Short answer
ANAPTYSBIO, INC (ANAB) filed its fiscal 2025 10-K annual report with the SEC on Mar 3, 2026. It reported revenue of $235M (+157.0% year over year) and net income of −$13M.
- Top risk flagged: FDA acceptance of Vanda's imsidolimab BLA for GPP with target action date December 12, 2026, creating regulatory milestone risk
FY2025 key financial metrics · XBRL
- Revenue
- $235M
- +157.0% YoY
- Net income
- −$13M
- +90.9% YoY
- Operating margin
- 20.4%
- +146.3 pp YoY
- EPS (diluted)
- −$0.46
- +91.0% YoY
- ROE
- -35.6%
- +169.4 pp YoY
- Operating cash flow
- $20M
- +114.6% YoY
Source: XBRL data from the ANAPTYSBIO, INC (ANAB) FY2025 10-K on SEC EDGAR. USD.
ANAPTYSBIO, INC FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Business model: Biopharma company focusing on clinical development and commercialization collaborations, recognizing revenue mainly from milestones and royalties, not product sales
- New monetization deals in 2024: Sold additional Jemperli royalty receivables for $50M, expanding prior $250M monetization agreement with Sagard
- Strategic emphasis on Jemperli royalties, with increased milestone payments and royalty tiering under 2020 GSK Amendment
- Milestones recognized totaled $258M through 2025, including a $75M cash milestone for annual net sales exceeding $1 billion received in Dec 2025
- Accumulated deficit $772.6M as of Dec 31, 2025, with ongoing net losses expected due to clinical advancement and commercialization efforts
Risk Factors
- FDA acceptance of Vanda's imsidolimab BLA for GPP with target action date December 12, 2026, creating regulatory milestone risk
- Exposure to global macroeconomic shifts impacting 424-patient rosnilimab Phase 2b RA trial conducted worldwide
- Dependence on Vanda for commercialization and milestone payments from imsidolimab under exclusive license agreement
- Competition from approved immuno-oncology therapies like GSK's Jemperli with $1.1B sales in 2025, up >80% YoY
- Key-person risk and transition uncertainty from planned separation into two independent companies in Q2 2026
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