One-glance verdict
Within fair range
$29.10 our estimate vs market $45.58
Wall Street consensus: $87.25 (199.8% higher than our fair-value estimate)
57% above our estimate
Fundamentals snapshot
AnaptysBio, Inc.
ANAB · NMS · Healthcare · Biotechnology
Current price
$45.58
52-week range
$20.18 - $72.36
Market cap
$1.36B
Balance sheet
Distressed
2.84x Stretched
Net debt $105.44M. Interest coverage shows how many times profit covers the interest bill.
What stands out
1 Reward
0 Risks
1 rewards · 0 risks
View details ↓What this company does
AnaptysBio, Inc.
AnaptysBio develops treatments for serious diseases, like certain cancers and skin conditions, and makes money by letting other larger companies like GSK and Vanda Pharmaceuticals develop and sell these treatments. This approach means AnaptysBio's income is tied to the success of these partnerships and the drugs they are developing.
How the company got here
AnaptysBio, Inc. started in 2005, originally named Anaptys Biosciences, Inc., and changed its name in 2006. The company's journey has been focused on discovering and then licensing out (meaning, letting other companies develop and sell) potential new medicines. This strategy means AnaptysBio often partners with larger pharmaceutical companies to bring its discoveries to patients, rather than developing and selling them all on its own. This approach allows them to focus on the early stages of drug discovery.
What it actually does
AnaptysBio is a biotechnology company that focuses on creating antibody-based therapies. Think of antibodies as tiny soldiers your body makes to fight off infections. AnaptysBio designs these 'soldiers' in the lab to target specific diseases. Instead of selling a finished medicine directly to consumers, they often partner with other drug companies who then take these discoveries through the expensive and lengthy process of clinical trials and eventual sales. This business model is common in biotech, where developing a drug from start to finish is incredibly costly and time-consuming.
Therapeutic Antibodies (Out-licensed)
This is the core of AnaptysBio's business. They discover and develop antibody therapies, which are like specialized proteins designed to target specific parts of the body or disease processes. For example, they have developed a therapy called Jemperli, which is designed to help the immune system fight certain types of cancer by targeting a specific pathway (PD-1 antagonist). Another therapy, Quimilza, targets a different pathway (IL-36R antagonist) and is being studied for inflammatory skin conditions like generalized pustular psoriasis. AnaptysBio 'out-licenses' these therapies, meaning they give other companies, like GSK plc and Vanda Pharmaceuticals Inc., the rights to further develop and sell them, often in exchange for upfront payments, milestone payments as the drug progresses, and royalties on future sales.
What management is betting on now
AnaptysBio's strategy revolves around its ability to discover promising antibody drug candidates and then successfully partner them with larger pharmaceutical companies. Their current focus is on advancing their pipeline of therapies, particularly those targeting inflammatory diseases and cancer. By out-licensing these assets, they aim to generate revenue through collaboration agreements and potential future royalties, allowing them to fund further research and development without bearing the full cost of late-stage drug commercialization. This approach allows them to remain agile and focused on innovation in drug discovery.
Price history
How the share price has moved
—
Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2025 Q1
$-10.12M
FY2025 Q2
$-66.94M
FY2025 Q3
$-10.73M
FY2025 Q4
$-40.28M
FY2026 Q1
$-27.37M
FY2026 Q2
$98.00M
FY2026 Q3
$-25.94M
Revenue
$27.49M
Net income
$183.88M
Diluted EPS
5.34
Operating cash flow
$-26.64M
Free cash flow
—
Fetching…
Sources
Revenue
$25.56M
Net income
$-52.88M
Diluted EPS
-1.84
Operating cash flow
$-25.92M
Free cash flow
$-25.94M
Fetching…
Sources
Revenue
$108.25M
Net income
$49.61M
Diluted EPS
1.64
Operating cash flow
$98.00M
Free cash flow
$98.00M
Fetching…
Sources
Revenue
$76.32M
Net income
$15.11M
Diluted EPS
0.52
Operating cash flow
$-27.36M
Free cash flow
$-27.37M
Fetching…
Sources
Revenue
$22.26M
Net income
$-38.63M
Diluted EPS
-1.34
Operating cash flow
$-40.24M
Free cash flow
$-40.28M
Fetching…
Sources
Revenue
$27.77M
Net income
$-39.33M
Diluted EPS
-1.28
Operating cash flow
$-10.70M
Free cash flow
$-10.73M
Fetching…
Sources
Revenue
$43.11M
Net income
$-21.78M
Diluted EPS
-0.63
Operating cash flow
$-66.67M
Free cash flow
$-66.94M
Fetching…
Sources
Revenue
$30.02M
Net income
$-32.85M
Diluted EPS
-1.14
Operating cash flow
$-10.09M
Free cash flow
$-10.12M
Fetching…
Sources
Is it cheap or expensive?
Fair value $29.10 vs current price $45.58
Wall Street consensus is the average analyst price target: $87.25 (199.8% higher than our fair-value estimate).
Our most-likely fair value is $29.10 a share — about 36.2% away from today's price of $45.58, so the stock currently looks fairly priced.
Is it drowning in debt?
Distressed
Net debt $105.4M. Interest coverage 2.8x.
Net debt
$105.44M
Interest coverage
2.84x
AnaptysBio, Inc.'s profit covers its interest bill about 2.8 times over. which is stronger than most peers shown here and 3 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Distressed
Worse cushion
Baseline
Better cushion
ANAB
BASELINE
AnaptysBio, Inc.
Total debt $269.59M Interest coverage 2.84x This is the baseline the peer rows are being compared against.
Total debt $7.88M Interest coverage 61.63x +2,070% vs ANAB Carries about 21.7x more debt cushion than ANAB.
Total debt $244.26M Interest coverage -108.87x -100% vs ANAB This peer has almost no interest-payment cushion compared with ANAB.
Total debt $743.56M Interest coverage -1.54x -100% vs ANAB This peer has almost no interest-payment cushion compared with ANAB.
Total debt $616.16M Interest coverage -5.85x -100% vs ANAB This peer has almost no interest-payment cushion compared with ANAB.
What you should know
The case for and against ANAB
1 Reward
0 Risks
Rewards
-
Free cash flow was positive in 1/10 years.
Risks
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
—
Forward P/E
10.04x
P/B
128.03x
P/S
12.84x
EV/EBITDA
22.34x
PEG ratio
—
Profitability
How much profit each dollar creates
Gross margin
105.0%
Operating margin
53.4%
Net margin
247.0%
ROE
—
ROA
—
Health
Liquidity and balance-sheet strength
Debt / equity
25.47x
Current ratio
5.61x
Quick ratio
5.54x
Total debt
$269.59M
Total cash
$164.14M
Growth
How the business has been compounding
Revenue TTM
$237.61M
Revenue 5Y CAGR
50.7%
EPS TTM
-0.92
EPS 5Y CAGR
—
Cash flow
How much cash the business throws off
Operating CF TTM
$18.08M
Free CF TTM
$19.61M
FCF margin
8.3%
Dividend
Shareholder payout
Yield
0.0%
Payout ratio
0.0%
Last ex-div date
—