AnaptysBio Inc
ANABHealthcare|Biotechnology|USA
$66.46
-0.20 (-0.30%)
Tangible Book
$0.44
Financials
Financial Snapshot
Market Cap
$1.97B
Enterprise Value
$272.8M
Revenue (TTM)
$232.4M
Net Income (TTM)
$-26.8M
Cash & Equivalents
—
Net Cash/Share
$-1.05
Free Cash Flow (TTM)
$4.4M
Operating CF (TTM)
$4.5M
Debt/Equity
1.07
Cash Runway & Burn Rate
Company is cash-flow positive.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $51.2M | $248.4M | $427.1M | $374.2M | $393.7M | $548.1M | $441.2M | $390.9M | $385.4M | $311.6M | $286.5M | |
| Operating Cash Flow | $-9.0M | $-19.4M | $-48.5M | $-69.5M | $-14.2M | $-45.9M | $-73.6M | $-120.8M | $-135.3M | $19.7M | $4.5M | |
| Free Cash Flow | $-9.1M | $-19.7M | $-49.6M | $-70.3M | $-14.7M | $-47.3M | $-74.0M | $-121.6M | $-135.7M | $19.6M | $4.4M | |
| Capital Expenditure | $-50.0K | $-290.0K | $-1.1M | $-805.0K | $-569.0K | $-1.4M | $-358.0K | $-807.0K | $-358.0K | $-87.0K | $-69.0K | |
| Financing Cash Flow | $8.6M | $292.5M | $223.4M | $-4.5M | $-879.0K | $252.3M | $44.0M | $-59.3M | $127.1M | $-132.6M | $-102.8M |
R&D Spending
R&D (TTM)
$128.8M
R&D Intensity
55.4%
R&D Growth YoY
-5.3%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $16.7M | $10.0M | $5.0M | $8.0M | $75.0M | $63.2M | $10.3M | $17.2M | $91.3M | $234.6M | $232.4M | |
| R&D Expense | $15.4M | $29.4M | $56.2M | $99.3M | $80.0M | $98.5M | $88.8M | $132.3M | $163.8M | $136.0M | $128.8M | |
| R&D % of Revenue | 92.4% | 294.4% | 1123.9% | 1241.7% | 106.7% | 155.9% | 863.2% | 771.0% | 179.5% | 58.0% | 55.4% | |
| SG&A | $4.3M | $9.3M | $15.5M | $16.1M | $18.9M | $21.5M | $36.6M | $41.9M | $42.4M | $50.7M | $62.8M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $16.7M | $10.0M | $5.0M | $8.0M | $75.0M | $63.2M | $10.3M | $17.2M | $91.3M | $234.6M | $232.4M | |
| Cost of Goods Sold | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Gross Profit | $16.7M | $10.0M | $5.0M | $8.0M | $75.0M | $63.2M | $10.3M | $17.2M | $91.3M | $234.6M | $232.4M | |
| R&D | $15.4M | $29.4M | $56.2M | $99.3M | $80.0M | $98.5M | $88.8M | $132.3M | $163.8M | $136.0M | $128.8M | |
| SG&A | $4.3M | $9.3M | $15.5M | $16.1M | $18.9M | $21.5M | $36.6M | $41.9M | $42.4M | $50.7M | $62.8M | |
| Operating Income | $-3.0M | $-28.8M | $-66.7M | $-107.4M | $-23.9M | $-56.8M | $-115.2M | $-157.1M | $-114.9M | $47.9M | $40.8M | |
| Interest Expense | $-458.0K | $-1.8M | $-1.7M | $-1.0M | $0.00 | $-1.4M | $-21.1M | $-18.1M | $-50.1M | $-79.9M | $-82.7M | |
| Pretax Income | $-4.3M | $-30.1M | $-61.8M | $-97.5M | $-19.9M | $-57.8M | $-128.7M | $-163.6M | $-145.2M | $-13.1M | $-26.6M | |
| Net Income | $-4.3M | $-30.1M | $-61.7M | $-97.3M | $-19.9M | $-57.8M | $-128.7M | $-163.6M | $-145.2M | $-13.2M | $-26.8M | |
| EPS (Diluted) | -0.23 | -1.52 | -2.50 | -3.60 | -0.73 | -2.11 | -4.57 | -6.08 | -5.12 | -0.46 | -1.08 | |
| EBITDA | $-3.6M | $-28.1M | $-59.9M | $-95.0M | $-18.3M | $-54.3M | $-105.3M | $-143.2M | $-92.7M | $69.2M | $58.5M | |
| Shares Out. (M) | 18.16 | 19.78 | 24.67 | 27.06 | 27.30 | 27.43 | 28.16 | 26.92 | 28.38 | 28.76 | 28.69 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $51.2M | $81.2M | $113.6M | $171.0M | $250.5M | $495.7M | $71.3M | $36.0M | $123.1M | $238.2M | $248.5M | |
| Marketable Securities | $0.00 | $167.2M | $313.5M | $203.2M | $143.2M | $52.4M | $369.9M | $354.9M | $262.3M | $73.4M | $38.0M | |
| Total Current Assets | $58.2M | $252.7M | $434.2M | $377.7M | $396.6M | $553.9M | $447.2M | $406.8M | $431.9M | $350.3M | $316.1M | |
| Total Assets | $62.2M | $329.4M | $509.0M | $435.2M | $416.6M | $643.1M | $610.4M | $452.4M | $483.8M | $364.4M | $329.7M | |
| Total Current Liabilities | $5.7M | $14.1M | $21.8M | $29.5M | $19.8M | $16.1M | $26.1M | $37.4M | $45.4M | $38.6M | $41.7M | |
| Long-Term Debt | $13.8M | $7.6M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $22.9M | $21.8M | $22.6M | $30.2M | $19.8M | $286.6M | $348.3M | $364.3M | $413.0M | $327.2M | $316.9M | |
| Stockholders' Equity | $39.3M | $307.6M | $486.4M | $405.0M | $396.7M | $356.4M | $262.1M | $88.1M | $70.9M | $37.2M | $12.7M | |
| Retained Earnings | $-54.9M | $-85.0M | $-146.7M | $-244.0M | $-264.0M | $-321.8M | $-450.5M | $-614.1M | $-759.3M | $-772.6M | $-825.4M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $-9.0M | $-19.4M | $-48.5M | $-69.5M | $-14.2M | $-45.9M | $-73.6M | $-120.8M | $-135.3M | $19.7M | $4.5M | |
| Capital Expenditure | $-50.0K | $-290.0K | $-1.1M | $-805.0K | $-569.0K | $-1.4M | $-358.0K | $-807.0K | $-358.0K | $-87.0K | $-69.0K | |
| Free Cash Flow | $-9.1M | $-19.7M | $-49.6M | $-70.3M | $-14.7M | $-47.3M | $-74.0M | $-121.6M | $-135.7M | $19.6M | $4.4M | |
| Investing Cash Flow | $-50.0K | $-243.1M | $-142.5M | $131.4M | $94.5M | $38.8M | $-394.8M | $144.8M | $95.4M | $228.0M | $248.2M | |
| Financing Cash Flow | $8.6M | $292.5M | $223.4M | $-4.5M | $-879.0K | $252.3M | $44.0M | $-59.3M | $127.1M | $-132.6M | $-102.8M | |
| Issuance of Stock | $0.00 | $292.5M | $227.5M | $3.0M | $496.0K | $2.6M | $11.8M | $2.5M | $100.8M | $14.3M | $28.0M | |
| Repurchase of Stock | $-1.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $-50.0M | $-456.0K | $-68.6M | $-64.2M | |
| Issuance of Debt | $10.0M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Payments of Debt | $0.00 | $0.00 | $-6.9M | $-7.5M | $-1.4M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $1.2M | $4.4M | $10.0M | $12.4M | $11.5M | $15.3M | $27.4M | $33.2M | $34.0M | $36.1M | $41.1M | |
| Net Change in Cash | $-452.0K | $30.0M | $32.4M | $57.4M | $79.4M | $245.2M | $-424.4M | $-35.3M | $87.1M | $115.1M | $149.8M |
Dilution Tracker
Shares Outstanding
29M
5-Year Share Growth
+4.6%
Stock Issuance (TTM)
$28.0M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 18.16 | 19.78 | 24.67 | 27.06 | 27.30 | 27.43 | 28.16 | 26.92 | 28.38 | 28.76 | 28.69 | |
| YoY Change % | — | 8.9% | 24.7% | 9.7% | 0.9% | 0.5% | 2.7% | -4.4% | 5.4% | 1.3% | -0.2% | |
| Stock Issuance | $0.00 | $292.5M | $227.5M | $3.0M | $496.0K | $2.6M | $11.8M | $2.5M | $100.8M | $14.3M | $28.0M | |
| Stock Repurchase | $-1.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $-50.0M | $-456.0K | $-68.6M | $-64.2M | |
| Stock Based Comp. | $1.2M | $4.4M | $10.0M | $12.4M | $11.5M | $15.3M | $27.4M | $33.2M | $34.0M | $36.1M | $41.1M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Operating Margin % | -18.1% | -287.8% | -1334.4% | -1342.9% | -31.8% | -89.9% | -1119.4% | -915.5% | -125.9% | 20.4% | 17.6% | |
| Net Margin % | -25.5% | -300.7% | -1233.1% | -1216.7% | -26.6% | -91.5% | -1251.3% | -953.7% | -159.1% | -5.6% | -11.5% | |
| EBITDA Margin % | -21.4% | -281.1% | -1197.6% | -1188.0% | -24.4% | -85.9% | -1023.2% | -834.4% | -101.6% | 29.5% | 25.2% | |
| FCF Margin % | -54.4% | -197.3% | -991.4% | -879.0% | -19.6% | -74.8% | -718.9% | -708.8% | -148.7% | 8.4% | 1.9% | |
| ROE % | -10.4% | -17.3% | -15.5% | -21.8% | -5.0% | -15.3% | -41.6% | -93.4% | -182.7% | -24.5% | -1362.7% | |
| ROA % | -7.2% | -15.4% | -14.7% | -20.6% | -4.7% | -10.9% | -20.5% | -30.8% | -31.0% | -3.1% | -7.4% | |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)At Loss
HistoricalAt Loss / 66.23 / 79.71
Industry Med.27.41
P/S8.11
Historical3.03 / 20.65 / 511.57
Industry Med.9.51
P/B151.39
Historical0.44 / 2.41 / 157.93
Industry Med.2.93
EV/EBITDA28.98
Historical-161.51 / -1.01 / 29.34
Industry Med.13.14
EV/Revenue7.29
Historical-46.69 / 2.60 / 445.10
Industry Med.8.71
P/FCF234.84
Historical32.84 / 79.00 / 244.98
Industry Med.27.54
Intrinsic Value Models
Tangible Book
$0.44
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | N/A | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | |
| PS Ratio | 0.00 | 132.68 | 209.46 | 36.59 | 5.22 | 10.06 | 56.59 | 22.41 | 2.74 | 3.96 | 8.11 | |
| PB Ratio | 0.00 | 5.19 | 2.35 | 0.73 | 0.99 | 1.80 | 2.25 | 4.31 | 3.79 | 24.33 | 151.39 | |
| EV/EBITDA | 0.00 | -48.49 | -12.11 | 0.80 | 0.07 | -2.09 | -1.59 | -0.05 | 1.08 | 8.78 | 28.98 | |
| EV/Revenue | 0.00 | 136.33 | 145.06 | -9.51 | -0.02 | 1.79 | 16.25 | 0.39 | -1.10 | 2.59 | 7.29 |
Analyst Estimates & Quality
Altman Z-Score
2.48
Grey Zone
Piotroski F-Score
5
Moderate
Beneish M-Score
-2.72
Unlikely Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $151.4M | $207.7M | $285.1M |
| Net Income | $-88.6M | $-15.0M | $10.3M |
| EPS | -1.57 | 1.50 | 3.69 |
| Book Value per Share | 1.60 | 8.51 | 6.63 |
| Operating Cash Flow per Share | 2.81 | 5.84 | 0.28 |
| Operating CF | $80.62M | $167.56M | $8.03M |
Dividends
Revenue Segments
By Business
| Segment | 2025 |
|---|---|
| Royalty Management | $234.6M |
By Geography
| Segment | 2025 |
|---|---|
| United States | $234.6M |