AnaptysBio (ANAB) AI Stock Analysis

• Market Cap: $1.86B
• Dividend Yield: N/A
• Average Volume (3M): 492.01K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.74
• Revenue Growth: 196.42%
• EPS Growth: 53.92%
• Country: US
• Employees: 136
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): 1.58
• Shares Outstanding: 28,748,255
• 10 Day Avg. Volume: 636,444
• 30 Day Avg. Volume: 492,009
• PEG Ratio: 1.12
• Price to Book (P/B): 36.21
• Price to Sales (P/S): 5.74
• P/FCF Ratio: 68.70
• Enterprise Value/Market Cap: 1.03
• Enterprise Value/Revenue: 8.15
• Enterprise Value/Gross Profit: 8.24
• Enterprise Value/Ebitda: 28.66
• 1Y Price Target: $83.57
• Price Target Upside: 29.13% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 9
• EPS Forecast (FY): -3.94
• Revenue Forecast (FY): $111.51M

• Rating: 57 Neutral
• Price Target: $67.00 ▲(3.52% Upside)
• Action: Reiterated Date: 03/05/26
• Date: Action: Reiterated 03/05/26

The score is driven by improved 2025 financial trajectory (revenue acceleration and positive operating/free cash flow) and strong technical uptrend. Offsetting this are still-negative earnings with consistently negative gross profit and an unattractive/limited valuation signal due to the negative P/E and no dividend data.

Positive Factors

Revenue re-acceleration

Strong 38.4% revenue growth to $234.6M in 2025 signals accelerating commercial traction for AnaptysBio's partnered and internal programs. Sustained top-line expansion supports scaling development investment, improves milestone capture odds, and reduces reliance on dilutive financing over months.

Operating and free cash flow turned positive

Operating and free cash flow turned positive (~$19.7M/$19.6M) in 2025, a meaningful reversal from prior cash burn. Durable positive cash generation enhances financial flexibility to fund trials, reduces near-term financing needs, and provides optionality for partnerships or strategic investment.

Sharp deleveraging in 2025

Reported debt fell to $14.1M and debt-to-equity improved to 0.38 in 2025, sharply reducing leverage risk. Lower debt burden improves balance-sheet resilience, decreases interest pressure, and gives management room to fund R&D or pursue collaborations without immediate heavy refinancing.

Negative Factors

Negative gross profit across years

Gross profit remained negative across all reported years, including 2025, indicating revenues currently do not cover direct product costs or program economics. Persistent negative gross margin undermines durable profitability and requires structural cost reduction or higher-margin revenue to achieve sustainable earnings.

Revenue dependent on lumpy partnerships

The firm's business model depends on upfronts, milestones, R&D reimbursements and royalties from partners, creating lumpy, timing-dependent revenue. That structural revenue unpredictability complicates multi-year R&D planning, cash forecasting, and steady reinvestment required for durable pipeline progress.

Thin equity and persistently negative ROE

Equity is thin ($37.2M) against a large asset base and ROE is negative across reported years, reflecting ongoing losses. Limited equity capital constrains the firm's ability to absorb setbacks, pursue expensive trials without dilution, and increases the likelihood of future financing that could dilute shareholders.

AnaptysBio Business Overview & Revenue Model

Company Description

AnaptysBio, Inc., a clinical stage biotechnology company, engages in developing therapeutic product candidates for inflammation and immuno-oncology indications. Its products include Imsidolimab, an antibody that inhibits the interleukin-36 receptor (IL-36R) for the treatment of various dermatological inflammatory diseases; Rosnilimab, an anti-PD-1 agonist antibody program designed to augment PD-1 signaling through rosnilimab treatment to suppress T-cell driven human inflammatory diseases; and ANB032, an anti-BTLA modulator antibody applicable to human inflammatory diseases associated with lymphoid and myeloid immune cell dysregulation. The company also focuses on developing various antibody programs that are advanced to preclinical and clinical milestones under its collaborations. It has a collaboration and license agreement with GlaxoSmithKline, Inc. and Bristol-Myers Squibb; and license agreements with United Kingdom Research and Innovation, as well as Millipore Corporation. The company was formerly known as Anaptys Biosciences, Inc. and changed its name to AnaptysBio, Inc. in July 2006. AnaptysBio, Inc. was incorporated in 2005 and is based in San Diego, California.

How the Company Makes Money

AnaptysBio makes money primarily through collaboration and licensing arrangements rather than product sales (its programs are largely in clinical development). Under these types of deals, revenue is typically generated from (1) upfront payments received when a partner licenses or obtains rights to a program, (2) research and development reimbursements or cost-sharing payments if a partner funds portions of development, (3) milestone payments earned upon achieving agreed development, regulatory, or commercial events, and (4) royalties on net sales if a partnered product reaches the market. If the company has no currently marketed products, then ongoing earnings depend largely on the timing and terms of such partnerships and the recognition of any related payments; product revenue would be null until an internally developed or partnered therapy is approved and commercially launched.

AnaptysBio Financial Statement Overview

Summary

2025 shows a clear rebound with revenue up 38.4% to $234.6M, net loss narrowing to -$13.2M, and operating/free cash flow turning positive (~$19.7M/$19.6M). However, profitability quality remains weak with negative gross profit across all shown years, and the balance sheet has been volatile (notably the 2024 leverage spike), keeping overall fundamentals in a higher-risk transition stage.

Income Statement

Results show a sharp top-line re-acceleration in 2025 (annual revenue up 38.4% to $234.6M after modest growth in 2024), but profitability remains mixed. Net income is still negative in 2025 (-$13.2M), although it improved dramatically versus 2024 (-$145.2M). Margins are volatile and generally weak—gross profit is negative across all shown years (including 2025), which points to a cost structure that is not yet consistently supported by revenue and creates elevated earnings-quality risk.

Balance Sheet

Leverage and equity levels have swung materially year to year. The major red flag is 2024, when debt rose to $369.5M and debt relative to equity spiked (debt-to-equity 5.21), indicating a period of heavy balance-sheet risk. In 2025, reported debt drops sharply to $14.1M and debt-to-equity improves to 0.38, but equity is relatively thin at $37.2M versus a large asset base ($364.4M), and returns on equity remain negative in every year provided (2025 ROE about -0.36), reflecting ongoing losses and limited demonstrated ability to compound shareholder capital.

Cash Flow

Cash flow improved meaningfully in 2025, with operating cash flow turning positive ($19.7M) and free cash flow also positive ($19.6M), a major reversal from large cash burn in 2024 (operating cash flow -$135.3M; free cash flow -$135.7M). That said, free cash flow growth is highly volatile (down sharply in 2025 versus the prior year due to the sign flip), and the historical pattern from 2020–2024 shows persistent, sizable outflows—so sustainability of the 2025 improvement is not yet proven.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	234.60M	91.28M	17.16M	10.29M	63.17M
Gross Profit	232.18M	-72.56M	-115.13M	-78.51M	-35.32M
EBITDA	50.32M	-92.74M	-156.42M	-105.26M	-55.71M
Net Income	-13.23M	-145.23M	-163.62M	-128.72M	-57.80M
Balance Sheet
Total Assets	364.39M	483.83M	452.39M	610.38M	643.07M
Cash, Cash Equivalents and Short-Term Investments	311.64M	385.37M	390.90M	441.24M	548.10M
Total Debt	14.11M	369.46M	17.81M	19.45M	20.95M
Total Liabilities	327.19M	412.97M	364.29M	348.28M	286.64M
Stockholders Equity	37.21M	70.87M	88.10M	262.10M	356.43M
Cash Flow
Free Cash Flow	19.61M	-135.69M	-121.61M	-73.95M	-47.29M
Operating Cash Flow	19.70M	-135.34M	-120.80M	-73.59M	-45.92M
Investing Cash Flow	228.03M	95.40M	144.75M	-394.85M	38.84M
Financing Cash Flow	-132.61M	127.05M	-59.30M	44.02M	252.30M

AnaptysBio Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 64.72
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ANAB, the sentiment is Positive. The current price of 64.72 is above the 20-day moving average (MA) of 58.92, above the 50-day MA of 52.85, and above the 200-day MA of 35.77, indicating a bullish trend. The MACD of 3.73 indicates Negative momentum. The RSI at 63.63 is Neutral, neither overbought nor oversold. The STOCH value of 84.19 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ANAB.

AnaptysBio Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ANAB	57 Neutral	$1.86B	-101.81	1813.84%	―	196.42%	53.92%
KROS	57 Neutral	$215.91M	8.71	14.25%	―	37798.31%	―
CMPX	52 Neutral	$958.07M	-12.74	-43.61%	―	-100.00%	-28.79%
TERN	52 Neutral	$5.08B	-6.99	-29.95%	―	―	12.45%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
MGTX	47 Neutral	$598.05M	-3.30	-1065.47%	―	96.83%	-61.92%
OLMA	47 Neutral	$1.27B	―	-42.90%	―	―	17.23%