anab-20240331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☒			Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended March 31, 2024


☐			Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from to .

Commission File Number: 001-37985

ANAPTYSBIO, INC.

(Exact name of registrant as specified in its charter)


Delaware						20-3828755
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification Number)

10770 Wateridge Circle, Suite 210

San Diego, CA 92121

(Address of principal executive offices and zip code)

(858) 362-6295

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.001 par value	ANAB	The Nasdaq Stock Market LLC

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yes ☒ No ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

☐

Accelerated Filer

☐

Non-accelerated Filer

☒

Smaller Reporting Company

☒

Emerging Growth Company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of May 6, 2024, there were 27,318,644 shares of the Registrant’s Common Stock outstanding.

AnaptysBio, Inc.

Table of Contents


		Page Number
	PART I. FINANCIAL INFORMATION

Item 1.	Consolidated Financial Statements (unaudited)	1
	Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023	1
	Consolidated Statements of Operations and Comprehensive Loss for the Three Months Ended March 3 1 , 202 4 and 202 3	2
	Consolidated Statements of Stockholders' Equity for the Three Months Ended March 31, 2024	3
	Consolidated Statements of Stockholders’ Equity for the Three Months Ended March 31, 2023	4
	Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023	5
	Notes to the Unaudited Consolidated Financial Statements	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	22
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	31
Item 4.	Controls and Procedures	31

	PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	32
Item 1A.	Risk Factors	32
Item 2.	Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities	65
Item 3.	Defaults Upon Senior Securities	66
Item 4.	Mine Safety Disclosures	67
Item 5.	Other Information	67
Item 6.	Exhibits	67
	Exhibit Index	67
	Signatures	69

PART I. FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements (unaudited)

AnaptysBio, Inc.

Consolidated Balance Sheets

(in thousands, except par value data)

(unaudited)


	March 31, 2024		December 31, 2023


ASSETS
Current assets:
Cash and cash equivalents	$	53,695	$	35,965
Receivables from collaborative partners	7,089		6,851
Short-term investments	300,970		354,939
Prepaid expenses and other current assets	10,666		9,080

Total current assets	372,420		406,835
Property and equipment, net	1,954		2,098
Operating lease right-of-use assets	15,732		16,174
Long-term investments	15,473		27,026
Other long-term assets	256		256


Total assets	$	405,835	$	452,389
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	4,582	$	4,698
Accrued expenses	25,903		30,967

Current portion of operating lease liability	1,813		1,777
Total current liabilities	32,298		37,442

Liability related to sale of future royalties	310,184		310,807
Operating lease liability, net of current portion	15,575		16,037






Stockholders’ equity:
Preferred stock, $0.001 par value, 10,000 shares authorized and no shares, issued or outstanding at March 31, 2024 and December 31, 2023, respectively	—		—
Common stock, $0.001 par value, 500,000 shares authorized, 27,317 shares and 26,597 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively	27		27
Additional paid in capital	706,407		702,969
Accumulated other comprehensive loss	(624)		(797)
Accumulated deficit	(658,032)		(614,096)
Total stockholders’ equity	47,778		88,103
Total liabilities and stockholders’ equity	$	405,835	$	452,389

See accompanying notes to unaudited consolidated financial statements.

AnaptysBio, Inc.

Consolidated Statements of Operations and Comprehensive Loss

(in thousands, except per share data)

(unaudited)


	Three Months Ended March 31,
		2024		2023

Collaboration revenue		$	7,179	$	1,374


Operating expenses:
Research and development		37,042		34,957
General and administrative		12,338		10,818
Total operating expenses		49,380		45,775
Loss from operations		(42,201)		(44,401)
Other (expense) income, net:


Interest income		4,584		4,486
Non-cash interest expense for the sale of future royalties		(6,317)		(4,336)
Other expense, net		(2)		(4)
Total other (expense) income, net		(1,735)		146



Net loss		(43,936)		(44,255)


Unrealized gain on available for sale securities		173		1,979

Comprehensive loss		$	(43,763)	$	(42,276)
Net loss per common share:
Basic and diluted		$	(1.64)	$	(1.58)

Weighted-average number of shares outstanding:
Basic and diluted		26,801		27,953

See accompanying notes to unaudited consolidated financial statements.

AnaptysBio, Inc.

Consolidated Statement of Stockholders’ Equity

(in thousands)

(unaudited)


	Common Stock			Additional Paid-in Capital		Accumulated Other Comprehensive Loss		Accumulated Deficit		Total Stockholders’ Equity
	Shares	Amount
Balance, December 31, 2023	26,597	$	27	$	702,969	$	(797)	$	(614,096)	$	88,103



Issuance of common stock from exercises of options and employee stock purchase plan	53	—		811		—		—		811
Issuance of common stock upon vesting of restricted stock units	1,014	—		—		—		—		—
Net share settlement of restricted stock units	(347)	—		(7,504)		—		—		(7,504)


Stock-based compensation	—	—		10,131		—		—		10,131
Comprehensive gain, net	—	—		—		173		—

SEC Form 10-Q filed by AnaptysBio Inc.