ANABANAPTYSBIO, INC

Pharmaceutical Preparations

Revenue: $235M; 157% YoY
Operating margin: 96.7%; 33% YoY
EBITDA: $227M; 243% YoY
Market cap: $1.4B
Employees: 104; $2M revenue each
Net debt / EBITDA: —
AI in 10-K: 0.0; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 2 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
$7M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
348% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentYes
70% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$2M · 92nd pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.0 per 10K words · 0th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.4B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$10M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$63M	$10M	$17M	$91M	$235M	157%
Operating income	−$57M	−$115M	−$164M	$66M	$227M	243%
Net income	−$58M	−$129M	−$164M	−$145M	−$13M	91%
Operating cash flow	−$46M	−$74M	−$121M	−$135M	$20M	115%
Capex	$1M	$358K	$807K	$358K	$87K	76%
Stock-based comp	$15M	$27M	$33M	$7M	$4M	48%
Buybacks	$0	$0	$50M	$456K	$69M	14950%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Aug 16, 2024	EcoR1 Capital, LLC	SC 13D/A	75.6%	Passive
May 11, 2021	EcoR1 Capital, LLC	SC 13D/A	27.5%	Passive
Apr 13, 2021	EcoR1 Capital, LLC	SC 13D/A	47.2%	Active
Mar 10, 2021	EcoR1 Capital Fund, L.P.	SC 13D	47.2%	Passive
Mar 10, 2021	EcoR1 Capital, LLC	SC 13D	47.2%	Passive
Nov 18, 2020	Frazier Healthcare V, LP	SC 13D/A	3.3%	Passive
Feb 14, 2019	Frazier Healthcare V, LP	SC 13D/A	8.7%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $10M · 42
Net: −$10M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$6M	$42M	156	—
FY2024	$14M	$9M	43	—
FY2023	$7M	−$2M	69	—