anab-20210331

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, 2021


☐			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)

10421 Pacific Center Court, Suite 200

San Diego, CA 92121

(Former name, former address and former fiscal year, if changed since last report)

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 Act). Yes ☐ No ☒

As of April 30, 2021, there were 27,369,199 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, 2021 and December 31, 2020	1
	Consolidated Statements of Operations and Comprehensive Loss for the Three Months Ended March 31, 2021 and 2020	2
	Consolidated Statements of Stockholders' Equity for the Three Months Ended March 31, 2021	3
	Consolidated Statements of Stockholders’ Equity for the Three Months Ended March 31, 2020	4
	Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2021 and 2020	5
	Notes to the Unaudited Consolidated Financial Statements	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	21
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	30
Item 4.	Controls and Procedures	30

	PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	31
Item 1A.	Risk Factors	31
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	69
Item 3.	Defaults Upon Senior Securities	69
Item 4.	Mine Safety Disclosures	70
Item 5.	Other Information	70
Item 6.	Exhibits	70
	Exhibit Index	70
	Signatures	71

PART I. FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements (unaudited)

AnaptysBio, Inc.

Consolidated Balance Sheets

(in thousands, except par value data)

(unaudited)


	March 31, 2021		December 31, 2020

ASSETS
Current assets:
Cash and cash equivalents	$	284,148	$	250,456
Receivable from collaborative partners	1,247		—
Short-term investments	96,212		143,197
Prepaid expenses and other current assets	5,464		2,908
Restricted cash	60		—
Total current assets	387,131		396,561
Property and equipment, net	1,754		1,783
Long-term investments	7,056		17,546
Other long-term assets	477		602
Restricted cash	—		60

Total assets	$	396,418	$	416,552
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	2,452	$	4,217
Accrued expenses	11,826		15,262

Other current liabilities	197		342
Total current liabilities	14,475		19,821









Stockholders’ equity:
Preferred stock, $0.001 par value, 10,000 shares authorized and no shares, issued or outstanding at March 31, 2021 and December 31, 2020, respectively	—		—
Common stock, $0.001 par value, 500,000 shares authorized, 27,367 shares and 27,356 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively	27		27
Additional paid in capital	664,147		660,665
Accumulated other comprehensive loss	(111)		(4)
Accumulated deficit	(282,120)		(263,957)
Total stockholders’ equity	381,943		396,731
Total liabilities and stockholders’ equity	$	396,418	$	416,552

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,
		2021		2020

Collaboration revenue		$	11,247	$	15,000


Operating expenses:
Research and development		24,185		20,968
General and administrative		5,423		4,285
Total operating expenses		29,608		25,253
Loss from operations		(18,361)		(10,253)
Other income, net:


Interest income		195		1,897
Other income, net		3		94
Total other income, net		198		1,991



Net loss		(18,163)		(8,262)


Unrealized (loss) income on available for sale securities		(107)		807

Comprehensive loss		$	(18,270)	$	(7,455)
Net loss per common share:
Basic and diluted		$	(0.66)	$	(0.30)

Weighted-average number of shares outstanding:
Basic and diluted		27,361		27,264

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, 2020	27,356	$	27	$	660,665	$	(4)	$	(263,957)	$	396,731



Shares issued under employee stock plans	11	—		167		—		—		167

SEC Form 10-Q filed by AnaptysBio, Inc.