Founded in 2005 and headquartered in San Diego, California, AnaptysBio, Inc. historically operated as a clinical-stage biotechnology firm developing immunology therapeutics. In April 2026, the company executed a strategic transformation by spinning off its biopharmaceutical pipeline into a new independent entity, First Tracks Biotherapeutics. Today, AnaptysBio operates as a royalty-focused company with a virtual business model and minimal full-time employees. The company's core business is managing its financial collaborations, specifically its royalty interests in the PD-1 antagonist Jemperli (commercialized by GSK) and the IL-36R antagonist imsidolimab (partnered with Vanda Pharmaceuticals). By eliminating its research and development expenses, AnaptysBio focuses on managing its royalty revenues and returning capital to shareholders.
