ANAB Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

03

Price $48.53

Market Cap (MRQ) $1.41B

P/E (TTM) -47.6

EPS (TTM) $-1.02

Revenue (TTM) $232M

ROE (TTM) -114.6%

52W Range $29–$73

ANAB Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

04

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Stock splits 1

Ex-date	Split	Type
April 20, 2026	3-for-2	Forward

10-Year Performance Revenue, net income, margins and EPS trends

06

Revenue$235M

2016-12-31 → 2025-12-31

EPS$-0.46

2016-12-31 → 2025-12-31

Free Cash Flow·

2018-12-31 → 2024-12-31

Net margin-11.5%

2018-12-31 → 2024-12-31

Valuation & Ratios 07–12

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric	ANAB	5Y avg	Peer Median	Verdict
P/E (TTM)	-47.65Y avg ≈-27.0	≈-27.0	·	·
P/S (TTM)	6.15Y avg ≈34.7	≈34.7	11.4	Undervalued
P/B (MRQ)	110.55Y avg ≈4.6	≈4.6	3.1	Overvalued
Price / FCF (TTM)	319.55Y avg ≈-10.0	≈-10.0	·	·
Price / Cash Flow (TTM)	314.65Y avg ≈-10.2	≈-10.2	·	·
Price / Tangible Book	36.55Y avg ≈10.9	≈10.9	·	·

Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric	ANAB	5Y avg	Peer Median	Verdict
Operating Margin (TTM)	17.6%5Y avg ≈-573.4%	≈-573.4%	-135.5%	In line
EBITDA Margin (TTM)	17.8%5Y avg ≈-570.4%	≈-570.4%	-135.0%	In line
Pretax Margin (TTM)	-11.5%5Y avg ≈-613.8%	≈-613.8%	-206.8%	In line
Net Profit Margin (TTM)	-11.5%5Y avg ≈-613.9%	≈-613.9%	-206.9%	In line
ROA (TTM)	-7.1%5Y avg ≈-23.3%	≈-23.3%	-37.9%	Top tier
ROE (TTM)	-114.6%5Y avg ≈-101.8%	≈-101.8%	-51.2%	Top tier

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric	5Y trend	ANAB	5Y avg	Peer Median	Verdict
Current Ratio (MRQ)		7.65Y avg ≈18.0	≈18.0	11.1	Low liquidity

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric	ANAB	5Y avg	Peer Median	Verdict
Revenue YoY	157.0%5Y avg ≈111.3%	≈111.3%	·	·
Revenue CAGR 3Y	183.6%5Y avg ≈52.6%	≈52.6%	·	·
Revenue CAGR 5Y	25.6%	·	·	·

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric	5Y trend	ANAB	5Y avg	Peer Median	Verdict
EPS (Diluted)		$-0.465Y avg ≈$-3.67	≈$-3.67	·	·

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric	5Y trend	ANAB	5Y avg	Peer Median	Verdict
Revenue / Employee		≈$2.3M	·	·	·

value · ≈ 5Y avg · industry median · verdict relative to median

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

14

Avg Surprise 12.1%

Next Report Nov 02, 2026

Period	Report	EPS Actual	EPS Est	Surprise
June 30, 2026	Sep 11, 2026	$0.07	$0.00	—
March 31, 2026	May 7, 2026	$-1.84	$-0.62	-198.7%
Dec. 31, 2025		$1.58	$0.96	65.0%
Sept. 30, 2025		$0.52	$-1.47	135.4%
June 30, 2025		$-1.34	$-1.57	14.8%
March 31, 2025		$-1.28	$-1.28	-0.12%
Dec. 31, 2024		$-0.72	$-1.65	56.4%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

15

Income Statement 16

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Revenue	$235M	$91M	$17M	$10M	$63M	$75M	$8M	$5M	$10M	$17M
R&D Expense	·	·	·	$89M	$98M	$80M	$99M	$56M	$29M	$15M
SG&A Expense	$51M	$42M	$42M	$37M	$21M	$19M	$16M	$16M	$9M	$4M
Operating Expenses	$187M	$206M	$182M	$125M	$120M	$99M	$115M	$72M	$39M	$20M
Operating Income	$48M	$-115M	$-164M	$-115M	$-57M	$-24M	$-107M	$-67M	$-29M	$-3M
Interest Expense	·	·	·	·	$0	$0	$1M	$2M	$2M	$458.0K
Interest Income	·	·	·	·	·	·	·	·	$2M	$127.0K
Other Non-op	$5M	$14.0K	$-2.0K	$12.0K	$37.0K	$-11.0K	$1.0K	$-159.0K	$229.0K	$-147.0K
Pretax Income	$-13M	$-145M	$-164M	$-129M	$-58M	$-20M	$-97M	$-62M	$-30M	$-4M
Income Tax	$164.0K	$3.0K	$-4.0K	$24.0K	$0	$0	$-152.0K	$-192.0K	$0	$0
Net Income	$-13M	$-145M	$-164M	$-129M	$-58M	$-20M	$-97M	$-62M	$-30M	$-4M
EPS (Basic)	$-0.46	$-5.12	$-6.08	$-4.57	$-2.11	$-0.73	$-3.60	$-2.50	$-1.52	$-1.62
EPS (Diluted)	$-0.46	$-5.12	$-6.08	$-4.57	$-2.11	$-0.73	$-3.60	$-2.50	$-1.52	$-1.62
Shares (Basic)	28,758,000	28,382,000	26,924,000	28,165,000	27,431,000	27,302,000	27,059,000	·	·	·
Shares (Diluted)	28,758,000	28,382,000	26,924,000	28,165,000	27,431,000	27,302,000	27,059,000	·	·	·
EBITDA	·	$-114M	$-164M	$-114M	$-56M	$-23M	$-107M	$-66M	·	·

Balance Sheet 23

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Cash & Equivalents	$238M	$123M	$36M	$71M	$496M	$250M	$171M	$114M	$81M	$51M
Receivables	$34M	$41M	$7M	$1M	$876.0K	$0	$0	$0	$0	$1M
Prepaid Expense	$5M	$6M	$9M	$5M	$5M	$3M	$4M	$7M	$3M	$2M
Current Assets	$350M	$432M	$407M	$447M	$554M	$397M	$378M	$434M	$253M	$58M
PP&E (Net)	$1M	$2M	$2M	$2M	$2M	$2M	$2M	$1M	$665.0K	$471.0K
PP&E (Gross)	$9M	$8M	$8M	$8M	$7M	$7M	$6M	$6M	$5M	$4M
Accum. Depreciation	$7M	$7M	$6M	$6M	$5M	$5M	$5M	$4M	$4M	$4M
Other Non-current Assets	$256.0K	$256.0K	$256.0K	$256.0K	$256.0K	$258.0K	$1M	$148.0K	$46.0K	·
Total Assets	$364M	$484M	$452M	$610M	$643M	$417M	$435M	$509M	$329M	$62M
Accounts Payable	$4M	$4M	$5M	$3M	$2M	$4M	$16M	$5M	$2M	$2M
Accrued Liabilities	$33M	$40M	$31M	$22M	$13M	$15M	$11M	$9M	$5M	$3M
Short-term Debt	·	·	·	·	·	$0	$1M	$8M	$7M	$0
Current Liabilities	$39M	$45M	$37M	$26M	$16M	$20M	$30M	$22M	$14M	$6M
Capital Leases	$12M	$14M	$16M	$18M	$19M	$0	$654.0K	·	·	·
Other Non-current Liabilities	·	·	·	·	·	$0	$654.0K	$796.0K	·	·
Total Debt	·	·	·	·	·	$0	$1M	$8M	·	·
Common Stock	$28.0K	$30.0K	$27.0K	$29.0K	$28.0K	$27.0K	$27.0K	$27.0K	$24.0K	$3.0K
Paid-in Capital	$810M	$830M	$703M	$718M	$679M	$661M	$649M	$633M	$393M	$17M
Retained Earnings	$-773M	$-759M	$-614M	$-450M	$-322M	$-264M	$-244M	$-147M	$-85M	$-55M
AOCI	$-24.0K	$305.0K	$-797.0K	$-5M	$-422.0K	$-4.0K	$338.0K	$-223.0K	$-426.0K	$0
Stockholders' Equity	$37M	$71M	$88M	$262M	$356M	$397M	$405M	$486M	$308M	$-38M
Liabilities + Equity	$364M	$484M	$452M	$610M	$643M	$417M	$435M	$509M	$329M	$62M
Shares Outstanding	28,019,000	30,473,000	26,597,000	28,513,000	27,647,000	27,356,000	27,255,000	26,922,000	23,791,000	2,651,000

Cash Flow 13

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
D&A	$559.0K	$606.0K	$652.0K	$675.0K	$619.0K	$559.0K	$514.0K	$315.0K	$183.0K	$233.0K
Stock-based Comp	$36M	$34M	$33M	$27M	$15M	·	·	·	$4M	$1M
Other Non-cash	·	$-25M	$9M	$54M	$11M	$5M	$27M	$13M	·	·
Operating Cash Flow	$20M	$-135M	$-121M	$-74M	$-46M	$-14M	$-70M	$-49M	$-19M	$-9M
CapEx	$87.0K	$358.0K	$807.0K	$358.0K	$1M	$569.0K	$805.0K	$1M	$290.0K	$50.0K
Investing Cash Flow	$228M	$95M	$145M	$-395M	$39M	$94M	$131M	$-142M	$-243M	$-50.0K
Stock Issued	$14M	$6M	$2M	$12M	$3M	$496.0K	$3M	$227M	$293M	$0
Stock Repurchased	$69M	$456.0K	$50M	$0	$0	·	·	$0	$0	$1.0K
Net Stock Activity	·	$6M	$-48M	$12M	$3M	$0	$0	$227M	·	·
Financing Cash Flow	$-133M	$127M	$-59M	$44M	$252M	$-879.0K	$-4M	$223M	$292M	$9M
Net Change in Cash	$115M	$87M	$-35M	$-424M	$245M	$79M	$57M	$32M	·	·
Free Cash Flow	·	$-136M	$-122M	$-74M	$-47M	$-15M	$-70M	$-50M	·	·
Levered FCF	·	·	·	·	$-47M	$-15M	$-71M	$-51M	·	·

Profitability 7

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Operating Margin	·	-125.9%	-958.3%	-1119.4%	-89.9%	-31.8%	-1342.9%	-1334.4%	·	·
Net Margin	·	-159.1%	-953.7%	-1251.3%	-91.5%	-26.6%	-1216.7%	-1233.1%	·	·
Pretax Margin	·	-159.1%	-953.7%	-1251.1%	-91.5%	-26.6%	-1218.6%	-1237.0%	·	·
EBITDA Margin	·	-125.3%	-954.5%	-1112.9%	-88.9%	-31.1%	-1336.5%	-1328.1%	·	·
ROA	·	-31.0%	-30.8%	-20.5%	-10.9%	-4.7%	-20.6%	-14.7%	·	·
ROE	·	-187.1%	-157.0%	-47.7%	-15.6%	-5.3%	-23.6%	-12.5%	·	·
ROIC	·	-162.2%	-186.6%	-43.9%	-15.9%	-6.0%	-26.4%	-13.5%	·	·

Liquidity & Solvency 4

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Current Ratio	·	9.5	10.9	17.2	34.4	20.0	12.8	19.9	·	·
Quick Ratio	·	3.6	1.1	2.8	30.8	12.6	5.8	5.2	·	·
Debt / Equity	·	·	·	·	·	0.0	0.0	0.0	·	·
Interest Coverage	·	·	·	·	·	·	-103.2	-40.4	·	·

Efficiency 2

Metric	Trend	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Asset Turnover		·	0.2	0.0	0.0	0.1	0.2	0.0	0.0	·	·
Receivables Turnover		·	3.8	4.1	9.0	144.2	·	·	·	·	·

Per Share 5

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Book Value / Share	·	$2.33	$3.31	$9.19	$12.89	$14.50	$14.86	$18.07	·	·
Revenue / Share	·	$3.22	$0.64	$0.37	$2.30	·	·	·	·	·
Cash Flow / Share	·	$-4.77	$-4.49	$-2.61	$-1.67	·	·	·	·	·
Cash / Share	·	$4.04	$1.35	$2.50	$17.93	$9.16	$6.27	$4.22	·	·
EPS (TTM)	$-0.46	$-5.12	$-6.08	$-4.57	$-2.11	$-0.73	$-3.60	$-2.50	$-1.52	$-1.62

Growth Rates 3

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Revenue YoY	157.0%	432.0%	66.8%	-83.7%	-15.8%	·	·	·	·	·
Revenue CAGR 3Y	183.6%	13.1%	-38.8%	·	·	·	·	·	·	·
Revenue CAGR 5Y	25.6%	·	·	·	·	·	·	·	·	·

Valuation (TTM) 14

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Revenue TTM	$235M	$91M	$17M	$10M	$63M	$75M	$8M	$5M	$10M	$17M
Net Income TTM	$-13M	$-145M	$-164M	$-129M	$-58M	$-20M	$-97M	$-62M	$-30M	$-4M
Market Cap	·	$403M	$570M	$884M	$961M	$588M	$443M	$1.72B	·	·
Enterprise Value	·	·	·	·	·	$338M	$273M	$1.61B	·	·
P/E	-105.4	-2.6	-3.5	-6.8	-16.5	-29.5	-4.5	-25.5	-66.3	·
P/S	·	4.4	33.2	85.9	15.2	7.8	55.4	343.5	·	·
P/B	·	5.7	6.5	3.4	2.7	1.5	1.1	3.5	·	·
P / Tangible Book	36.5	5.7	6.5	3.4	2.7	1.5	·	·	·	·
P / Cash Flow	·	-3.0	-4.7	-12.0	-20.9	-41.5	-6.4	-35.4	·	·
P / FCF	·	-3.0	-4.7	-11.9	-20.3	-39.9	-6.3	-34.6	·	·
EV / EBITDA	·	·	·	·	·	-14.5	-2.6	-24.3	·	·
EV / FCF	·	·	·	·	·	-22.9	-3.9	-32.5	·	·
EV / Revenue	·	·	·	·	·	4.5	34.2	322.3	·	·
Earnings Yield	-0.95%	-38.7%	-28.4%	-14.8%	-6.1%	-3.4%	-22.1%	-3.9%	-1.5%	·

Income Statement 14

Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q3 2022	Q2 2022	Q1 2022
Revenue	$26M	$108M	$76M	$22M	$28M	$43M	$30M	$11M	$7M	$9M	$3M	$3M	$1M	$1M	$1M	$970.0K
R&D Expense	·	·	$31M	$38M	$41M	·	$42M	$42M	$37M	·	$31M	$33M	$35M	$22M	$21M	$23M
SG&A Expense	$26M	$16M	$10M	$11M	$14M	$10M	$11M	$9M	$12M	$10M	$10M	$11M	$11M	$9M	$8M	$10M
Operating Expenses	$60M	$41M	$42M	$48M	$55M	$53M	$53M	$51M	$49M	$51M	$41M	$44M	$46M	$31M	$29M	$33M
Operating Income	$-35M	$67M	$35M	$-26M	$-28M	$-10M	$-23M	$-40M	$-42M	$-42M	$-38M	$-40M	$-44M	$-30M	$-28M	$-32M
Other Non-op	$-1.0K	$-3.0K	$0	$4M	$2M	$21.0K	$-5.0K	$0	$-2.0K	$-2.0K	$1.0K	$3.0K	$-4.0K	$4.0K	$6.0K	$6.0K
Pretax Income	$-53M	$50M	$15M	$-39M	$-39M	$-22M	$-33M	$-47M	$-44M	$-42M	$-37M	$-40M	·	·	·	·
Income Tax	$40.0K	$81.0K	$0	$39.0K	$44.0K	$-6.0K	$0	$9.0K	$0	$-4.0K	$0	·	·	·	·	·
Net Income	$-53M	$50M	$15M	$-39M	$-39M	$-22M	$-33M	$-47M	$-44M	$-42M	$-37M	$-40M	$-44M	$-34M	$-33M	$-36M
EPS (Basic)	$-1.84	$1.62	$0.54	$-1.34	$-1.28	$-0.63	$-1.14	$-1.71	$-1.64	$-1.59	$-1.41	$-1.50	$-1.58	$-1.18	$-1.15	$-1.31
EPS (Diluted)	$-1.84	$1.64	$0.52	$-1.34	$-1.28	$-0.63	$-1.14	$-1.71	$-1.64	$-1.59	$-1.41	$-1.50	$-1.58	$-1.18	$-1.15	$-1.31
Shares (Basic)	28,691,000	·	27,833,000	28,810,000	30,644,000	·	28,893,000	27,356,000	26,801,000	·	26,546,000	26,629,000	27,953,000	28,289,000	28,204,000	27,713,000
Shares (Diluted)	28,691,000	·	29,018,000	28,810,000	30,644,000	·	28,893,000	27,356,000	26,801,000	·	26,546,000	26,629,000	27,953,000	28,289,000	28,204,000	27,713,000
EBITDA	$-35M	·	$35M	$-26M	$-27M	·	$-23M	$-40M	$-42M	·	$-38M	$-40M	$-44M	$-30M	$-28M	$-32M

Balance Sheet 20

Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q3 2022	Q2 2022	Q1 2022
Cash & Equivalents	$248M	$238M	$110M	$44M	$99M	$123M	$192M	$72M	$54M	·	$26M	$35M	$95M	$59M	$72M	$166M
Receivables	$26M	$34M	$76M	$21M	$18M	$41M	$12M	$9M	$7M	·	$3M	$3M	$2M	$1M	$1M	$921.0K
Prepaid Expense	$4M	$5M	$6M	$5M	$5M	$6M	$6M	$8M	$11M	·	$12M	$6M	$4M	$6M	$10M	$6M
Current Assets	$316M	$350M	$331M	$292M	$363M	$432M	$449M	$367M	$372M	·	$428M	$439M	$437M	$450M	$453M	$512M
PP&E (Net)	$1M	$1M	$2M	$2M	$2M	$2M	$2M	$2M	$2M	·	$2M	$2M	$2M	$2M	$2M	$2M
PP&E (Gross)	$9M	$9M	$9M	$9M	$8M	$8M	$8M	$8M	$8M	·	$8M	$8M	$8M	$7M	$7M	$7M
Accum. Depreciation	$7M	$7M	$7M	$7M	$7M	$7M	$6M	$7M	$6M	·	$6M	$6M	$6M	$5M	$5M	$5M
Other Non-current Assets	$256.0K	$256.0K	$256.0K	$256.0K	$256.0K	$256.0K	$256.0K	$256.0K	$256.0K	·	$256.0K	$256.0K	$256.0K	$256.0K	$256.0K	$256.0K
Total Assets	$330M	$364M	$353M	$335M	$422M	$484M	$493M	$427M	$406M	·	$487M	$517M	$552M	$619M	$604M	$625M
Accounts Payable	$8M	$4M	$3M	$3M	$6M	$4M	$4M	$5M	$5M	·	$7M	$5M	$3M	$3M	$2M	$2M
Accrued Liabilities	$32M	$33M	$33M	$30M	$36M	$40M	$38M	$34M	$26M	·	$31M	$35M	$31M	$16M	$17M	$16M
Current Liabilities	$42M	$39M	$38M	$36M	$44M	$45M	$44M	$40M	$32M	·	$39M	$42M	$36M	$21M	$20M	$20M
Capital Leases	$11M	$12M	$13M	$13M	$14M	$14M	$15M	$15M	$16M	·	$16M	$17M	$17M	$18M	$19M	$19M
Common Stock	$29.0K	$28.0K	$28.0K	$28.0K	$30.0K	$30.0K	$30.0K	$27.0K	$27.0K	·	$27.0K	$27.0K	$27.0K	$28.0K	$28.0K	$28.0K
Paid-in Capital	$838M	$810M	$793M	$793M	$832M	$830M	$821M	$715M	$706M	·	$695M	$687M	$689M	$708M	$699M	$691M
Retained Earnings	$-825M	$-773M	$-822M	$-837M	$-799M	$-759M	$-738M	$-705M	$-658M	·	$-572M	$-535M	$-495M	$-424M	$-391M	$-358M
AOCI	$-146.0K	$-24.0K	$47.0K	$-6.0K	$161.0K	$305.0K	$759.0K	$-415.0K	$-624.0K	·	$-2M	$-4M	$-3M	$-6M	$-4M	$-2M
Stockholders' Equity	$13M	$37M	$-29M	$-45M	$34M	$71M	$84M	$10M	$48M	$88M	$120M	$148M	$191M	$278M	$304M	$331M
Liabilities + Equity	$330M	$364M	$353M	$335M	$422M	$484M	$493M	$427M	$406M	·	$487M	$517M	$552M	$619M	$604M	$625M
Shares Outstanding	29,031,000	28,019,000	27,575,000	27,973,000	30,388,000	30,473,000	30,429,000	27,434,000	27,317,000	26,597,000	26,575,000	26,531,000	27,018,000	28,354,000	28,231,000	28,178,000

Cash Flow 12

Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q3 2022	Q2 2022	Q1 2022
D&A	$130.0K	$131.0K	$140.0K	$142.0K	$146.0K	$145.0K	$144.0K	$154.0K	$163.0K	$165.0K	$158.0K	$163.0K	$166.0K	$166.0K	$163.0K	$162.0K
Stock-based Comp	$14M	$9M	$9M	$9M	$9M	$8M	$8M	$8M	$10M	$8M	$8M	$8M	$9M	$6M	$7M	$8M
Other Non-cash	$13M	·	·	·	$19M	·	·	·	$-4M	·	·	·	$11M	·	·	$7M
Operating Cash Flow	$-26M	$98M	$-27M	$-40M	$-11M	$-67M	$-10M	$-21M	$-37M	$-34M	$-36M	$-25M	$-25M	$-18M	$-24M	$-21M
CapEx	$17.0K	$1.0K	$12.0K	$39.0K	$35.0K	$263.0K	$35.0K	$33.0K	$27.0K	$280.0K	$162.0K	$190.0K	$175.0K	$50.0K	$78.0K	$55.0K
Investing Cash Flow	$35M	$74M	$103M	$36M	$15M	$-29M	$59M	$-2M	$69M	$49M	$31M	$-20M	$85M	$-32M	$-71M	$-313M
Stock Issued	$14M	$12M	$336.0K	$1M	$290.0K	$555.0K	$4M	$979.0K	$811.0K	$264.0K	$160.0K	$783.0K	$1M	$3M	$865.0K	$5M
Stock Repurchased	$0	$3M	$10M	$51M	$4M	$456.0K	$0	$0	$0	$0	$0	$12M	$38M	$0	$0	$0
Net Stock Activity	$14M	·	·	·	$-4M	·	·	·	$811.0K	·	·	·	$-36M	·	·	$5M
Financing Cash Flow	$1M	$-43M	$-10M	$-50M	$-29M	$28M	$71M	$42M	$-14M	$-5M	$-3M	$-13M	$-38M	$37M	$432.0K	$5M
Net Change in Cash	$10M	$128M	$66M	$-54M	$-24M	$-69M	$120M	$18M	$18M	$10M	$-9M	$-59M	$23M	$-13M	$-95M	$-329M
Free Cash Flow	$-26M	·	·	·	$-11M	·	·	·	$-37M	·	·	·	$-25M	·	·	$-21M

Profitability 7

Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q3 2022	Q2 2022	Q1 2022
Operating Margin	-135.5%	·	45.5%	-117.5%	-99.2%	·	-75.8%	-367.5%	-587.8%	·	-1137.2%	-1160.2%	-3231.5%	-2291.8%	-2286.1%	-3273.1%
Net Margin	-206.9%	·	19.8%	-173.5%	-141.6%	·	-109.4%	-425.3%	-612.0%	·	-1124.4%	-1151.6%	-3220.9%	-2591.0%	-2677.1%	-3737.6%
Pretax Margin	-206.8%	·	19.8%	-173.3%	-141.5%	·	-109.4%	-425.2%	·	·	·	·	·	·	·	·
EBITDA Margin	-135.0%	·	45.5%	-117.5%	-98.6%	·	-75.8%	-367.5%	-585.6%	·	-1137.2%	-1160.2%	-3219.4%	-2291.8%	-2286.1%	-3256.4%
ROA	-14.1%	·	3.6%	-10.1%	-9.5%	·	-6.7%	-9.9%	-9.2%	·	-6.8%	-7.1%	-7.5%	-6.4%	-6.3%	-7.1%
ROE	-226.1%	·	55.0%	221.7%	-96.2%	·	-32.1%	-58.9%	-36.8%	·	-18.8%	-17.6%	-17.0%	-10.1%	-9.4%	-10.2%
ROIC	-271.9%	·	-118.0%	58.6%	-81.0%	·	-27.0%	-408.2%	·	·	·	·	·	·	·	·

Liquidity & Solvency 2

Metric	Trend	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q3 2022	Q2 2022	Q1 2022
Current Ratio		7.6	·	8.7	8.2	8.2	·	10.2	9.1	11.5	·	10.9	10.5	12.2	21.4	22.8	25.9
Quick Ratio		6.6	·	4.9	1.8	2.6	·	4.6	2.0	1.9	·	0.8	0.9	2.7	2.8	3.7	8.5

Efficiency 2

Metric	Trend	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q3 2022	Q2 2022	Q1 2022
Asset Turnover		0.1	·	0.2	0.1	0.1	·	0.1	0.0	0.0	·	0.0	0.0	0.0	0.0	0.0	0.0
Receivables Turnover		1.2	·	1.7	1.5	2.2	·	3.9	1.8	1.7	·	1.5	1.6	1.1	1.3	1.5	0.9

Per Share 5

Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q3 2022	Q2 2022	Q1 2022
Book Value / Share	$0.44	·	$-1.07	$-1.60	$1.12	·	$2.77	$0.36	$1.75	·	$4.53	$5.60	$7.07	$9.79	$10.78	$11.74
Revenue / Share	$0.89	·	$2.63	$0.77	$0.91	·	$1.04	$0.40	$0.27	·	$0.12	$0.13	$0.05	$0.05	$0.04	$0.04
Cash Flow / Share	$-0.90	·	·	·	$-0.35	·	·	·	$-1.39	·	·	·	$-0.88	·	·	$-0.76
Cash / Share	$8.56	·	$3.98	$1.58	$3.25	·	$6.30	$2.62	$1.97	·	$0.99	$1.33	$3.50	$2.06	$2.54	$5.91
EPS (TTM)	$-1.02	·	$-2.73	$-4.39	$-4.76	·	$-6.08	$-6.35	$-6.14	·	$-5.42	$-5.19	$-4.84	$-4.83	$-3.89	$-2.76

Valuation (TTM) 9

Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q3 2022	Q2 2022	Q1 2022
Revenue TTM	$232M	·	$169M	$123M	$112M	·	$57M	$30M	$23M	·	$15M	$13M	$11M	$4M	$24M	$53M
Net Income TTM	$-27M	·	$-85M	$-133M	$-141M	·	$-166M	$-170M	$-163M	·	$-148M	$-144M	$-137M	$-135M	$-108M	$-76M
Market Cap	$1.61B	·	$844M	$621M	$565M	·	$1.02B	$687M	$615M	·	$477M	$540M	$588M	$723M	$573M	$697M
P/E	-54.4	·	-11.2	-5.1	-3.9	·	-5.5	-3.9	-3.7	·	-3.3	-3.9	-4.5	-5.3	-5.2	-9.0
P/S	6.9	·	5.0	5.0	5.0	·	17.8	22.6	26.8	·	31.9	41.7	55.0	161.1	23.8	13.2
P/B	126.3	·	-28.7	-13.9	16.6	·	12.1	69.6	12.9	·	4.0	3.6	3.1	2.6	1.9	2.1
P / Tangible Book	126.3	·	·	·	16.6	·	12.1	69.6	12.9	·	4.0	3.6	3.1	2.6	1.9	2.1
P / Cash Flow	-62.1	·	·	·	-52.8	·	·	·	-16.5	·	·	·	-23.9	·	·	-33.2
Earnings Yield	-1.8%	·	-8.9%	-19.8%	-25.6%	·	-18.1%	-25.3%	-27.3%	·	-30.2%	-25.5%	-22.2%	-18.9%	-19.2%	-11.2%

Most recent period on the left · null values shown as ·

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

16

Metric	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Revenue	$235M	$91M	$17M	$10M	$63M
Operating Margin %	·	-125.9%	-958.3%	-1119.4%	-89.9%
Net Income	$-13M	$-145M	$-164M	$-129M	$-58M
Diluted EPS	$-0.46	$-5.12	$-6.08	$-4.57	$-2.11

Metric	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Current Ratio	·	9.5	10.9	17.2	34.4
Quick Ratio	·	3.6	1.1	2.8	30.8

Metric	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Free Cash Flow	·	$-136M	$-122M	$-74M	$-47M

Institutional owners (13F) 226 filers · $2.1B total · As of Sept. 30, 2026

17

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Holders 226

Value held $2.1B

New positions 47

Exited positions 34

Institutional activity — Q2 2026 vs prior quarter

New positions	Exited positions	Increased	Decreased	Net shares change
47 (-6 vs prior Q)	34 (+15 vs prior Q)	74 (+18 vs prior Q)	63 (-8 vs prior Q)	+2.1M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution	Value	Shares	% of tracked 13F	Type
EcoR1 Capital, LLC	$531,906,345	7,880,094	24.81%	Shares
BlackRock, Inc.	$124,473,310	1,844,049	5.81%	Shares
TANG CAPITAL MANAGEMENT LLC	$89,834,333	1,330,879	4.19%	Shares
STATE STREET CORP	$86,818,095	1,286,194	4.05%	Shares
VANGUARD GROUP INC	$74,854,914	1,544,037	3.49%	Shares
VANGUARD CAPITAL MANAGEMENT LLC	$61,170,728	906,233	2.85%	Shares
Affinity Asset Advisors, LLC	$55,762,358	826,109	2.60%	Shares
Sanofi	$55,479,398	821,917	2.59%	Shares
MILLENNIUM MANAGEMENT LLC	$54,493,830	807,316	2.54%	Shares
Woodline Partners LP	$48,398,445	717,014	2.26%	Shares
683 Capital Management, LLC	$44,550,001	660,000	2.08%	Shares
GEODE CAPITAL MANAGEMENT, LLC	$43,064,353	637,873	2.01%	Shares
Palo Alto Investors LP	$40,735,508	603,489	1.90%	Shares
GOLDMAN SACHS GROUP INC	$39,424,725	584,070	1.84%	Shares
First Light Asset Management, LLC	$39,285,270	582,004	1.83%	Shares
D. E. Shaw & Co., Inc.	$36,427,456	539,666	1.70%	Shares
VANGUARD PORTFOLIO MANAGEMENT LLC	$35,630,415	527,858	1.66%	Shares
Apis Capital Advisors, LLC	$33,547,500	497,000	1.56%	Shares
Sofinnova Investments, Inc.	$33,313,680	493,536	1.55%	Shares
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	$32,983,943	488,651	1.54%	Shares
Nuveen, LLC	$28,394,821	420,664	1.32%	Shares
BANK OF AMERICA CORP /DE/	$28,202,310	417,812	1.32%	Shares
CITADEL ADVISORS LLC	$26,620,178	394,373	1.24%	Shares
FEDERATED HERMES, INC.	$26,437,523	391,667	1.23%	Shares
Squarepoint Ops LLC	$21,900,105	324,446	1.02%	Shares
TWO SIGMA INVESTMENTS, LP	$17,752,163	262,995	0.83%	Shares
FIRST TRUST ADVISORS LP	$17,481,757	258,989	0.82%	Shares
MORGAN STANLEY	$17,353,682	257,091	0.81%	Shares
TWO SIGMA ADVISERS, LP	$17,292,816	356,700	0.81%	Shares
Coppell Advisory Solutions LLC	$16,575,695	3,638	0.77%	Shares
FMR LLC	$16,234,486	240,511	0.76%	Shares
Qube Research & Technologies Ltd	$15,442,448	228,777	0.72%	Shares
HSBC HOLDINGS PLC	$14,928,261	216,949	0.70%	Shares
Empowered Funds, LLC	$13,905,675	206,010	0.65%	Shares
NORTHERN TRUST CORP	$13,686,773	202,767	0.64%	Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	$13,655,588	202,305	0.64%	Shares
Invesco Ltd.	$13,638,781	202,056	0.64%	Shares
DIMENSIONAL FUND ADVISORS LP	$12,517,471	185,444	0.58%	Shares
Greenhaven Road Investment Management, L.P.	$11,546,483	171,059	0.54%	Shares
VICTORY CAPITAL MANAGEMENT INC	$11,422,823	169,227	0.53%	Shares
MACKENZIE FINANCIAL CORP	$10,191,083	150,979	0.48%	Shares
UBS Group AG	$9,911,161	146,832	0.46%	Shares
VANGUARD FIDUCIARY TRUST CO	$9,903,870	146,724	0.46%	Shares
Connor, Clark & Lunn Investment Management Ltd.	$9,519,256	141,026	0.44%	Shares
Ensign Peak Advisors, Inc	$7,228,980	107,096	0.34%	Shares
FRANKLIN RESOURCES INC	$7,219,058	106,949	0.34%	Shares
CITIGROUP INC	$6,690,195	99,114	0.31%	Shares
NOMURA ASSET MANAGEMENT INTERNATIONAL INC.	$6,327,000	93,732	0.30%	Shares
PRUDENTIAL FINANCIAL INC	$5,800,410	85,932	0.27%	Shares
DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main	$5,666,085	83,942	0.26%	Shares

Show all 226 institutional owners →

Activists & 5%+ owners 2 positions

18

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer	Filed	Stake	Status	Purpose	Filing
EcoR1 Capital, LLC, Oleg Nodelman, EcoR1 Capital Fund Qualified, L.P. ×5 filings	Aug. 16, 2024	·	Initial filing	Board campaign	SEC
Frazier Healthcare V, L.P., FHM V, L.P., FHM V, L.L.C., Frazier Healthcare VII, L.P., Frazier Healthcare VII-A, L.P., FHM VII, L.P., FHM VII, L.L.C., James N. Topper, Patrick J. Heron, Alan Frazier, Nader Naini, Nathan Every, Brian Morfitt ×5 filings	Nov. 18, 2020	·	Initial filing	·	SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

Company insiders 25 insiders · 7 officers · 14 directors

19

Insider	Role	Last activity	Shares owned	Sells 12m	Net 12m
Daniel Faga	President, CEO	March 12, 2026 A	495,965	13	$-2,805,094
Hamza Suria	President, CEO	Feb. 10, 2022 A	68,600	0	$0
Christopher M. Murphy	Chief Financial Officer	May 11, 2026 A	·	0	$0
Dominic Piscitelli	Chief Financial Officer	Feb. 8, 2019 A	0	0	$0
Lizzul Paul F.	Chief Medical Officer	March 12, 2026 A	42,088	4	$-521,527
Marco Londei	Chief Medical Officer	Dec. 6, 2019 A	68,579	0	$0
Matthew Moyle	Chief Scientific Officer	Feb. 24, 2017 A	·	0	$0
Hollings Renton	Director	Oct. 1, 2026 M	10,995	1	$-249,350
John A Orwin	Director	Sept. 15, 2026 M	17,995	0	$0
John P. Schmid	Director	June 15, 2026 M	37,652	3	$-1,158,467
Owen Hughes	Director	May 11, 2026 A	·	0	$0
Susannah Gray	Director	April 27, 2026 A	·	0	$0
Magda Marquet	Director	Jan. 15, 2026 M	9,930	2	$-530,569
Anthony J. Ware	Director	Jan. 6, 2026 A	9,630	1	$-193,362
Rita Jain	Director	Jan. 6, 2026 A	11,864	0	$0
Dennis M Fenton	Director	Jan. 6, 2026 A	4,965	0	$0
Nicholas Lydon	Director	Feb. 8, 2019 A	271,106	0	$0
James A Schoeneck	Director	Feb. 2, 2018 A	·	0	$0
Carol Giltner Gallagher	Director	Feb. 2, 2018 A	64,296	0	$0
EcoR1 Capital, LLC	10% owner	Aug. 14, 2024 P	7,794,996	0	$0
Novo Holdings A/S	10% owner	Aug. 21, 2017 S	1,936,604	0	$0
Eric J Loumeau	·	Feb. 11, 2026 M	12,835	12	$-2,744,508
Dennis Mulroy	·	Jan. 7, 2026 M	21,852	6	$-1,549,401
Laura Hamill	·	Jan. 6, 2023 A	·	0	$0
James N. Topper	·	Jan. 6, 2023 A	80,812	0	$0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

ETF ownership Held by 33 ETFs

20

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund	Weight	Units	As of	Source
PBE · Invesco Exchange-Traded Fund Trust	2.36%	201,034 SH	Oct. 2, 2026	Daily
BRNY · EA Series Trust	1.14%	123,969 NS	July 31, 2026	N-PORT
BBC · ETFis Series Trust I	0.64%	5,543 NS	July 31, 2026	N-PORT
FYC · First Trust Exchange-Traded AlphaDE…	0.53%	130,011 NS	July 31, 2026	N-PORT
OMFS · Invesco Exchange-Traded Self-Indexe…	0.45%	24,411 SH	Oct. 2, 2026	Daily
LABU · Direxion Shares ETF Trust	0.29%	26,728 NS	July 31, 2026	N-PORT
FYX · First Trust Exchange-Traded AlphaDE…	0.25%	64,617 NS	July 31, 2026	N-PORT
ESSC · Strategy Shares	0.21%	1,384 NS	July 31, 2026	N-PORT
VFMO · VANGUARD WELLINGTON FUND	0.17%	50,791 SH	Aug. 19, 2026	Daily
IBB · iShares Trust	0.11%	208,149 SH	Sept. 11, 2026	Daily
FAD · First Trust Exchange-Traded AlphaDE…	0.11%	11,777 NS	July 31, 2026	N-PORT
IBBQ · Invesco Exchange-Traded Fund Trust …	0.10%	2,103 SH	Oct. 2, 2026	Daily
FSMD · FIDELITY COVINGTON TRUST	0.10%	44,946 NS	July 31, 2026	N-PORT
PWS · Pacer Funds Trust	0.08%	365 NS	July 31, 2026	N-PORT
VTWG · VANGUARD SCOTTSDALE FUNDS	0.08%	21,182 SH	Aug. 19, 2026	Daily
IWO · iShares Trust	0.07%	185,565 SH	Sept. 11, 2026	Daily
VTWO · VANGUARD SCOTTSDALE FUNDS	0.04%	113,787 SH	Aug. 19, 2026	Daily
IWM · iShares Trust	0.04%	510,083 SH	Sept. 11, 2026	Daily
PRFZ · Invesco Exchange-Traded Fund Trust	0.03%	13,704 SH	Oct. 2, 2026	Daily
DFAS · Dimensional ETF Trust	0.02%	64,608 NS	July 31, 2026	N-PORT
VXF · VANGUARD INDEX FUNDS	0.02%	236,970 SH	Aug. 19, 2026	Daily
VHT · VANGUARD WORLD FUND	0.02%	47,570 SH	Aug. 19, 2026	Daily
FHLC · FIDELITY COVINGTON TRUST	0.01%	7,513 NS	July 31, 2026	N-PORT
WSML · iShares Trust	0.01%	1,349 SH	Sept. 10, 2026	Daily
ISCG · iShares Trust	0.01%	1,822 SH	Sept. 11, 2026	Daily
IWV · iShares Trust	0.00%	7,466 SH	Sept. 10, 2026	Daily
ITOT · iShares Trust	0.00%	29,415 SH	Sept. 11, 2026	Daily
DFUS · Dimensional ETF Trust	0.00%	6,052 NS	July 31, 2026	N-PORT
VTI · VANGUARD INDEX FUNDS	0.00%	648,146 SH	Aug. 19, 2026	Daily
VTHR · VANGUARD SCOTTSDALE FUNDS	0.00%	1,580 SH	Aug. 19, 2026	Daily
ISCB · iShares Trust	·	826 SH	Sept. 11, 2026	Daily
ISCV · iShares Trust	·	2,912 SH	Sept. 11, 2026	Daily
SMMV · iShares Trust	·	2,453 SH	Sept. 1, 2026	Daily

ANAB Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

21

rating · 17 analysts BUY

Median target $79.50 +63.8%

6 35.3% Strong Buy

10 58.8% Buy

1 5.9% Hold

0 0.0% Sell

0 0.0% Strong Sell

12-Month Price Target

8 analysts · 2026-10-01

Mean target $87.25 +79.8%

← Below all targets Current price $48.53

Low$60.00 Mean$87.25 High$140.00

Peer comparison (GICS sub-industry) Key metrics vs sector peers

22

FY basis, prices as of each company's last fiscal year-end close.

Ticker	Market Cap	P/E	Rev YoY	Net Margin	ROE	Gross Margin
ANAB	·	-105.4	157.0%	·	·	·
ZYME	$1.97B	-24.4	38.9%	-76.6%	-26.9%	·
SNDX	$1.84B	-6.4	627.8%	-165.6%	-257.1%	·
XNCR	$1.10B	-12.3	13.7%	-73.2%	-14.0%	·
TSHA	$1.57B	-16.2	17.3%	-1115.3%	-44.0%	·
RARE	$2.22B	-3.9	20.2%	-85.4%	-1613.2%	·
INBX	$1.15B	-8.7	550.0%	-10773.5%	-365.9%	·
AVBP	$854M	-4.7	·	·	-59.7%	·
COAG	·	·	·	·	·	·
KLRA	·	·	·	·	·	·

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23

Is AnaptysBio (ANAB) One of the Best Performing Healthcare Stocks so Far in 2026? Yahoo Finance · 4 months, 3 weeks ago

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ANAB AnaptysBio, Inc. - Common Stock