On November 2, 2023, AnaptysBio Inc (ANAB, Financial), a clinical-stage biotechnology company focused on delivering innovative immunology therapeutics, reported its operating results for the third quarter ended September 30, 2023. The company also provided a business update, highlighting significant progress in its clinical trials and financial performance.
Financial Performance
As of September 30, 2023, AnaptysBio Inc (ANAB, Financial)'s cash, cash equivalents, and investments totaled $453.3 million, compared to $584.2 million as of December 31, 2022. The decrease of $130.9 million is attributed to cash used for the $50 million stock repurchase program and operating activities.
For the three and nine months ended September 30, 2023, collaboration revenue was $3.3 million and $8.2 million, respectively, compared to $1.3 million and $3.5 million for the same periods in 2022. The increase is primarily due to increased royalties recognized for sales of Jemperli.
Research and development expenses were $30.9 million and $98.8 million for the three and nine months ended September 30, 2023, compared to $22.1 million and $65.4 million for the same periods in 2022. The increase was primarily due to manufacturing and development costs for rosnilimab, ANB032, and ANB033.
General and administrative expenses were $10.2 million and $31.7 million for the three and nine months ended September 30, 2023, compared to $8.9 million and $27.2 million for the same periods in 2022.
The company reported a net loss of $37.3 million and $121.4 million for the three and nine months ended September 30, 2023, or a net loss per share of $1.41 and $4.49, compared to a net loss of $33.5 million and $102.3 million for the same periods in 2022, or a net loss per share of $1.18 and $3.64.
Business Updates
AnaptysBio Inc (ANAB, Financial) announced positive top-line Phase 3 clinical trial results of imsidolimab (IL-36R) in generalized pustular psoriasis (GPP). The company also initiated a global Phase 2b trial to treat rheumatoid arthritis (RA) with rosnilimab, its PD-1 agonist, and plans to initiate a global Phase 2 trial to treat ulcerative colitis (UC) with rosnilimab in Q4 2023.
The company reiterated its cash runway through year-end 2026 and updated its expected year-end 2023 cash and investments to $400 to $410 million.
Looking Ahead
AnaptysBio Inc (ANAB, Financial) anticipates top-line Week 12 data from its global Phase 2b trial in moderate-to-severe RA by mid-2025. The company also expects to initiate a global Phase 2 trial in moderate-to-severe UC in Q4 2023, with top-line Week 12 data anticipated by H1 2026.
Explore the complete 8-K earnings release (here) from AnaptysBio Inc for further details.
