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AnaptysBio

ANAB
38
Biotechnology · Healthcare
Exchange
NASDAQ
Winston Score
38
Winston is serious
Below-average fundamentals — multiple weak pillars.
Data as of Aug 23, 2026 · filings through Mar 31, 2026
How the score breaks down
Quality
Good
Growth
Good
Cash Flow
Weak
Stability
Weak
Valuation
Data not available

Winston Score History

The full picture

AnaptysBio is a biotechnology company that discovers and develops drugs to treat inflammatory diseases — conditions where the immune system attacks the body. Its main product is imsidolimab, an antibody treatment targeting skin conditions like generalized pustular psoriasis (GPP), a rare and painful skin disease. The company focuses on patients with serious immune-related conditions who have few other treatment options.

AnaptysBio earns money by developing drugs and advancing them through clinical trials, with the goal of selling approved medicines directly or through partnerships with larger pharmaceutical companies. It operates primarily in the United States and is a relatively small, clinical-stage company that has recently moved toward profitability. Its core competitive advantage is its proprietary antibody discovery technology, which it uses to design highly targeted treatments. The key growth driver is regulatory approval and commercial launch of imsidolimab, while the main risk is that clinical or regulatory setbacks could significantly delay or derail its pipeline.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-8.0% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-43.8% YoY

YoY Growth Rate

Earnings declining

Insider Activity

6.3%ownership

Flat

Insider ownership roughly steady over the past year

Cash Runway

~3 years

$286M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

$286M cash & investments at current burn rate

Revenue declining

AnaptysBio's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Profit per sale
Gross Margin
97.6%
Premium pricing power — 97.6% gross margin
Profit after running costs
Operating Margin
-135.5%
Losing money on operations — -135.5%
Return on the money invested
ROCE
14.6%
Good — 14.6% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+107.7%
Fast-growing sales (+107.7% YoY)
Profit growth
EPS YoY
N/A
Data not available
How steady the profit is
EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash
Cash Conversion
N/A
Data not available
Spare cash per sale
FCF Margin
1.9%
Thin free cash flow (1.9%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
20.86
Heavy debt load (20.86)
Covers its interest
Interest Cover
0.49x
Dangerous — barely covers interest (0.5x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

Price vs profit
P/E Ratio (TTM)
N/M
no trend
Negative earnings — P/E not meaningful
Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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