ANAB on Nasdaq

ANAPTYSBIO, INC

In its 2026 annual report the company says: “We are a clinical-stage biotechnology company focused on delivering innovative immunology therapeutics for autoimmune and inflammatory diseases.”6 It is headquartered in San Diego, United States.2 Its shares trade on Nasdaq under the symbol ANAB.2

$47.42 up 0.75 (1.61%)Price as of Oct 15, 2026 at 14:59 UTC

Last updated Oct 21, 2026.

Overview

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  • TickerANAB on Nasdaq2
  • IndustryPharmaceutical Preparations2
  • HeadquartersSan Diego, United States2
  • Incorporated inDE4
  • Business address10770 Wateridge Circle, Suite 210, San Diego, Ca 921214
  • Filer categoryNon-accelerated filer, Smaller reporting company4
  • Legal formCorporation2
  • LEI529900HH4WQT03IG1A122
  • StatusActive2
  • LEI statusLapsed (not renewed)2
  • Registered addressc/o THE CORPORATION TRUST COMPANY, CORPORATION TRUST CENTER 1209 ORANGE ST, 19801 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 40623592

We are a clinical-stage biotechnology company focused on delivering innovative immunology therapeutics for autoimmune and inflammatory diseases. Our clinical-stage pipeline includes rosnilimab, a selective pathogenic T cell depleter, for which we completed a Phase 2b trial for the treatment of moderate-to-severe rheumatoid arthritis (“RA”), ANB033, a CD122 antagonist, in a Phase 1b trial for celiac disease (“CeD”) and eosinophilic esophagitis (“EoE”), and ANB101, a BDCA2 modulator, in a Phase 1a trial. We also discovered and out-licensed, in financial collaborations, multiple therapeutic antibodies, including a PD-1 antagonist (Jemperli (dostarlimab-gxly) or “Jemperli”) to GSK and an IL-36R antagonist (imsidolimab) to Vanda Pharmaceuticals Inc. (“Vanda”). We currently recognize revenue from milestones and royalties achieved under our immuno-oncology collaboration with GSK and license and…6 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

20.4%Operating margin7
-5.6%Net margin8
157.0%Revenue growth, 20257
-35.6%Return on equity7
$19.6MFree cash flow7

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs100¢$234.4M
  • Income tax0¢$164.0K

Out of $234.6M in revenue.78 The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

  • Capital spending0¢$87.0K
  • Share buybacks100¢$68.6M

Out of $19.7M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.7

Financial statements

Revenue91011127$234.6M in 2025+2833% since 2019
0$100.0M$200.0M$300.0M2019: $8.0M$8.0M20192020: $75.0M$75.0M2020+838%2021: $63.2M$63.2M2021−16%2022: $10.3M$10.3M2022−84%2023: $17.2M$17.2M2023+67%2024: $91.3M$91.3M2024+432%2025: $234.6M$234.6M2025+157%
Operating income91011127$47.9M in 2025
-$200.0M-$100.0M0$100.0M2019: -$107.4M-$107.4M20192020: -$23.9M-$23.9M2020−78%2021: -$56.8M-$56.8M2021+138%2022: -$115.2M-$115.2M2022+103%2023: -$164.4M-$164.4M2023+43%2024: -$114.9M-$114.9M2024−30%2025: $47.9M$47.9M2025
Net income91011128-$13.2M in 2025−86% since 2019
-$200.0M-$150.0M-$100.0M-$50.0M02019: -$97.3M-$97.3M20192020: -$19.9M-$19.9M2020−80%2021: -$57.8M-$57.8M2021+190%2022: -$128.7M-$128.7M2022+123%2023: -$163.6M-$163.6M2023+27%2024: -$145.2M-$145.2M2024−11%2025: -$13.2M-$13.2M2025−91%

Every line of the income statement as filed: the last 2 fiscal years, latest first.16

Period ending2025-12-312024-12-31
Collaboration revenue$234.6M$91.3M
Research and development-$3.6M$11.5M
General and administrative$11.3M$13.6M
Total operating expenses$7.7M$25.1M
(Loss) income from operations$226.9M$66.2M
Interest income$9.8M$15.1M
Sublease income$0$0
Non-cash interest expense for the sale of future royalties-$79.9M-$50.1M
Other (expense) income, net$5.5M$0
Total other income (expense), net-$64.6M-$35.0M
(Loss) income before income taxes$162.3M$31.1M
Benefit (provision) for income taxes-$772.0K-$158.0K
Income from continuing operations$161.5M$31.0M
Loss from discontinued operations, net of tax-$174.7M-$176.2M
Net income (loss)-$13.2M-$145.2M
Unrealized (loss) gain on available for sale securities-$329.0K$1.1M
Comprehensive gain (loss)-$13.6M-$144.1M
Income from continuing operations - basic$6$1
Loss from discontinued operations - basic-$6-$6
Net income (loss) per common share - basic-$0.46-$5.12
Income from continuing operations - diluted$5$1
Loss from discontinued operations - diluted-$6-$6
Net income (loss) per common share - diluted-$0.44-$4.92
Basic (in shares)28.8M shares28.4M shares
Diluted (in shares)30.2M shares29.5M shares

Compare ANAPTYSBIO, INC with another company

Corporate structure

ANAPTYSBIO, INC sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of ANAPTYSBIO, INC

  • Sirenia Capital Management LP Filed SCHEDULE 13G/A on ANAPTYSBIO, INC, latest Aug 14, 2026 (2 filings since May 15, 2026)
  • Point72 Asset Management, L.P. Filed SCHEDULE 13G/A on ANAPTYSBIO, INC, latest May 15, 2026 (7 filings since Feb 14, 2022)
  • VANGUARD GROUP INC Filed SCHEDULE 13G/A on ANAPTYSBIO, INC, latest Mar 26, 2026 (6 filings since Feb 9, 2022)
  • Morgan Stanley Filed SCHEDULE 13G/A on ANAPTYSBIO, INC, latest Feb 11, 2026 (2 filings since Aug 5, 2025)
  • MILLENNIUM MANAGEMENT LLC Filed SCHEDULE 13G/A on ANAPTYSBIO, INC, latest Jan 16, 2026 (2 filings since Sep 23, 2025)
  • First Light Asset Management, LLC Filed SCHEDULE 13G/A on ANAPTYSBIO, INC, latest Nov 14, 2025 (3 filings since Mar 7, 2025)
  • Goldman Sachs Filed SCHEDULE 13G/A on ANAPTYSBIO, INC, latest Nov 12, 2025 (2 filings since May 12, 2025)
  • FMR LLC Filed SCHEDULE 13G/A on ANAPTYSBIO, INC, latest Jun 6, 2025 (3 filings since Jul 10, 2024)
  • BlackRock Filed SCHEDULE 13G/A on ANAPTYSBIO, INC, latest Apr 17, 2025 (5 filings since Feb 3, 2022)
  • Fairmount Funds Management LLC Filed SCHEDULE 13G/A on ANAPTYSBIO, INC, latest Feb 14, 2025 (2 filings since Dec 18, 2024)
  • Frazier Life Sciences Public Fund, L.P. Filed SCHEDULE 13G/A on ANAPTYSBIO, INC, latest Feb 14, 2025 (3 filings since May 6, 2024)
  • Deep Track Capital, LP Filed SC 13G/A on ANAPTYSBIO, INC, latest Nov 14, 2024 (3 filings since Oct 2, 2023)
  • ANAPTYSBIO, INC San Diego, California, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What ANAPTYSBIO, INC reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$8.5M7 Dec 31, 2025$8.4M7 Dec 31, 2024+0.7%
Accumulated depreciation$101.0K16 Jun 30, 2026$72.0K16 Dec 31, 2024+40.3%
Property and equipment, net$102.0K16 Jun 30, 2026$131.0K16 Dec 31, 2024−22.1%
Operating-lease assets (leased space)$11.6M16 Jun 30, 2026$14.4M16 Dec 31, 2024−19.6%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$133.8M16 Jun 30, 2026$23.1M16 Dec 31, 2024+479.8%
Marketable securities, current$30.3M16 Jun 30, 2026$262.3M16 Dec 31, 2024−88.4%
Marketable securities, non-current$016 Jun 30, 2026$35.5M16 Dec 31, 2024−100.0%
Debt securities available for sale$80.1M16 Jun 30, 2026$302.7M7 Dec 31, 2024−73.6%

Properties, in its own words

Our principal executive office is located at 10770 Wateridge Circle in San Diego, California, and consists of approximately 45,000 square feet of leased office and laboratory space under a lease for a term of 124 months, beginning on April 5, 2021. The terms of the Lease Agreement provide us with an option to extend the term of the lease for an additional five years, as well as a one-time option to terminate the lease after seven years with the payment of a termination fee. We subleased all of this facility to First Tracks Biotherapeutics, as of June 15, 2026.

We believe that our facilities are sufficient to meet our current needs and that suitable additional space will be available as and when needed.

Item 2 of the 10-KT filed Sep 21, 2026.18

Leadership

Who has led ANAPTYSBIO, INC, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (21)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • AnaptysBio Pty Ltd Australia5

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • ANAPTYSBIO INCAug 27, 2008 to Jun 12, 20194
  • ANAPTYS BIOSCIENCES INCJul 6, 2006 to Nov 20, 20074

Timeline

  1. Sep 21, 20268-K Financial statements and exhibits47
  2. Aug 11, 20268-K Shareholder vote48
  3. Jul 30, 20268-K Regulation FD disclosure49
  4. Jun 22, 20268-K Entered a material agreement50
  5. May 29, 20268-K Regulation FD disclosure51
  6. May 21, 20268-K Bylaws or fiscal year changed52
  7. May 12, 20268-K Results of operations53
  8. May 11, 20268-K Executive or director change54
  9. Apr 24, 20268-K Financial statements and exhibits55
  10. Apr 20, 20268-K Entered a material agreement; Completed an acquisition or sale; Executive or director change56
  11. Mar 27, 20268-K Entered a material agreement; Ended a material agreement; Executive or director change57
  12. Mar 3, 20268-K Results of operations; Regulation FD disclosure58
  13. Mar 23, 2022New chief executive Daniel Faga becomes CEO19
  14. Jan 25, 2017New chief executive Hamza Suria becomes CEO20

Calendar

Coming up

  1. Nov 3, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $0.52 a share, on Nov 4, 2025.59

When it reported results

  1. May 12, 2026Reported quarterly or annual results53
  2. Mar 3, 2026Reported quarterly or annual results58
  3. Jan 9, 2026Reported quarterly or annual results60
  4. Nov 4, 2025Reported quarterly or annual results61
  5. Aug 6, 2025Reported quarterly or annual results62
  6. May 5, 2025Reported quarterly or annual results63
  7. Feb 27, 2025Reported quarterly or annual results64
  8. Nov 5, 2024Reported quarterly or annual results65

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

406 filings to the SEC since October 2021: 7 annual reports, 14 quarterly reports, 67 major events, 169 insider forms, 50 large holders, 99 other. The latest 20:

  1. Oct 2, 20264 EDGAR
  2. Oct 1, 2026144 EDGAR
  3. Sep 21, 202610-KT EDGAR
  4. Sep 21, 20268-K EDGAR
  5. Sep 17, 20264 EDGAR
  6. Aug 14, 2026SCHEDULE 13G/A EDGAR
  7. Aug 11, 20268-K EDGAR
  8. Aug 7, 20264 EDGAR
  9. Aug 7, 20264 EDGAR
  10. Jul 30, 20268-K EDGAR
  11. Jul 13, 2026144 EDGAR
  12. Jun 30, 2026144 EDGAR
  13. Jun 29, 2026144 EDGAR
  14. Jun 29, 2026ARS EDGAR
  15. Jun 29, 2026DEFA14A EDGAR
  16. Jun 29, 2026DEF 14A EDGAR
  17. Jun 26, 2026144 EDGAR
  18. Jun 22, 20268-K EDGAR
  19. Jun 17, 2026144 EDGAR
  20. Jun 17, 20264 EDGAR

The 406 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

70 open-market trades by officers, directors and large owners since October 2021: 5 buys and 65 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Mar 30, 2026Schmid John P.DirectorSale20,645$56.11$1.2MForm 4
Mar 27, 2026Faga DanielPresident, CEOSale17,679$61.61$1.1MForm 4
Feb 11, 2026LOUMEAU ERIC JCHIEF LEGAL OFFICERSale10,000$54.00$540.0KForm 4
Jan 15, 2026Marquet MagdaDirectorSale11,000$48.23$530.6KForm 4
Jan 8, 2026Lizzul Paul F.Chief Medical OfficerSale3,650$44.71$163.2KForm 4
Jan 8, 2026Faga DanielPresident, CEOSale14,281$44.71$638.5KForm 4
Jan 8, 2026MULROY DENNISCHIEF FINANCIAL OFFICERSale2,515$44.71$112.4KForm 4
Jan 8, 2026LOUMEAU ERIC JCHIEF LEGAL OFFICERSale2,210$44.71$98.8KForm 4
Jan 7, 2026Lizzul Paul F.Chief Medical OfficerSale2,235$45.11$100.8KForm 4
Jan 7, 2026Faga DanielPresident, CEOSale9,202$45.11$415.1KForm 4
Jan 7, 2026MULROY DENNISCHIEF FINANCIAL OFFICERSale1,908$45.11$86.1KForm 4
Jan 7, 2026LOUMEAU ERIC JCHIEF LEGAL OFFICERSale9,639$45.56$439.2KForm 4
Jan 5, 2026Lizzul Paul F.Chief Medical OfficerSale4,219$43.26$182.5KForm 4
Jan 5, 2026Faga DanielPresident, CEOSale15,309$43.26$662.3KForm 4
Jan 5, 2026MULROY DENNISCHIEF FINANCIAL OFFICERSale3,363$43.26$145.5KForm 4
Jan 5, 2026LOUMEAU ERIC JCHIEF LEGAL OFFICERSale2,983$43.26$129.0KForm 4
Dec 23, 2025Ware J. AnthonyDirectorSale3,900$49.58$193.4KForm 4
Dec 22, 2025Lizzul Paul F.Chief Medical OfficerSale1,500$50.00$75.0KForm 4
Dec 22, 2025MULROY DENNISCHIEF FINANCIAL OFFICERSale10,000$50.00$500.0KForm 4
Dec 22, 2025LOUMEAU ERIC JCHIEF LEGAL OFFICERSale10,000$51.00$510.0KForm 4

All 70 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Daniel Faga46$706.0K$6.1M84
2025Paul Lizzul$545.8K$2.4M84
2025Dennis Mulroy$510.1K$2.0M84
2024President and ChiefExecutive Officer and Director$685.4K$13.6M84
2024Chief Medical Officer$529.9K$4.6M84
2024Chief Financial Officer$495.2K$3.2M84

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
EcoR1 Capital, LLC7,880,094$531.9M26.4%No change
BlackRock, Inc.1,844,049$124.5M0.0%+162,669
Tang Capital Management LLC1,330,879$89.8M4.1%No change
State Street Corp1,286,194$86.8M0.0%+293,749
Vanguard Capital Management LLC906,233$61.2M0.0%+53,082
Affinity Asset Advisors, LLC826,109$55.8M2.8%−113,891
Sanofi821,917$55.5M10.4%No change
Millennium Management LLC807,316$54.5M0.0%+331,744
Woodline Partners LP717,014$48.4M0.1%+372,758
683 Capital Management, LLC660,000$44.6M4.3%+35,000
Geode Capital Management, LLC637,873$43.1M0.0%+117,632
Palo Alto Investors LP603,489$40.7M5.6%−34,672
Goldman Sachs Group Inc584,070$39.4M0.0%+251,327
First Light Asset Management, LLC582,004$39.3M2.4%+16,573
D. E. Shaw & Co., Inc.539,666$36.4M0.0%−39,630
Vanguard Portfolio Management LLC527,858$35.6M0.0%+7,988
Apis Capital Advisors, LLC497,000$33.5M3.3%+259,000
Sofinnova Investments, Inc.493,536$33.3M1.8%+245,283
Arrowstreet Capital, Limited Partnership488,651$33.0M0.0%−3,469
Nuveen, LLC420,664$28.4M0.0%+104,599
Bank Of America Corp /de/417,812$28.2M0.0%−83,274
Citadel Advisors LLC394,373$26.6M0.0%+160,923
Federated Hermes, Inc.391,667$26.4M0.0%+27,546
Squarepoint Ops LLC324,446$21.9M0.0%+56,743
Two Sigma Investments, LP262,995$17.8M0.0%−202,088

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How ANAPTYSBIO, INC is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARANAPTYSBIO, INC1
  • CIK0001370053
  • Employer ID (EIN)20-382875518
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company18
  • Incorporated inDelaware18
  • Fiscal year endsJune 301
  • Industry code (SIC)2834 Pharmaceutical Preparations1
  • SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance1
  • Business address10770 Wateridge Circle, Suite 210, San Diego, CA 921211
  • Phone858-362-62951
  • Shares outstanding29,895,244 shares as of Sep 16, 202618
  • Public float$632.7M as of Dec 31, 202518
  • AuditorKPMG LLP, San Diego, California PCAOB ID 185; no auditor attestation of internal control over financial reporting18
  • On EDGAR sinceJul 6, 20061
  • Filings725 in all: 4 (266), 8-K (115), 144 (68), SC 13G/A (43), 3 (30), 10-Q (28), SC 13G (23), SCHEDULE 13G/A (17)1
    All 40 form types

    CORRESP (14), 10-K (10), S-8 (10), DEF 14A (9), DEFA14A (9), UPLOAD (9), S-1/A (8), SCHEDULE 13G (8), REGDEX (7), SC 13D/A (7), 424B5 (5), D (5), ARS (4), EFFECT (4), SC 13D (3), 10-K/A (2), 10-Q/A (2), 424B4 (2), DRS (2), S-1 (2), S-3 (2), 10-KT (1), 4/A (1), 8-A12B (1), 8-K/A (1), CERTNAS (1), CT ORDER (1), DRS/A (1), DRSLTR (1), POS EX (1), PRE 14A (1), S-3ASR (1)

  • Latest filingsAnnual report (10-KT) Sep 21, 2026
    Quarterly report (10-Q) May 12, 2026
    Proxy statement (DEF 14A) Jun 29, 2026
    Latest 8-K (8-K) Sep 21, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, $0.001 par valueANABThe Nasdaq Stock Market LLC

From the cover page of the 10-KT filed Sep 21, 2026 (Section 12(b) of the Exchange Act).18

Risk factors and legal proceedings

The risks ANAPTYSBIO, INC names in Item 1A of its 10-KT filed Sep 21, 2026: 43 risks under these headings, as written.18

  • Risks Related to Continued Commercialization Success of Jemperli
  • We derive substantially all of our revenues from GSK’s commercialization of Jemperli. As a result, our business and financial results and prospects heavily depend on GSK’s ability to successfully develop and commercialize Jemperli.
  • Our existing collaboration with GSK and other collaborations, including with Vanda, are important to our business, and other future collaborations may also be important to our business. If we are unable to maintain the GSK collaboration, or if this collaboration is not successful, our business could be adversely affected and the price of our securities could fall.
  • When the FDA or other applicable regulatory authorities approve generic products, including but not limited to generic forms of Keytruda®, which competes with Jemperli, the royalties payable to us pursuant to the GSK Agreement may be less than anticipated, which in turn would harm our business and cause the price of our securities to fall.
  • Reduced prices and reimbursement rates due to the actions of governments, payors, or competition or other healthcare cost containment initiatives such as restrictions on use, may negatively impact royalties generated under the GSK Agreement.
  • If the commercialization of Jemperli in the countries in which it has received regulatory approval encounters any delays or adverse developments, or perceived delays or adverse developments, or if sales or payor coverage does not meet investors’, analysts’, or our expectations, our business will be harmed and the price of our securities could fall.
  • We are heavily dependent on GSK for the successful commercialization and development of Jemperli under the GSK Agreement. If GSK does not devote sufficient resources to the commercialization or development of Jemperli, is unsuccessful in its efforts, or chooses to reprioritize its commercial programs, our business would be materially harmed.
  • Any adverse developments to the regulatory status of Jemperli in the countries in which it has received regulatory approval, including labeling restrictions, safety findings, or any other limitation to usage, would harm our business and may cause the price of our securities to fall.
  • Jemperli faces substantial competition for its intended uses in the targeted markets from products discovered, developed and commercialized both by GSK and by other pharmaceutical companies, which could cause the royalties payable to us pursuant to the GSK Agreement to be less than expected, which in turn would harm our business and cause the price of our securities to fall.
  • Risks Related to Intellectual Property
  • Our royalty revenues depend on patent rights licensed to third parties, and if we or our licensees or collaborators are unable to obtain, maintain, and protect those patent rights, our royalty revenues and the value of our patent portfolio may be materially adversely affected.
  • We may have limited control over patent prosecution, maintenance, enforcement, defense, patent listings, patent term extensions and related intellectual property strategy for licensed products, and our licensees’ or collaborators’ interests may not align with ours.
The other 33 risks
  • Failure to identify, list, update, assert or defend patents through Purple Book and BPCIA patent-dispute procedures could impair the value of our patent rights and reduce our royalty revenues.
  • The patent position of biotechnology and pharmaceutical companies generally is highly uncertain, and issued patents may not provide meaningful protection for licensed products or prevent competitors from commercializing competitive technologies and products.
  • Our royalty revenues may depend on whether licensed products are covered by valid and enforceable patent claims in particular countries.
  • Disputes over claim coverage could reduce or eliminate royalties.
  • Licensed products may not be covered by our patent claims, or the licensed products may evolve in a manner that reduces or eliminates claim coverage.
  • Because we do not expect to conduct further research and development, our ability to generate new patent rights, obtain patent protection for improvements or replace expiring or challenged patents may be limited.
  • Our patents may be challenged, narrowed, invalidated or held unenforceable.
  • Patent terms are limited, and failure to obtain available patent term extension or similar protection could reduce our royalty period.
  • Changes in patent law could diminish the value of patents in general, thereby impairing the value of our patent portfolio and our ability to receive royalties.
  • Obtaining and maintaining patent protection depends on compliance with procedural, document submission, fee payment and other requirements imposed by governmental patent agencies, and patent protection could be reduced or eliminated for non-compliance with these requirements.
  • Defects in inventorship, ownership, assignment or chain of title could impair our patent rights and royalty revenues.
  • Our reliance on licensees and other third parties may require us to share confidential information and know-how, which increases the possibility that such information may be misappropriated or disclosed.
  • We may become involved in lawsuits or administrative proceedings to protect or enforce our intellectual property, which could be expensive, time-consuming and unsuccessful and could adversely affect our royalty revenues.
  • If license agreements covering our patents are terminated, disputed or interpreted unfavorably, our royalty revenues may be reduced or eliminated.
  • Third-party intellectual property rights may limit commercialization of licensed products or reduce royalties payable to us.
  • We may be subject to claims by third parties asserting misappropriation of intellectual property or claiming ownership of what we regard as our own intellectual property.
  • Our inability to protect confidential information and trade secrets would harm the value of our intellectual property and royalty-bearing rights.
  • Risks Related to Managing Growth, Operations and Macroeconomic Conditions
  • We currently have a limited number of full-time equivalent contractors, and our future success depends on our ability to retain our key executives and to attract, retain and motivate qualified personnel.
  • Our internal computer systems, or those of our third-party collaborators or other service providers, may fail or suffer security breaches and cyber-attacks, which could result in a material disruption to our business.
  • Our operations, or the third parties upon whom we depend, are vulnerable to interruption by fire, earthquake, power loss, telecommunications failure, terrorist activity, health epidemics or pandemics and other events beyond our control, which could harm our business.
  • The macroeconomic and geopolitical environment may have a material impact on the U.S. and global economies and could materially impact our business, financial condition and results of operations.
  • Risks Related to Ownership of Our Common Stock
  • The market price of our stock has been and may continue to be volatile, and you could lose all or part of your investment.
  • We may be subject to securities litigation, which is expensive and could divert management attention.
  • The requirements of being a public company may strain our resources, divert management’s attention, and affect our ability to attract and retain additional executive management and qualified board members.
  • Future sales and issuances of our common stock or rights to purchase common stock, including pursuant to our equity incentive plans, could result in additional dilution of the percentage ownership of our stockholders and could cause our stock price to fall.
  • Our disclosure controls and procedures may not prevent or detect all errors or acts of fraud.
  • We do not intend to pay dividends on our common stock, so any returns will be limited to the value of our stock.
  • Our cash and investments could be adversely affected if the financial institutions in which we hold our cash and investments fail.
  • Provisions in our restated certificate of incorporation, restated bylaws and Delaware law might discourage, delay or prevent a change in control of our company or changes in our management and, therefore, depress the market price of our common stock.
  • The exclusive forum provisions in our organizational documents may limit a stockholder’s ability to bring a claim in a judicial forum that it finds favorable for disputes with us or any of our directors, officers, or employees, or the underwriters of any offering giving rise to such claim, which may discourage lawsuits with respect to such claims.
  • If securities or industry analysts do not publish research or reports about our business, or if they issue an adverse or misleading opinion regarding our stock, our stock price and trading volume could decline.
  • We plan to use our federal and state net operating loss (“NOL”) carryforwards to offset taxable income from revenue generated from operations or corporate collaborations. However, our ability to use NOL carryforwards to offset taxable income in future years could be limited.
  • We are a smaller reporting company and may elect to comply with reduced public company reporting requirements applicable to smaller reporting companies, which could make our common stock less attractive to investors.

Legal proceedings

On November 20, 2025, we filed a Verified Complaint in Delaware Chancery Court (the “Court”), requesting a court declaration that TESARO, Inc. (“Tesaro”) has materially breached the parties’ Collaboration and Exclusive License Agreement (“Collaboration Agreement”) and that GSK, Tesaro’s corporate parent, has tortiously interfered with the Collaboration Agreement. We have requested that the court declare that we are entitled to all rights and remedies under the Collaboration Agreement.

While we had approached Tesaro to engage in good faith discussions to potentially resolve these claims, on November 20, 2025, Tesaro, without notice, initiated a lawsuit against us. Tesaro’s complaint includes a request for a declaration that it has not breached the Collaboration Agreement and for an injunction prohibiting AnaptysBio from terminating the Collaboration Agreement.

The opening of Item 3, Legal Proceedings.18

Sources

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