Anaptys Reports Q2 2024 Financial Results and Business Update

AnaptysBio, Inc., a clinical-stage biotechnology firm focusing on innovative immunology therapeutics, has disclosed its financial results for the second quarter ending June 30, 2024, alongside a significant business update. The company is progressing with several key clinical trials and has provided important timelines for anticipated data releases.

Top-line data for the ANB032 Phase 2b trial targeting atopic dermatitis (AD) is expected in December 2024. ANB032 is a BTLA agonist, and the trial saw robust enrollment, totaling around 200 patients. This placebo-controlled study evaluates three doses of subcutaneously administered ANB032 over a 14-week treatment period, followed by six months of off-drug observation. Approximately 15% of the participants had previous exposure to Dupixent or anti-IL-13 treatments.

For its rheumatoid arthritis (RA) program, AnaptysBio has accelerated the timeline for the top-line data from its Phase 2b trial of rosnilimab, a PD-1 agonist. Initially planned for mid-2025, the data is now anticipated in the first quarter of 2025. This global trial involves 420 patients undergoing a 12-week treatment, with those achieving low disease activity eligible for an extended 16-week all-active treatment period.

Rosnilimab is also being tested in a Phase 2 trial for ulcerative colitis (UC). This study, which includes 132 patients, assesses two dosing regimens over 12 weeks. Patients showing a clinical response can continue their assigned treatment for an additional 12 weeks. Top-line data for this trial is expected in the first quarter of 2026.

Moreover, AnaptysBio has received FDA acceptance for its Investigational New Drug (IND) application for ANB033, an anti-CD122 antagonist. Phase 1 trials in healthy volunteers are set to begin in the fourth quarter of 2024. Additionally, the company plans to submit an IND application for ANB101, a BDCA2 modulator antibody, by the end of 2024.

AnaptysBio's pipeline includes other immune cell modulators, emphasizing its commitment to tackling autoimmune and inflammatory diseases. The company also has legacy cytokine antagonist programs available for out-licensing. These include imsidolimab, which has completed Phase 3 trials for generalized pustular psoriasis, and etokimab, ready for Phase 2/3 trials.

Financially, AnaptysBio reports cash, cash equivalents, and investments totaling $393.5 million as of June 30, 2024. This figure represents a decrease from $417.9 million at the end of 2023, largely due to operational expenditures offset by $50 million from a royalty monetization deal. The company reiterates that its cash runway extends through the end of 2026.

In terms of financial performance, AnaptysBio saw a significant increase in collaboration revenue, totaling $11.0 million for the second quarter of 2024, compared to $3.5 million for the same period in 2023. This increase is primarily due to higher royalties recognized from sales of Jemperli, an anti-PD-1 antagonist antibody licensed to GSK.

Research and development expenses rose to $42.0 million for the second quarter, driven by ongoing development costs for rosnilimab, ANB032, ANB033, and ANB101, though offset by reduced spending on imsidolimab. General and administrative expenses were $9.3 million, slightly down from the previous year.

The company reported a net loss of $46.7 million for the second quarter, up from $39.8 million in the same period of 2023. The losses are attributed to increased R&D expenses and non-cash interest related to the sale of future royalties.

AnaptysBio remains focused on advancing its clinical programs and is optimistic about the potential impact of its drug candidates. The company continues to develop its portfolio with the aim of addressing unmet medical needs in immune-mediated conditions.