ANAB

AnaptysBio is a clinical-stage immunology biotech whose reported P&L is carried by milestone and royalty revenue from out-licensed assets (Jemperli/dostarlimab to GSK, imsidolimab to Vanda), not by product sales. That makes FY2025's headline strength deceptive: revenue of $235M (+157% YoY) and $47.9M operating income are milestone-driven and lumpy — the four-year history ($10.3M → $17.2M → $91.3M → $235M) shows just how non-recurring this line is, so the 8.1x P/S should not be read like a SaaS multiple. Net income was still slightly negative (-$13.2M) and the balance sheet carries a -$773M accumulated deficit against only $37.2M of equity. What is genuinely strong is liquidity: $238M cash (+93.5%), $350M current assets vs. $38.6M current liabilities, and positive $19.7M operating cash flow — a clinical biotech that is not begging the market for capital.

The story is really a sum-of-the-parts catalyst. Management's September 2025 plan to split into (1) a royalty company holding the Jemperli/imsidolimab economics and (2) a clinical-stage biotech (rosnilimab, ANB033, ANB101), targeted for Q2 2026 completion via a stock dividend, is the central value-unlock thesis. Rosnilimab hit its primary endpoint plus ACR20 across all three doses in the 424-patient Phase 2b RA trial, giving the RemainCo a credible lead asset, and the new entity is to launch with at least twelve months of funded operations. Management's conviction shows in the capital return — $68.6M of buybacks in 2025 (3.4M shares, ~6% share-count reduction) with $106.4M still authorized, unusual aggressiveness for a clinical biotech and a signal the royalty stream is seen as undervalued.