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In its second-quarter 2026 investor letter, Alphyn Capital Management highlighted AnaptysBio, Inc. (NASDAQ:ANAB) as a newly added position. AnaptysBio, Inc. (NASDAQ:ANAB) is a clinical-stage biotechnology company focusing on immunology therapeutics for autoimmune and inflammatory diseases. On September 08, 2026, AnaptysBio, Inc. (NASDAQ:ANAB) closed at $56.60 per share, reflecting a market capitalization of $1.68 billion. AnaptysBio, Inc. (NASDAQ:ANAB) posted a one-month return of -0.67%, while its shares gained 272.75% over the past 52 weeks.
Alphyn Capital Management stated the following regarding AnaptysBio, Inc. (NASDAQ:ANAB) in its Q2 2026 investor letter:
"AnaptysBio, Inc. (NASDAQ:ANAB) is a special-situation investment initiated late in the quarter. Following an April separation that moved its clinical pipeline into a new company, AnaptysBio became a stripped-down royalty business with fewer than ten employees and less than $10 million in expected annual expenses. Its principal asset is a royalty on Jemperli, a cancer drug developed and sold by GSK. The royalty begins at 8% and rises to 25% on annual sales above $2.5 billion. Jemperli generated more than $1.1 billion in sales in 2025, and GSK has set a target of more than $2.7 billion.
AnaptysBio argued that GSK was required to pursue the "optimal commercial return" for Jemperli but instead favored combinations involving Merck's competing drug, Keytruda. AnaptysBio had previously prevailed in a related dispute, winning significant improvements in its royalty rate as compensation. In April, the Delaware court also dismissed a GSK counterclaim that could have cut the royalty rate in half, leaving me more confident that the situation offered mostly upside optionality with limited downside risk.