Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Sep 25, 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.
D · Weak — demands caution
Forensic grade
Safe
Financial health
4.4
Distress distance
Clean
Earnings quality
3
Forensic signals
-63.4
P / E (ttm)
-35.6%
ROE
$1.5B
Market cap
0.00%
Dividend yield
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 (red flags, auditor quality, say on pay, board independence, going concern, valuation). 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 D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 4.4, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by share-count dilution.
What the filings flag
+3.3%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +7% over the last 2 years to FY2025 (+3.3%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~3.3% 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 ~6%.
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 $36M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 534%.
15% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 15% of revenue and 184% of free cash flow in FY2025 — about $1.25 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 3.4% a year, 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)+269.5%
Net Margin-5.6%
Free Cash Flow$19.6M
Return on Equity-35.6%
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?