AnaptysBio, Inc., a clinical-stage biotechnology company focused on immunology therapeutics, reported significant financial developments in its recent 10-Q filing for the third quarter of 2024. As of September 30, 2024, the company had 30,428,682 shares of common stock outstanding and cash and cash equivalents totaling $191.6 million, a substantial increase from $36.0 million at the end of 2023. Total current assets rose to $448.7 million, up from $406.8 million, while total assets increased to $493.4 million from $452.4 million.
The company experienced a notable rise in collaboration revenue, reporting $30.0 million for Q3 2024 compared to $3.3 million in Q3 2023. For the nine months ended September 30, 2024, collaboration revenue reached $48.2 million, up from $8.2 million in the same period the previous year. This increase was primarily driven by milestone payments related to the sales of Jemperli, a product developed in collaboration with GlaxoSmithKline (GSK), which exceeded $250 million in annual sales.
Despite the revenue growth, AnaptysBio reported a net loss of $32.9 million for Q3 2024, an improvement from a net loss of $37.3 million in Q3 2023. For the nine months ended September 30, 2024, the net loss was $123.4 million, slightly higher than the $121.4 million loss reported for the same period in 2023. The company’s accumulated deficit increased to $737.5 million as of September 30, 2024.
Operating expenses for Q3 2024 totaled $52.8 million, compared to $41.1 million in Q3 2023, with research and development expenses rising to $42.2 million from $30.9 million year-over-year. The increase in expenses was attributed to higher clinical costs and salaries, including stock-based compensation.
In terms of strategic developments, AnaptysBio completed a public offering in August 2024, selling 2.75 million shares at $36.50 per share, netting approximately $93.9 million. The company also entered into a new sales agreement with TD Securities in November 2024 for an aggregate offering of up to $100 million, following the termination of a previous agreement with Cowen.
The company continues to rely heavily on its collaboration with GSK, which is critical for its operational viability. AnaptysBio's pipeline includes several candidates in various stages of clinical development, including Rosnilimab and ANB032, both currently in Phase 2 trials. The company anticipates ongoing operational losses and significant expenses as it progresses its product candidates through clinical trials.
About ANAPTYSBIO, INC
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