AnaptysBio (ANAB -1.33%), a clinical-stage biotechnology company focused on innovative immunology therapeutics for autoimmune and inflammatory diseases, released its Q2 2025 earnings on August 6, 2025. The company reported $22.3 million in collaboration revenue in Q2 2025, more than doubling from $11.0 million in collaboration revenue in Q2 2024 and exceeding analyst estimates by $10.62 million. GAAP earnings per share were $(1.34) in Q2 2025, which was better than the estimated $(1.55) GAAP loss and an improvement over last year's $(1.71) GAAP loss per share. The company’s performance was driven by stronger-than-expected royalty revenue from its outlicensed products. Overall, the quarter’s results present meaningful progress on AnaptysBio’s pipeline and partnerships, even as losses and cash usage remain considerable.
| Metric | Q2 2025 | Q2 2025 Estimate | Q2 2024 | Y/Y Change |
|---|---|---|---|---|
| EPS (GAAP) | $(1.34) | $(1.55) | $(1.71) | 23.7% |
| Revenue (GAAP) | $22.3 million | $11.68 million | $11.0 million | 102.7% |
| Research and Development Expense | $37.8 million | $42.0 million | (10.0%) | |
| General and Administrative Expense | $10.6 million | $9.3 million | 14.0% | |
| Cash, Cash Equivalents and Investments | $293.7 million | N/A | N/A |
Source: Analyst estimates for the quarter provided by FactSet.
Business Overview and Recent Focus Areas
AnaptysBio develops innovative antibody therapies for autoimmune and inflammatory diseases. Its business revolves around discovering and advancing engineered antibodies, with a current pipeline that includes rosnilimab, ANB033, and ANB101, each targeting different immune-related pathways.
Recently, the company has concentrated on progressing its clinical pipeline and leveraging strategic partnerships, particularly with GSK and Vanda. The value of its collaborations is reflected in its financial results, as royalties and milestone payments have become significant sources of revenue. Key success factors for AnaptysBio are positive clinical data, successful regulatory interactions, and the ability to secure and protect intellectual property around its core assets.
Quarter Highlights: Revenue, Pipeline, and Collaborations
The standout feature of the quarter was a dramatic increase in collaboration revenue, which more than doubled compared to Q2 2024. This jump was largely attributed to higher royalty payments from Jemperli, a programmed death-1 (PD-1) antagonist cancer therapy outlicensed to GSK, with collaboration revenue reflecting an $11.0 million increase in Jemperli royalties, and milestone revenue from a license agreement with Vanda. GSK reported Jemperli sales of $262 million in Q2 2025, growing more than 19% from the previous quarter. AnaptysBio is expected to receive a $75 million milestone once Jemperli achieves $1 billion in annual worldwide net sales in a calendar year, potentially as soon as 2025 at its current pace.
This decrease was primarily due to lower development costs for ANB032 and imsidolimab. Despite this decrease, general and administrative expenses climbed. The GAAP net loss narrowed compared to last year, signaling the growing role of collaboration income in offsetting operating costs.
Rosnilimab, the company's most advanced antibody targeting T cells involved in autoimmune diseases, continued to move forward in clinical trials. A key milestone was the successful completion of a Phase 2b study in rheumatoid arthritis. The study met internal goals for safety and efficacy, showing durable response rates for at least 12 to 14 weeks after treatment ended in the Phase 2b rheumatoid arthritis trial. Rosnilimab is also being studied in ulcerative colitis, another common inflammatory condition, with topline results from a Phase 2 trial expected later in 2025. Other pipeline candidates, such as ANB033 (a CD122 antagonist antibody for potential treatment of celiac disease) and ANB101 (a BDCA2 modulator for autoimmune disease), remain in early-stage trials requiring more data before further advancement.
Beyond its internal portfolio, AnaptysBio’s royalty-based relationships provide ongoing income and near-term catalysts. In addition to Jemperli’s continuing international expansion and broadening clinical indications with GSK, the company is eligible for commercial milestones and royalties from Vanda for the psoriasis therapy imsidolimab. Vanda expects to submit a Biologics License Application (BLA) to the U.S. Food and Drug Administration in the second half of 2025, potentially unlocking up to $35.0 million in additional milestone payments. These arrangements lend stability and external validation to the financial model but do increase reliance on the success of partners’ commercialization efforts.
Looking Ahead: Guidance and Future Watchpoints
For the remainder of fiscal 2025, management reiterated its guidance that its current cash and investments provide runway through the end of 2027. No additional quantitative guidance was provided for revenue or earnings. The main upcoming milestones are the Phase 2 data readout for rosnilimab in ulcerative colitis (top-line data through Week 12 on track for Q4 2025) and Jemperli’s progress toward its $1 billion worldwide net sales milestone in a calendar year, which would trigger a $75 million commercial sales milestone payment from GSK.
Investors should monitor the readout of key clinical trials, which will be critical for AnaptysBio’s prospects in both autoimmune and inflammatory disease markets. Progress around GSK’s expansion of Jemperli into new indications and the advancement or approval of imsidolimab with Vanda are also pivotal for future revenue streams. The company’s solid intellectual property base and partnerships position it for milestones, but continued net losses and decreasing cash reserves highlight the ongoing need for careful capital allocation and execution in both development and business operations.
Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.
