AnaptysBio, Inc. (ANAB): Business Model Canvas [Dec-2025 Updated]

You're trying to map out AnaptysBio, Inc.'s business model right before their big 2026 split, and frankly, it's a fascinating dual-engine setup that demands a close look. As someone who has modeled these structures for years, I see a core tension: funding aggressive, high-potential R&D, like the work on rosnilimab, with the stable, de-risked cash flow generated from out-licensed assets like Jemperli, which delivered $76.3 million in collaboration revenue in Q3 2025. With $256.7 million in cash on the books as of Q3 2025, they have the fuel, but the real value unlock depends on how cleanly they separate the pure-play biopharma assets from the royalty stream-so let's break down exactly how all nine building blocks of their strategy fit together below.

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

You're looking at the core relationships that fuel AnaptysBio, Inc.'s current financial engine and future pipeline development. These partnerships are critical because they represent both the current cash flow-mostly from out-licensed assets-and the future value proposition for the planned 2026 separation.

GSK for Jemperli (dostarlimab-gxly) and cobolimab licensing

The collaboration with GlaxoSmithKline (GSK) on the PD-1 antagonist, Jemperli (dostarlimab-gxly), is the primary driver of AnaptysBio's current revenue. GSK reported strong commercial performance for Jemperli, with sales reaching $303 million in the third quarter of 2025 and $785 million year-to-date (YTD) 2025 (or £600 million YTD 2025). AnaptysBio anticipates accruing a one-time $75 million commercial sales milestone in the fourth quarter of 2025 once Jemperli achieves $1 billion in worldwide net sales.

The royalty structure is tiered based on annual worldwide net sales:

Based on GSK's peak sales guidance of greater than $2.7 billion, AnaptysBio projects over $390 million in annualized Jemperli royalties. It's worth noting that AnaptysBio previously monetized a portion of these royalties, meaning the firm Sagard receives the first $600 million in cumulative royalties and sales milestones, with full paydown projected between the second quarter of 2027 and the second quarter of 2028. The original deal was struck with TESARO (acquired by GSK in December 2018 for $5.1 billion) in March 2014.

Vanda Pharmaceuticals for imsidolimab licensing and development

The IL-36R antagonist, imsidolimab, licensed to Vanda Pharmaceuticals, is another key financial partnership. AnaptysBio received an upfront payment of $15 million from Vanda for the license. Collaboration revenue recognized from this agreement was $9.7 million for the three months ended September 30, 2025, and $9.6 million for the three months ended March 31, 2025. AnaptysBio is eligible to receive up to $35 million in future regulatory milestones, plus a 10% royalty on net sales, should imsidolimab reach the market. Vanda anticipates an FDA Biologics License Application (BLA) submission for generalized pustular psoriasis (GPP) in the second half of 2025.

Contract Research Organizations (CROs) for clinical trial execution

The execution of AnaptysBio's internal pipeline relies heavily on external partners, which is reflected in the Research and Development (R&D) expense figures. For the nine months ended September 30, 2025, R&D expenses totaled $110.4 million. These costs included higher development spending related to the Phase 1 trials for ANB033 and ANB101, offsetting lower costs for imsidolimab and ANB032. For the three months ended June 30, 2025, R&D expenses were $37.8 million.

The clinical trial activities driving these costs include:

• Rosnilimab Phase 2 trials in Rheumatoid Arthritis (RA) and Ulcerative Colitis (UC).
• ANB033 Phase 1b trial in celiac disease, with a planned cohort initiation by Q4 2025.
• ANB101 Phase 1a trial.

Academic and research institutions for early-stage discovery

AnaptysBio's discovery engine is supported by academic engagement, though specific financial terms are not detailed in recent public filings. The company's pipeline assets, such as rosnilimab, ANB033, and ANB101, are the result of their internal discovery efforts, which often involve academic ties for foundational research. For instance, complete data from the rosnilimab Phase 2b RA trial was presented as a late-breaking oral presentation at the American College of Rheumatology (ACR) Convergence 2025.

Financial partners for the planned 2026 business separation

AnaptysBio announced plans in September 2025 to explore separating its business into two independent, publicly traded companies by the end of 2026. This separation creates a Royalty Management Company and a Biopharma Company. The financial planning for this separation involves ensuring the new Biopharma Company launches with adequate capital to fund operations for at least two years.

The structure of this separation dictates the roles of the future entities:

• Royalty Management Company: Will manage the substantial royalties and milestone payments from the GSK and Vanda collaborations.
• Biopharma Company: Will focus on developing the clinical-stage pipeline, including rosnilimab, ANB033, and ANB101.

The company had cash and investments of $256.7 million as of September 30, 2025, and anticipates ending 2025 with approximately $300 million. This capital base supports the pipeline execution while the separation is finalized.

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

You're looking at the core engine driving AnaptysBio, Inc. right now-the day-to-day, high-stakes work that determines if their pipeline advances or stalls. It's a complex mix of lab work, regulatory navigation, and high-level corporate restructuring, all while managing significant cash burn and external financial obligations. Here's the breakdown of what AnaptysBio, Inc. is actively doing as of late 2025.

Research and development (R&D) of immunology therapeutics

The R&D function is heavily focused on advancing the remaining pipeline assets following strategic decisions on rosnilimab. The financial commitment to this activity is substantial, though it saw a slight decrease year-over-year as certain programs matured or were discontinued. For the nine months ended September 30, 2025, Research and development expenses totaled $110.4 million, down from $121.3 million for the same period in 2024. The non-cash, stock-based compensation component within R&D for those nine months was $13.3 million. General and administrative expenses also included transaction costs related to the Vanda Pharmaceuticals license agreement.

The core in-house development activities center on three key molecules:

• ANB033: Advancing through a Phase 1b trial for celiac disease.
• ANB101: Progressing through a Phase 1a trial.
• Rosnilimab: Development focus is now solely on Rheumatoid Arthritis (RA) following the UC decision.

Executing clinical trials for rosnilimab (Phase 2 UC) and ANB033

Clinical execution has seen a major pivot. The global Phase 2 trial for rosnilimab in moderate-to-severe Ulcerative Colitis (UC) was discontinued after Week 12 data showed it did not meet the primary endpoint of mean change from baseline in modified Mayo Score (mMS) or key secondary endpoints. This discontinuation is expected to result in at least $10 million in savings. The company observed expected pharmacology, including approximately 90% depletion of pathogenic T cells, but the lack of adequate efficacy was the deciding factor for the UC indication.

Conversely, ANB033 is moving forward. In its earlier Phase 1 study, the CD122 antagonist demonstrated significant reductions of target cells over a 43-day period: 74% reduction of CD8+ T Cells and 98% reduction of NK cells. The plan is to announce data from the Phase 1b celiac disease trial in Q4 of 2026.

Here's a quick look at the pipeline status as of late 2025:

Managing and protecting the proprietary somatic hypermutation platform

The platform itself is the foundation for their discovered antibodies, which are primarily monetized through financial collaborations rather than direct development by AnaptysBio, Inc. The key activity here is ensuring the technology remains proprietary and that the resulting assets are managed to maximize their value, especially as the company prepares for separation. The platform's success is evidenced by the revenue generated from out-licensed assets like Jemperli and imsidolimab.

Securing and managing intellectual property and licensing agreements

Managing existing agreements and defending intellectual property rights is a critical, high-risk activity late in 2025. AnaptysBio, Inc. is actively engaged in litigation concerning the Jemperli agreement. On November 20, 2025, AnaptysBio, Inc. filed a lawsuit against Tesaro and GlaxoSmithKline (GSK) in Delaware Chancery Court, alleging material breach of the collaboration and exclusive license agreement. Tesaro and GSK responded with their own counterclaim on November 26, 2025. A trial is expected to take place in July 2026.

The management of the Vanda Pharmaceuticals agreement for imsidolimab is also key. This deal, finalized in January 2025, provides AnaptysBio, Inc. with an upfront payment of $10 million plus $5 million for existing drug supply, and it is eligible for up to $35 million in future milestones plus a 10% royalty on net sales. Vanda anticipates an FDA Biologics License Application (BLA) submission for Generalized Pustular Psoriasis (GPP) in the second half of 2025 (2H 2025).

Royalty management involves navigating complex payment structures, including prior monetizations:

• Jemperli royalties are tiered: 8% up to $1 billion in sales, 12% between $1-1.5 billion, 20% between $1.5-2.5 billion, and 25% above $2.5 billion.
• GSK reported Jemperli sales of $482 million in the first half of 2025 (1H 2025).
• AnaptysBio, Inc. anticipates triggering a one-time $75 million commercial sales milestone from GSK in Q4 2025 once Jemperli achieves $1 billion in worldwide net sales in a calendar year.
• AnaptysBio estimates that Sagard will have accrued $250 million in royalties and sales milestones through year end 2025 from prior capped monetizations, with the full $600 million paydown anticipated between mid-2027 and Q2 2028.

Strategic planning for the separation of biopharma and royalty assets

This is a defining strategic activity. AnaptysBio, Inc.'s Board approved plans to separate the business into two independent, publicly traded companies by year-end 2026. The goal is to create a 'Royalty Management Co' and a 'Biopharma Co' to allow investors to align with distinct business models. The Biopharma Co will focus on the pipeline assets, including rosnilimab (for RA), ANB033, and ANB101. The Royalty Management Co will manage the substantial royalty streams from GSK and Vanda. The Biopharma Co is planned to launch with adequate capital to fund operations for at least two years through potential corporate milestones. As of September 30, 2025, cash, cash equivalents, and investments stood at $256.7 million, with an expectation to end 2025 around $300 million.

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

You're looking at the core assets AnaptysBio, Inc. is relying on as of late 2025. These are the things they own or control that are essential to making their business model work.

Financial Strength and Liquidity

• Cash, cash equivalents, and investments totaled $256.7 million as of September 30, 2025.
• The company anticipates ending 2025 with approximately $300 million in cash on hand.
• Research and development expenses for the three months ended September 30, 2025, were $31.4 million.

Proprietary Technology and Pipeline Assets

The foundation is the proprietary Somatic Hypermutation antibody discovery platform. This technology is what generates the candidates moving through the clinic. The current value is heavily weighted on the clinical-stage pipeline:

External Revenue Streams and Partnerships

AnaptysBio, Inc. has significant non-dilutive revenue tied to out-licensed assets. Jemperli is the prime example here, and the company is actively planning a separation of these royalty assets from the biopharma programs by year-end 2026.

• Jemperli (PD-1 antagonist, licensed to GSK) Q3 2025 royalties were $24.9 million.
• Jemperli year-to-date sales exceeded $750 million as of Q3 2025, earning a $50 million commercial sales milestone in Q3.
• Anticipated one-time commercial sales milestone of $75 million from GSK in Q4 2025 upon Jemperli achieving $1 billion in worldwide net sales.
• Projected annualized Jemperli royalties payable to AnaptysBio, Inc. are over $390 million at peak sales.
• Imsidolimab (IL-36R antagonist, licensed to Vanda Pharmaceuticals) generated $9.7 million in revenue recognized for the license agreement in the three months ended September 30, 2025.

Human Capital

The company relies on its internal expertise to drive discovery and development. This is supported by the R&D spend, but the specific count of highly specialized immunology and antibody engineering scientists isn't publically itemized, so you have to infer their value from the pipeline progress.

If onboarding takes 14+ days, churn risk rises, especially for specialized roles.

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:

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:

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:

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.

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).

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:

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:

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).