Anaptysbio, Inc (NASDAQ: ANAB)

Sector: Healthcare Industry: Biotechnology CIK: 0001370053
Market Cap 1.54 Bn
P/B -52.22
P/E -18.15
P/S 9.06
ROIC (Qtr) -9.27
Div Yield % 0.00
Rev 1y % (Qtr) 154.26
Total Debt (Qtr) 346.45 Mn
Debt/Equity (Qtr) -11.78

About

AnaptysBio, Inc., a clinical-stage biotechnology company, is making waves in the industry with its focus on delivering innovative immunology therapeutics. The company's primary goal is to develop and commercialize novel immunology therapeutics, with a particular emphasis on autoimmune and inflammatory diseases. Operating in the biotechnology industry, AnaptysBio is based in the United States and has carved out a niche for itself through its unique offerings. The company's main business activities revolve around the development and commercialization...

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Price action

Investment thesis

Bull case

  • Healthy cash reserves of 109.83M provide 53.84x coverage of short-term debt 2.04M, demonstrating strong liquidity position and minimal refinancing risk.
  • Short-term investments of 139.12M provide solid 4.19x coverage of other current liabilities 33.17M, indicating strong liquidity.
  • Tangible assets of 353.10M provide robust 10.64x coverage of other current liabilities 33.17M, indicating strong asset backing.
  • Retained earnings of (822.17M) represent substantial 27.95x of equity (29.42M), indicating strong internal capital generation.
  • Cash reserves of 109.83M provide robust 2.88x coverage of current liabilities 38.10M, indicating strong short-term solvency.

Bear case

  • Operating cash flow of (144.97M) barely covers its investment activities of 125.14M, with a coverage ratio of -1.16, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
  • Investment activities of 125.14M provide weak support for R&D spending of 153M, which is 0.82x, suggesting potentially insufficient investment in innovation relative to other capital deployment.
  • The company's operating cash flow of (144.97M) shows concerning coverage of stock compensation expenses of 35.75M, with a -4.06 ratio indicating potential earnings quality issues.
  • Free cash flow of (145.32M) provides weak coverage of capital expenditures of 349000, with a -416.39 ratio suggesting additional external financing needs for growth initiatives.
  • Operating cash flow of (144.97M) provides minimal -1882.75x coverage of tax expenses of 77000, suggesting potential tax planning inefficiencies or unsustainable tax positions.

Collaborative Arrangement and Arrangement Other than Collaborative Breakdown of Revenue (2024)

Peer comparison

Companies in the Biotechnology
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 SMMT Summit Therapeutics Inc. 1,151.25 Bn -1,249.17 0.00 0.01 Bn
2 ONC BeOne Medicines Ltd. 485.22 Bn 7,078.40 97.58 1.90 Bn
3 VRTX Vertex Pharmaceuticals Inc / Ma 122.74 Bn 33.40 10.47 1.83 Bn
4 REGN Regeneron Pharmaceuticals, Inc. 82.16 Bn 18.24 5.73 2.71 Bn
5 ARGX Argenx Se 48.85 Bn 32.43 25,472.44 -
6 ALNY Alnylam Pharmaceuticals, Inc. 46.12 Bn 1,058.58 14.37 3.21 Bn
7 BNTC Benitec Biopharma Inc. 42.24 Bn -1,010.00 0.00 0.00 Bn
8 INSM INSMED Inc 28.75 Bn -24.29 64.32 0.74 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 5.21 11.11
EV to Cash from Ops. EV/CFO -12.68 26.32
EV to Debt EV to Debt 5.31 688.48
EV to EBIT EV/EBIT -21.74 -10.97
EV to EBITDA EV/EBITDA -70.01 8.32
EV to Free Cash Flow [EV/FCF] EV/FCF -12.65 25.03
EV to Market Cap EV to Market Cap 1.20 163.46
EV to Revenue EV/Rev 10.85 148.57
Price to Book Value [P/B] P/B -52.22 20.73
Price to Earnings [P/E] P/E -18.15 -0.34
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Div Coverage (Qtr) 0.00 -12.47
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 0.17
Dividend per Basic Share Div per Share (Qtr) 0.00 0.01
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 -0.14
Interest Coverage Int. cover (Qtr) 0.00 860.86
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) 6.93 -26.99
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) -42.67 756.75
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 0.01
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 48.91 -53.03
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 81.89 -4.42
EBIT Growth (1y) % EBIT 1y % (Qtr) 48.96 -62.56
EBT Growth (1y) % EBT 1y % (Qtr) 48.96 -19.19
EPS Growth (1y) % EPS 1y % (Qtr) 54.93 -4.07
FCF Growth (1y) % FCF 1y % (Qtr) -40.56 -33.40
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 196.42 264.38
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.48 0.14
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.00
Cash Ratio Cash Ratio (Qtr) 2.88 3.81
Current Ratio Curr Ratio (Qtr) 8.68 7.25
Debt to Equity Ratio Debt/Equity (Qtr) -11.78 0.43
Interest Cover Ratio Int Coverage (Qtr) 0.00 860.86
Times Interest Earned Times Interest Earned (Qtr) 0.00 860.86
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) -48.50 -17,746.13
EBIT Margin % EBIT Margin % (Qtr) -49.89 -18,101.92
EBT Margin % EBT Margin % (Qtr) -49.89 -18,961.86
Gross Margin % Gross Margin % (Qtr) 100.00 -9.24
Net Profit Margin % Net Margin % (Qtr) -49.90 -18,911.61