MeritValue

ANAPTYSBIO, INC

ANABdata completeness 88%11 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

ANAPTYSBIO, INC earns about -98% on equity, but has diluted owners by 5% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$63.2M1$10.3M2$17.2M3$91.3M3$234.6M3
Net income−$57.8M4−$128.7M5−$163.6M6−$145.2M6−$13.2M6
Operating cash flow−$45.9M7−$73.6M8−$120.8M9−$135.3M9$19.7M9
Capital expenditure$1.37M10$358,00011$807,00012$358,00012$87,00012
Free cash flow (derived)−$47.3M7−$74M8−$121.6M9−$135.7M9$19.6M9
Total debt—————
Cash & equivalents$495.7M13$71.3M14$36M15$123.1M16$238.2M16
Diluted shares27.4M28.2M26.9M28.4M28.8M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$12.94
your share of equity
Profit it earned you last year
−$4.6
Free cash flow it threw off
$6.82
Debt you’d be carrying
—

10 shares is a claim on $12.94 of net worth that earned you −$4.6 and generated $6.82 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-98% avg · 5y
FY21 -16%FY22 -49%FY23 -186%FY24 -205%FY25 -36%

It earned an average -98% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+5% shares · 5y

Share count is up 5% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001370053-24-000011 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001370053-25-000024 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-088290 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001370053-24-000011 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001370053-25-000024 (NetIncomeLoss)
  6. 10-K/A · period ending 2023-12-31 · accession 0001193125-26-187044 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001370053-24-000011 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001370053-25-000024 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001193125-26-088290 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001370053-24-000011 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001370053-25-000024 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001193125-26-088290 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001370053-23-000020 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0001370053-24-000011 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001370053-25-000024 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001193125-26-088290 (CashAndCashEquivalentsAtCarryingValue)