AnaptysBio plans spin-off of biopharma as First Tracks (TRAX); Q4 net income $49.6M

ANAPTYSBIO, INC

Spin-off of biopharma portfolio into First Tracks Biotherapeutics (TRAX) on track for Q2 2026, potentially late April.
Q4 2025 net income $49.6M ($1.79 EPS); full year net loss $13.2M ($0.46 loss per share).
Collaboration revenue Q4 $108.2M (up from $43.1M); Jemperli royalties $32.7M (+89% YoY).
GSK Jemperli Q4 sales $343M, annualized ~$1.4B; peak sales guidance >$2.7B; expect >$390M annual royalties.
Cash $311.6M at year-end; stock repurchased 3.44M shares for $68.6M under program expiring March 31, 2026.

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