ANAPTYSBIO, INC Segments Disclosure
11. Segment Reporting
During fiscal year 2025, in connection with the planned separation of the business, our , who is our CODM, revised the information he regularly reviews in evaluating the allocation of resources and assessing operating performance. As a result of these changes, we updated our segment reporting to reflect two operating segments: Biopharma and Royalty Management. Our Biopharma segment focuses on the development and potential commercialization of innovative immunology therapeutics for autoimmune and inflammatory diseases and our Royalty Management segment manages the financial collaboration for Jemperli from GSK and for imsidolimab from Vanda.
Segment profit or loss is measured as the net loss and is used to monitor results. Our Royalty Management segment revenue consists of non-cash royalties and milestones, and is derived from collaboration agreements. For more information, see Note 4. We do not report identifiable assets by segment as this is not a metric used by our CODM to allocate resources or evaluate performance.
The following tables present our segment information for the year ended December 31, 2025, 2024 and 2023 and is a summary of segment revenue, loss and our significant expenses. Prior periods have been recast to conform to the newly identified segments (in thousands):
|
|
Year Ended December 31, 2025 |
|
|||||||||
|
|
Biopharma |
|
|
Royalty |
|
|
Total |
|
|||
Collaboration revenue |
|
$ |
— |
|
|
$ |
234,603 |
|
|
$ |
234,603 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|||
External R&D |
|
|
|
|
|
|
|
|
|
|||
Rosnilimab |
|
|
42,744 |
|
|
|
— |
|
|
|
42,744 |
|
ANB033 |
|
|
20,427 |
|
|
|
— |
|
|
|
20,427 |
|
ANB101 |
|
|
8,138 |
|
|
|
— |
|
|
|
8,138 |
|
ANB032 |
|
|
48 |
|
|
|
— |
|
|
|
48 |
|
Imsidolimab |
|
|
— |
|
|
|
(2,273 |
) |
|
|
(2,273 |
) |
Preclinical and other unallocated costs |
|
|
16,093 |
|
|
|
— |
|
|
|
16,093 |
|
Total External R&D(1) |
|
|
87,450 |
|
|
|
(2,273 |
) |
|
|
85,177 |
|
Total Internal R&D(2) |
|
|
52,164 |
|
|
|
(1,371 |
) |
|
|
50,793 |
|
Total R&D |
|
|
139,614 |
|
|
|
(3,644 |
) |
|
|
135,970 |
|
|
|
|
|
|
|
|
|
|
|
|||
External G&A(3) |
|
|
13,932 |
|
|
|
4,012 |
|
|
|
17,944 |
|
Internal G&A(1) |
|
|
25,460 |
|
|
|
7,333 |
|
|
|
32,793 |
|
Total G&A |
|
|
39,392 |
|
|
|
11,345 |
|
|
|
50,737 |
|
Total operating expenses |
|
|
179,006 |
|
|
|
7,701 |
|
|
|
186,707 |
|
(Loss) income from operations |
|
|
(179,006 |
) |
|
|
226,902 |
|
|
|
47,896 |
|
|
|
|
|
|
|
|
|
|
|
|||
Interest income |
|
|
12,942 |
|
|
|
557 |
|
|
|
13,499 |
|
Non-cash interest expense |
|
|
— |
|
|
|
(79,893 |
) |
|
|
(79,893 |
) |
Other (expense) income, net |
|
|
(23 |
) |
|
|
5,453 |
|
|
|
5,430 |
|
Total other income (expense), net |
|
|
12,919 |
|
|
|
(73,883 |
) |
|
|
(60,964 |
) |
|
|
|
|
|
|
|
|
|
|
|||
(Loss) income before income taxes |
|
|
(166,087 |
) |
|
|
153,019 |
|
|
|
(13,068 |
) |
Provision for income taxes |
|
|
— |
|
|
|
(164 |
) |
|
|
(164 |
) |
Segment net (loss) income |
|
|
(166,087 |
) |
|
|
152,855 |
|
|
|
(13,232 |
) |
|
|
Year Ended December 31, 2024 |
|
|||||||||
|
|
Biopharma |
|
|
Royalty |
|
|
Total |
|
|||
Collaboration revenue |
|
$ |
— |
|
|
$ |
91,280 |
|
|
$ |
91,280 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|||
External R&D |
|
|
|
|
|
|
|
|
|
|||
Rosnilimab |
|
|
53,422 |
|
|
|
— |
|
|
|
53,422 |
|
ANB032 |
|
|
26,084 |
|
|
|
— |
|
|
|
26,084 |
|
ANB033 |
|
|
12,460 |
|
|
|
— |
|
|
|
12,460 |
|
ANB101 |
|
|
3,367 |
|
|
|
— |
|
|
|
3,367 |
|
Imsidolimab |
|
|
— |
|
|
|
8,284 |
|
|
|
8,284 |
|
Preclinical and other unallocated costs |
|
|
14,350 |
|
|
|
— |
|
|
|
14,350 |
|
Total External R&D(1) |
|
|
109,683 |
|
|
|
8,284 |
|
|
|
117,967 |
|
Total Internal R&D(2) |
|
|
42,662 |
|
|
|
3,211 |
|
|
|
45,873 |
|
Total R&D |
|
|
152,345 |
|
|
|
11,495 |
|
|
|
163,840 |
|
|
|
|
|
|
|
|
|
|
|
|||
External G&A(3) |
|
|
6,806 |
|
|
|
3,227 |
|
|
|
10,033 |
|
Internal G&A(1) |
|
|
21,950 |
|
|
|
10,406 |
|
|
|
32,356 |
|
Total G&A |
|
|
28,756 |
|
|
|
13,633 |
|
|
|
42,389 |
|
Total operating expenses |
|
|
181,101 |
|
|
|
25,128 |
|
|
|
206,229 |
|
(Loss) income from operations |
|
|
(181,101 |
) |
|
|
66,152 |
|
|
|
(114,949 |
) |
|
|
|
|
|
|
|
|
|
|
|||
Interest income |
|
|
17,382 |
|
|
|
2,412 |
|
|
|
19,794 |
|
Non-cash interest expense |
|
|
— |
|
|
|
(50,087 |
) |
|
|
(50,087 |
) |
Other income, net |
|
|
14 |
|
|
|
— |
|
|
|
14 |
|
Total other income (expense), net |
|
|
17,396 |
|
|
|
(47,675 |
) |
|
|
(30,279 |
) |
|
|
|
|
|
|
|
|
|
|
|||
(Loss) income before income taxes |
|
|
(163,705 |
) |
|
|
18,477 |
|
|
|
(145,228 |
) |
Provision for income taxes |
|
|
— |
|
|
|
(3 |
) |
|
|
(3 |
) |
Segment net (loss) income |
|
|
(163,705 |
) |
|
|
18,474 |
|
|
|
(145,231 |
) |
|
|
Year Ended December 31, 2023 |
|
|||||||||
|
|
Biopharma |
|
|
Royalty |
|
|
Total |
|
|||
Collaboration revenue |
|
$ |
— |
|
|
$ |
17,157 |
|
|
$ |
17,157 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|||
External R&D |
|
|
|
|
|
|
|
|
|
|||
Rosnilimab |
|
|
25,010 |
|
|
|
— |
|
|
|
25,010 |
|
ANB032 |
|
|
17,197 |
|
|
|
— |
|
|
|
17,197 |
|
ANB033 |
|
|
11,520 |
|
|
|
— |
|
|
|
11,520 |
|
Imsidolimab |
|
|
— |
|
|
|
31,769 |
|
|
|
31,769 |
|
Preclinical and other unallocated costs |
|
|
14,526 |
|
|
|
— |
|
|
|
14,526 |
|
Total External R&D(1) |
|
|
68,253 |
|
|
|
31,769 |
|
|
|
100,022 |
|
Total Internal R&D(2) |
|
|
22,002 |
|
|
|
10,259 |
|
|
|
32,261 |
|
Total R&D |
|
|
90,255 |
|
|
|
42,028 |
|
|
|
132,283 |
|
Acquired in-process research and development |
|
|
7,339 |
|
|
|
— |
|
|
|
7,339 |
|
|
|
|
|
|
|
|
|
|
|
|||
External G&A(3) |
|
|
4,126 |
|
|
|
4,168 |
|
|
|
8,294 |
|
Internal G&A(1) |
|
|
16,741 |
|
|
|
16,911 |
|
|
|
33,652 |
|
Total G&A |
|
|
20,867 |
|
|
|
21,079 |
|
|
|
41,946 |
|
Total operating expenses |
|
|
118,461 |
|
|
|
63,107 |
|
|
|
181,568 |
|
Loss from operations |
|
|
(118,461 |
) |
|
|
(45,950 |
) |
|
|
(164,411 |
) |
|
|
|
|
|
|
|
|
|
|
|||
Interest income |
|
|
12,313 |
|
|
|
6,560 |
|
|
|
18,873 |
|
Non-cash interest expense |
|
|
— |
|
|
|
(18,083 |
) |
|
|
(18,083 |
) |
Other expense, net |
|
|
(2 |
) |
|
|
— |
|
|
|
(2 |
) |
Total other income (expense), net |
|
|
12,311 |
|
|
|
(11,523 |
) |
|
|
788 |
|
|
|
|
|
|
|
|
|
|
|
|||
Loss before income taxes |
|
|
(106,150 |
) |
|
|
(57,473 |
) |
|
|
(163,623 |
) |
Benefit for income taxes |
|
|
— |
|
|
|
4 |
|
|
|
4 |
|
Segment net loss |
|
|
(106,150 |
) |
|
|
(57,469 |
) |
|
|
(163,619 |
) |
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 3, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.