AnaptysBio (NASDAQ: ANAB) is preparing to deliver its first quarterly results since completing the spin-off of its biopharma operations into First Tracks Biotherapeutics on April 20, 2026. The report will mark the company's debut as a dedicated royalty management business, with value now tied almost entirely to Jemperli royalties from GSK and imsidolimab royalties from Vanda Pharmaceuticals.
The transition follows a board-approved plan announced in September 2025 to separate the company into two independent, publicly traded entities. The royalty management company was designed to focus on protecting and returning value from financial collaborations, while the biopharma operations company would advance immunology therapeutics including rosnilimab, ANB033, and ANB101. The spin-off was on track for Q2 2026, potentially as early as late April, and the historical dossier confirms it became effective on April 20, 2026.
Jemperli, GSK's oncology drug, exited Q4 2025 on a roughly $1.4 billion annualized run rate, growing more than 13% quarter-over-quarter to $343 million. AnaptysBio expects to achieve over $390 million in annualized Jemperli royalties at GSK's peak sales guidance of more than $2.7 billion as early as 2029. The company also holds an exclusive global license agreement with Vanda Pharmaceuticals for imsidolimab, entered on January 31, 2025.
Post-spin, AnaptysBio operates with minimal costs, targeting a 95% EBIT margin and holding over $140 million in net cash after eliminating prior R&D expenses. Year-end 2025 cash and investments stood at approximately $311 million. A $100 million share buyback authorization provides additional capital return flexibility.