AnaptysBio Inc (NASDAQ: ANAB) is a clinical-stage biotechnology company that discovers and develops therapeutic antibodies focused on inflammation. The company generates revenue through collaboration and license agreements, recognizing milestone payments from partners as drug candidates advance through discovery, preclinical, and clinical development stages. Its most significant partnership is with GSK, covering the PD-1 antibody dostarlimab (Jemperli), from which AnaptysBio had recognized $258.0 million in cumulative milestones through December 31, 2025, with up to $15.0 million in additional milestones remaining. AnaptysBio also carries a liability related to the sale of future royalties, generating non-cash interest expense. The company held $311.6 million in cash, cash equivalents, and investments as of December 31, 2025, down from $420.8 million as of December 31, 2024. Internal research focuses on inflammation programs, including rosnilimab, an anti-PD-1 antibody in clinical development for rheumatoid arthritis and other inflammatory conditions. The company relies on contract research organizations and contract manufacturing organizations for preclinical and clinical execution.

Revenue model

Milestone payments and license fees from collaboration agreements, primarily with GSK, recognized as drug candidates reach defined development and regulatory events. Additional revenue exposure through future royalties sold to a third party, which is carried as a liability on the balance sheet.

Products and services

Rosnilimab (anti-PD-1 agonist antibody) in clinical development for rheumatoid arthritis and inflammation indications. Dostarlimab (Jemperli), a PD-1 antibody licensed to GSK, which has received FDA and EMA approvals for oncology indications. Inflammation-focused antibody discovery and research and development services provided under collaboration agreements.

Customers and end markets

Primary collaboration partner is GSK, the source of milestone revenue from the dostarlimab program. End markets include oncology (via dostarlimab/Jemperli) and inflammatory and autoimmune diseases (via rosnilimab and pipeline). A separate GPP (generalized pustular psoriasis) licensed product carries up to $35.0 million in future milestones as of December 31, 2025.

Value-chain role

Drug discovery and early-to-mid-stage clinical development. Licenses antibody assets and provides research and development services to larger pharmaceutical partners. Outsources in vivo toxicology, pharmacology, drug product manufacturing, and clinical trial execution to CROs and CMOs.

Geographic exposure

Headquartered in the United States. Regulatory milestones reference both FDA (U.S.) and EMA (EU) approval pathways, indicating development activity targeting both markets.

Source: SEC 10-K, filed 2026-03-03

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