AnaptysBio, Inc. Common Stock H.C. Wainwright 28th Annual Global Investment Conference

Sure. To give a little bit of history. Historically, Anaptys was very much a traditional biotech company. Had discovery capabilities and development pipeline, but also happened to have two valuable financial collaborations. The company is always proactively, objectively looking at strategic options. Last year, did a valuation analysis and realized that the valuation of the two financial collaborations significantly exceeded the market cap of the entire company, including the development pipeline. That triggered a broad strategic review, and the outcome of that, what we believe is the simplest solution. Split the two companies into two independent, completely separate public companies. As Josh mentioned, on April 20th of this year, we completed that split. As of April 20th, the development operations, so all the people, the development pipeline is now First Tracks, which is ticker TRAX. So completely separate company. All that remains now in Anaptys are the two financial collaborations.

We have significantly slimmed down our operational footprint. It is effectively a virtual company today. Less than 10 FTEs, less than $10 million of OPEX. Actually, I am the only individual who is full-time, day in, day out, focused on Anaptys. We have a transitional services agreement with the First Tracks team for accounting, finance, IR, HR. Even our CEO is CEO of both companies today. It is very much a slimmed down organization with the sole purpose and sole focus of protecting and returning value to shareholders. That is our focus today, and we will talk more about the details of the portfolio with JEMPERLI and with imsidolimab, which is now Quimilza, with Vanda.

We believe that the Anaptys story today, with the two royalties, is very much an equity story for the next couple of years, with a lot of upside. Then obviously at some point, for the remainder of the IP of the two collaborations, it becomes a yield play, but definitely an equity story over the next few years.

Of course. So, a little bit of background. AnaptysBio had discovered JEMPERLI, originally out-licensed it to a company called Tesaro in 2014. Tesaro was subsequently acquired by GSK. The royalties are particularly attractive to us because they are tiered and progressive. In any given calendar year, the first $1 billion of sales provides 8% royalties. $1 billion to $1.5 billion is 12% royalties. $1.5 billion to $2.5 billion, that is 20%, and then anything north of $2.5 billion is 25% royalties. It is paid out quarterly, within 60 days at the end of each quarter. I think the important takeaway here is that the ramp for our royalties exceeds the growth ramp of the royalties, given the progressive and tier nature of our royalties, which we think is important takeaway for investors.

When we think about JEMPERLI today, we think it has a very strong and growing foundation in endometrial cancer. GSK had already released Q2 results for this year. In the first half of 2026, had $644 million in net sales for JEMPERLI globally, which is 34% growth year over year. We think it is significant growth in just endometrial, and then we think there are additional pillars of growth beyond that. Beyond just the base that exists today, we think there is additional growth in endometrial cancer that obviously is continuing, particularly ex-U.S. Beyond that, there is additional growth in indications and geographies in those indications, particularly rectal cancer, colon cancer, and potentially head and neck cancer.

Given all of that, GSK has guided towards peak sales for JEMPERLI, just monotherapy for endometrial and rectal of well north of £2 billion, or $2.7 billion. That is just in rectal and endometrial cancer. We think there is significant upside beyond that, and as each of these indication geographies come on board, as we talked about with the progressive nature of the tiers of royalties, they are more and more valuable to us.

Yeah, absolutely. We think CRC as a whole is definitely another important growth pillar for JEMPERLI's future. As we discussed, AZUR-1 is the most advanced. Had positive data that was announced in July of this year. GSK will provide more detailed data later this year at a scientific congress. In February 2027 is the PDUFA date. GSK does have a priority review voucher, so it is potentially going to be approved sooner than that, but February is the PDUFA date. I think that is important, obviously. This is really important for patients. For patients in this setting, today, it is chemo, it is radiation, it is major surgery. What this data has shown is that for the right appropriate patients, it could eliminate the need for all three of those, which is really important. We also mentioned AZUR-2, AZUR-4 in colon cancer.

That is additional upside beyond the rectal cancer, dMMR rectal cancer that we are talking about with AZUR-1. When GSK talks about CRC as a global opportunity, over $9 billion in global opportunity, and for just the AZUR indications, we are talking about over 220,000 patients in the U.S., EU5, and Japan. We think it is a large opportunity. As we talked about, because this is all on top of the base that exists today, these are all very valuable to AnaptysBio for those additional royalties.