Anaptysbio, Inc. · NASDAQ:ANAB
Anaptysbio — Merger or Acquisition (September 2025)
13 slides from Anaptysbio's merger presentation, Sep 29, 2025
Slide 1: Strategic Separation to Maximize Shareholder Value
Sept. 29, 2025 Strategic Separation to Maximize Shareholder Value
Slide 2: Forward-looking statements
This presentation and any accompanying oral presentation contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to: the timing of the release of data from the Company’s clinical trials
Slide 3: Integrated company with biopharma operations and royalty assets
Immune Cell Modulators ANB033 (CD122 antagonist) P1b in Celiac Disease Rosnilimab (Pathogenic T cell depleter) P2b complete in Rheumatoid Arthritis P2 in Ulcerative Colitis Autoimmune and inflammatory diseases including gastroenterology, rheumatology and dermatology ANB101 (BDCA2 modulator) P1 in He
Slide 4: Royalty Management Co and Biopharma Co
4 Royalty Management Co Biopharma Co Focus on protecting and returning value of the royalties to shareholders • Hold and continue to manage rights to o Potential substantial Jemperli royalties from GSK o Imsidolimab milestones and royalties from Vanda Pharmaceuticals • Expect minimal infrastructure
Slide 5: Jemperli on a steep growth trajectory with GSK peak sales guidance
Actuals 1. Actual Jemperli Q1 to Q2’25 QoQ growth was 19%, Forecast assumes constant ~10% QoQ sales growth from Q2’25 through Q2’27 and dMMR rectal approval; 2. GSK analyst consensus as of 9/15/2025 converted from GBP to USD using Q3 2025 average exchange rate (1.35x), GSK Analyst Consensus website;
Slide 6: Jemperli GSK and Imsidolimab Vanda Financial Collaborations
6 Jemperli: GSK Financial Collaboration Imsidolimab: Vanda Financial Collaboration • Q2 2025 sales: $262m (>19% US QoQ growth rate) o >$1b annualized run rate1 • Significant royalties on global net sales o 8% ($0 to $1b), 12% ($1 - $1.5b), 20% ($1.5 - $2.5b), and 25% (>$2.5b) • Anticipate Sagard pay
Slide 7: Biopharma Co leading pipeline of immune cell modulating antibodies
Antibody Program Therapeutic Indication Development Stage and Anticipated Milestones IND Enabling Phase 1 Phase 2 Phase 3 Rosnilimab (Pathogenic T cell depleter) Rheumatoid Arthritis Ulcerative Colitis ANB033 (CD122 antagonist) Celiac Disease Inflammatory Disease ANB101 (BDCA2 modulator) Inflammator
Slide 8: Rheumatoid Arthritis and Ulcerative Colitis
Rheumatoid Arthritis Ulcerative Colitis Positive Phase 2b data reported • Best-in-disease profile • Favorable safety and tolerability • JAK-like efficacy through 6 months o Max response rates not yet observed due to trial design • Sustained 12-14 week off-drug responses through 9 months • Plan to pr
Slide 9: Additional information on the intended separation
9 • Anticipate separation of Biopharma Co will be completed by YE 2026 o Focused on minimizing overall corporate- and shareholder-level taxation across the entire transaction • Specific decisions regarding the structure, Board of Directors, leadership and financial operations of the two companies wi
Slide 10: Appendix
Appendix ' — ¢ — — Sy 10
Slide 11: Jemperli-only capped non-recourse monetization
“Jemperli – only” capped non-recourse monetization • Jemperli receivables payable to Sagard until cumulative $600MM paydown by Mar. 31, 20311,2 • Anticipate ~$250MM accrued to Sagard by YE 2025 • Projected cumulative $600MM paydown mid-2027 and Q2 20283 Potential royalties and milestones to Anaptys
Slide 12: Jemperli clinical development in head & neck and colorectal cancer
Head & Neck squamous cell carcinoma • LA-HNSCC: P3 JADE registrational trial (monotherapy) sequentially after chemoradiation • Significant U.S. market opportunity with 54,000 eligible diagnoses/year1 immuno-oncology financial collaboration Colorectal cancer and dMMR pan tumors • MSI-H Pan Tumors: Ac
Slide 13: Imsidolimab out-licensed to Vanda
13 Exclusive global license to Vanda announced February 2025 $15 million upfront payment $10 million upfront and $5 million for existing drug supply 10% royalties on global net sales FDA BLA submission for generalized pustular psoriasis (GPP) expected in 20251 Imsidolimab: two positive global Phase