Forensic Analysis · Pharmaceuticals & Biotechnology · as of Nov 11, 2026
Anaptysbio, Inc (ANAB)
A forensic read on Anaptysbio, Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
3.0
Distress distance
Clean
Earnings quality
4
Forensic signals
-24.5%
ROE
157.0%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Anaptysbio, Inc earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 3.0, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by share-count dilution.
What the filings flag
+6.0%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +12% over the last 2 years to FY2025 (+6.0%/yr). The count is growing — 26.9M shares in FY2023, 30.2M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~6.0% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~11%.
350% of FCF
FY2025
Shareholder returns.Returned $69M to shareholders (buybacks + dividends) in FY2025 — 350% of free cash flow. That is $49M (250%) more than free cash flow covered, and more than operating cash flow as well. It came out of the balance sheet's own liquid holdings, not new debt: cash, short-term investments and long-term marketable securities fell $109M over FY2025. A payout past free cash flow draws the balance sheet down in every year it continues, which isn't sustainable indefinitely. Counting the $4M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 369%.
n/m (sign flip)
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets flipped from positive to negative FY2024→FY2025 (FY2024 $+47.8M to FY2025 $-101.0M) — the standard accruals ratio divides by the average of the two, which collapses toward zero right as the sign changes, so the resulting percentage is a denominator artifact, not a real accrual measurement. Treat this as a structural balance-sheet shift to understand on its own terms rather than a clean or dirty accruals read.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
1.6% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 1.6% of revenue and 19% of free cash flow in FY2025 — about $0.12 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 6.0% a year across FY2023–FY2025, and the rate is falling. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$234.6M
Revenue Growth YoY+157.0%
Revenue CAGR (2yr)+269.8%
Net Margin-5.6%
Free Cash Flow$19.6M
Return on Equity-24.5%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Anaptysbio, Inc's actual 10-K/10-Q/8-K filings?