ANAB earnings analysis
What we found in ANAB's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
AnaptysBio reported Q1 2026 results with revenue of $25.5 million and a net loss per share of $1.84, reflecting a notable decrease in both metrics from the same period last year. The overall trend may deter investor confidence as the company faces escalating legal and operating costs, despite promising developments in royalty revenue from Jemperli.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Royalty Revenue Increase
- Royalty revenue rose to $25.5 million from $18.1 million in Q1 2025.
- Decreased R&D Expenses
- Research and development expenses dropped to $34 million from $41.2 million year-over-year.
- Increased General & Admin Expenses
- General and administrative expenses jumped to $26.2 million from $14.1 million due to rising legal costs.
- Cash Position Decline
- Cash, cash equivalents, and investments totaled $286.5 million down from $311.6 million at the end of 2025.
- Operational Loss
- Net cash used in operating activities was $25.9 million for Q1 2026 compared to $10.7 million in Q1 2025.
- Increased Non-Cash Interest Expense
- Non-cash interest expense rose to $20.9 million from $18.1 million year-over-year.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- High Operating Expenses
- General and administrative expenses spiked to $26.2 million due to legal fees related to GSK litigation.
- Dependence on GSK for Royalty Revenue
- Revenue largely depends on GSK's commercialization success of Jemperli.
- Legal Proceedings Risk
- Ongoing litigation with GSK and Tesaro could adversely affect operational focus and financial resources.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-1.84
What they said about what is next.
Outlook deferred to earnings press release / call.
The filing reads worse than the one before it.
What came before.
- 10-K · April 28, 2026
- AnaptysBio completed the spin-off of First Tracks in April 2026 and reported a sharp operational inflection in H2 2025 driven by collaboration revenue, with pro forma continuing-operations collaboration revenue of…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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