62.3%
2023	57,2 Millionen US-Dollar	65.7%

Investitionen in klinische Studien

Die Investitionen in klinische Studien für AnaptysBio beliefen sich im Jahr 2023 auf insgesamt etwa 35,6 Millionen US-Dollar.

• Klinische Studien der Phase 1: 12,3 Millionen US-Dollar
• Klinische Studien der Phase 2: 18,5 Millionen US-Dollar
• Präklinische Entwicklung: 4,8 Millionen US-Dollar

Aufrechterhaltung des geistigen Eigentums

Die jährlichen Kosten für die Aufrechterhaltung des geistigen Eigentums beliefen sich im Jahr 2023 auf 2,1 Millionen US-Dollar.

Gehälter für wissenschaftliches Personal

Personalkategorie	Durchschnittliches Jahresgehalt	Gesamter Personalaufwand
Leitende Forschungswissenschaftler	$185,000	9,25 Millionen US-Dollar
Wissenschaftliche Mitarbeiter	$95,000	5,7 Millionen US-Dollar
Klinische Forschungsmanager	$135,000	6,75 Millionen US-Dollar

Wartung von Technologie und Infrastruktur

Die Wartungskosten für Technologie und Infrastruktur beliefen sich im Jahr 2023 auf 4,3 Millionen US-Dollar.

• Wartung der Laborausrüstung: 2,1 Millionen US-Dollar
• IT-Infrastruktur: 1,5 Millionen US-Dollar
• Softwarelizenzen: 0,7 Millionen US-Dollar

AnaptysBio, Inc. (ANAB) – Geschäftsmodell: Einnahmequellen

Mögliche Lizenzvereinbarungen

Ab dem vierten Quartal 2023 verfügt AnaptysBio über potenzielle Lizenzvereinbarungen mit den folgenden wichtigen Details:

Partner	Potenzieller Wert	Therapeutischer Bereich
Eli Lilly	Bis zu 610 Millionen US-Dollar	Immunonkologie
Regeneron	Bis zu 475 Millionen US-Dollar	Entzündliche Erkrankungen

Finanzierung von Forschungskooperationen

Aufschlüsselung der Forschungskooperationsfinanzierung für 2023:

• Gesamtumsatz aus Forschungskooperationen: 37,2 Millionen US-Dollar
• Zusammenarbeit mit Novartis: 22,5 Millionen US-Dollar
• Sonstige gemeinsame Forschungsförderung: 14,7 Millionen US-Dollar

Meilensteinzahlungen für die zukünftige Arzneimittelentwicklung

Mögliche Struktur der Meilensteinzahlung:

Entwicklungsphase	Mögliche Meilensteinzahlung
Präklinischer Fortschritt	10-25 Millionen Dollar
Abschluss der Phase 1	30-50 Millionen Dollar
Abschluss der Phase 2	75–100 Millionen US-Dollar
Abschluss der Phase 3	150-250 Millionen Dollar

Potenzielle Verkäufe therapeutischer Produkte

Voraussichtliches Umsatzpotenzial für therapeutische Produkte:

• Marktpotenzial für ANB030 (IL-33-Inhibitor): Geschätzte 500–750 Millionen US-Dollar pro Jahr
• ANB020 (IL-33-Inhibitor) geschätzter Spitzenumsatz: 300–450 Millionen US-Dollar pro Jahr

Lizenzgebühren für geistiges Eigentum

Prognosen zu Lizenzgebühren für geistiges Eigentum:

Patentkategorie	Voraussichtlicher Lizenzgebührenbereich
Immunonkologie	5-8 % des Nettoumsatzes
Entzündliche Erkrankungen	6-9 % des Nettoumsatzes

AnaptysBio, Inc. (ANAB) - Canvas Business Model: Value Propositions

You're looking at the core value AnaptysBio, Inc. brings to the table as of late 2025, which really boils down to two distinct asset classes: the proprietary pipeline and the established, high-value royalty streams. It's a dual engine driving the business.

Novel, differentiated mechanism of action (MoA) for autoimmune diseases

The value here is in the science that underpins the pipeline candidates. For instance, ANB033, the CD122 antagonist, is designed to inhibit both IL-2 and IL-15 signaling, which the company believes targets multiple pathogenic drivers in celiac disease (CeD).

Rosnilimab's potential as a pathogenic T cell depleter for RA and UC

For rheumatoid arthritis (RA), rosnilimab, a selective and potent pathogenic T cell depleter, demonstrated a compelling profile in the Phase 2b trial. Translational data showed it potently reduced Tph cells in blood and synovium by more than 90%. Furthermore, CDAI LDA responders at Week 28 showed durable responses for at least two months off drug, supporting potential extended dosing intervals, like Q8W. However, the Phase 2 trial for ulcerative colitis (UC) did not meet the Week 12 primary endpoint (mean change in modified Mayo Score) or key secondary endpoints, leading to discontinuation, which saves at least $10 million.

ANB033 as a CD122 antagonist for celiac disease and other indications

ANB033 is moving forward in a Phase 1b trial for CeD. The Phase 1 study in healthy volunteers showed significant reductions of key immune cells: 74% reduction of CD8+ T Cells and 98% reduction of NK cells over a 43-day period. The market opportunity for non-responsive CeD patients in the United States alone is estimated to be between $4 billion and $5 billion. Top-line Phase 1b data for this indication is anticipated in Q4 2026.

Royalty stream stability and value crystallization for investors via the split

The royalty assets provide a stable, non-dilutive cash flow, which is a major value proposition, especially with the announced intent to separate these assets into a distinct entity by YE 2026. The Jemperli (PD-1 antagonist) royalties are performing strongly.

Here's a quick look at the royalty revenue performance through the third quarter of 2025:

Metric	Value as of Q3 2025 (9 Months Ended 9/30/2025)	Comparison/Context
Total Collaboration Revenue	$126.4 million	Up from $48.2 million for the same period in 2024
Jemperli Royalties	$63.2 million	Increased 110% from $30.1 million in the first nine months of 2024
Q3 2025 Jemperli Sales (GSK)	$303 million	YTD 2025 sales reached $785 million
Anticipated Q4 2025 Milestone	$75 million	Contingent on Jemperli reaching $1 billion in worldwide net sales
Estimated Annualized Jemperli Royalties at Peak Sales	$390 million	Based on GSK peak sales guidance of over $2.7 billion

This strong cash generation helps fund the pipeline; AnaptysBio expects to end 2025 with approximately $300 million in cash, including that anticipated $75 million milestone.

High-quality, human therapeutic antibodies for partners

AnaptysBio, Inc. has a proven track record of discovering and out-licensing human therapeutic antibodies that partners successfully commercialize. This de-risks the discovery engine.

• PD-1 antagonist (Jemperli) licensed to GSK.
• IL-36R antagonist (imsidolimab) licensed to Vanda Pharmaceuticals.
• Vanda upfront payment recognized was $15 million.

The successful execution with partners like GSK and Vanda Pharmaceuticals validates the quality of the antibody discovery platform.

Finance: draft 13-week cash view by Friday.

AnaptysBio, Inc. (ANAB) - Canvas Business Model: Customer Relationships

The Customer Relationships for AnaptysBio, Inc. (ANAB) are heavily weighted toward institutional partners and the scientific community, reflecting a high-touch, B2B model right now.

Strategic, long-term collaboration management with large pharma

The core relationship management centers on maximizing value from out-licensed assets with major pharmaceutical companies. This involves detailed performance tracking and milestone communication. For instance, the relationship with GSK, centered on the PD-1 antagonist Jemperli, is critical.

Financial metrics tied to this relationship show clear engagement:

Metric	Value (as of Q3 2025)	Context
Q3 2025 Collaboration Revenue	$76.3 million	Up from $30.0 million in Q3 2024.
Jemperli YTD 2025 Sales	$785 million	Led to a $50 million commercial milestone payment in Q3 2025.
Anticipated Q4 2025 Milestone	$75 million	Contingent on Jemperli achieving $1 billion in worldwide net sales.
GSK Peak Sales Guidance	> $2.7 billion	Implies long-term royalty stream potential.

Furthermore, the Vanda Pharmaceuticals agreement for imsidolimab contributed $15 million in upfront payment revenue recognized by Q3 2025. Management is actively managing the relationship structure, announcing an intent to separate biopharma operations from royalty assets by YE 2026.

Direct engagement with clinical investigators and key opinion leaders

Engagement here is focused on advancing the proprietary pipeline through rigorous clinical execution. You need investigators who can manage complex protocols and KOLs who can validate the science. The data readouts are the primary touchpoint.

• Rosnilimab RA trial involved 424 patients; Phase 2b data presented at ACR Convergence 2025.
• Rosnilimab UC Phase 2 trial enrolled 136 patients; Week 12 data expected in Nov./Dec. 2025.
• ANB033 Phase 1b in celiac disease initiated, with top-line data expected in Q4 2026.
• ANB101 is currently in a Phase 1a trial.

The company held a dedicated virtual investor event for ANB033 in October 2025, indicating direct scientific engagement with the investment community.

Investor relations focused on communicating pipeline and financial catalysts

Investor relations is a high-touch function, especially given the planned corporate separation and the near-term clinical data milestones. Communication is dense with financial figures and forward-looking catalysts.

Key financial shifts communicated to investors include:

• Q3 2025 Net Income: $15.1 million (a significant swing from a Q3 2024 Net Loss of $32.9 million).
• Cash position as of September 30, 2025: $256.7 million.
• Management confidence shown by a $100 million Stock Repurchase Plan announced on November 21, 2025.

The executive team, including CEO Daniel Faga, was scheduled for participation in at least five major investor conferences in November and December 2025, such as the Jefferies Global Healthcare Conference and the Evercore 8th Annual Healthcare Conference.

Patient support and monitoring within clinical trial protocols

While not a direct-to-consumer relationship, the integrity of patient support within trials is crucial for data quality and investigator satisfaction. The UC trial for rosnilimab included specific monitoring elements.

The 136-patient UC trial included:

• Blinded treatment extension periods for responders.
• Placebo-treated patients crossing over to high-dose Q2W rosnilimab after non-response.

The company is managing the relationship with the trial sites to ensure adherence to these complex protocols.

Defintely a high-touch, B2B model right now.

The entire structure points to a relationship model dominated by sophisticated, high-value B2B interactions. The focus isn't on mass market acquisition but on managing a few, extremely important, long-term strategic partnerships and scientific advisory relationships. The $76.3 million in Q3 2025 collaboration revenue versus the net loss of $62.8 million over nine months underscores that the primary customer relationship driving near-term revenue is with pharma partners, not end-users.

Finance: draft 13-week cash view by Friday.

AnaptysBio, Inc. (ANAB) - Canvas Business Model: Channels

You're looking at how AnaptysBio, Inc. (ANAB) gets its value proposition-both the royalty streams and the pipeline assets-out to the world, which is now clearly bifurcated into two distinct entities post-September 2025 announcement. Here are the hard numbers defining those channels as of late 2025.

Out-licensing agreements to global pharmaceutical companies

The primary channel for revenue realization from out-licensed assets involves structured milestone payments and tiered royalties from partners like GSK Plc and Vanda Pharmaceuticals Inc. These agreements dictate the flow of funds back to AnaptysBio, Inc., which will largely flow to the future Royalty Management Co.

For the Jemperli (dostarlimab) royalties from GSK, the structure is quite specific:

• Royalty tier: 8% of net sales up to $1 billion.
• Royalty tier: 12% of net sales between $1 billion and $1.5 billion.
• Royalty tier: 20% of net sales between $1.5 billion and $2.5 billion.
• Royalty tier: 25% of net sales above $2.5 billion.
• GSK peak sales guidance: approximately $2.7 billion.
• Annualized royalties at peak sales: over $390 million.

Financial performance from this channel through Q3 2025 shows significant growth:

Metric	Period Ended September 30, 2025	Period Ended September 30, 2024
Jemperli Royalties (3 Months)	$24.9 million	$13.8 million
Jemperli Royalties (9 Months)	$63.2 million	$30.1 million
Total Collaboration Revenue (3 Months)	$76.3 million	$30.0 million

The Vanda Pharmaceuticals Inc. collaboration for imsidolimab includes upfront and supply payments, plus future incentives:

• Upfront payment received: $10.0 million.
• Payment for existing drug supply: $5.0 million.
• Total potential future milestones: up to $35 million.
• Royalty on net sales: 10%.

A portion of the Jemperli stream was monetized to Sagard for $250 million upfront plus a $50 million follow-on payment. Sagard collects until an aggregate of $600 million is reached, which AnaptysBio, Inc. estimates will be fully accrued by year-end 2025 to the tune of approximately $250 million.

Clinical trial sites and principal investigators for drug testing

The pipeline development relies on a network of clinical sites and key opinion leaders to generate data for drugs like rosnilimab, ANB033, and ANB101. You need these sites to produce the data that drives future partnerships or internal development.

• Rosnilimab UC Phase 2 trial enrolled 136 patients across the U.S. and Western/Eastern Europe.
• Rosnilimab Phase 2b RA data presentation featured investigator Dr. Paul Emery, University of Leeds, U.K..
• Rosnilimab Phase 2b RA data presentation featured investigator Dr. Jonathan Graf, University of California, San Francisco.
• ANB033 (CD122 antagonist) Phase 1b trial in celiac disease was initiated.
• ANB101 (BDCA2 modulator) is in a Phase 1a trial in healthy volunteers.

The discontinuation of the rosnilimab UC trial in November 2025 is expected to result in at least $10 million in savings, which impacts the R&D channel spend.

Scientific publications and conferences to disseminate data

Data dissemination channels are critical for validating assets and attracting potential partners for the Biopharma Co. post-split. This involves presenting at major medical meetings and engaging with the investment community.

Event/Publication Channel	Date/Timing	Key Data/Activity
Investor Call/Webcast (Rosnilimab RA)	June 3, 2025	Review updated data from global Phase 2b RENOIR trial.
ACR Convergence 2025	Late 2025	Featured late-breaking oral presentation for rosnilimab Phase 2b RA data.
Jefferies Global Healthcare Conference	June 5, 2025	Presentation and one-on-one investor meetings.
Goldman Sachs Global Healthcare Conference	June 11, 2025	Fireside chat and one-on-one investor meetings.
Investor Conferences	December 2025	Anaptys announced participation.

The company also hosted a virtual investor event on ANB033 including preclinical and Phase 1a data.

Investor roadshows and financial reporting (SEC filings)

The financial health and strategic direction are communicated through mandatory SEC filings and direct investor outreach, which was heavily focused on the strategic split in late 2025.

• Q3 2025 Financial Results filed on November 4, 2025.
• Q3 2025 Net Income reported: $15.1 million (or $0.54 per share).
• Nine months ended September 30, 2025 Net Loss: $62.8 million (or $2.16 per share).
• Cash on hand as of end of Q2 2025: approximately $300 million.
• Anticipated cash ending 2025: approximately $300 million, including the expected $75 million milestone accrual.
• Cash runway projected through year-end 2027 as of Q2 2025.
• Market Capitalization as of November 21, 2025: $1.14 billion.
• Shares outstanding as of September 2025: 27.97 million.
• Stock price near spin announcement (Sept 29, 2025): around $31.75.
• Average analyst target price: $46.6.
• Stock Repurchase Plan amended to authorize up to an additional $100.0 million in repurchases.
• Shares repurchased under the prior plan: 3,443,188 shares, representing 11.2% of shares outstanding before the plan started.

Direct communication with shareholders about the strategic split

The decision to separate the royalty assets from the biopharma pipeline was a major communication event, using specific regulatory filings and investor calls to detail the plan.

• Board approved exploring the split on September 29, 2025.
• Separation is targeted for completion by year-end 2026.
• The transaction is expected to be a taxable event for shareholders.
• Communication occurred via a conference call and slide presentation filed as Exhibit 99.1 on September 29, 2025.
• The two resulting entities are temporarily named 'Royalty Management Co' and 'Biopharma Co'.
• The commitment to the 2026 separation was reiterated following the November 10, 2025, rosnilimab UC data update.

AnaptysBio, Inc. (ANAB) - Canvas Business Model: Customer Segments

Large pharmaceutical companies seeking novel, de-risked assets

• Partner with GSK for Jemperli (PD-1 antagonist).
• Partner with Vanda Pharmaceuticals for imsidolimab (IL-36R antagonist).

Partner/Product	Financial Metric	Value as of Late 2025
GSK / Jemperli	YTD Q3 2025 Sales	$785 million
GSK / Jemperli	Q3 2025 Sales	$303 million
GSK / Jemperli	Anticipated Q4 2025 Milestone (upon $1B sales)	$75 million
GSK / Jemperli	Royalty Rate Tier	8-25% on net sales
Vanda / Imsidolimab	Upfront Payment	$10 million
Vanda / Imsidolimab	Additional Drug Supply Payment	$5 million
Vanda / Imsidolimab	Future Milestones Potential	Up to $35 million
Vanda / Imsidolimab	Royalty Rate	10% on net sales

Patients with moderate-to-severe autoimmune and inflammatory diseases

• Target for Rosnilimab (Phase 2b RA data complete; Phase 2 UC data expected Q4 2025).
• Target for ANB033 (Phase 1b planned by Q4 2025).
• Celiac Disease (CeD) population in U.S. is more than 2.1 million people.
• Target for ANB101 (Phase 1a ongoing).
• Target for Imsidolimab (Phase 3 complete for GPP).

Oncologists and hospitals using licensed products like Jemperli

• Jemperli (dostarlimab-gxly) is a PD-1 antagonist.
• Jemperli YTD sales through Q3 2025 reached $785 million.
• Jemperli Q3 2025 sales were $303 million.
• Jemperli peak sales guidance from GSK is more than $2.7 billion.

Financial investors focused on clinical-stage biotech growth

• Company plans to separate into two entities by YE 2026: 'Biopharma Co' and 'Royalty Management Co'.
• Biopharma Co anticipates adequate capital to fund operations for at least two years upon separation.
• Trailing Twelve Month (TTM) Revenue as of September 30, 2025 was $169.47 million.
• Q3 2025 Revenue was $76.32 million.
• Net Income for Q3 2025 was $15.1 million.
• Stock repurchase activity: 3,344,064 shares repurchased as of September 30, 2025, representing 10.9% of shares outstanding, for $65.2 million.

Institutional investors seeking stable royalty-backed cash flow

• The 'Royalty Management Co' entity will manage royalty assets.
• Jemperli royalties accrued for the nine months ended September 30, 2025, totaled $63.2 million.
• Anticipated Sagard accruals (royalties and sales milestones) through year-end 2025 is ~$250 million.
• Cash and investments as of September 30, 2025, totaled $256.7 million.
• Anticipated cash and investments by end of 2025 is approximately $300 million.

AnaptysBio, Inc. (ANAB) - Canvas Business Model: Cost Structure

You're looking at the core expenses driving AnaptysBio, Inc.'s operations as of late 2025, focusing on what it takes to keep the pipeline moving.

Research and development (R&D) expenses for the nine months ended September 30, 2025, totaled $110.4 million. This spend reflects the heavy investment required for advancing novel immunology therapeutics through clinical stages.

The R&D cost profile for the nine months ended September 30, 2025, showed a decrease compared to the same period in 2024, which was primarily due to lower development costs for ANB032 and imsidolimab. However, this was offset by higher costs relating to ongoing clinical programs.

The major drivers within R&D spending included:

• Clinical trial costs for Phase 2 trials in Rheumatoid Arthritis (RA) and Ulcerative Colitis (UC) for rosnilimab.
• Higher costs relating to the Phase 1 trials for ANB033 and ANB101.
• The decision to discontinue the rosnilimab Phase 2 UC trial is expected to result in at least $10 million in savings.

General and administrative (G&A) expenses for the nine months ended September 30, 2025, were $34.9 million. This represented an increase from $32.2 million for the same period in 2024, primarily due to transaction costs associated with the Vanda Pharmaceuticals license agreement.

Personnel costs, a significant component of both R&D and G&A, are partially reflected in the non-cash, stock-based compensation figures. For the nine months ended September 30, 2025:

• R&D non-cash, stock-based compensation expense was $13.3 million.
• G&A non-cash, stock-based compensation expense was $14.2 million.

Intellectual property filing and maintenance fees are embedded within the operating expenses, but specific standalone amounts for these costs are not separately itemized in the provided nine-month summaries. The company's focus on its pipeline suggests ongoing costs to protect its assets, including its lead program rosnilimab and pipeline candidates ANB033 and ANB101.

Here's a quick look at the key year-to-date expense figures as of September 30, 2025:

Expense Category	Amount (Nine Months Ended Sept 30, 2025)
Research and Development (R&D) Expenses	$110.4 million
General and Administrative (G&A) Expenses	$34.9 million
R&D Stock-Based Compensation (Non-Cash)	$13.3 million
G&A Stock-Based Compensation (Non-Cash)	$14.2 million

The company expects to end 2025 with approximately $300 million in cash, which includes a one-time $75 million commercial sales milestone from GSK anticipated in Q4 2025. This cash position helps fund the ongoing cost structure.

AnaptysBio, Inc. (ANAB) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers that drive AnaptysBio, Inc.'s revenue engine as of late 2025. This isn't about potential; it's about the cash flow generated from their strategic partnerships.

Collaboration revenue from licensed products was reported at $76.3 million for the three months ended September 30, 2025, a significant jump from $30.0 million in the same period in 2024. For the first nine months of 2025, collaboration revenue reached $126.4 million.

The core of this revenue is tied to the GSK collaboration for Jemperli (dostarlimab-gxly). The performance of this asset directly translates into AnaptysBio, Inc.'s top line. Here's a breakdown of the key components:

Revenue Component	Metric/Period	Amount (USD)
Collaboration Revenue (Total)	Q3 2025	$76.3 million
Collaboration Revenue (Total)	Nine Months Ended September 30, 2025	$126.4 million
Jemperli Royalties	Q3 2025	$24.9 million
Jemperli Royalties	Nine Months Ended September 30, 2025	$63.2 million
Vanda License Revenue Recognized	Q3 2025	$9.7 million

Royalties on net sales of Jemperli (dostarlimab-gxly) by GSK show strong growth, with Q3 2025 royalties at $24.9 million, representing an 80% increase over the $13.8 million earned in Q3 2024. Year-to-date royalties through September 30, 2025, hit $63.2 million. GSK reported Jemperli sales of $303 million in Q3 2025 and $785 million year-to-date in 2025. AnaptysBio, Inc. expects annualized Jemperli royalties to exceed $390 million at GSK's peak sales guidance of more than $2.7 billion.

Milestone payments from partners are another critical, albeit less predictable, stream. AnaptysBio, Inc. secured a significant payment in the third quarter and has another anticipated in the fourth quarter of 2025:

• GSK Commercial Sales Milestone Earned (Q3 2025): $50 million (triggered by Jemperli 2025 sales exceeding $750 million).
• Anticipated GSK Commercial Sales Milestone (Q4 2025): $75 million (contingent upon Jemperli achieving $1 billion in worldwide net sales).

Upfront license payments are realized upon deal execution. The agreement with Vanda Pharmaceuticals for imsidolimab provides immediate cash flow:

• Total Upfront/Supply Payment from Vanda: $15 million.
• Breakdown: $10 million upfront payment plus $5 million for existing drug supply.
• Additional Vanda Economics: AnaptysBio, Inc. is eligible to receive up to $35 million for future regulatory approval and sales milestones, plus a 10% royalty on global net sales of imsidolimab.

Potential future product sales if wholly-owned assets are commercialized represent the long-term value proposition, separate from the current royalty streams. These assets include:

• Rosnilimab (targeting rheumatoid arthritis and ulcerative colitis).
• ANB033 (anti-CD122 antagonist).
• ANB101 (BDCA2 modulator).