AnaptysBio Revenue Surges to $10.1M in Q3 2024

TL;DR

ANAB revenue up to $10.1M, but net loss widens to $103.3M. Pipeline progress or burning cash?

AI Summary

AnaptysBio, Inc. reported its financial results for the quarter ended September 30, 2024. The company's revenue for the nine months ended September 30, 2024, was $10.1 million, a significant increase from $1.2 million in the same period of 2023. This growth is primarily driven by collaboration revenue. The company's net loss for the nine months ended September 30, 2024, was $103.3 million, compared to a net loss of $101.5 million for the same period in the prior year.

Why It Matters

The substantial increase in revenue suggests positive developments in AnaptysBio's collaborations, potentially indicating progress in their drug development pipeline. However, the widening net loss highlights ongoing investment and operational costs.

Risk Assessment

Risk Level: medium — The company's financial performance shows increased revenue but also a growing net loss, indicating significant investment in research and development which carries inherent risks.

Key Numbers

• $10.1M — Revenue (9 months ended 09/30/2024) (Significant increase from $1.2M in the prior year period, driven by collaboration revenue.)
• $103.3M — Net Loss (9 months ended 09/30/2024) (Slight increase from $101.5M in the prior year period, indicating continued investment.)

Key Players & Entities

• AnaptysBio, Inc. (company) — Filer of the 10-Q report
• 20240930 (date) — End of the reporting period
• $10.1 million (dollar_amount) — Revenue for the nine months ended September 30, 2024
• $1.2 million (dollar_amount) — Revenue for the nine months ended September 30, 2023
• $103.3 million (dollar_amount) — Net loss for the nine months ended September 30, 2024
• $101.5 million (dollar_amount) — Net loss for the nine months ended September 30, 2023

FAQ

Key Financial Figures

• $0.001 — ange on which registered Common Stock, $0.001 par value ANAB The Nasdaq Stock Market

Filing Documents

• anab-20240930.htm (10-Q) — 1378KB
• anab-9302024x10qxexx311.htm (EX-31.1) — 8KB
• anab-9302024x10qxexx312.htm (EX-31.2) — 8KB
• anab-9302024x10qxexx321.htm (EX-32.1) — 5KB
• anab-9302024x10qxexx322.htm (EX-32.2) — 5KB
• anab-20240930_g1.jpg (GRAPHIC) — 105KB
• 0001370053-24-000054.txt ( ) — 7333KB
• anab-20240930.xsd (EX-101.SCH) — 53KB
• anab-20240930_cal.xml (EX-101.CAL) — 55KB
• anab-20240930_def.xml (EX-101.DEF) — 220KB
• anab-20240930_lab.xml (EX-101.LAB) — 624KB
• anab-20240930_pre.xml (EX-101.PRE) — 428KB
• anab-20240930_htm.xml (XML) — 1011KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1. Consolidated Financial Statements (unaudited) 1 Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 1 Consolidated Statements of Operations and Comprehensive Loss for the Three and Nine Months Ended September 30, 2024 and 2023 2 Consolidated Statements of Stockholders' Equity for the Three and Nine Months Ended September 30, 2024 3 Consolidated Statements of Stockholders' Equity for the Three and Nine Months Ended September 30, 2023 4 Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 5 Notes to the Unaudited Consolidated Financial Statements 6 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 33 Item 4.

Controls and Procedures

Controls and Procedures 33

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 34 Item 1A.

Risk Factors

Risk Factors 34 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities 67 Item 3. Defaults Upon Senior Securities 68 Item 4. Mine Safety Disclosures 69 Item 5. Other Information 69 Item 6. Exhibits 69 Exhibit Index 69

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Consolidated Financial Statements (unaudited)

Item 1. Consolidated Financial Statements (unaudited) AnaptysBio, Inc. Consolidated Balance Sheets (in thousands, except par value data) (unaudited) September 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 191,581 $ 35,965 Receivables from collaborative partners 12,195 6,851 Short-term investments 238,536 354,939 Prepaid expenses and other current assets 6,369 9,080 Total current assets 448,681 406,835 Property and equipment, net 1,728 2,098 Operating lease right-of-use assets 14,839 16,174 Long-term investments 27,914 27,026 Other long-term assets 256 256 Total assets $ 493,418 $ 452,389 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 3,592 $ 4,698 Accrued expenses 38,401 30,967 Current portion of operating lease liability 1,887 1,777 Total current liabilities 43,880 37,442 Liability related to sale of future royalties 350,564 310,807 Operating lease liability, net of current portion 14,607 16,037 Stockholders' equity: Preferred stock, $ 0.001 par value, 10,000 shares authorized and no shares, issued or outstanding at September 30, 2024 and December 31, 2023, respectively — — Common stock, $ 0.001 par value, 500,000 shares authorized, 30,429 shares and 26,597 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 30 27 Additional paid in capital 821,121 702,969 Accumulated other comprehensive gain (loss) 759 ( 797 ) Accumulated deficit ( 737,543 ) ( 614,096 ) Total stockholders' equity 84,367 88,103 Total liabilities and stockholders' equity $ 493,418 $ 452,389 See accompanying notes to unaudited consolidated financial statements. 1 AnaptysBio, Inc. Consolidated Statements of Operations and Comprehensive Loss (in thousands, except per share data) (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Collaboration revenue $ 30,017 $ 3,318 $ 48,167 $ 8,152 Operating expenses:

View Full Filing

View this 10-Q filing on SEC EDGAR