0001370053-25-000089 | 10-Q | XBRL Viewer

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Equity Incentive Plans - Narrative (Details) $ in Millions				9 Months Ended
Equity Incentive Plans - Narrative (Details) $ in Millions	Jun. 17, 2025 shares	Jun. 12, 2024 shares	Jan. 01, 2018	Sep. 30, 2025 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from stock options exercised				$ 1.1
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost				$ 0.1
Weighted average period remaining for amortization of unrecognized compensation cost (in years)				1 month 17 days
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)				4 years
Award expiration period (in years)				10 years
Unrecognized compensation cost				$ 47.7
Weighted average period remaining for amortization of unrecognized compensation cost (in years)				2 years 6 months 29 days
Stock Options \| Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)				1 year
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award equivalent shares				1
Unrecognized compensation cost				$ 22.4
Weighted average period remaining for amortization of unrecognized compensation cost (in years)				2 years 6 months 3 days
PSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issuable (in shares)				1
Unrecognized compensation cost				$ 8.6
Weighted average period remaining for amortization of unrecognized compensation cost (in years)				2 years 9 months 10 days
Equity Incentive Plan, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual increase in number of shares available for issuance percentage (as a percent)			4.00%
Number of additional shares authorized \| shares	1,650,000	2,700,000
Shares reserved for future award grants (in shares) \| shares				2,501,977
Employee Stock Purchase Plan, 2017 \| ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual increase in number of shares available for issuance percentage (as a percent)			1.00%
Shares reserved for future award grants (in shares) \| shares				1,857,201
Issued under ESPP (in shares) \| shares				241,606
Proceeds from stock plans				$ 1.0

Commitments and Contingencies

9 Months Ended

Sep. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Operating Leases

On May 4, 2020, we entered into a lease agreement with Wateridge Property Owner, LP, with respect to facilities in the building at 10770 Wateridge Circle, San Diego, California 92121 (the “Lease Agreement”). Under the Lease Agreement, we agreed to lease approximately 45,000 square feet of space for a term of 124 months, beginning on April 5, 2021. The terms of the Lease Agreement provide us with an option to extend the term of the lease for an additional five years, as well as a one-time option to terminate the lease after seven years, on April 30, 2028 with the payment of a termination fee of $3.8 million plus 15-months of operating expenses and real property taxes. The exercise of the lease option is at our sole discretion, which we currently do not anticipate exercising and as such was not recognized as part of the right-of-use asset (the “ROU asset”) and lease liability. The monthly base rent was initially $4.20 per rentable square foot and is increased by 3% annually. Under the Lease Agreement, we are also responsible for our pro rata share of real estate taxes, building insurance, maintenance, direct expenses, and utilities. Upon lease commencement, on April 5, 2021, we recognized an ROU asset of $20.6 million, with a corresponding lease liability of $20.7 million on the consolidated balance sheets. The ROU asset includes adjustments for prepayments, initial direct costs, and lease incentives. As of September 30, 2025, we have recorded $0.3 million as a security deposit in accordance with the terms of the Lease Agreement.

Our lease payments are fixed, and we recognize lease expense for leases on a straight-line basis over the lease term. Operating lease ROU assets and lease liabilities are recorded based on the present value of the future minimum lease payments over the lease term at commencement date. As our lease does not provide an implicit rate, we used our incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future payments. The weighted-average discount rate used was 4.0% and the weighted-average remaining lease term is approximately 5.9 years.

The following non-cancellable office lease costs are included in our consolidated statements of cash flow (in thousands):


		Nine Months Ended September 30,
Leases	Classification on the Cash Flow	2025		2024
Operating lease cost	Operating	$	1,858	$	1,858
Cash paid for amounts included in the measurement of lease liabilities	Operating	1,892		1,837

At September 30, 2025, the future minimum annual obligations for our operating lease liabilities are as follows (in thousands):


Years Ending December 31,
2025	$	639
2026	2,607
2027	2,685
2028	2,766
2029	2,849
Thereafter	4,939
Total minimum payments required	16,485
Less imputed interest	(1,879)
Total	$	14,606

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 109,833	$ 123,080
Receivables from collaborative partners	75,685	40,765
Short-term investments	139,123	262,293
Prepaid expenses and other current assets	6,009	5,738
Total current assets	330,650	431,876
Property and equipment, net	1,500	1,849
Operating lease right-of-use assets	12,994	14,383
Long-term investments	7,698	35,470
Other long-term assets	256	256
Total assets	353,098	483,834
Current liabilities:
Accounts payable	2,893	4,002
Accrued expenses	33,171	39,501
Current portion of operating lease liability	2,040	1,925
Total current liabilities	38,104	45,428
Liability related to sale of future royalties	331,844	353,426
Operating lease liability, net of current portion	12,566	14,112
Stockholders’ (deficit) equity:
Preferred stock, $0.001 par value, 10,000 shares authorized and no shares, issued or outstanding at September 30, 2025 and December 31, 2024, respectively	0	0
Common stock, $0.001 par value, 500,000 shares authorized, 27,575 shares and 30,473 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively	28	30
Additional paid in capital	792,682	829,860
Accumulated other comprehensive gain	47	305
Accumulated deficit	(822,173)	(759,327)
Total stockholders’ (deficit) equity	(29,416)	70,868
Total liabilities and stockholders’ (deficit) equity	$ 353,098	$ 483,834

Equity Incentive Plans -Schedule of Non-cash Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total	$ 9,157	$ 8,189	$ 27,566	$ 25,864
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total	4,467	3,959	13,330	10,947
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total	$ 4,690	$ 4,230	$ 14,236	$ 14,917

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	27,575,152	30,473,000
Common stock, shares outstanding (in shares)	27,575,152	30,473,000

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Non-Cancellable Office Lease Costs

The following non-cancellable office lease costs are included in our consolidated statements of cash flow (in thousands):


		Nine Months Ended September 30,
Leases	Classification on the Cash Flow	2025		2024
Operating lease cost	Operating	$	1,858	$	1,858
Cash paid for amounts included in the measurement of lease liabilities	Operating	1,892		1,837

Schedule of Future Minimum Annual Obligations

At September 30, 2025, the future minimum annual obligations for our operating lease liabilities are as follows (in thousands):


Years Ending December 31,
2025	$	639
2026	2,607
2027	2,685
2028	2,766
2029	2,849
Thereafter	4,939
Total minimum payments required	16,485
Less imputed interest	(1,879)
Total	$	14,606

Collaborative Research and Development Agreements - Narrative (Details)				3 Months Ended		9 Months Ended
	Jan. 31, 2025 USD ($)	Nov. 24, 2023 USD ($)	Oct. 23, 2020 USD ($)	Sep. 30, 2025 USD ($) milestone	Sep. 30, 2024 USD ($) milestone	Sep. 30, 2025 USD ($) milestone	Sep. 30, 2024 USD ($) milestone
Disaggregation of Revenue [Line Items]
Collaboration revenue				$ 76,320,000	$ 30,017,000	$ 126,354,000	$ 48,167,000
Other (expense) income, net				0	(5,000)	5,433,000	(7,000)
GSK \| GlaxoSmithKline Collaboration \| PD-1 (Jemperli/Dostarlimab)
Disaggregation of Revenue [Line Items]
Agreement term following first commercial sale or expiration of the last to expire patent (in years)			12 years
GSK \| Royalties
Disaggregation of Revenue [Line Items]
Collaboration revenue				26,300,000	15,000,000	66,600,000	33,200,000
GSK \| Royalty Agreement, Up To $1.0 billion \| PD-1 (Jemperli/Dostarlimab)
Disaggregation of Revenue [Line Items]
Royalty percent on net sales (as a percent)			8.00%
Net sales royalty			$ 1,000,000,000
GSK \| Royalty Agreement, Above $1. 0 billion Below $1.5 Billion \| PD-1 (Jemperli/Dostarlimab)
Disaggregation of Revenue [Line Items]
Royalty percent on net sales (as a percent)			12.00%
GSK \| Royalty Agreement, Above $1. 0 billion Below $1.5 Billion \| Minimum \| PD-1 (Jemperli/Dostarlimab)
Disaggregation of Revenue [Line Items]
Net sales royalty			$ 1,000,000,000
GSK \| Royalty Agreement, Above $1. 0 billion Below $1.5 Billion \| Maximum \| PD-1 (Jemperli/Dostarlimab)
Disaggregation of Revenue [Line Items]
Net sales royalty			$ 1,500,000,000
GSK \| Royalty Agreement, Above $1. 5 billion Below $2.5 Billion \| PD-1 (Jemperli/Dostarlimab)
Disaggregation of Revenue [Line Items]
Royalty percent on net sales (as a percent)			20.00%
GSK \| Royalty Agreement, Above $1. 5 billion Below $2.5 Billion \| Minimum \| PD-1 (Jemperli/Dostarlimab)
Disaggregation of Revenue [Line Items]
Net sales royalty			$ 1,500,000,000
GSK \| Royalty Agreement, Above $1. 5 billion Below $2.5 Billion \| Maximum \| PD-1 (Jemperli/Dostarlimab)
Disaggregation of Revenue [Line Items]
Net sales royalty			$ 2,500,000,000
GSK \| Royalty Agreement, Above $2.5 billion \| PD-1 (Jemperli/Dostarlimab)
Disaggregation of Revenue [Line Items]
Royalty percent on net sales (as a percent)			25.00%
Net sales royalty			$ 2,500,000,000
GSK \| Jemperli Royalty Monetization Agreement
Disaggregation of Revenue [Line Items]
Collaboration revenue				24,900,000	13,800,000	63,200,000	30,100,000
GSK \| Zejula Royalty Monetization Agreement
Disaggregation of Revenue [Line Items]
Collaboration revenue				1,400,000	1,200,000	3,400,000	3,100,000
GSK \| Zejula revenue prior to the Zejula Royalty Monetization Agreement
Disaggregation of Revenue [Line Items]
Collaboration revenue					1,200,000		3,100,000
GSK \| First commercial sales milestone \| PD-1 (Jemperli/Dostarlimab)
Disaggregation of Revenue [Line Items]
Collaboration revenue					$ 15,000,000		$ 15,000,000
Number of milestone \| milestone					1		1
Revenue recognition milestone annual sales threshold					$ 250,000,000		$ 250,000,000
GSK \| Third commercial sales milestone \| PD-1 (Jemperli/Dostarlimab)
Disaggregation of Revenue [Line Items]
Collaboration revenue				$ 50,000,000		$ 50,000,000
Number of milestone \| milestone				1		1
Revenue recognition milestone annual sales threshold				$ 750,000,000		$ 750,000,000
Vanda \| Exclusive License Agreement
Disaggregation of Revenue [Line Items]
Royalty percent on net sales (as a percent)	10.00%
Upfront payment	$ 15,000,000
Other (expense) income, net				0		5,400,000
Transaction costs expensed				2,500,000		2,500,000
Vanda \| Exclusive License Agreement \| License
Disaggregation of Revenue [Line Items]
Collaboration revenue				0		9,600,000
Upfront payment	10,000,000
Vanda \| Exclusive License Agreement \| Transition services revenue
Disaggregation of Revenue [Line Items]
Collaboration revenue				100,000		200,000
Vanda \| Exclusive License Agreement \| Existing drug supply
Disaggregation of Revenue [Line Items]
Upfront payment	$ 5,000,000
Centessa Pharmaceuticals (UK) Limited (Centessa) \| GlaxoSmithKline Collaboration
Disaggregation of Revenue [Line Items]
Potential future payments		$ 10,000,000		$ 10,000,000		$ 10,000,000
Centessa Pharmaceuticals (UK) Limited (Centessa) \| GlaxoSmithKline Collaboration \| License Agreement, Centessa Pharmaceuticals (UK) Limited
Disaggregation of Revenue [Line Items]
Cash payment		4,000,000
Transaction costs incurred		300,000
Reimbursement		3,000,000
Total transferred		$ 7,300,000

Segment Reporting - Schedule of Segment Revenue, Loss and Significant Expenses (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2024
Segment Reporting Information [Line Items]
Collaboration revenue	$ 76,320			$ 30,017			$ 126,354	$ 48,167
General and administrative	10,209			10,562			34,948	32,195
Total operating expenses	41,616			52,774			145,359	153,446
Net income (loss) from operations	34,704			(22,757)			(19,005)	(105,279)
Interest income	2,924			5,324			10,991	14,531
Non-cash interest expense	(22,515)			(15,413)			(60,182)	(32,683)
Other (expense) income, net	0			(5)			5,433	(7)
Total other expense, net	(19,591)			(10,094)			(43,758)	(18,159)
Income (loss) before income taxes	15,113			(32,851)			(62,763)	(123,438)
Provision for income taxes	0			0			(83)	(9)
Segment net income (loss)	15,113	$ (38,630)	$ (39,329)	(32,851)	$ (46,660)	$ (43,936)	(62,846)	(123,447)
Reportable Segment
Segment Reporting Information [Line Items]
Collaboration revenue	76,320			30,017			126,354	48,167
Research and development	31,407			42,212			110,411	121,251
General and administrative	10,209			10,562			34,948	32,195
Total operating expenses	41,616			52,774			145,359	153,446
Net income (loss) from operations	34,704			(22,757)			(19,005)	(105,279)
Interest income	2,924			5,324			10,991	14,531
Non-cash interest expense	(22,515)			(15,413)			(60,182)	(32,683)
Other (expense) income, net	0			(5)			5,433	(7)
Total other expense, net	(19,591)			(10,094)			(43,758)	(18,159)
Income (loss) before income taxes	15,113			(32,851)			(62,763)	(123,438)
Provision for income taxes	0			0			(83)	(9)
Segment net income (loss)	15,113			(32,851)			(62,846)	(123,447)
Reportable Segment \| External
Segment Reporting Information [Line Items]
Research and development	18,620			30,051			71,385	86,455
General and administrative	2,247			2,529			10,223	6,980
Reportable Segment \| Rosnilimab
Segment Reporting Information [Line Items]
Research and development	7,070			14,188			37,709	37,161
Reportable Segment \| ANB033
Segment Reporting Information [Line Items]
Research and development	7,519			1,631			15,248	7,276
Reportable Segment \| ANB101
Segment Reporting Information [Line Items]
Research and development	1,784			687			5,305	1,631
Reportable Segment \| ANB032
Segment Reporting Information [Line Items]
Research and development	(362)			7,239			3,282	20,381
Reportable Segment \| Imsidolimab
Segment Reporting Information [Line Items]
Research and development	(1,204)			2,389			(2,360)	8,752
Reportable Segment \| Preclinical and other unallocated costs
Segment Reporting Information [Line Items]
Research and development	3,813			3,917			12,201	11,254
Reportable Segment \| Internal
Segment Reporting Information [Line Items]
Research and development	12,787			12,161			39,026	34,796
General and administrative	$ 7,962			$ 8,033			$ 24,725	$ 25,215

Fair Value Measurements and Available for Sale Investments - Narrative (Details) - USD ($)	Sep. 30, 2025	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Unrealized losses on available for sale investments in unrealized loss position for greater than 12 months	$ 0	$ 0
Allowance for credit losses	$ 0

Balance Sheet Accounts and Supplemental Disclosures

9 Months Ended

Sep. 30, 2025

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Accounts and Supplemental Disclosures

Property and Equipment, Net

Property and equipment, net consist of the following:


(in thousands)	September 30, 2025		December 31, 2024
Laboratory equipment	$	6,723	$	6,715
Office furniture and equipment	1,583		1,530
Leasehold improvements	203		203
Property and equipment, gross	8,509		8,448
Less: accumulated depreciation and amortization	(7,009)		(6,599)
Total property and equipment, net	$	1,500	$	1,849

Accrued Expenses

Accrued expenses consist of the following:


(in thousands)	September 30, 2025		December 31, 2024
Accrued compensation and related expenses	$	9,007	$	8,449
Accrued professional fees and other expenses	1,184		839

Accrued research, development and manufacturing expenses	22,426		30,213
Accrued for repurchases of common stock	554		—

Total accrued expenses	$	33,171	$	39,501

Summary of Significant Accounting Policies - Schedule of Outstanding Potentially Dilutive Securities Excluded in the Calculation of Diluted Net Loss Per Share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options to purchase common stock (in shares)	6,775	7,039	8,602	6,906
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options to purchase common stock (in shares)	6,736	6,065	7,619	6,097
Stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options to purchase common stock (in shares)	39	974	983	809

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Terminated	false
Daniel Faga [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On July 15, 2025, Daniel Faga, Chief Executive Officer of the company, terminated a Rule 10b5-1 trading plan dated April 11, 2025. The plan was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. No shares were sold under the plan.
Name	Daniel Faga
Title	Chief Executive Officer of the company
Rule 10b5-1 Arrangement Terminated	true
Termination Date	July 15, 2025

Segment Reporting

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Segment Reporting

We operate as one reportable segment focused on research and development activities to deliver immunology therapeutics for autoimmune and inflammatory diseases. Segment profit or loss is measured as the net income (loss) reported on our Consolidated Statements of Operations and Comprehensive Income (Loss) and net income (loss) is used to monitor results. Our segment revenue consists of milestone payments, royalty payments, upfront license fees and transition services provided under our collaboration agreements, see Note 4. The measure of segment assets is reported on our Consolidated Balance Sheets as total assets.

The CODM is our Chief Executive Officer. The CODM manages the business activities on a consolidated basis in making decisions regarding resource allocation and performance assessment.

The following table is a summary of segment revenue, income (loss) and our significant expenses (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Collaboration revenue	$	76,320	$	30,017	$	126,354	$	48,167
Operating expenses:
External R&D
Rosnilimab	7,070		14,188		37,709		37,161
ANB033	7,519		1,631		15,248		7,276
ANB101	1,784		687		5,305		1,631
ANB032	(362)		7,239		3,282		20,381
Imsidolimab	(1,204)		2,389		(2,360)		8,752
Preclinical and other unallocated costs	3,813		3,917		12,201		11,254
Total External R&D(1)	18,620		30,051		71,385		86,455
Total Internal R&D(2)	12,787		12,161		39,026		34,796
Total R&D	31,407		42,212		110,411		121,251


External G&A(3)	2,247		2,529		10,223		6,980
Internal G&A(2)	7,962		8,033		24,725		25,215
Total G&A	10,209		10,562		34,948		32,195
Total operating expenses	41,616		52,774		145,359		153,446
Net income (loss) from operations	34,704		(22,757)		(19,005)		(105,279)

Interest income	2,924		5,324		10,991		14,531
Non-cash interest expense	(22,515)		(15,413)		(60,182)		(32,683)
Other income (expense), net	—		(5)		5,433		(7)
Total other expense, net	(19,591)		(10,094)		(43,758)		(18,159)

Income (loss) before income taxes	15,113		(32,851)		(62,763)		(123,438)
Provision for income taxes	—		—		(83)		(9)
Segment net income (loss)	$	15,113	$	(32,851)	$	(62,846)	$	(123,447)

(1) External R&D consists of costs associated with our research and development activities, including drug discovery efforts, preclinical and clinical development of our programs, manufacturing, and allocated facility-related costs.

(2) Internal R&D and G&A consist of salaries and wages, stock-based compensation, recruiting and other employee benefits.

(3) External G&A consists of general and administrative expenses including transaction costs, legal services, insurance, professional fees for auditing, tax, and market research, and allocated facility-related costs not otherwise included in research and development expenses.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Commitments and Contingencies - Schedule of Future Minimum Annual Obligations (Details) $ in Thousands	Sep. 30, 2025 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2025	$ 639
2026	2,607
2027	2,685
2028	2,766
2029	2,849
Thereafter	4,939
Total minimum payments required	16,485
Less imputed interest	(1,879)
Total	$ 14,606

Equity Incentive Plans - Schedule of Weighted Average Assumptions used to Estimate Fair Value (Details) - Stock Options - $ / shares	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	4.50%	4.00%
Expected volatility	81.80%	78.30%
Expected dividend yield	0.00%	0.00%
Expected term (in years)	6 years 4 months 6 days	6 years 3 months 10 days
Weighted average grant date fair value per share (in dollars per share)	$ 10.98	$ 15.59

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Sale of Future Royalties - Narrative (Details)	1 Months Ended			3 Months Ended		9 Months Ended
Sale of Future Royalties - Narrative (Details)	May 31, 2024 USD ($)	Sep. 30, 2022 USD ($)	Oct. 31, 2021 USD ($)	Sep. 30, 2025 USD ($) milestone	Sep. 30, 2024 USD ($) milestone	Sep. 30, 2025 USD ($) milestone	Sep. 30, 2024 USD ($) milestone	Dec. 31, 2024 USD ($)	Jan. 01, 2021
Liabilities Related To Sale Of Future Royalties [Line Items]
Expected milestone payment				$ 50,000,000		$ 50,000,000
Collaboration revenue				76,320,000	$ 30,017,000	126,354,000	$ 48,167,000
Liability related to sale of future royalties				331,844,000		331,844,000		$ 353,426,000
Non-cash interest expense				$ 22,515,000	15,413,000	$ 60,182,000	32,683,000
Jemperli Royalty Monetization Agreement
Liabilities Related To Sale Of Future Royalties [Line Items]
Net of proceeds			$ 299,500,000
Effective interest rate (as a percent)				30.50%		30.50%
Non-cash interest expense and amortization of issuance costs				$ 22,300,000	15,200,000	$ 59,400,000	32,000,000
Non-cash interest expense						59,395,000
Jemperli Royalty Monetization Agreement \| Sagard
Liabilities Related To Sale Of Future Royalties [Line Items]
Proceeds from sale of future royalties			250,000,000
Royalties and milestones received				142,300,000		142,300,000
Issuance costs related to the sale of future royalties			400,000
Jemperli Royalty Monetization Agreement \| Sagard \| By the end of 2026
Liabilities Related To Sale Of Future Royalties [Line Items]
Royalties and milestones, agreement amount to be received			600,000,000
Jemperli Royalty Monetization Agreement \| Sagard \| During 2027
Liabilities Related To Sale Of Future Royalties [Line Items]
Royalties and milestones, agreement amount to be received			675,000,000
Jemperli Royalty Monetization Agreement \| GSK
Liabilities Related To Sale Of Future Royalties [Line Items]
Collaboration revenue				24,900,000	13,800,000	63,200,000	30,100,000
Zejula Royalty Monetization Agreement
Liabilities Related To Sale Of Future Royalties [Line Items]
Issuance costs related to the sale of future royalties		$ 200,000
Net of proceeds		34,800,000
Non-cash interest expense						673,000
Zejula Royalty Monetization Agreement \| GSK
Liabilities Related To Sale Of Future Royalties [Line Items]
Collaboration revenue				1,400,000	1,200,000	3,400,000	3,100,000
Settlement agreement rate (as a percent)									0.50%
Non-cash interest expense				200,000	200,000	700,000	700,000
Zejula Royalty Monetization Agreement \| DRI Healthcare Trust
Liabilities Related To Sale Of Future Royalties [Line Items]
Proceeds from sale of future royalties		35,000,000
Liability related to sale of future royalties		$ 35,000,000
Jemperli Royalty Monetization Agreement Amendment 1 \| Sagard
Liabilities Related To Sale Of Future Royalties [Line Items]
Proceeds from sale of future royalties	$ 50,000,000
Issuance costs related to the sale of future royalties	$ 100,000
JEMPERLI Royalty Monetization Agreement \| Sagard
Liabilities Related To Sale Of Future Royalties [Line Items]
Rights retained			75,000,000
Royalties agreement, maximum annual royalty payout capacity			$ 1,000,000,000
Third commercial sales milestone \| GSK \| PD-1 (Jemperli/Dostarlimab)
Liabilities Related To Sale Of Future Royalties [Line Items]
Collaboration revenue				$ 50,000,000		$ 50,000,000
Number of milestone \| milestone				1		1
Revenue recognition milestone annual sales threshold				$ 750,000,000		$ 750,000,000
First commercial sales milestone \| GSK \| PD-1 (Jemperli/Dostarlimab)
Liabilities Related To Sale Of Future Royalties [Line Items]
Collaboration revenue					$ 15,000,000		$ 15,000,000
Number of milestone \| milestone					1		1
Revenue recognition milestone annual sales threshold					$ 250,000,000		$ 250,000,000

Stockholders' Equity - Narrative (Details) - USD ($)	1 Months Ended	9 Months Ended
Stockholders' Equity - Narrative (Details) - USD ($)	Aug. 31, 2024	Sep. 30, 2025	Sep. 30, 2024	Mar. 31, 2025	Dec. 31, 2024	Nov. 30, 2024
Class of Stock [Line Items]
Common stock, shares authorized (in shares)		500,000,000			500,000,000
Common stock, shares issued (in shares)		27,575,152			30,473,000
Common stock, shares outstanding (in shares)		27,575,152			30,473,000
Authorized repurchase amount				$ 75,000,000
Remaining repurchase amount		$ 9,800,000
Proceeds from issuance of common stock		$ 2,049,000	$ 5,918,000
Underwriting discounts and commissions and offering expenses	$ 6,500,000
Open Market Sales Agreement
Class of Stock [Line Items]
Aggregate offering of (up to)						$ 100,000,000
Shares sold (in shares)		0
Underwritings
Class of Stock [Line Items]
Shares sold (in shares)	2,750,498
Share price (in dollars per share)	$ 36.50
Proceeds from issuance of common stock	$ 93,900,000

Collaborative Research and Development Agreements - Schedule of Milestone Achieved (Details) - USD ($)		3 Months Ended												9 Months Ended
	Jan. 31, 2025	Sep. 30, 2025	Dec. 31, 2024	Sep. 30, 2024	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Mar. 31, 2020	Jun. 30, 2019	Sep. 30, 2018	Jun. 30, 2017	Mar. 31, 2016	Jun. 30, 2015	Sep. 30, 2025	Sep. 30, 2024	Oct. 31, 2021
Disaggregation of Revenue [Line Items]
Collaboration revenue		$ 76,320,000		$ 30,017,000										$ 126,354,000	$ 48,167,000
Milestone revenue recognition														Cash is generally received within 30 days of milestone achievement
GSK \| PD-1 (Jemperli/Dostarlimab) \| Initiated in vivo toxicology studies using good laboratory practices (GLPs)
Disaggregation of Revenue [Line Items]
Collaboration revenue													$ 1,000,000.0
GSK \| PD-1 (Jemperli/Dostarlimab) \| IND clearance from the FDA
Disaggregation of Revenue [Line Items]
Collaboration revenue												$ 4,000,000.0
GSK \| PD-1 (Jemperli/Dostarlimab) \| Phase 2 clinical trial initiation
Disaggregation of Revenue [Line Items]
Collaboration revenue											$ 3,000,000.0
GSK \| PD-1 (Jemperli/Dostarlimab) \| Phase 3 clinical trial initiation - first indication
Disaggregation of Revenue [Line Items]
Collaboration revenue										$ 5,000,000.0
GSK \| PD-1 (Jemperli/Dostarlimab) \| Phase 3 clinical trial initiation - second indication
Disaggregation of Revenue [Line Items]
Collaboration revenue									$ 5,000,000.0
GSK \| PD-1 (Jemperli/Dostarlimab) \| Filing of the first BLA - first indication
Disaggregation of Revenue [Line Items]
Collaboration revenue								$ 10,000,000.0
GSK \| PD-1 (Jemperli/Dostarlimab) \| Filing of the first MAA - first indication
Disaggregation of Revenue [Line Items]
Collaboration revenue								$ 5,000,000.0
GSK \| PD-1 (Jemperli/Dostarlimab) \| Filing of the first BLA - second indication
Disaggregation of Revenue [Line Items]
Collaboration revenue							$ 10,000,000.0
GSK \| PD-1 (Jemperli/Dostarlimab) \| First BLA approval - first indication
Disaggregation of Revenue [Line Items]
Collaboration revenue						$ 20,000,000.0
GSK \| PD-1 (Jemperli/Dostarlimab) \| First MAA approval - first indication
Disaggregation of Revenue [Line Items]
Collaboration revenue						$ 10,000,000.0
GSK \| PD-1 (Jemperli/Dostarlimab) \| First BLA approval - second indication
Disaggregation of Revenue [Line Items]
Collaboration revenue					$ 20,000,000.0
GSK \| PD-1 (Jemperli/Dostarlimab) \| Filing of the first MAA - second indication
Disaggregation of Revenue [Line Items]
Milestones that may be recognized in the future														$ 5,000,000.0
GSK \| PD-1 (Jemperli/Dostarlimab) \| First MAA approval - second indication
Disaggregation of Revenue [Line Items]
Milestones that may be recognized in the future														10,000,000.0
GSK \| PD-1 (Jemperli/Dostarlimab) \| First commercial sales milestone
Disaggregation of Revenue [Line Items]
Collaboration revenue				$ 15,000,000											$ 15,000,000
GSK \| PD-1 (Jemperli/Dostarlimab) \| Second commercial sales milestone
Disaggregation of Revenue [Line Items]
Collaboration revenue			$ 25,000,000.0
GSK \| PD-1 (Jemperli/Dostarlimab) \| Third commercial sales milestone
Disaggregation of Revenue [Line Items]
Collaboration revenue		$ 50,000,000												50,000,000
GSK \| PD-1 (Jemperli/Dostarlimab) \| Fourth commercial sales milestone
Disaggregation of Revenue [Line Items]
Milestones that may be recognized in the future														75,000,000.0
GSK \| PD-1 (Jemperli/Dostarlimab) \| Milestones recognized through September 30, 2025
Disaggregation of Revenue [Line Items]
Collaboration revenue														183,000,000.0
GSK \| PD-1 (Jemperli/Dostarlimab) \| Milestones that may be recognized in the future
Disaggregation of Revenue [Line Items]
Milestones that may be recognized in the future														90,000,000.0
Sagard \| JEMPERLI Royalty Monetization Agreement
Disaggregation of Revenue [Line Items]
Rights retained																$ 75,000,000
Royalties agreement, maximum annual royalty payout capacity																$ 1,000,000,000
Vanda \| Milestones recognized through September 30, 2025
Disaggregation of Revenue [Line Items]
Collaboration revenue														0
Milestones that may be recognized in the future														35,000,000.0
Vanda \| FDA regulatory approval for marketing of first licensed product in the USA for the treatment of active flares in GPP
Disaggregation of Revenue [Line Items]
Milestones that may be recognized in the future														5,000,000.0
Vanda \| Regulatory approval for marketing of the first licensed product in the EU
Disaggregation of Revenue [Line Items]
Milestones that may be recognized in the future														5,000,000.0
Vanda \| Commercial sales first exceed $100.0 million
Disaggregation of Revenue [Line Items]
Milestones that may be recognized in the future														25,000,000.0
Commercial sales														$ 100,000,000.0
Vanda \| Exclusive License Agreement
Disaggregation of Revenue [Line Items]
Royalty percent on net sales (as a percent)	10.00%

Summary of Significant Accounting Policies - Narrative (Details)	9 Months Ended
	Sep. 30, 2025 segment
Accounting Policies [Abstract]
Number of reportable segments	1

Commitments and Contingencies - Narrative (Details) ft² in Thousands, $ in Thousands	May 04, 2020 USD ($) ft² $ / ft²	Sep. 30, 2025 USD ($)	Dec. 31, 2024 USD ($)	Apr. 05, 2021 USD ($)
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets		$ 12,994	$ 14,383
Lease liability		$ 14,606
Weighted-average discount rate (as a percent)		4.00%
Weighted average remaining lease term (in years)		5 years 10 months 24 days
Lease Agreement
Lessee, Lease, Description [Line Items]
Area of leased property (sqft) \| ft²	45
Lease term (in months)	124 months
Lease renewal term (in years)	5 years
Lease termination term (in years)	7 years
Lessee, operating lease, termination fee	$ 3,800
Lessee, operating lease, termination period (in months)	15 months
Monthly base rate (in dollars per sqft) \| $ / ft²	4.20
Increase in annual rent (as a percent)	3.00%
Operating lease right-of-use assets				$ 20,600
Lease liability				$ 20,700
Security deposit		$ 300

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (62,846)	$ (123,447)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	428	461
Stock-based compensation	27,566	25,864
Accretion/amortization of investments, net	(4,394)	(8,011)
Amortization of right-of-use assets – operating	1,389	1,335
Non-cash interest expense	60,182	32,683
Changes in operating assets and liabilities:
Receivables from collaborative partners	(34,920)	(5,344)
Prepaid expenses and other assets	641	2,904
Accounts payable and other liabilities	(64,915)	6,210
Operating lease liabilities	(1,431)	(1,320)
Net cash used in operating activities	(78,300)	(68,665)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of investments	(196,411)	(259,494)
Sales and maturities of investments	351,029	384,383
Purchases of property and equipment	(86)	(95)
Net cash provided by investing activities	154,532	124,794
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from public offerings, net of underwriters’ fees	0	94,369
Proceeds from issuance of common stock	2,049	5,918
Repurchase and retirements of common stock	(65,242)	0
Proceeds from the sale of future royalties	0	50,000
Payment for net share settlement of equity awards	(1,451)	(7,504)
Principal repayment of liability for sale of future royalties	(24,835)	(42,823)
Payments for offering costs	0	(370)
Payments for debt issuance costs	0	(103)
Net cash (used in) provided by financing activities	(89,479)	99,487
Net (decrease) increase in cash and cash equivalents	(13,247)	155,616
Cash and cash equivalents, beginning of period	123,080	35,965
Cash and cash equivalents, end of period	109,833	191,581
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest portion of repayment for sale of future royalties	56,929	0
Income taxes paid	44	0
Non-cash investing and financing activities:
Amounts accrued for property and equipment	0	4
Amounts accrued for repurchases of common stock	554	0
Receivable related to issuance of common stock, upon exercise of stock options	452	0
Amounts accrued for offering costs	$ 0	$ 122

Description of the Business	9 Months Ended
Description of the Business	Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of the Business	Description of the Business AnaptysBio, Inc. (“we,” “us,” “our,” or the “company”) was incorporated in the state of Delaware in November 2005. We are a clinical-stage biotechnology company focused on delivering innovative immunology therapeutics for autoimmune and inflammatory diseases. Our pipeline includes our lead program, rosnilimab, a selective and potent pathogenic T cell depleter, that completed a Phase 2b trial for the treatment of moderate-to-severe rheumatoid arthritis (“RA”) and is in a Phase 2 trial for the treatment of moderate-to-severe ulcerative colitis (“UC”). Our pipeline also includes ANB033, a CD122 antagonist, in a Phase 1b trial for celiac disease (“CeD”) and ANB101, a BDCA2 modulator, in a Phase 1a trial. Anaptys has also discovered and out-licensed in financial collaborations multiple therapeutic antibodies, including a PD-1 antagonist (Jemperli (dostarlimab-gxly) or “Jemperli”) to GSK and an IL-36R antagonist (imsidolimab) to Vanda Pharmaceuticals Inc. (“Vanda”). We currently recognize revenue from milestones and royalties achieved under our immuno-oncology collaboration with GSK and license and transition services revenue from our collaboration with Vanda. Since our inception, we have devoted our primary effort to research and development activities. Our financial support has been provided primarily from the sale of our common stock and royalty monetizations, as well as through funds received under our collaborative research and development agreements. Going forward, as we continue our expansion, we may seek additional financing and/or strategic investments. However, there can be no assurance that any additional financing or strategic investments will be available to us on acceptable terms, if at all. If events or circumstances occur such that we do not obtain additional funding, we will most likely be required to reduce our plans and/or certain discretionary spending, which could have a material adverse effect on our ability to achieve our intended business objectives. Our management believes our currently available resources will provide sufficient funds to enable us to meet our operating plans for at least the next 12 months from the issuance of our consolidated financial statements. The accompanying consolidated financial statements do not include any adjustments that might be necessary if we are unable to continue as a going concern. Intention to Separate Company In September 2025, we announced that our Board of Directors approved plans to explore separating our business into two independent, publicly traded companies. One company is expected to hold and continue to manage the Jemperli milestones and royalties from GSK and the milestones and royalties from Vanda with a focus on protecting and returning value of the royalties to its shareholders. The other company is expected to be a clinical-stage biotechnology company focused on the development and potential commercialization of innovative therapeutics for autoimmune and inflammatory diseases, including rosnilimab, ANB033 and ANB101. Upon completion of the separation, which is expected to be completed by year-end 2026, we intend to launch the biotechnology company with adequate capital to fund operations for at least two years. While the separation is anticipated to be a taxable event, we are focused on minimizing overall corporate and shareholder-level taxes across the entire transaction. Completion of the proposed separation is subject to final approval by our Board of Directors and other customary conditions, including the effectiveness of a registration statement with the Securities and Exchange Commission (the “SEC”).

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Schedule of Segment Revenue, Loss and Significant Expenses

The following table is a summary of segment revenue, income (loss) and our significant expenses (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Collaboration revenue	$	76,320	$	30,017	$	126,354	$	48,167
Operating expenses:
External R&D
Rosnilimab	7,070		14,188		37,709		37,161
ANB033	7,519		1,631		15,248		7,276
ANB101	1,784		687		5,305		1,631
ANB032	(362)		7,239		3,282		20,381
Imsidolimab	(1,204)		2,389		(2,360)		8,752
Preclinical and other unallocated costs	3,813		3,917		12,201		11,254
Total External R&D(1)	18,620		30,051		71,385		86,455
Total Internal R&D(2)	12,787		12,161		39,026		34,796
Total R&D	31,407		42,212		110,411		121,251


External G&A(3)	2,247		2,529		10,223		6,980
Internal G&A(2)	7,962		8,033		24,725		25,215
Total G&A	10,209		10,562		34,948		32,195
Total operating expenses	41,616		52,774		145,359		153,446
Net income (loss) from operations	34,704		(22,757)		(19,005)		(105,279)

Interest income	2,924		5,324		10,991		14,531
Non-cash interest expense	(22,515)		(15,413)		(60,182)		(32,683)
Other income (expense), net	—		(5)		5,433		(7)
Total other expense, net	(19,591)		(10,094)		(43,758)		(18,159)

Income (loss) before income taxes	15,113		(32,851)		(62,763)		(123,438)
Provision for income taxes	—		—		(83)		(9)
Segment net income (loss)	$	15,113	$	(32,851)	$	(62,846)	$	(123,447)

(2) Internal R&D and G&A consist of salaries and wages, stock-based compensation, recruiting and other employee benefits.

Balance Sheet Accounts and Supplemental Disclosures - Schedule of Property and Equipment, net (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 8,509	$ 8,448
Less: accumulated depreciation and amortization	(7,009)	(6,599)
Total property and equipment, net	1,500	1,849
Laboratory equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	6,723	6,715
Office furniture and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,583	1,530
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 203	$ 203

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2025

Accounting Policies [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

Computations for basic and diluted net income (loss) per common share are below:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands except per share data)	2025		2024		2025		2024
Numerator:


Net income (loss) attributed to common stockholders	$	15,113	$	(32,851)	$	(62,846)	$	(123,447)
Denominator:
Basic weighted-average common shares outstanding	27,833		28,893		29,085		27,688
Effect of dilutive securities:
Stock options and employee stock purchase plan	183		—		—		—
Stock awards	1,002		—		—		—
Diluted weighted-average common shares outstanding	29,018		28,893		29,085		27,688

Net income (loss) per share, basic	$	0.54	$	(1.14)	$	(2.16)	$	(4.46)
Net income (loss) per share, diluted	$	0.52	$	(1.14)	$	(2.16)	$	(4.46)

Schedule of Outstanding Potentially Dilutive Securities Excluded in the Calculation of Diluted Net Loss Per Share

The following table sets forth the weighted-average outstanding potentially dilutive securities that have been excluded in the calculation of diluted net loss per share because to do so would be anti-dilutive (in common stock equivalent shares):


	Three Months Ended September 30,		Nine Months Ended September 30,
(in thousands)	2025	2024	2025	2024

Options to purchase common stock	6,736	6,065	7,619	6,097

Stock awards	39	974	983	809
Total	6,775	7,039	8,602	6,906

Equity Incentive Plans

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Equity Incentive Plans

2017 Equity Incentive Plan

In January 2017, our Board of Directors and stockholders approved and adopted the 2017 Equity Incentive Plan (the “2017 Plan”). Under the 2017 Plan, we may grant stock options, stock appreciation rights, restricted stock, restricted stock units and other awards to individuals who are then our employees, officers, directors or consultants. In addition, the number of shares of stock available for issuance under the 2017 Plan were to be automatically increased each January 1, beginning on January 1, 2018, by 4% of the aggregate number of outstanding shares of our common stock as of the immediately preceding December 31 or such lesser number as determined by our Board of Directors. At our annual stockholder meeting on June 12, 2024, the 2017 Plan was amended, eliminating the automatic annual share increase and the number of shares available for issuance was increased by 2,700,000 shares. At our annual stockholder meeting on June 17, 2025, the 2017 Plan was amended and restated to further increase the number of shares available for issuance by 1,650,000 shares. All future share increases will require stockholder approval. As of September 30, 2025, 2,501,977 shares were available for future issuance.

Employee Stock Purchase Plan

In January 2017, our Board of Directors and stockholders approved and adopted the 2017 Employee Stock Purchase Plan (“ESPP”). In addition, the number shares of stock available for issuance under the ESPP will be automatically increased each January 1, beginning on January 1, 2018, by 1% of the aggregate number of outstanding shares of our common stock as of the immediately preceding December 31 or such lesser number as determined by our Board of Directors. The Board of Directors determined that due to sufficient shares being available in the ESPP, the number of shares available as of January 1, 2025 would not increase. As of September 30, 2025, 241,606 shares have been issued under the ESPP and 1,857,201 shares were available for future issuance under the ESPP. Total cash received from the ESPP was approximately $1.0 million during the nine months ended September 30, 2025.

Stock Options

Stock options granted to employees and non-employees generally vest over a four-year period while stock options granted to directors generally vest over a one-year period. Each stock option award has a maximum term of 10 years from the date of grant, subject to earlier cancellation prior to vesting upon cessation of service to us. A summary of the activity related to stock option awards during the nine months ended September 30, 2025 is as follows:


	Shares Subject to Options	Weighted-Average Exercise Price per Share		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding at January 1, 2025	6,086,289	$	25.20	7.63	$	534
Granted	1,758,243	$	14.87
Exercised	(135,771)	$	11.27
Forfeitures and cancellations	(173,846)	$	19.11
Outstanding at September 30, 2025	7,534,915	$	23.18	7.47	$	68,499
Exercisable at September 30, 2025	4,015,784	$	27.06	6.46	$	26,458

Total cash received from the exercise of stock options was approximately $1.1 million during the nine months ended September 30, 2025.

Time-Based Restricted Stock Units

Each Restricted Stock Unit (“RSU”) represents one equivalent share of our common stock to be issued after satisfying the applicable continued service-based vesting criteria over a specified period. The fair value of these RSUs is based on the closing price of our common stock on the date of the grant. We measure compensation expense over the expected vesting period on a straight-line basis. The RSUs do not entitle the participants to the rights of holders of common stock, such as voting rights, until the shares are issued.


	Number of Restricted Stock Units	Weighted-Average Grant Date Fair Value		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding at January 1, 2025	1,227,677	$	21.79	1.46	$	16,254
Granted	614,828	$	14.87
Released	(347,297)	$	21.96
Forfeitures and cancellations	(64,539)	$	18.81
Outstanding at September 30, 2025	1,430,669	$	18.91	1.42	$	43,807
RSU expected to vest at September 30, 2025	1,430,669	$	18.91	1.42	$	43,807

Performance Stock Units

A Performance Stock Unit (“PSU”) represents one equivalent share of our common stock to be issued after achievement of the performance metrics specified in the grant. The fair value of our PSUs is estimated as of the grant date of July 22, 2024, based upon the expected achievement of the performance metrics specified in the grant and the closing market price of our common stock on the date of grant. The grant date fair value is estimated using a Monte Carlo simulation using the following assumptions:


	Nine months ended September 30,
	2025
Volatility of common stock	59.0	%
Risk-free interest rate	4.1	%
Contract term (in years)	3.9

The compensation expense for the awards is recognized over the requisite service period regardless of whether the market conditions are achieved and will only be adjusted for pre-vesting forfeitures due to the termination of the recipient’s employment with the company prior to the expiration of the requisite service period. The requisite service period over which the compensation expense will be recognized is July 22, 2024 through July 1, 2028.

The following table presents a summary of activity with respect to our PSUs:


	Number of Performance Stock Units	Weighted-Average Grant Date Fair Value		Weighted-Average Remaining Contractual Term (in years)
Outstanding at January 1, 2025	504,500	$	24.69	3.52
Granted	—	$	—
Released	—	$	—
Forfeitures	(6,500)	$	24.69
Outstanding at September 30, 2025	498,000	$	24.69	2.78

Stock-Based Compensation Expense

We recognize stock-based compensation expense for awards issued to employees and non-employees over the requisite service period based on the estimated grant-date fair value of such awards. We record the expense for stock-based compensation awards subject to performance-based milestone vesting over the requisite service period when management determines that achievement of the milestone is probable. Management evaluates when the achievement of a performance-based milestone is probable based on the expected satisfaction of the performance conditions at each reporting date. The estimated fair values of stock option awards granted were determined on the date of grant using the Black-Scholes option valuation model with the following weighted-average assumptions:


	Nine Months Ended September 30,

		2025	2024
Risk-free interest rate				4.5	%		4.0	%
Expected volatility				81.8	%		78.3	%
Expected dividend yield				—	%		—	%
Expected term (in years)				6.35			6.28
Weighted-average grant date fair value per share			$	10.98		$	15.59

We determine the appropriate risk-free interest rate, expected term for employee stock-based awards, contractual term for non-employee stock-based awards, and volatility assumptions. The weighted-average expected option term for employee and non-employee stock-based awards reflects the historical option term. Expected volatility incorporates the historical volatility of our stock price. The risk-free interest rate is based upon U.S. Treasury securities with remaining terms similar to the expected or contractual term of the stock-based payment awards. The assumed dividend yield is based on our expectation of not paying dividends in the foreseeable future.

Total non-cash stock-based compensation expense for all stock awards that was recognized in the consolidated statements of operations and comprehensive loss is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024
Research and development	$	4,467	$	3,959	$	13,330	$	10,947
General and administrative	4,690		4,230		14,236		14,917
Total	$	9,157	$	8,189	$	27,566	$	25,864

At September 30, 2025, there was $47.7 million of unrecognized compensation cost related to unvested stock option awards, which is expected to be recognized over a remaining weighted-average vesting period of 2.58 years, $22.4 million of

unrecognized cost related to unvested RSU awards, which is expected to be recognized over a period of 2.51 years, $8.6 million of unrecognized cost related to unvested PSU awards, which is expected to be recognized over a period of 2.78 years, and $0.1 million of unrecognized compensation cost related to the ESPP, which is expected to be recognized over a remaining weighted-average vesting period of 0.13 years.

Fair Value Measurements and Available for Sale Investments (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities that Require Fair Value Measurements on a Recurring Basis

The following table summarizes our assets and liabilities that require fair value measurements on a recurring basis and their respective input levels based on the fair value hierarchy:


	Fair Value Measurements at End of Period Using:
(in thousands)	Fair Value		Quoted Market Prices for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
At September 30, 2025
Money market funds(1)	$	94,704	$	94,704	$	—	$	—
Mutual funds(1)	9,217		9,217		—		—
U.S. Treasury securities(2)	130,727		130,727		—		—

Agency securities(2)	2,505		—		2,505		—
Commercial and corporate obligations(2)	13,589		—		13,589		—

At December 31, 2024
Money market funds(1)	$	104,553	$	104,553	$	—	$	—
Mutual funds(1)	9,376		9,376		—		—
U.S. Treasury securities(1)(2)	284,495		284,495		—		—

Agency securities(2)	7,579		—		7,579		—
Commercial and corporate obligations(2)	10,652		—		10,652		—

(1) Included in cash and cash equivalents in the accompanying consolidated balance sheets.

(2) Included in short-term or long-term investments in the accompanying consolidated balance sheets depending on the respective maturity date.

Schedule of Available-for-sale Investments

The aggregate market value, cost basis, and gross unrealized gains and losses of available-for-sale investments by security type, classified in short-term and long-term investments as of September 30, 2025 are as follows:


(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Fair Value
Agency securities(1)	$	2,506	$	—	$	(1)	$	2,505


Commercial and corporate obligations(2)	13,563		26		—		13,589
U.S. Treasury securities(3)	130,497		230		—		130,727
Total available for sale investments	$	146,566	$	256	$	(1)	$	146,821

(1) Of our outstanding agency securities, $2.5 million have maturity dates of less than one year and none have maturity dates between one to two years as of September 30, 2025.

(2) Of our outstanding commercial and corporate obligations, $13.6 million have maturity dates of less than one year and none have a maturity date of between one to two years as of September 30, 2025.

(3) Of our outstanding U.S. Treasury securities, $123.0 million have maturity dates of less than one year and $7.7 million have a maturity date of between one to two years as of September 30, 2025.

The aggregate market value, cost basis, and gross unrealized gains and losses of available for sale investments by security type, classified in short-term and long-term investments as of December 31, 2024 are as follows:


(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Fair Value
Agency securities(1)	$	7,587	$	—	$	(8)	$	7,579

Commercial and corporate obligations(2)	10,642		10		—		10,652
U.S. Treasury securities(3)	283,985		517		(7)		284,495
Total available for sale investments	$	302,214	$	527	$	(15)	$	302,726

(1) Of our outstanding agency securities, $7.6 million have maturity dates of less than one year and $0.0 million have a maturity date of between one to two years as of December 31, 2024.

(2) Of our outstanding commercial and corporate obligations, $10.7 million have maturity dates of less than one year and $0.0 million have a maturity date of between one to two years as of December 31, 2024.

(3) Of our outstanding U.S. Treasury securities, $249.0 million have maturity dates of less than one year and $35.5 million have a maturity date of between one to two years as of December 31, 2024.

Schedule of Unrealized Loss and Fair Values in a Loss Position

The following tables present gross unrealized losses and fair values for those investments that were in an unrealized loss position as of September 30, 2025 and December 31, 2024, aggregated by investment category and the length of time that individual securities have been in a continuous loss position:


	September 30, 2025
	Less than 12 Months				12 Months or Greater				Total
(in thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Agency securities	$	2,505	$	(1)	$	—	$	—	$	2,505	$	(1)


	December 31, 2024
	Less than 12 Months				12 Months or Greater				Total
(in thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Agency securities	$	7,579	$	(8)	$	—	$	—	$	7,579	$	(8)


U.S. Treasury Securities	25,250		(7)		—		—		25,250		(7)
Total	$	32,829	$	(15)	$	—	$	—	$	32,829	$	(15)

Fair Value Measurements and Available for Sale Investments - Schedule of Unrealized Loss and Fair Values in a Loss Position (Details) - USD ($)	Sep. 30, 2025	Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair value		$ 32,829,000
Less than 12 months, Gross unrealized losses		(15,000)
12 months or greater, Fair value		0
12 months or greater, Gross unrealized losses	$ 0	0
Fair Value		32,829,000
Gross Unrealized Losses		(15,000)
Agency securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair value	2,505,000	7,579,000
Less than 12 months, Gross unrealized losses	(1,000)	(8,000)
12 months or greater, Fair value	0	0
12 months or greater, Gross unrealized losses	0	0
Fair Value	2,505,000	7,579,000
Gross Unrealized Losses	$ (1,000)	(8,000)
U.S. Treasury Securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair value		25,250,000
Less than 12 months, Gross unrealized losses		(7,000)
12 months or greater, Fair value		0
12 months or greater, Gross unrealized losses		0
Fair Value		25,250,000
Gross Unrealized Losses		$ (7,000)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2025

Equity [Abstract]

Schedule of Stock Repurchase Activity

The following table presents the repurchase activity through September 30, 2025:


	Total number of shares purchased	Average price paid per share		Approximate dollar value of shares purchased (in thousands)
First Quarter 2025	292,898	$	18.35	$	5,375
Second Quarter 2025	2,560,938	19.58		50,147
Third Quarter 2025	490,228	19.83		9,720

Total	3,344,064			$	65,242

Equity Incentive Plans -Schedule of Activity Related to Stock Option Awards (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Shares Subject to Options
Stock options outstanding, beginning balance (in shares)	6,086,289
Granted (in shares)	1,758,243
Exercised (in shares)	(135,771)
Forfeitures and cancellations (in shares)	(173,846)
Stock options outstanding, ending balance (in shares)	7,534,915	6,086,289
Shares subject to options, exercisable, ending balance (in shares)	4,015,784
Weighted-Average Exercise Price per Share
Stock options outstanding, beginning balance (in dollars per share)	$ 25.20
Granted (in dollars per share)	14.87
Exercised (in dollars per share)	11.27
Forfeitures and cancellations (in dollars per share)	19.11
Stock options outstanding, ending balance (in dollars per share)	23.18	$ 25.20
Weighted-average exercise price per share, Stock options exercisable, ending balance (in dollars per share)	$ 27.06
Weighted-Average Remaining Contractual Term and Aggregate Intrinsic Value
Weighted average remaining contractual term, options outstanding (in years)	7 years 5 months 19 days	7 years 7 months 17 days
Weighted average remaining contractual term, options exercisable (in years)	6 years 5 months 15 days
Aggregate intrinsic value, options outstanding	$ 68,499	$ 534
Aggregate intrinsic value, options exercisable	$ 26,458

Description of the Business (Details)	1 Months Ended
Description of the Business (Details)	Sep. 30, 2025 independent
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of business independent	2
Business separation, expected period	2 years

Balance Sheet Accounts and Supplemental Disclosures (Tables)

9 Months Ended

Sep. 30, 2025

Balance Sheet Related Disclosures [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consist of the following:


(in thousands)	September 30, 2025		December 31, 2024
Laboratory equipment	$	6,723	$	6,715
Office furniture and equipment	1,583		1,530
Leasehold improvements	203		203
Property and equipment, gross	8,509		8,448
Less: accumulated depreciation and amortization	(7,009)		(6,599)
Total property and equipment, net	$	1,500	$	1,849

Schedule of Accrued Expenses

Accrued expenses consist of the following:


(in thousands)	September 30, 2025		December 31, 2024
Accrued compensation and related expenses	$	9,007	$	8,449
Accrued professional fees and other expenses	1,184		839

Accrued research, development and manufacturing expenses	22,426		30,213
Accrued for repurchases of common stock	554		—

Total accrued expenses	$	33,171	$	39,501

Commitments and Contingencies - Schedule of Non-Cancellable Office Lease Costs (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 1,858	$ 1,858
Cash paid for amounts included in the measurement of lease liabilities	$ 1,892	$ 1,837

Collaborative Research and Development Agreements

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Collaborative Research and Development Agreements

GSK Collaboration

In March 2014, we entered into a Collaboration and Exclusive License Agreement (the “GSK Agreement”) with TESARO, Inc. (“Tesaro”), an oncology-focused biopharmaceutical company now a part of GSK (Tesaro and GSK are hereinafter referred to, collectively, as “GSK”). Currently, under the GSK Agreement, GSK is developing Jemperli (dostarlimab) as a monotherapy, and in combination with additional therapies, for various solid tumor indications.

For Jemperli, the remaining development program under the GSK Agreement, we are eligible to receive milestone payments if a European regulatory submission and approval in a second indication is achieved and upon the achievement of specified levels of annual worldwide net sales. On October 23, 2020, Amendment No. 3 to the GSK Agreement (the “GSK Amendment No. 3”) was agreed to by both parties to permit GSK to conduct development and commercialization in combination with any third party molecules of Zejula, an oral, once-daily poly (ADP-ribose) polymerase (PARP) inhibitor (“Zejula”). Under GSK Amendment No. 3, we were granted increased royalties upon sales of Jemperli, equal to 8% of net sales (as defined in the GSK Agreement) below $1.0 billion, 12% of net sales between $1.0 billion and $1.5 billion, 20% of net sales between $1.5 billion and $2.5 billion and 25% of net sales above $2.5 billion. Unless earlier terminated by either party upon specified circumstances, the GSK Agreement will terminate, with respect to each specific developed product, upon the later of the 12th anniversary of the first commercial sale of the product or the expiration of the last to expire of any patent.

We assessed these arrangements in accordance with Accounting Standards Codification (“ASC”) 606 and concluded that the contract counterparty, GSK, is a customer. We identified the following material promises under the GSK Agreement: (1) the licenses under certain patent rights and transfer of certain development and regulatory information, (2) research and development (“R&D”) services, and (3) joint steering committee meetings. We considered the research and discovery capabilities of GSK for these specific programs and the fact that the discovery and optimization of these antibodies is proprietary and could not, at the time of contract inception, be provided by other vendors, to conclude that the license does not have stand-alone functionality and is therefore not distinct. Additionally, we determined that the joint steering committee participation would not have been provided without the R&D services and GSK Agreement. Based on these assessments, we identified all services to be interrelated and therefore concluded that the promises should be combined into a single performance obligation at the inception of the arrangement.

As of September 30, 2025, the transaction price for the GSK Agreement and its associated amendments includes the upfront payment, research reimbursement revenue and milestones and royalties earned to date, which are allocated in their entirety to the single performance obligation.

We recognized $26.3 million and $66.6 million in royalty revenue during the three and nine months ended September 30, 2025, respectively, related to GSK’s net sales of Jemperli and Zejula during the period, which we estimate based on either GSK’s prior sales experience or actuals. Of the royalty revenue recognized during the three and nine months ended September 30, 2025, $24.9 million and $63.2 million, respectively, is Jemperli non-cash revenue related to the Jemperli Royalty Monetization Agreement (as amended) and $1.4 million and $3.4 million, respectively, is Zejula non-cash revenue related to the Zejula Royalty Monetization Agreement, each of such agreements as described in Note 5. We recognized $15.0 million and $33.2 million, in royalty revenue during the three and nine months ended September 30, 2024, respectively, related to GSK’s net sales of Jemperli and Zejula during the period based on GSK’s prior sales experience or actuals. Of the royalty revenue recognized during the three and nine months ended September 30, 2024, $13.8 million and $30.1 million, respectively, is

Jemperli non-cash revenue related to the Jemperli Royalty Monetization Agreement (as amended) and $1.2 million and $3.1 million, respectively, is Zejula non-cash revenue related to the Zejula Royalty Monetization Agreement. GSK reports sales information to us on a one quarter lag and differences between actual and estimated royalty revenues will be adjusted in the following quarter.

One sales milestone for $50.0 million was recognized during the three and nine months ended September 30, 2025 when Jemperli annual sales exceeded $750 million, and one sales milestone for $15.0 million was recognized during the three and nine months ended September 30, 2024 when Jemperli annual sales exceeded $250 million. These sales milestones are Jemperli non-cash revenue related to the Jemperli Royalty Monetization Agreement. No other future regulatory milestones have been included in the transaction price, as all future milestone amounts were subject to the revenue constraint. As part of the constraint evaluation, we considered numerous factors including the fact that the receipt of milestones is outside of our control and contingent upon regulatory filing and approval in a second indication, an outcome that is difficult to predict, and GSK’s efforts. Any consideration related to sales-based milestones, including royalties, will be recognized when the related sales occur as they were determined to relate predominantly to the intellectual property license granted to GSK and therefore have also been excluded from the transaction price. We will re-evaluate the variable transaction price in each reporting period and as uncertain events are resolved or other changes in circumstances occur.

Milestones under the GSK Agreement are as follows:

PD-1

(Jemperli/Dostarlimab)

Milestone Event

Amount

Quarter Recognized

Initiated in vivo toxicology studies using good laboratory practices (GLPs)

$1.0M

Q2'15

IND clearance from the FDA

$4.0M

Q1'16

Phase 2 clinical trial initiation

$3.0M

Q2'17

Phase 3 clinical trial initiation - first indication

$5.0M

Q3'18

Phase 3 clinical trial initiation - second indication

$5.0M

Q2'19

Filing of the first BLA(1) - first indication

$10.0M

Q1'20

Filing of the first MAA(2) - first indication

$5.0M

Q1'20

Filing of the first BLA - second indication

$10.0M

Q1'21

First BLA approval - first indication

$20.0M

Q2'21

First MAA approval - first indication

$10.0M

Q2'21

First BLA approval - second indication

$20.0M

Q3'21

Filing of the first MAA - second indication(3)

$5.0M

—

First MAA approval - second indication(3)

$10.0M

—

First commercial sales milestone(3)

$15.0M

Q3'24

Second commercial sales milestone(3)

$25.0M

Q4'24

Third commercial sales milestone(3)

$50.0M

Q3'25

Fourth commercial sales milestone (4)

$75.0M

—

Milestones recognized through September 30, 2025

$183.0M

—

Milestones that may be recognized in the future

$90.0M

—

(1)Biologics License Application (“BLA”)

(2)Marketing Authorization Application (“MAA”)

(3)For Jemperli, the filing and approval of the first MAA for a second indication and first three commercial sales milestones are included as part of the royalty monetization agreement with Sagard (as defined below), see Note 5. Cash is generally received within 30 days of milestone achievement.

(4)For Jemperli, we retained the rights to a $75.0 million sales milestone when Jemperli annual net sales exceed $1.0 billion.

Vanda Collaboration

On January 31, 2025, we entered into an Exclusive License Agreement (the “Vanda License Agreement”) with Vanda pursuant to which we granted to Vanda an exclusive, global license for the development and commercialization of imsidolimab (IL-36R antagonist mAb), which has completed two registration-enabling global Phase 3 trials, GEMINI-1 and GEMINI-2, evaluating the safety and efficacy of imsidolimab in patients with Generalized Pustular Psoriasis (GPP).

Pursuant to the terms of the Vanda License Agreement, we received an upfront payment of $10.0 million for the license and a $5.0 million payment for existing drug supply. We allocated the total transaction price of $15.0 million on a relative standalone selling price in accordance with ASC 606. During the nine months ended September 30, 2025, we recognized $9.6 million of license revenue under ASC 606 and recognized no license revenue under ASC 606 during the three months ended September 30, 2025. During the three and nine months ended September 30, 2025, we recognized $0.1 million and $0.2 million, respectively, of transition services revenue under ASC 606 and $0.0 million and $5.4 million, respectively, related to existing drug supply transferred to Vanda as other income under ASC 610. We expensed the $2.5 million of related transaction costs within general and administrative expenses, during the nine months ended September 30, 2025, as we elected the practical expedient to expense the transaction costs as incurred as the expected amortization period was less than a year.

We are also eligible to receive a 10% royalty on net sales, as well as the following milestones under the Vanda License Agreement:


Milestone Event	Amount	Quarter Recognized
FDA regulatory approval for marketing of first licensed product in the USA for the treatment of active flares in GPP	$5.0M	—
Regulatory approval for marketing of the first licensed product in the EU	$5.0M	—
Commercial sales first exceed $100.0 million	$25.0M	—

Milestones recognized through September 30, 2025	—	—
Milestones that may be recognized in the future	$35.0M	—

Centessa

On November 24, 2023, we entered into an exclusive license agreement (as amended, the “Centessa Agreement”) with Centessa Pharmaceuticals (UK) Limited (“Centessa”), pursuant to which we acquired the exclusive global development and commercialization rights to a blood dendritic cell antigen 2 (BDCA2) modulator antibody portfolio, including lead asset CBS004 (renamed ANB101), CBS008 (renamed ANB102) and the related family of backup antibodies, for the treatment of autoimmune and inflammatory diseases.

In connection with the Centessa Agreement, we paid Centessa an upfront cash payment of $4.0 million and an additional cash payment of $3.0 million as reimbursement to Centessa for manufacturing costs incurred. There were $0.3 million in transaction costs incurred. The total transaction amount of $7.3 million was expensed as in-process research and development and classified as an operating activity in the statement of cash flows. We accounted for the transaction as an asset acquisition as the set of acquired assets did not constitute a business.

Under the terms of the Centessa Agreement, Centessa may be entitled to receive potential future payments of up to $10.0 million upon the achievement of a certain event-based milestone and would be entitled to receive on a product-by-product and country-by-country basis, a royalty of low single digits on annual net sales of any product in the territory in each

calendar year. As of September 30, 2025, achievement of the milestone is not probable and, therefore, we have not recognized a liability for the associated $10.0 million contingent consideration.

Sale of Future Royalties (Tables)

9 Months Ended

Sep. 30, 2025

Other Liabilities Disclosure [Abstract]

Schedule of Royalty Transaction Activity

The following table shows the activity within the liability account for the nine months ended September 30, 2025:


(in thousands)	September 30, 2025
Liability related to sale of future Jemperli royalties and milestones – balance at 12/31/2024	$	323,658


Amortization of issuance costs	93
Royalty and milestone payments to Sagard	(78,485)
Non-cash interest expense recognized(1)	59,395
Liability related to sale of future royalties and milestones – ending balance	$	304,661

(1) Of the non-cash interest expense recognized, $1.7 million was negative amortization for the nine months ended September 30, 2025.

The following table shows the activity within the liability account for the nine months ended September 30, 2025:


(in thousands)	September 30, 2025
Liability related to sale of future Zejula royalties and milestones – balance at 12/31/2024	$	29,768


Amortization of issuance costs	21
Royalty and milestone payments to DRI	(3,279)
Non-cash interest expense recognized(1)	673
Liability related to sale of future royalties and milestones – ending balance	$	27,183

(1) Of the non-cash interest expense recognized, none was negative amortization for the nine months ended September 30, 2025.

Fair Value Measurements and Available for Sale Investments -Schedule of Available-for-sale Investments (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 146,566,000	$ 302,214,000
Gross Unrealized Gains	256,000	527,000
Gross Unrealized Losses	(1,000)	(15,000)
Total Fair Value	146,821,000	302,726,000
Short-term investments	139,123,000	262,293,000
Long-term investments	7,698,000	35,470,000
Agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,506,000	7,587,000
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(1,000)	(8,000)
Total Fair Value	2,505,000	7,579,000
Short-term investments	2,500,000	7,600,000
Long-term investments	$ 0	$ 0.0
Agency securities \| Minimum
Debt Securities, Available-for-sale [Line Items]
Remaining maturity (in years)	1 year	1 year
Agency securities \| Maximum
Debt Securities, Available-for-sale [Line Items]
Remaining maturity (in years)	2 years	2 years
Commercial and corporate obligations
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 13,563,000	$ 10,642,000
Gross Unrealized Gains	26,000	10,000
Gross Unrealized Losses	0	0
Total Fair Value	13,589,000	10,652,000
Short-term investments	13,600,000	10,700,000
Long-term investments	$ 0	$ 0.0
Commercial and corporate obligations \| Minimum
Debt Securities, Available-for-sale [Line Items]
Remaining maturity (in years)	1 year	1 year
Commercial and corporate obligations \| Maximum
Debt Securities, Available-for-sale [Line Items]
Remaining maturity (in years)	2 years	2 years
U.S. Treasury Securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 130,497,000	$ 283,985,000
Gross Unrealized Gains	230,000	517,000
Gross Unrealized Losses	0	(7,000)
Total Fair Value	130,727,000	284,495,000
Short-term investments	123,000,000.0	249,000,000.0
Long-term investments	$ 7,700,000	$ 35,500,000
U.S. Treasury Securities \| Minimum
Debt Securities, Available-for-sale [Line Items]
Remaining maturity (in years)	1 year	1 year
U.S. Treasury Securities \| Maximum
Debt Securities, Available-for-sale [Line Items]
Remaining maturity (in years)	2 years	2 years

Fair Value Measurements and Available for Sale Investments

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements and Available for Sale Investments

Fair Value Measurements

Our financial instruments consist principally of cash, cash equivalents, short-term and long-term investments, receivables, and accounts payable. Certain of our financial assets and liabilities have been recorded at fair value in the consolidated balance sheet in accordance with the accounting standards for fair value measurements.

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Accounting guidance also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:

Level 1 – Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2 – Inputs are observable, unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities; and

Level 3 – Unobservable inputs that are supported by little or no market activities, therefore requiring an entity to develop its own assumptions.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table summarizes our assets and liabilities that require fair value measurements on a recurring basis and their respective input levels based on the fair value hierarchy:


	Fair Value Measurements at End of Period Using:
(in thousands)	Fair Value		Quoted Market Prices for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
At September 30, 2025
Money market funds(1)	$	94,704	$	94,704	$	—	$	—
Mutual funds(1)	9,217		9,217		—		—
U.S. Treasury securities(2)	130,727		130,727		—		—

Agency securities(2)	2,505		—		2,505		—
Commercial and corporate obligations(2)	13,589		—		13,589		—

At December 31, 2024
Money market funds(1)	$	104,553	$	104,553	$	—	$	—
Mutual funds(1)	9,376		9,376		—		—
U.S. Treasury securities(1)(2)	284,495		284,495		—		—

Agency securities(2)	7,579		—		7,579		—
Commercial and corporate obligations(2)	10,652		—		10,652		—

(1) Included in cash and cash equivalents in the accompanying consolidated balance sheets.

(2) Included in short-term or long-term investments in the accompanying consolidated balance sheets depending on the respective maturity date.

The following methods and assumptions were used to estimate the fair value of our financial instruments for which it is practicable to estimate that value:

Marketable Securities. For fair values determined by Level 1 inputs, which utilize quoted prices in active markets for identical assets, the level of judgment required to estimate fair value is relatively low. For fair values determined by Level 2 inputs, which utilize quoted prices in less active markets for similar assets, the level of judgment required to estimate fair value is also considered relatively low.

Fair Value of Other Financial Instruments

The carrying amounts of certain of our financial instruments, including cash and cash equivalents, receivables, accounts payable, and accrued expenses approximate fair value due to their short-term nature.

Available for Sale Investments

We invest our excess cash in agency securities, debt instruments of financial institutions and corporations, commercial obligations, and U.S. Treasury securities, which we classify as available-for-sale investments. These investments are carried at fair value and are included in the tables above. The aggregate market value, cost basis, and gross unrealized gains and losses of available-for-sale investments by security type, classified in short-term and long-term investments as of September 30, 2025 are as follows:


(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Fair Value
Agency securities(1)	$	2,506	$	—	$	(1)	$	2,505


Commercial and corporate obligations(2)	13,563		26		—		13,589
U.S. Treasury securities(3)	130,497		230		—		130,727
Total available for sale investments	$	146,566	$	256	$	(1)	$	146,821

(1) Of our outstanding agency securities, $2.5 million have maturity dates of less than one year and none have maturity dates between one to two years as of September 30, 2025.

(3) Of our outstanding U.S. Treasury securities, $123.0 million have maturity dates of less than one year and $7.7 million have a maturity date of between one to two years as of September 30, 2025.


(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Fair Value
Agency securities(1)	$	7,587	$	—	$	(8)	$	7,579

Commercial and corporate obligations(2)	10,642		10		—		10,652
U.S. Treasury securities(3)	283,985		517		(7)		284,495
Total available for sale investments	$	302,214	$	527	$	(15)	$	302,726

(1) Of our outstanding agency securities, $7.6 million have maturity dates of less than one year and $0.0 million have a maturity date of between one to two years as of December 31, 2024.

(3) Of our outstanding U.S. Treasury securities, $249.0 million have maturity dates of less than one year and $35.5 million have a maturity date of between one to two years as of December 31, 2024.


	September 30, 2025
	Less than 12 Months				12 Months or Greater				Total
(in thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Agency securities	$	2,505	$	(1)	$	—	$	—	$	2,505	$	(1)


	December 31, 2024
	Less than 12 Months				12 Months or Greater				Total
(in thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Agency securities	$	7,579	$	(8)	$	—	$	—	$	7,579	$	(8)


U.S. Treasury Securities	25,250		(7)		—		—		25,250		(7)
Total	$	32,829	$	(15)	$	—	$	—	$	32,829	$	(15)

As of September 30, 2025 and December 31, 2024, unrealized losses on available-for-sale investments were less than $0.1 million for both periods, with no available-for-sale investments that were in an unrealized loss position for greater than 12 months as of September 30, 2025. We do not intend to sell the investments and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost basis, accordingly, no allowance for credit losses was recorded.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Fair Value Measurements and Available for Sale Investments - Schedule of Assets and Liabilities that Require Fair Value Measurements on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short and long-term investments	$ 146,821	$ 302,726
U.S. Treasury Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short and long-term investments	130,727	284,495
Agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short and long-term investments	2,505	7,579
Commercial and corporate obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short and long-term investments	13,589	10,652
Recurring \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	94,704	104,553
Recurring \| Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	9,217	9,376
Recurring \| U.S. Treasury Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short and long-term investments	130,727	284,495
Recurring \| Agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short and long-term investments	2,505	7,579
Recurring \| Commercial and corporate obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short and long-term investments	13,589	10,652
Recurring \| Quoted Market Prices for Identical Assets (Level 1) \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	94,704	104,553
Recurring \| Quoted Market Prices for Identical Assets (Level 1) \| Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	9,217	9,376
Recurring \| Quoted Market Prices for Identical Assets (Level 1) \| U.S. Treasury Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short and long-term investments	130,727	284,495
Recurring \| Quoted Market Prices for Identical Assets (Level 1) \| Agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short and long-term investments	0	0
Recurring \| Quoted Market Prices for Identical Assets (Level 1) \| Commercial and corporate obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short and long-term investments	0	0
Recurring \| Significant Other Observable Inputs (Level 2) \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	0	0
Recurring \| Significant Other Observable Inputs (Level 2) \| Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	0	0
Recurring \| Significant Other Observable Inputs (Level 2) \| U.S. Treasury Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short and long-term investments	0	0
Recurring \| Significant Other Observable Inputs (Level 2) \| Agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short and long-term investments	2,505	7,579
Recurring \| Significant Other Observable Inputs (Level 2) \| Commercial and corporate obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short and long-term investments	13,589	10,652
Recurring \| Significant Unobservable Inputs (Level 3) \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| U.S. Treasury Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short and long-term investments	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short and long-term investments	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Commercial and corporate obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short and long-term investments	$ 0	$ 0

Equity Incentive Plans - Schedule of Grant Date Fair Value Assumptions (Details) - PSU	9 Months Ended
	Sep. 30, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	59.00%
Risk-free interest rate	4.10%
Expected term (in years)	3 years 10 months 24 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Sale of Future Royalties - Schedule of Royalty Transaction Activity (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Liabilities Related To Sale Of Future Royalties [Roll Forward]
Royalty and milestone payments to Sagard			$ (24,835,000)	$ (42,823,000)
Non-cash interest expense recognized	$ 22,515,000	$ 15,413,000	60,182,000	$ 32,683,000
Jemperli Royalty Monetization Agreement
Liabilities Related To Sale Of Future Royalties [Roll Forward]
Beginning balance			323,658,000
Amortization of issuance costs			93,000
Royalty and milestone payments to Sagard			(78,485,000)
Non-cash interest expense recognized			59,395,000
Ending balance	304,661,000		304,661,000
Non-cash interest expense capitalized			1,700,000
Zejula Royalty Monetization Agreement
Liabilities Related To Sale Of Future Royalties [Roll Forward]
Beginning balance			29,768,000
Amortization of issuance costs			21,000
Royalty and milestone payments to Sagard			(3,279,000)
Non-cash interest expense recognized			673,000
Ending balance	$ 27,183,000		27,183,000
Non-cash interest expense capitalized			$ 0

Stockholders' Equity - Schedule of Stock Repurchase Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2025
Equity [Abstract]
Total number of shares purchased (in shares)	490,228	2,560,938	292,898	3,344,064
Average price paid per share (in dollars per share)	$ 19.83	$ 19.58	$ 18.35
Approximate dollar value of shares purchased (in dollars per share)	$ 9,720	$ 50,147	$ 5,375	$ 65,242

Segment Reporting - Narrative (Details)	9 Months Ended
Segment Reporting - Narrative (Details)	Sep. 30, 2025 segment
Segment Reporting [Abstract]
Number of reportable segments	1

Equity Incentive Plans - Schedule of Time-based Restricted Stock Units & PSU's (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
RSUs
Number of Restricted Stock Units
Number of shares, beginning balance (in shares)	1,227,677
Granted (in shares)	614,828
Released (in shares)	(347,297)
Forfeitures and cancellations (in shares)	(64,539)
Number of shares, ending balance (in shares)	1,430,669	1,227,677
Number of shares, Restricted stock units expected to vest (in shares)	1,430,669
Weighted-Average Grant Date Fair Value
Weighted average grant date fair value, beginning balance (in dollars per share)	$ 21.79
Granted (in dollars per share)	14.87
Released (in dollars per share)	21.96
Forfeitures and cancellations (in dollars per share)	18.81
Weighted average grant date fair value, ending balance (in dollars per share)	18.91	$ 21.79
Number of shares, Restricted stock units expected to vest (in dollars per share)	$ 18.91
Weighted-Average Remaining Contractual Term and Aggregate Intrinsic Value
Weighted average remaining contractual term, other than options outstanding (in years)	1 year 5 months 1 day	1 year 5 months 15 days
Weighted average remaining contractual term, other than options vested and expected to vest (in years)	1 year 5 months 1 day
Aggregate intrinsic value, outstanding	$ 43,807	$ 16,254
Aggregate intrinsic value, restricted stock units expected to vest	$ 43,807
PSU
Number of Restricted Stock Units
Number of shares, beginning balance (in shares)	504,500
Granted (in shares)	0
Released (in shares)	0
Forfeitures and cancellations (in shares)	(6,500)
Number of shares, ending balance (in shares)	498,000	504,500
Weighted-Average Grant Date Fair Value
Weighted average grant date fair value, beginning balance (in dollars per share)	$ 24.69
Granted (in dollars per share)	0
Released (in dollars per share)	0
Forfeitures and cancellations (in dollars per share)	24.69
Weighted average grant date fair value, ending balance (in dollars per share)	$ 24.69	$ 24.69
Weighted-Average Remaining Contractual Term and Aggregate Intrinsic Value
Weighted average remaining contractual term, other than options outstanding (in years)	2 years 9 months 10 days	3 years 6 months 7 days

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2025
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC. Certain information and note disclosures normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been omitted. The accompanying unaudited consolidated financial statements include all known adjustments necessary for a fair presentation of the results of interim periods as required by U.S. GAAP. These adjustments consist primarily of normal recurring accruals and estimates that impact the carrying value of assets and liabilities. Operating results for the nine months ended September 30, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025. The financial statements should be read in conjunction with our audited financial statements for the year ended December 31, 2024 included in our Annual Report on Form 10-K.
Basis of Consolidation	Basis of Consolidation The accompanying consolidated financial statements include us and our wholly owned Australian subsidiary, which was deregistered with the Australian Securities & Investments Commission as of September 30, 2025. The deregistration did not have a material impact on our consolidated financial statements. All intercompany accounts and transactions have been eliminated in consolidation. We operate in one reportable segment, and our functional and reporting currency is the U.S. dollar.
Use of Estimates	Use of Estimates The preparation of the accompanying consolidated financial statements in conformity with U.S. GAAP requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. We base our estimates and assumptions on historical experience when available and on various factors that we believe to be reasonable under the circumstances. Significant estimates relied upon in preparing these financial statements include estimates related to revenue recognition, accrued research and development expenses, stock-based compensation, and the liability related to the sale of future royalties. We evaluate our estimates and assumptions on an ongoing basis. Our actual results could differ from these estimates under different assumptions or conditions.
Net Income (Loss) Per Common Share	Net Income (Loss) Per Common Share Basic net income (loss) per common share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of common equivalent shares outstanding for the period, as well as any dilutive effect from outstanding stock options and awards using the treasury stock method.
Accounting Pronouncements and Recent Accounting Pronouncements Not Yet Adopted	Accounting Pronouncements We have implemented all new accounting pronouncements that are in effect and may have an impact on our consolidated financial statements. Unless otherwise discussed, we believe the impact of any recently issued and not yet effective pronouncements will not have a material impact on our consolidated financial statements. Recent Accounting Pronouncements Not Yet Adopted In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures Income Taxes, which improves the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the effective tax rate reconciliation and income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. This guidance will be effective for the annual periods beginning after December 15, 2024. Early adoption is permitted. Upon adoption, the guidance can be applied prospectively or retrospectively. We are currently assessing the impact that this standard will have on our consolidated financial statements. In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disclosure about the types of costs and expenses included in certain expense captions presented on the income statement. The new disclosure requirements are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. We are currently evaluating the provisions of this guidance and assessing the potential impact on our financial statement disclosures.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-12

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-9

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482836/275-10-55-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-4

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-SubTopic 10
-Topic 275
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-SubTopic 10
-Topic 275
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

+ Details

Consolidated Statement of Stockholders’ Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Gain (Loss)	Accumulated Deficit
Stockholders' equity, beginning balance (in shares) at Dec. 31, 2023		26,597,000
Stockholders' equity, beginning balance at Dec. 31, 2023	$ 88,103	$ 27	$ 702,969	$ (797)	$ (614,096)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from exercises of options and employee stock purchase plan (in shares)		53,000
Issuance of common stock from exercises of options and employee stock purchase plan	811		811
Issuance of common stock upon vesting of restricted stock units (in shares)		1,014,000
Net share settlement of restricted stock units (in shares)		(347,000)
Net share settlement of restricted stock units	(7,504)		(7,504)
Stock-based compensation	10,131		10,131
Comprehensive gain (loss), net	173			173
Net loss	(43,936)				(43,936)
Stockholders' equity, ending balance (in shares) at Mar. 31, 2024		27,317,000
Stockholders' equity, ending balance at Mar. 31, 2024	47,778	$ 27	706,407	(624)	(658,032)
Stockholders' equity, beginning balance (in shares) at Dec. 31, 2023		26,597,000
Stockholders' equity, beginning balance at Dec. 31, 2023	88,103	$ 27	702,969	(797)	(614,096)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(123,447)
Stockholders' equity, ending balance (in shares) at Sep. 30, 2024		30,429,000
Stockholders' equity, ending balance at Sep. 30, 2024	84,367	$ 30	821,121	759	(737,543)
Stockholders' equity, beginning balance (in shares) at Mar. 31, 2024		27,317,000
Stockholders' equity, beginning balance at Mar. 31, 2024	47,778	$ 27	706,407	(624)	(658,032)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from exercises of options and employee stock purchase plan (in shares)		75,000
Issuance of common stock from exercises of options and employee stock purchase plan	1,008		1,008
Issuance of common stock upon vesting of restricted stock units (in shares)		42,000
Stock-based compensation	7,544		7,544
Comprehensive gain (loss), net	209			209
Net loss	(46,660)				(46,660)
Stockholders' equity, ending balance (in shares) at Jun. 30, 2024		27,434,000
Stockholders' equity, ending balance at Jun. 30, 2024	9,879	$ 27	714,959	(415)	(704,692)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from exercises of options and employee stock purchase plan (in shares)		196,000
Issuance of common stock from exercises of options and employee stock purchase plan	4,099		4,099
Issuance of common stock upon vesting of restricted stock units (in shares)		48,000
Issuance of common stock, net of transaction costs (in shares)		2,751,000
Issuance of common stock, net of transaction costs	93,877	$ 3	93,874
Stock-based compensation	8,189		8,189
Comprehensive gain (loss), net	1,174			1,174
Net loss	(32,851)				(32,851)
Stockholders' equity, ending balance (in shares) at Sep. 30, 2024		30,429,000
Stockholders' equity, ending balance at Sep. 30, 2024	$ 84,367	$ 30	821,121	759	(737,543)
Stockholders' equity, beginning balance (in shares) at Dec. 31, 2024	30,473,000	30,473,000
Stockholders' equity, beginning balance at Dec. 31, 2024	$ 70,868	$ 30	829,860	305	(759,327)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from exercises of options and employee stock purchase plan (in shares)		44,000
Issuance of common stock from exercises of options and employee stock purchase plan	290		290
Issuance of common stock upon vesting of restricted stock units (in shares)		262,000
Net share settlement of restricted stock units (in shares)		(98,000)
Net share settlement of restricted stock units	(1,451)		(1,451)
Repurchases and retirements of common stock (in shares)		(293,000)
Repurchases and retirements of common stock	(5,383)		(5,383)
Stock-based compensation	9,170		9,170
Comprehensive gain (loss), net	(144)			(144)
Net loss	(39,329)				(39,329)
Stockholders' equity, ending balance (in shares) at Mar. 31, 2025		30,388,000
Stockholders' equity, ending balance at Mar. 31, 2025	$ 34,021	$ 30	832,486	161	(798,656)
Stockholders' equity, beginning balance (in shares) at Dec. 31, 2024	30,473,000	30,473,000
Stockholders' equity, beginning balance at Dec. 31, 2024	$ 70,868	$ 30	829,860	305	(759,327)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ (62,846)
Stockholders' equity, ending balance (in shares) at Sep. 30, 2025	27,575,152	27,575,000
Stockholders' equity, ending balance at Sep. 30, 2025	$ (29,416)	$ 28	792,682	47	(822,173)
Stockholders' equity, beginning balance (in shares) at Mar. 31, 2025		30,388,000
Stockholders' equity, beginning balance at Mar. 31, 2025	34,021	$ 30	832,486	161	(798,656)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from exercises of options and employee stock purchase plan (in shares)		84,000
Issuance of common stock from exercises of options and employee stock purchase plan	1,423		1,423
Issuance of common stock upon vesting of restricted stock units (in shares)		62,000
Repurchases and retirements of common stock (in shares)		(2,561,000)
Repurchases and retirements of common stock	(50,619)	$ (2)	(50,617)
Stock-based compensation	9,239		9,239
Comprehensive gain (loss), net	(167)			(167)
Net loss	(38,630)				(38,630)
Stockholders' equity, ending balance (in shares) at Jun. 30, 2025		27,973,000
Stockholders' equity, ending balance at Jun. 30, 2025	(44,733)	$ 28	792,531	(6)	(837,286)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from exercises of options and employee stock purchase plan (in shares)		68,000
Issuance of common stock from exercises of options and employee stock purchase plan	788		788
Issuance of common stock upon vesting of restricted stock units (in shares)		24,000
Repurchases and retirements of common stock (in shares)		(490,000)
Repurchases and retirements of common stock	(9,794)		(9,794)
Stock-based compensation	9,157		9,157
Comprehensive gain (loss), net	53			53
Net loss	$ 15,113				15,113
Stockholders' equity, ending balance (in shares) at Sep. 30, 2025	27,575,152	27,575,000
Stockholders' equity, ending balance at Sep. 30, 2025	$ (29,416)	$ 28	$ 792,682	$ 47	$ (822,173)

Summary of Significant Accounting Policies - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2024
Numerator:
Net loss	$ 15,113	$ (38,630)	$ (39,329)	$ (32,851)	$ (46,660)	$ (43,936)	$ (62,846)	$ (123,447)
Denominator:
Basic weighted-average common shares outstanding (in shares)	27,833			28,893			29,085	27,688
Effect of dilutive securities:
Diluted weighted-average common shares outstanding (in shares)	29,018			28,893			29,085	27,688
Earnings per share
Net income (loss) per share, basic (in dollars per share)	$ 0.54			$ (1.14)			$ (2.16)	$ (4.46)
Net income (loss) per share, diluted (in dollars per share)	$ 0.52			$ (1.14)			$ (2.16)	$ (4.46)
Stock awards
Effect of dilutive securities:
Weighted average number of shares outstanding, diluted, adjustment (in shares)	1,002			0			0	0
Options to purchase common stock
Effect of dilutive securities:
Weighted average number of shares outstanding, diluted, adjustment (in shares)	183			0			0	0

Consolidated Statement of Stockholders’ Equity (Deficit) (Parenthetical) $ in Thousands	3 Months Ended
	Sep. 30, 2025 USD ($)
Common Stock
Underwriting discounts and commissions and offering expenses	$ 6,516

Subsequent Event	9 Months Ended
Subsequent Event	Sep. 30, 2025
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event [TBD]

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC. Certain information and note disclosures normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been omitted. The accompanying unaudited consolidated financial statements include all known adjustments necessary for a fair presentation of the results of interim periods as required by U.S. GAAP. These adjustments consist primarily of normal recurring accruals and estimates that impact the carrying value of assets and liabilities. Operating results for the nine months ended September 30, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025. The financial statements should be read in conjunction with our audited financial statements for the year ended December 31, 2024 included in our Annual Report on Form 10-K.

Basis of Consolidation

The accompanying consolidated financial statements include us and our wholly owned Australian subsidiary, which was deregistered with the Australian Securities & Investments Commission as of September 30, 2025. The deregistration did not have a material impact on our consolidated financial statements. All intercompany accounts and transactions have been eliminated in consolidation. We operate in one reportable segment, and our functional and reporting currency is the U.S. dollar.

Use of Estimates

The preparation of the accompanying consolidated financial statements in conformity with U.S. GAAP requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. We base our estimates and assumptions on historical experience when available and on various factors that we believe to be reasonable under the circumstances. Significant estimates relied upon in preparing these financial statements include estimates related to revenue recognition, accrued research and development expenses, stock-based compensation, and the liability related to the sale of future royalties. We evaluate our estimates and assumptions on an ongoing basis. Our actual results could differ from these estimates under different assumptions or conditions.

Net Income (Loss) Per Common Share

Basic net income (loss) per common share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of common equivalent shares outstanding for the period, as well as any dilutive effect from outstanding stock options and awards using the treasury stock method. Computations for basic and diluted net income (loss) per common share are below:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands except per share data)	2025		2024		2025		2024
Numerator:


Net income (loss) attributed to common stockholders	$	15,113	$	(32,851)	$	(62,846)	$	(123,447)
Denominator:
Basic weighted-average common shares outstanding	27,833		28,893		29,085		27,688
Effect of dilutive securities:
Stock options and employee stock purchase plan	183		—		—		—
Stock awards	1,002		—		—		—
Diluted weighted-average common shares outstanding	29,018		28,893		29,085		27,688

Net income (loss) per share, basic	$	0.54	$	(1.14)	$	(2.16)	$	(4.46)
Net income (loss) per share, diluted	$	0.52	$	(1.14)	$	(2.16)	$	(4.46)


	Three Months Ended September 30,		Nine Months Ended September 30,
(in thousands)	2025	2024	2025	2024

Options to purchase common stock	6,736	6,065	7,619	6,097

Stock awards	39	974	983	809
Total	6,775	7,039	8,602	6,906

Accounting Pronouncements

We have implemented all new accounting pronouncements that are in effect and may have an impact on our consolidated financial statements. Unless otherwise discussed, we believe the impact of any recently issued and not yet effective pronouncements will not have a material impact on our consolidated financial statements.

Recent Accounting Pronouncements Not Yet Adopted

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures Income Taxes, which improves the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the effective tax rate reconciliation and income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. This guidance will be effective for the annual periods beginning after December 15, 2024. Early adoption is permitted. Upon adoption, the guidance can be applied prospectively or retrospectively. We are currently assessing the impact that this standard will have on our consolidated financial statements.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disclosure about the types of costs and expenses included in certain expense captions presented on the income statement. The new disclosure requirements are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. We are currently evaluating the provisions of this guidance and assessing the potential impact on our financial statement disclosures.

Balance Sheet Accounts and Supplemental Disclosures -Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]
Accrued compensation and related expenses	$ 9,007	$ 8,449
Accrued professional fees and other expenses	1,184	839
Accrued research, development and manufacturing expenses	22,426	30,213
Accrued for repurchases of common stock	554	0
Total accrued expenses	$ 33,171	$ 39,501

Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Income Statement [Abstract]
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Collaboration Revenue [Member]	Collaboration Revenue [Member]	Collaboration Revenue [Member]	Collaboration Revenue [Member]
Collaboration revenue	$ 76,320	$ 30,017	$ 126,354	$ 48,167
Operating expenses:
Research and development	31,407	42,212	110,411	121,251
General and administrative	10,209	10,562	34,948	32,195
Total operating expenses	41,616	52,774	145,359	153,446
Income (loss) from operations	34,704	(22,757)	(19,005)	(105,279)
Other income (expense), net:
Interest income	2,924	5,324	10,991	14,531
Non-cash interest expense for the sale of future royalties	(22,515)	(15,413)	(60,182)	(32,683)
Other (expense) income, net	0	(5)	5,433	(7)
Total other expense, net	(19,591)	(10,094)	(43,758)	(18,159)
Income (loss) before income taxes	15,113	(32,851)	(62,763)	(123,438)
Provision for income taxes	0	0	(83)	(9)
Net income (loss)	15,113	(32,851)	(62,846)	(123,447)
Unrealized gain (loss) on available for sale securities	53	1,174	(258)	1,556
Comprehensive income (loss)	$ 15,166	$ (31,677)	$ (63,104)	$ (121,891)
Net income (loss) per common share:
Basic (in dollars per share)	$ 0.54	$ (1.14)	$ (2.16)	$ (4.46)
Diluted (in dollars per share)	$ 0.52	$ (1.14)	$ (2.16)	$ (4.46)
Weighted-average number of shares outstanding:
Basic (in shares)	27,833	28,893	29,085	27,688
Diluted (in shares)	29,018	28,893	29,085	27,688

Collaborative Research and Development Agreements (Tables)

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Milestones Achieved

Milestones under the GSK Agreement are as follows:

PD-1

(Jemperli/Dostarlimab)

Milestone Event

Amount

Quarter Recognized

Initiated in vivo toxicology studies using good laboratory practices (GLPs)

$1.0M

Q2'15

IND clearance from the FDA

$4.0M

Q1'16

Phase 2 clinical trial initiation

$3.0M

Q2'17

Phase 3 clinical trial initiation - first indication

$5.0M

Q3'18

Phase 3 clinical trial initiation - second indication

$5.0M

Q2'19

Filing of the first BLA(1) - first indication

$10.0M

Q1'20

Filing of the first MAA(2) - first indication

$5.0M

Q1'20

Filing of the first BLA - second indication

$10.0M

Q1'21

First BLA approval - first indication

$20.0M

Q2'21

First MAA approval - first indication

$10.0M

Q2'21

First BLA approval - second indication

$20.0M

Q3'21

Filing of the first MAA - second indication(3)

$5.0M

—

First MAA approval - second indication(3)

$10.0M

—

First commercial sales milestone(3)

$15.0M

Q3'24

Second commercial sales milestone(3)

$25.0M

Q4'24

Third commercial sales milestone(3)

$50.0M

Q3'25

Fourth commercial sales milestone (4)

$75.0M

—

Milestones recognized through September 30, 2025

$183.0M

—

Milestones that may be recognized in the future

$90.0M

—

(1)Biologics License Application (“BLA”)

(2)Marketing Authorization Application (“MAA”)

(4)For Jemperli, we retained the rights to a $75.0 million sales milestone when Jemperli annual net sales exceed $1.0 billion.

We are also eligible to receive a 10% royalty on net sales, as well as the following milestones under the Vanda License Agreement:


Milestone Event	Amount	Quarter Recognized
FDA regulatory approval for marketing of first licensed product in the USA for the treatment of active flares in GPP	$5.0M	—
Regulatory approval for marketing of the first licensed product in the EU	$5.0M	—
Commercial sales first exceed $100.0 million	$25.0M	—

Milestones recognized through September 30, 2025	—	—
Milestones that may be recognized in the future	$35.0M	—

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2025	Oct. 30, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2025
Document Transition Report	false
Entity File Number	001-37985
Entity Registrant Name	ANAPTYSBIO, INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-3828755
Entity Address, Address Line One	10770 Wateridge Circle
Entity Address, Address Line Two	Suite 210
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92121
City Area Code	858
Local Phone Number	362-6295
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	ANAB
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		27,688,470
Entity Central Index Key	0001370053
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Amendment Flag	false

Sale of Future Royalties

9 Months Ended

Sep. 30, 2025

Other Liabilities Disclosure [Abstract]

Sale of Future Royalties

Jemperli Royalty Monetization Agreement

In October 2021, we signed a royalty monetization agreement (“Jemperli Royalty Monetization Agreement”) with Sagard Healthcare Royalty Partners, LP (“Sagard”). Under the terms of the Jemperli Royalty Monetization Agreement, we received $250.0 million in exchange for royalties and milestones payable to us under our GSK collaboration on annual global net sales of Jemperli.

In May 2024, we entered into an amendment to the Jemperli Royalty Monetization Agreement, Amendment No. 1 (the “Jemperli Amendment”) under which we sold additional receivables to Sagard in exchange for $50.0 million. The Jemperli Amendment includes all Jemperli sales, including any product containing Jemperli, whether or not such product constitutes a combination product, and the threshold amounts of aggregate Jemperli royalties and milestones to be received by Sagard under the Jemperli Amendment is either $600.0 million if received by the end of March 31, 2031, or $675.0 million if received thereafter. Once either of these thresholds are met, the Jemperli Royalty Monetization Agreement and the Jemperli Amendment will expire, resulting in us regaining all subsequent Jemperli royalties and milestones. As of September 30, 2025, Sagard has received a total of $142.3 million in royalties and milestones, and in addition is expected to be paid a $50.0 million sales milestone in the fourth quarter of 2025.

We retained the rights to a $75.0 million sales milestone when Jemperli annual net sales exceed $1.0 billion.

The proceeds received from Sagard of $250.0 million and $50.0 million were recorded as a nonrecourse liability, net of transaction costs of $0.4 million and $0.1 million, which will be amortized over the estimated life of the arrangement using the effective interest rate method. The aggregate future estimated payments, less the $299.5 million, net of proceeds, will be recognized as non-cash interest expense over the life of the agreement. Royalty and milestone revenue will be recognized as earned on net sales of Jemperli, and these payments to Sagard will be recorded as a reduction of the liability when paid. As such payments are made to Sagard, the balance of the liability will be effectively repaid over the life of the Jemperli Royalty Monetization Agreement.

We estimate the effective interest rate used to record non-cash interest expense under the Jemperli Royalty Monetization Agreement based on the estimate of future royalty payments to be received by Sagard. As of September 30, 2025, the estimated effective rate under the agreement was 30.5%. Over the life of the arrangement, the actual effective interest rate will be affected by the amount and the timing of the royalty payments received by Sagard and changes in our forecasted royalties. At each reporting date, we will reassess our estimate of total future royalty payments to be received and if such payments are materially different than our prior estimates, we will prospectively adjust the imputed interest rate and the related amortization of the royalty obligation.

We recognized Jemperli non-cash royalty revenue of approximately $24.9 million and $63.2 million during the three and nine months ended September 30, 2025, respectively and approximately $13.8 million and $30.1 million during the three and nine months ended September 30, 2024, respectively.

We recognized non-cash interest expense of approximately $22.3 million and $59.4 million during the three and nine months ended September 30, 2025, respectively, and $15.2 million and $32.0 million during the three and nine months ended September 30, 2024. The interest and amortization of issuance costs are reflected as non-cash interest expense for the sale of future royalties in the Consolidated Statements of Operations.

The following table shows the activity within the liability account for the nine months ended September 30, 2025:


(in thousands)	September 30, 2025
Liability related to sale of future Jemperli royalties and milestones – balance at 12/31/2024	$	323,658


Amortization of issuance costs	93
Royalty and milestone payments to Sagard	(78,485)
Non-cash interest expense recognized(1)	59,395
Liability related to sale of future royalties and milestones – ending balance	$	304,661

(1) Of the non-cash interest expense recognized, $1.7 million was negative amortization for the nine months ended September 30, 2025.

Zejula Royalty Monetization Agreement

In October 2020, in connection with GSK Amendment No. 3, GSK agreed, under the terms of a settlement agreement (the “GSK Settlement Agreement”), to pay us a royalty of 0.5% on all GSK net sales of Zejula starting January 1, 2021.

In September 2022, we signed a purchase and sale agreement (the “Zejula Royalty Monetization Agreement”) with a wholly owned subsidiary of DRI to monetize all of our future royalties on global net sales of Zejula under the GSK Settlement Agreement. Under the terms of the Zejula Royalty Monetization Agreement, we received $35.0 million in exchange for all royalties payable by GSK to us under the GSK Settlement Agreement on global net sales of Zejula starting in July 2022.

The proceeds received from DRI of $35.0 million were recorded as a nonrecourse liability, net of transaction costs of $0.2 million, which will be amortized over the estimated life of the arrangement using the effective interest rate method. Royalty revenue will be recognized as earned on net sales of Zejula, and these royalty payments to DRI will be recorded as a reduction of the liability when paid. The aggregate future estimated payments, less the $34.8 million, of net proceeds, will be recorded as non-cash interest expense over the life of the agreement. As such payments are made to DRI, the balance of the liability will be effectively repaid over the life of the Zejula Royalty Monetization Agreement.

We recognized Zejula non-cash royalty revenue of approximately $1.4 million and $3.4 million during the three and nine months ended September 30, 2025, respectively, and $1.2 million and $3.1 million during the three and nine months ended September 30, 2024, respectively.

We recognized non-cash interest expense of approximately $0.2 million and $0.7 million during the three and nine months ended September 30, 2025, respectively, and $0.2 million and $0.7 million during the three and nine months ended September 30, 2024, respectively. The interest and amortization of issuance costs is reflected as non-cash interest expense for the sale of future royalties in the Consolidated Statements of Operations.

The following table shows the activity within the liability account for the nine months ended September 30, 2025:


(in thousands)	September 30, 2025
Liability related to sale of future Zejula royalties and milestones – balance at 12/31/2024	$	29,768


Amortization of issuance costs	21
Royalty and milestone payments to DRI	(3,279)
Non-cash interest expense recognized(1)	673
Liability related to sale of future royalties and milestones – ending balance	$	27,183

(1) Of the non-cash interest expense recognized, none was negative amortization for the nine months ended September 30, 2025.

Equity Incentive Plans (Tables)

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Activity Related to Stock Option Awards

A summary of the activity related to stock option awards during the nine months ended September 30, 2025 is as follows:


	Shares Subject to Options	Weighted-Average Exercise Price per Share		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding at January 1, 2025	6,086,289	$	25.20	7.63	$	534
Granted	1,758,243	$	14.87
Exercised	(135,771)	$	11.27
Forfeitures and cancellations	(173,846)	$	19.11
Outstanding at September 30, 2025	7,534,915	$	23.18	7.47	$	68,499
Exercisable at September 30, 2025	4,015,784	$	27.06	6.46	$	26,458

Schedule of Time-based Restricted Stock Units Activity


	Number of Restricted Stock Units	Weighted-Average Grant Date Fair Value		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding at January 1, 2025	1,227,677	$	21.79	1.46	$	16,254
Granted	614,828	$	14.87
Released	(347,297)	$	21.96
Forfeitures and cancellations	(64,539)	$	18.81
Outstanding at September 30, 2025	1,430,669	$	18.91	1.42	$	43,807
RSU expected to vest at September 30, 2025	1,430,669	$	18.91	1.42	$	43,807

Schedule of Grant Date Fair Value Assumptions

The grant date fair value is estimated using a Monte Carlo simulation using the following assumptions:


	Nine months ended September 30,
	2025
Volatility of common stock	59.0	%
Risk-free interest rate	4.1	%
Contract term (in years)	3.9

Schedule of Performance Shares, Outstanding Activity

The following table presents a summary of activity with respect to our PSUs:


	Number of Performance Stock Units	Weighted-Average Grant Date Fair Value		Weighted-Average Remaining Contractual Term (in years)
Outstanding at January 1, 2025	504,500	$	24.69	3.52
Granted	—	$	—
Released	—	$	—
Forfeitures	(6,500)	$	24.69
Outstanding at September 30, 2025	498,000	$	24.69	2.78

Schedule of Weighted Average Assumptions used to Estimate Fair Value

The estimated fair values of stock option awards granted were determined on the date of grant using the Black-Scholes option valuation model with the following weighted-average assumptions:


	Nine Months Ended September 30,

		2025	2024
Risk-free interest rate				4.5	%		4.0	%
Expected volatility				81.8	%		78.3	%
Expected dividend yield				—	%		—	%
Expected term (in years)				6.35			6.28
Weighted-average grant date fair value per share			$	10.98		$	15.59

Schedule of Non-cash Stock-based Compensation Expense

Total non-cash stock-based compensation expense for all stock awards that was recognized in the consolidated statements of operations and comprehensive loss is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024
Research and development	$	4,467	$	3,959	$	13,330	$	10,947
General and administrative	4,690		4,230		14,236		14,917
Total	$	9,157	$	8,189	$	27,566	$	25,864

Stockholders' Equity

9 Months Ended

Sep. 30, 2025

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Common Stock

Of the 500,000,000 shares of common stock authorized, 27,575,152 shares were issued and outstanding as of September 30, 2025.

Stock Repurchase Program

In March 2025, our Board of Directors authorized a stock repurchase program (the “2025 Repurchase Program”) to repurchase up to $75.0 million of our outstanding common stock.

The following table presents the repurchase activity through September 30, 2025:


	Total number of shares purchased	Average price paid per share		Approximate dollar value of shares purchased (in thousands)
First Quarter 2025	292,898	$	18.35	$	5,375
Second Quarter 2025	2,560,938	19.58		50,147
Third Quarter 2025	490,228	19.83		9,720

Total	3,344,064			$	65,242

The repurchased common stock was subsequently retired after the repurchase and the par value of the shares was charged to common stock. The excess of the repurchase price over the par value was applied against additional paid in capital. As of September 30, 2025, $9.8 million remained available for future shares of common stock to be repurchased under the 2025 Repurchase Program.

Open Market Sales Agreement

In November 2024, we entered into a sales agreement with TD Securities (USA) LLC (“TD Cowen”), through which we may offer and sell shares of our common stock, having an aggregate offering of up to $100.0 million through TD Cowen as our sales agent. Our prior sales agreement with Cowen terminated upon effectiveness of the registration statement on the Form S-3 we filed in connection with our sales agreement with TD Cowen. As of September 30, 2025, we had sold no shares under this agreement.

Underwriting Agreement

In August 2024, we entered into an underwriting agreement with TD Securities (USA) LLC and Leerink Partners LLC as representatives to the several underwriters listed therein (the “Underwriters”), pursuant to which we issued and sold an aggregate of 2,750,498 shares of our common stock to the Underwriters, at an offering price of $36.50 per share. The net proceeds from these sales were approximately $93.9 million, net of underwriting discounts and commissions and offering expenses of $6.5 million, in the aggregate.

- Definition

The entire disclosure for equity.

+ References

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+ Details