Sep. 16 at 5:41 PM
$ANAB
AnaptysBio (ANAB) – Conference Call Highlights (Sep 2025)
• Market Overreaction: Investor sentiment turned negative after Eli Lilly reportedly dropped its PD-1 depleter program, citing safety concerns in an abstract. This has pressured the whole PD-1 depleter space, including Anaptys’ rosnilimab.
• Management Reassurance:
• Safety/tolerability profile for rosnilimab remains very strong across trials.
• Over 400 patients treated in RA and UC studies to date, with no major safety issues reported.
Key Catalysts:
• Ulcerative Colitis Phase 2 (rosnilimab): Top-line data expected Q4 2025. Trial uses higher dosing and 12-week treatment duration; potential for best-in-class efficacy/safety if consistent with RA results.
• ANB033 (CD-122 antagonist, celiac disease): Early-stage program advancing; company to provide update at an R&D/Investor Day in Q4.
• Rheumatoid Arthritis (rosnilimab): Strong data positions program as potential best-in-class; management suggests opportunity for a significant partnership or deal.
• Royalty Asset: Ongoing royalty payments from GSK’s Jemperli could be worth an amount comparable to Anaptys’ current market cap, providing hidden balance-sheet strength.
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Investment View
Despite sector-wide overhang from Lilly’s discontinued program, Anaptys’ safety record remains intact and upcoming Q4 catalysts (UC readout + investor event) could shift sentiment sharply. Shares appear to trade below intrinsic value when factoring in the validated safety profile, upcoming efficacy data, and royalty stream.
