ANAPTYSBIO, INC
ANAB · Pharmaceutical Preparations · 29.1M shares · -0%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: $17M (gross $50M, SBC $33M)
Reference price $55.71 · est. market cap ~$1.6B — last insider sale, 2026-03-30 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B74Clinical-stage immunology biotech with an unusually strong royalty-backed balance sheet and a positive Phase 2b lead readout, tempered by binary pipeline risk.
Strengths
- Top-decile operating margin (90th pct) and positive FCF (84th pct), rare for clinical biotech, driven by GSK/Vanda royalties
- Strong liquidity: cash/investments 77th pct, current ratio 9.1 (77th pct); lead rosnilimab met its RA Phase 2b primary endpoint with significant ACR20
Risks
- Net margin -5.6% and ROE -35.6% reflect ongoing operating losses; no approved wholly-owned product
- Multiple negative etokimab Phase 2 readouts (CRS, atopic dermatitis, asthma, peanut) and execution risk around the planned two-company separation
Notable findings
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Net lossNet loss (net margin -5.6%)
- Exec changeRecent 8-K item 5.02 8-K ↗
- Strong balance sheetStrong balance sheet — $312M cash & investments
- Revenue declineRevenue -76.4% YoY
- Notable holderHeld by 5 notable fund(s): STATE STREET CORP, FMR LLC, GOLDMAN SACHS GROUP INC +2 more (as of 2026-03-31)
- Insider sellingInsider selling — 31 open-market sale(s) by 6 insider(s) (cluster of 6 insiders, ~$6M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
20.4%
Net margin
-5.6%
Return on equity
-35.6%
Return on assets
-3.6%
Revenue growth (QoQ)
-76.4%
Current ratio
9.1×
Free cash flow
$20M
EBITDA
$48M
Tangible book value
$37M
Cash & investments
$312M
Stock comp / revenue
15.4%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-15 | Schmid John P. | Option exercise | 6.0K | — |
| 2026-06-15 | Orwin John A | Option exercise | 6.0K | — |
| 2026-06-15 | RENTON HOLLINGS | Option exercise | 6.0K | — |
| 2026-04-20 | ANAPTYSBIO, INC | Other | 100 | — |
| 2026-03-30 | Schmid John P. | Sell | 522 | $57.40 |
| 2026-03-30 | Schmid John P. | Sell | 13K | $55.71 |
| 2026-03-30 | Schmid John P. | Sell | 7.5K | $56.70 |
| 2026-03-27 | Faga Daniel | Sell | 550 | $60.63 |
| 2026-03-27 | Faga Daniel | Sell | 1.0K | $62.15 |
| 2026-03-27 | Faga Daniel | Sell | 510 | $56.61 |
| 2026-03-27 | Faga Daniel | Sell | 2.6K | $57.91 |
| 2026-03-27 | Faga Daniel | Sell | 3.7K | $58.62 |
| 2026-03-27 | Faga Daniel | Sell | 490 | $59.62 |
| 2026-03-27 | Faga Daniel | Sell | 3.2K | $64.19 |
| 2026-03-27 | Faga Daniel | Sell | 3.0K | $65.20 |
| 2026-03-27 | Faga Daniel | Sell | 100 | $65.99 |
| 2026-03-27 | Faga Daniel | Sell | 2.6K | $63.35 |
| 2026-03-25 | Faga Daniel | Grant | 34K | — |
| 2026-02-11 | LOUMEAU ERIC J | Sell | 10K | $54.00 |
| 2026-02-11 | LOUMEAU ERIC J | Option exercise | 10K | $29.70 |
| 2026-01-15 | Marquet Magda | Sell | 9.3K | $48.12 |
| 2026-01-15 | Marquet Magda | Sell | 1.7K | $48.85 |
| 2026-01-15 | Marquet Magda | Option exercise | 11K | $26.11 |
| 2026-01-08 | MULROY DENNIS | Sell | 2.5K | $44.71 |
| 2026-01-08 | Lizzul Paul F. | Sell | 3.6K | $44.71 |
| 2026-01-08 | LOUMEAU ERIC J | Sell | 2.2K | $44.71 |
| 2026-01-08 | Faga Daniel | Sell | 14K | $44.71 |
| 2026-01-07 | LOUMEAU ERIC J | Sell | 1.8K | $46.13 |
| 2026-01-07 | Lizzul Paul F. | Option exercise | 8.5K | — |
| 2026-01-07 | Faga Daniel | Option exercise | 27K | — |
| 2026-01-07 | MULROY DENNIS | Option exercise | 6.7K | — |
| 2026-01-07 | LOUMEAU ERIC J | Option exercise | 5.9K | — |
| 2026-01-07 | Lizzul Paul F. | Sell | 2.2K | $45.11 |
| 2026-01-07 | Faga Daniel | Sell | 9.2K | $45.11 |
| 2026-01-07 | MULROY DENNIS | Sell | 1.9K | $45.11 |
| 2026-01-07 | LOUMEAU ERIC J | Sell | 2.0K | $45.11 |
| 2026-01-07 | LOUMEAU ERIC J | Sell | 5.3K | $45.38 |
| 2026-01-07 | LOUMEAU ERIC J | Sell | 500 | $47.23 |
| 2026-01-06 | MULROY DENNIS | Option exercise | 5.2K | — |
| 2026-01-06 | Lizzul Paul F. | Option exercise | 6.1K | — |
| 2026-01-06 | LOUMEAU ERIC J | Option exercise | 5.5K | — |
| 2026-01-06 | Faga Daniel | Option exercise | 18K | — |
| 2026-01-05 | Lizzul Paul F. | Sell | 4.2K | $43.26 |
| 2026-01-05 | LOUMEAU ERIC J | Sell | 3.0K | $43.26 |
| 2026-01-05 | MULROY DENNIS | Sell | 3.4K | $43.26 |
| 2026-01-05 | Faga Daniel | Sell | 15K | $43.26 |
| 2026-01-03 | MULROY DENNIS | Option exercise | 8.3K | — |
| 2026-01-03 | Lizzul Paul F. | Option exercise | 11K | — |
| 2026-01-03 | Faga Daniel | Option exercise | 35K | — |
| 2026-01-03 | LOUMEAU ERIC J | Option exercise | 7.3K | — |
| 2025-12-23 | Schmid John P. | Other | 11K | $51.00 |
| 2025-12-23 | Ware J. Anthony | Sell | 3.9K | $49.58 |
| 2025-12-22 | MULROY DENNIS | Sell | 10K | $50.00 |
| 2025-12-22 | Lizzul Paul F. | Option exercise | 1.5K | $18.50 |
| 2025-12-22 | Lizzul Paul F. | Sell | 1.5K | $50.00 |
| 2025-12-22 | MULROY DENNIS | Option exercise | 10K | $20.16 |
| 2025-12-22 | LOUMEAU ERIC J | Option exercise | 10K | $14.02 |
| 2025-12-22 | LOUMEAU ERIC J | Sell | 10K | $51.00 |
| 2025-12-18 | LOUMEAU ERIC J | Sell | 141 | $46.99 |
| 2025-12-17 | LOUMEAU ERIC J | Option exercise | 10K | $14.02 |
| 2025-12-17 | LOUMEAU ERIC J | Sell | 10K | $46.00 |
| 2025-12-16 | LOUMEAU ERIC J | Sell | 4.2K | $45.24 |
| 2025-12-16 | MULROY DENNIS | Sell | 9.4K | $44.62 |
| 2025-12-16 | MULROY DENNIS | Option exercise | 10K | $20.16 |
| 2025-12-16 | LOUMEAU ERIC J | Option exercise | 5.0K | $14.02 |
| 2025-12-16 | LOUMEAU ERIC J | Option exercise | 7.5K | $20.16 |
| 2025-12-16 | LOUMEAU ERIC J | Sell | 8.3K | $44.68 |
| 2025-12-16 | MULROY DENNIS | Sell | 6.4K | $45.21 |
| 2025-09-30 | LOUMEAU ERIC J | Sell | 8.2K | $29.00 |
| 2025-09-30 | LOUMEAU ERIC J | Option exercise | 5.0K | $14.02 |
| 2025-09-15 | Orwin John A | Option exercise | 1.3K | — |
| 2025-08-08 | RENTON HOLLINGS | Sell | 3.1K | $19.44 |
| 2025-08-08 | RENTON HOLLINGS | Sell | 7.1K | $19.70 |
| 2025-08-08 | RENTON HOLLINGS | Option exercise | 10K | $6.93 |
| 2025-07-02 | RENTON HOLLINGS | Sell | 7.2K | $23.09 |
| 2025-07-02 | RENTON HOLLINGS | Sell | 14K | $23.82 |
| 2025-07-02 | RENTON HOLLINGS | Option exercise | 21K | $6.93 |
| 2025-06-18 | FENTON DENNIS M | Sell | 3.0K | $23.97 |
| 2025-06-18 | RENTON HOLLINGS | Sell | 3.0K | $23.97 |
| 2025-06-15 | Schmid John P. | Option exercise | 6.0K | — |
| 2025-06-15 | Jain Rita | Option exercise | 7.3K | — |
| 2025-06-15 | FENTON DENNIS M | Option exercise | 6.0K | — |
| 2025-06-15 | Marquet Magda | Option exercise | 6.0K | — |
| 2025-06-15 | Orwin John A | Option exercise | 6.0K | — |
| 2025-06-15 | RENTON HOLLINGS | Option exercise | 6.0K | — |
| 2025-06-15 | Ware J. Anthony | Option exercise | 6.0K | — |
| 2025-03-25 | Schmid John P. | Other | 11K | $18.18 |
| 2025-01-13 | Schmid John P. | Option exercise | 21K | $8.54 |
| 2025-01-13 | Schmid John P. | Option exercise | 22K | $4.55 |
| 2025-01-06 | Lizzul Paul F. | Tax withheld | 2.3K | $15.30 |
| 2025-01-06 | LOUMEAU ERIC J | Option exercise | 5.5K | — |
| 2025-01-06 | LOUMEAU ERIC J | Tax withheld | 2.2K | $15.30 |
| 2025-01-06 | MULROY DENNIS | Option exercise | 5.2K | — |
| 2025-01-06 | MULROY DENNIS | Tax withheld | 2.1K | $15.30 |
| 2025-01-06 | Faga Daniel | Option exercise | 18K | — |
| 2025-01-06 | Faga Daniel | Tax withheld | 6.4K | $15.30 |
| 2025-01-06 | Lizzul Paul F. | Option exercise | 6.1K | — |
| 2025-01-03 | Lizzul Paul F. | Option exercise | 11K | — |
| 2025-01-03 | MULROY DENNIS | Option exercise | 8.3K | — |
| 2025-01-03 | MULROY DENNIS | Tax withheld | 3.4K | $14.60 |
| 2025-01-03 | LOUMEAU ERIC J | Option exercise | 7.3K | — |
| 2025-01-03 | LOUMEAU ERIC J | Tax withheld | 3.0K | $14.60 |
| 2025-01-03 | Faga Daniel | Option exercise | 35K | — |
| 2025-01-03 | Faga Daniel | Tax withheld | 13K | $14.60 |
| 2025-01-03 | Lizzul Paul F. | Tax withheld | 4.3K | $14.60 |
| 2025-01-02 | EcoR1 Capital, LLC | Buy | 6.6K | $12.95 |
| 2024-12-31 | EcoR1 Capital, LLC | Buy | 13K | $12.93 |
| 2024-12-30 | EcoR1 Capital, LLC | Buy | 65K | $12.92 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT06127043 ↗ | A Study of Efficacy and Safety of Rosnilimab in Subjects With Moderate to Severe Ulcerative Colitis (ROSETTA) Ulcerative Colitis | PHASE2 | Active Not Recruiting | 2026-01-01 |
| NCT06041269 ↗ | A Study of Efficacy and Safety of Rosnilimab in Subjects with Moderate to Severe Rheumatoid Arthritis (RENOIR) Rheumatoid Arthritis | PHASE2 | Active Not Recruiting | 2024-11-29 |
| NCT05935085 ↗ | This Study Will Evaluate the Safety, Tolerability, and Efficacy of ANB032 in Subjects with Moderate to Severe Atopic Dermatitis (AD). Atopic Dermatitis Eczema | PHASE2 | Terminated | 2024-10-16 |
| NCT05205070 ↗ | A Study to Evaluate the Efficacy and Safety of Rosnilimab (ANB030) in Treatment of Subjects With Moderate-to-Severe Alopecia Areata Alopecia Areata | PHASE2 | Unknown | 2023-01-19 |
| NCT03614923 ↗ | Etokimab in Adults With Chronic Rhinosinusitis With Nasal Polyps (CRSwNP) Chronic Rhinosinusitis | PHASE2 | Completed | 2020-09-02 |
| NCT03533751 ↗ | Efficacy, Safety, and Pharmacokinetic Profile of Etokimab (ANB020) in Adult Participants With Moderate-to-Severe Atopic Dermatitis Atopic Dermatitis | PHASE2 | Completed | 2019-12-03 |
| NCT03469934 ↗ | Proof of Concept Study to Investigate Etokimab (ANB020) Activity in Adult Participants With Severe Eosinophilic Asthma Eosinophilic Asthma | PHASE2 | Completed | 2018-10-30 |
| NCT02920021 ↗ | Study to Investigate Etokimab (ANB020) Activity in Adult Participants With Peanut Allergy Peanut Allergy | PHASE2 | Completed | 2018-03-30 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-22 | Material agreement | filing ↗ |
| 2026-05-29 | Reg FD | filing ↗ |
| 2026-05-21 | 5.03 | filing ↗ |
| 2026-05-12 | ResultsExhibits | filing ↗ |
| 2026-05-11 | Exec/director change | filing ↗ |
| 2026-04-24 | Exhibits | filing ↗ |
| 2026-04-20 | Material agreementAcquisition/dispositionExec/director changeOtherExhibits | filing ↗ |
| 2026-03-27 | Material agreement1.02Exec/director changeReg FDExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-22 | 2026-06-15 | 0001193125-26-277505 ↗ |
| 8-K | 2026-05-29 | 2026-05-29 | 0001193125-26-248326 ↗ |
| 8-K | 2026-05-21 | 2026-05-18 | 0001193125-26-234419 ↗ |
| 10-Q | 2026-05-12 | 2026-03-31 | 0001193125-26-219515 ↗ |
| 8-K | 2026-05-12 | 2026-05-12 | 0001193125-26-219500 ↗ |
| 8-K | 2026-05-11 | 2026-05-11 | 0001193125-26-216745 ↗ |
| 10-K/A | 2026-04-28 | 2025-12-31 | 0001193125-26-187044 ↗ |
| 8-K/A | 2026-04-24 | 2026-04-20 | 0001193125-26-177317 ↗ |
| 8-K | 2026-04-20 | 2026-04-20 | 0001193125-26-164330 ↗ |
| 8-K | 2026-03-27 | 2026-03-26 | 0001193125-26-127783 ↗ |
| 8-K | 2026-03-03 | 2026-03-03 | 0001193125-26-088239 ↗ |
| 10-K | 2026-03-03 | 2025-12-31 | 0001193125-26-088290 ↗ |