AnaptysBio is a clinical-stage biotech developing antibody therapeutics for autoimmune and inflammatory diseases. The company has no approved products of its own, and currently generates revenue primarily from royalties on drugs it discovered and out-licensed to partners. Its most important near-term revenue asset is Jemperli (dostarlimab), a PD-1 cancer immunotherapy discovered by AnaptysBio and licensed to GSK in 2014, which is now approved for endometrial cancer. AnaptysBio earns tiered royalties on Jemperli sales, though a large portion of those royalties were pre-sold to Sagard Healthcare Royalty Partners for $300M in upfront cash. AnaptysBio also recently licensed imsidolimab, an IL-36R antagonist for generalized pustular psoriasis, to Vanda Pharmaceuticals, which has filed a BLA targeting a December 2026 approval decision. AnaptysBio's wholly owned pipeline includes three programs: rosnilimab, a PD-1 agonist that selectively depletes pathogenic T cells, which completed a Phase 2b trial in rheumatoid arthritis hitting its primary endpoint; ANB033, a CD122 antagonist in Phase 1b for celiac disease and eosinophilic esophagitis; and ANB101, a BDCA2 modulator targeting upstream immune cells implicated in lupus, currently in Phase 1a. AnaptysBio's board approved a plan to split the company into two independent public entities in Q2 2026 — one holding the Jemperli and imsidolimab royalty economics focused on returning capital, and one focused on developing the clinical pipeline.