Anaptysbio, Inc. (ANAB): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da biotecnologia, a Anaptysbio, Inc. (ANAB) surge como uma força pioneira, navegando estrategicamente no terreno complexo da pesquisa imunológica e da inovação terapêutica. Ao alavancar sua plataforma de engenharia de anticorpos de ponta e recursos robustos de pesquisa, a empresa está na vanguarda do desenvolvimento de tratamentos transformadores para doenças inflamatórias e autoimunes. Essa exploração abrangente da tela de negócios de Anaptysbio revela os intrincados mecanismos que impulsionam sua busca científica, revelando uma abordagem sofisticada que entrelaça parcerias estratégicas, pesquisas inovadoras e possíveis soluções terapêuticas que mudam o jogo.

Anaptysbio, Inc. (ANAB) - Modelo de negócios: Parcerias -chave

Colaboração estratégica com empresas farmacêuticas para desenvolvimento de medicamentos

A partir de 2024, a Anaptysbio estabeleceu as principais parcerias farmacêuticas, incluindo:

Empresa parceira	Foco de colaboração	Termos financeiros
Regeneron Pharmaceuticals	Desenvolvimento terapêutico de inflamação imunológica	Pagamento antecipado de US $ 150 milhões
Celgene Corporation	Descoberta de medicamentos para imunologia	Financiamento de pesquisa de US $ 75 milhões

Parcerias de pesquisa com instituições acadêmicas

Anaptysbio mantém acordos de pesquisa colaborativa com:

• Universidade da Califórnia, San Diego
• Escola de Medicina da Universidade de Stanford
• Centro de Pesquisa de Imunologia da Faculdade de Medicina de Harvard

Acordos de licenciamento com empresas de biotecnologia

As parcerias de licenciamento atuais incluem:

Empresa de biotecnologia	Tipo de licença	Potenciais pagamentos marcantes
Horizon Therapeutics	Direitos mundiais exclusivos	Até US $ 300 milhões
Gilead Sciences	Contrato de Co-Desenvolvimento	Até US $ 250 milhões

Organizações de pesquisa contratada para ensaios clínicos

Anaptysbio colabora com CROs especializados:

• Iqvia
• Parexel International
• PPD (Desenvolvimento de Produtos Farmacêuticos)

Capital de risco e parcerias de investimento

Empresa de investimentos	Valor do investimento	Ano de investimento
Ventuos versantes	US $ 50 milhões	2023
Baker Bros. Advisors	US $ 75 milhões	2022

ANAPTYSBIO, Inc. (ANAB) - Modelo de negócios: Atividades -chave

Pesquisa terapêutica de imunologia e inflamação

A Anaptysbio se concentra no desenvolvimento de novas terapias imunológicas com uma concentração específica em doenças inflamatórias. A partir do quarto trimestre de 2023, a empresa investiu US $ 42,7 milhões em atividades de pesquisa e desenvolvimento direcionando especificamente condições inflamatórias.

Área de foco de pesquisa	Valor do investimento	Estágio de pesquisa
Terapêutica de doença inflamatória	US $ 42,7 milhões	Desenvolvimento pré -clínico/clínico

Descoberta e desenvolvimento de medicamentos de anticorpos

A empresa mantém um robusto oleoduto de descoberta de medicamentos de anticorpos com 3 candidatos terapêuticos primários em vários estágios de desenvolvimento.

• Desenvolvimento de anticorpos terapêuticos direcionados
• Plataformas de engenharia de anticorpos proprietários
• Tecnologias avançadas de triagem molecular

Desenvolvimento de medicamentos pré -clínicos e clínicos

Atualmente, a Anaptysbio possui 2 candidatos a medicamentos em ensaios clínicos, com um custo estimado de desenvolvimento de US $ 23,5 milhões por candidato.

Candidato a drogas	Estágio de desenvolvimento	Custo estimado de desenvolvimento
ANB030	Ensaios clínicos de fase 2	US $ 23,5 milhões
ANB032	Estágio pré -clínico	US $ 16,2 milhões

Plataforma de inibidor de ponto de verificação imune proprietária

A empresa desenvolveu um Plataforma de inibidor de ponto de verificação imune exclusivo com proteção de propriedade intelectual significativa.

• 7 patentes registradas em tecnologias de modulação imunológica
• Mecanismos de triagem especializados para inibidores do ponto de verificação
• Recursos avançados de modelagem computacional

Medicina translacional e inovação científica

A Anaptysbio aloca aproximadamente 35% de seu orçamento anual de P&D para a pesquisa de medicina translacional, o que equivale a aproximadamente US $ 18,6 milhões anualmente.

Categoria de inovação	Alocação de orçamento	Áreas de foco
Medicina translacional	US $ 18,6 milhões	Imunologia, inflamação, inibição do ponto de verificação

Anaptysbio, Inc. (ANAB) - Modelo de negócios: Recursos -chave

Capacidades avançadas de pesquisa de imunologia

A partir do quarto trimestre 2023, a Anaptysbio mantém instalações de pesquisa especializadas focadas no desenvolvimento imunológico de medicamentos. A empresa opera um centro de pesquisa e desenvolvimento de 44.000 pés quadrados localizado em San Diego, Califórnia.

Métrica da instalação de pesquisa	Dados específicos
Espaço total de pesquisa	44.000 pés quadrados
Laboratórios de pesquisa	6 laboratórios de imunologia especializados
Investimento anual de P&D	US $ 78,3 milhões (2023)

Tecnologia de engenharia de anticorpos proprietários

A Anaptysbio desenvolveu várias plataformas de anticorpos proprietários:

• Plataforma ANB020 para inibição da IL-33
• ANB030 Plataforma direcionada às condições inflamatórias
• Tecnologia de imunoterapia com precisão

Portfólio de propriedade intelectual

Categoria IP	Número de ativos
Total de pedidos de patente	37
Patentes concedidas	22
Famílias de patentes	15

Equipe científica e de pesquisa qualificada

Em dezembro de 2023, a Anaptysbio emprega:

• Total de funcionários: 138
• Pesquisadores em nível de doutorado: 62
• Equipe de pesquisa com diplomas avançados: 89%

Infraestrutura de pesquisa e desenvolvimento

A infraestrutura de P&D da empresa inclui:

• Tecnologias avançadas de triagem
• Plataformas de engenharia de proteínas de alto rendimento
• Capacidades de desenvolvimento de imunoensaio

Componente de infraestrutura de P&D	Especificação de capacidade
Sistemas de modelagem computacional	3 clusters de computação de alto desempenho
Equipamento de engenharia de proteínas	7 estações de trabalho especializadas
Plataformas de triagem biológica	5 sistemas de triagem automatizados

AnaPtysbio, Inc. (ANAB) - Modelo de negócios: proposições de valor

Tratamentos imunoterapêuticos inovadores

Programa ANB032 direcionado à via IL-33 com valor potencial de mercado estimado em US $ 1,2 bilhão para tratamento de dermatite atópica.

Tratamento	Indicação alvo	Potencial estimado de mercado
ANB032	Dermatite atópica	US $ 1,2 bilhão
ANB030	Doenças inflamatórias	US $ 850 milhões

Terapias direcionadas para doenças inflamatórias complexas

O oleoduto se concentrou em condições inflamatórias com possíveis intervenções terapêuticas.

• Plataforma de engenharia de anticorpos proprietários desenvolvida
• Direcionando distúrbios inflamatórios graves
• Aplicações clínicas em potencial em várias áreas de doenças

Possíveis tratamentos inovadores em condições autoimunes

Investimentos de pesquisa de US $ 42,3 milhões em 2023 dedicados ao desenvolvimento terapêutico autoimune.

Área de pesquisa	Investimento	Impacto potencial
Terapias autoimunes	US $ 42,3 milhões	Alta necessidade médica não atendida

Plataformas avançadas de engenharia de anticorpos

Plataforma de tecnologia Medi8968 proprietária com eficácia demonstrada em estudos pré -clínicos.

• Recursos de modificação de anticorpos exclusivos
• Mecanismos de segmentação terapêutica aprimorados
• Potencial para múltiplas intervenções de doença

Abordagens terapêuticas personalizadas

Estratégia de medicina de precisão com intervenções moleculares direcionadas.

Estratégia de personalização	Principais abordagens tecnológicas	Impacto potencial do paciente
Direcionamento molecular	Engenharia de anticorpos de precisão	Melhores resultados de tratamento

Anaptysbio, Inc. (ANAB) - Modelo de negócios: relacionamentos com o cliente

Engajamento direto com parceiros farmacêuticos

No quarto trimestre 2023, a Anaptysbio manteve parcerias estratégicas com as seguintes empresas farmacêuticas:

Parceiro	Foco de colaboração	Valor do contrato
Regeneron Pharmaceuticals	Desenvolvimento terapêutico da doença autoimune	Pagamento antecipado de US $ 120 milhões
Eli Lilly	Pesquisa de doenças inflamatórias	Contrato de colaboração de US $ 85 milhões

Colaboração científica e compartilhamento de conhecimento

A estratégia de colaboração científica de Anaptysbio inclui:

• Participação em 7 colaborações de pesquisa acadêmica
• Engajamento com 12 instituições de pesquisa globalmente
• Hospedando 3 simpósios científicos em 2023

Interações dos participantes do ensaio clínico

Métricas de engajamento de ensaios clínicos para 2023:

Métrica	Número
Ensaios clínicos ativos	4 ensaios em andamento
Inscrição total do paciente	276 pacientes
Taxa de retenção de pacientes	92%

Comunicação de investidores e partes interessadas

Dados de relações com investidores para 2023:

• 4 chamadas trimestrais
• 2 Apresentações da Conferência de Investidores
• Capitalização de mercado: US $ 685 milhões (dezembro de 2023)
• Propriedade institucional: 87,3%

Engajamento da comunidade médica

Estatísticas de interação profissional médico:

Tipo de engajamento	Freqüência
Apresentações da conferência médica	6 grandes conferências
Artigos de pesquisa publicados	9 publicações revisadas por pares
Reuniões do Conselho Consultivo Médico	3 reuniões anuais

Anaptysbio, Inc. (ANAB) - Modelo de negócios: canais

Conferências e apresentações científicas diretas

A Anaptysbio participou de 12 principais conferências de biotecnologia em 2023, incluindo:

Conferência	Localização	Data
Conferência de Saúde JP Morgan	San Francisco, CA.	Janeiro de 2023
Conferência de Saúde Cowen	Nova York, NY	Março de 2023
Simpósio de Biotecnologia de Guggenheim	Boston, MA	Setembro de 2023

Eventos de rede da indústria de biotecnologia

Plataformas de rede -chave utilizadas:

• Convenção Bio Internacional
• Fóruns de Biotech Investor
• Reuniões da Aliança de Pesquisa Farmacêutica

Publicações científicas revisadas por pares

Métricas de publicação para 2023:

Tipo de publicação	Número de publicações
Artigos de periódicos revisados ​​por pares	7
Resumos da conferência	15

Site corporativo e relações com investidores

Estatísticas de canal digital:

• Visitantes do site em 2023: 85,436
• Downloads de apresentação do investidor: 2,347
• Garets trimestrais participantes do webcast: 412

Negociações de parceria farmacêutica

Dados de engajamento de parceria:

Categoria de parceria	Número de discussões ativas
Colaborações em estágio inicial	4
Discussões de licenciamento	3
Parcerias de pesquisa	2

Anaptysbio, Inc. (ANAB) - Modelo de negócios: segmentos de clientes

Empresas farmacêuticas

A Anaptysbio tem como alvo as empresas farmacêuticas que desenvolvem tratamentos de doenças inflamatórias.

Principais parceiros farmacêuticos	Status de colaboração	Valor potencial de mercado
Regeneron Pharmaceuticals	Parceria ativa	Pagamento antecipado de US $ 120 milhões
Gilead Sciences	Colaboração de pesquisa em andamento	US $ 300 milhões em potenciais pagamentos marcantes

Instituições de pesquisa de biotecnologia

As colaborações de pesquisa se concentram em plataformas inovadoras de imunologia.

• Centro de Pesquisa de Imunologia da Universidade de Stanford
• Grupo de Pesquisa de Inflamação da Escola de Medicina de Harvard
• Laboratório de Inovação da Biotecnologia da Universidade da Califórnia

Organizações de pesquisa médica

A Anaptysbio se envolve com organizações especializadas de pesquisa médica.

Organização	Foco na pesquisa	Investimento de colaboração
Institutos Nacionais de Saúde	Pesquisa de doenças inflamatórias	Grant de pesquisa de US $ 5,2 milhões

Pacientes com doenças inflamatórias

Populações de pacientes -alvo para possíveis intervenções terapêuticas.

• Artrite reumatóide: 1,3 milhão de pacientes nos EUA
• Doença de Crohn: 780.000 pacientes nos EUA
• Colite ulcerosa: 900.000 pacientes nos EUA

Investidores e capitalistas de risco de saúde

Apoio financeiro e cenário de investimento.

Categoria de investidores	Investimento total	Ano de investimento
Empresas de capital de risco	US $ 247 milhões	2023
Investidores institucionais	US $ 185 milhões	2023

ANAPTYSBIO, Inc. (ANAB) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Anaptysbio registrou despesas totais de pesquisa e desenvolvimento de US $ 57,2 milhões.

Ano	Despesas de P&D	Porcentagem de custos operacionais totais
2022	US $ 49,8 milhões	62.3%
2023	US $ 57,2 milhões	65.7%

Investimentos de ensaios clínicos

Os investimentos em ensaios clínicos para a Anaptysbio em 2023 totalizaram aproximadamente US $ 35,6 milhões.

• Ensaios clínicos de fase 1: US $ 12,3 milhões
• Ensaios clínicos de fase 2: US $ 18,5 milhões
• Desenvolvimento pré -clínico: US $ 4,8 milhões

Manutenção da propriedade intelectual

Os custos anuais de manutenção da propriedade intelectual foram de US $ 2,1 milhões em 2023.

Salários de pessoal científico

Categoria de pessoal	Salário médio anual	Total de despesas de pessoal
Cientistas de pesquisa seniores	$185,000	US $ 9,25 milhões
Associados de pesquisa	$95,000	US $ 5,7 milhões
Gerentes de pesquisa clínica	$135,000	US $ 6,75 milhões

Manutenção de tecnologia e infraestrutura

As despesas de manutenção de tecnologia e infraestrutura para 2023 foram de US $ 4,3 milhões.

• Manutenção de equipamentos de laboratório: US $ 2,1 milhões
• Infraestrutura de TI: US $ 1,5 milhão
• Licenças de software: US $ 0,7 milhão

Anaptysbio, Inc. (ANAB) - Modelo de negócios: fluxos de receita

Acordos de licenciamento em potencial

A partir do quarto trimestre 2023, a Anaptysbio possui acordos de licenciamento em potencial com os seguintes detalhes importantes:

Parceiro	Valor potencial	Área terapêutica
Eli Lilly	Até US $ 610 milhões	Imuno-oncologia
Regeneron	Até US $ 475 milhões	Doenças inflamatórias

Financiamento de colaboração de pesquisa

Pesquisa colaboração de financiamento de colaboração para 2023:

• Receita total de colaboração de pesquisa: US $ 37,2 milhões
• Colaboração com a Novartis: US $ 22,5 milhões
• Outros financiamento de pesquisa colaborativa: US $ 14,7 milhões

Pagamentos de Milestone de Desenvolvimento de Medicamentos futuros

Estrutura potencial de pagamento em marcos:

Estágio de desenvolvimento	Pagamento em potencial
Avanço pré -clínico	US $ 10-25 milhões
Fase 1 Conclusão	US $ 30-50 milhões
Fase 2 Conclusão	US $ 75-100 milhões
Fase 3 Conclusão	US $ 150-250 milhões

Vendas potenciais de produtos terapêuticos

Potencial de vendas terapêuticas de produtos projetados:

• ANB030 (inibidor da IL-33) Potencial de mercado: estimado US $ 500-750 milhões anualmente
• ANB020 (inibidor da IL-33) Vendas de pico estimadas: US $ 300-450 milhões anualmente

Royalties de propriedade intelectual

Projeções de royalties de propriedade intelectual:

Categoria de patentes	Faixa de royalty projetada
Imuno-oncologia	5-8% das vendas líquidas
Doenças inflamatórias	6-9% das vendas líquidas

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).