AnaptysBio(ANAB) - 2024 Q4 - Annual Results

Financial Performance - The net loss for Q4 2024 was $21.8 million, or $0.72 per share, a decrease from a net loss of $42.2 million, or $1.59 per share, in Q4 2023[12]. - The comprehensive loss for the year ended December 31, 2024, was $144.129 million, down from $159.170 million in 2023, indicating a 9.5% improvement[18]. - Basic and diluted net loss per common share for Q4 2024 was $0.72, compared to $1.59 in Q4 2023, representing a 54.8% decrease[18]. - Loss from operations improved to $9.670 million in Q4 2024, compared to a loss of $42.135 million in Q4 2023, reflecting a 77% reduction[18]. Revenue and Collaboration - Collaboration revenue increased to $43.1 million for Q4 2024, compared to $9.0 million in Q4 2023, driven by commercial milestones from Jemperli sales exceeding $250 million[12]. - Collaboration revenue for Q4 2024 reached $43.113 million, a significant increase from $9.005 million in Q4 2023, representing a growth of 378%[18]. - GSK reported $598 million in sales for Jemperli in 2024, representing over 200% year-over-year growth from $175.6 million in 2023[12]. Research and Development - Research and development expenses for Q4 2024 were $42.6 million, up from $33.5 million in Q4 2023, primarily due to costs associated with rosnilimab and other candidates[12]. - Research and development expenses rose to $42.589 million in Q4 2024, compared to $33.525 million in Q4 2023, reflecting a 27% increase[18]. - The company anticipates full clinical data for rosnilimab in rheumatoid arthritis in Q2 2025 and top-line data for ulcerative colitis in Q4 2025[5]. - Rosnilimab achieved a 69% low disease activity (CDAI LDA) response at Week 14 in a Phase 2b trial for rheumatoid arthritis, with significant results on primary and secondary endpoints[6]. Assets and Financial Position - AnaptysBio reported cash and investments of approximately $420 million as of December 31, 2024, with a cash runway extending through year-end 2027[9]. - Total assets increased to $483.8 million as of December 31, 2024, compared to $452.4 million at the end of 2023[16]. - The company’s accumulated deficit reached $759.3 million as of December 31, 2024, compared to $614.1 million at the end of 2023[16]. Operating Expenses - Total operating expenses for Q4 2024 were $52.783 million, slightly up from $51.140 million in Q4 2023, indicating a 3.2% increase[18]. - Total other (expense) income, net for Q4 2024 was $(12.120) million, compared to $(80) thousand in Q4 2023, indicating a significant increase in expenses[18]. Shareholder Information - The weighted-average number of shares outstanding for basic and diluted shares increased to 30.448 million in Q4 2024 from 26.586 million in Q4 2023, a growth of 14%[18]. - Interest income increased to $5.263 million in Q4 2024 from $4.880 million in Q4 2023, marking an 8% rise[18]. Licensing and Agreements - AnaptysBio has an exclusive global license agreement with Vanda Pharmaceuticals for the development of imsidolimab, receiving $15 million upfront and potential future milestones[8].