The company's financial position appears precarious, characterized by a debt-to-equity ratio of 21.76 as of 2026Q1 and an accumulated deficit that has ballooned to $825.4 million.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Total Current Assets | 316.11M | 350.25M | 431.88M | 406.83M | 447.2M | 553.88M | 396.56M | 377.73M | 434.22M | 252.7M | 58.21M | 53.46M | 24.4M | 3.05M |
| Cash & Short-Term Investments | 286.45M | 311.64M | 385.37M | 390.9M | 441.24M | 548.1M | 393.65M | 374.23M | 427.08M | 248.41M | 51.23M | 51.68M | 22.19M | 2.81M |
| Cash Only | 248.47M | 238.2M | 123.08M | 35.97M | 71.31M | 495.73M | 250.46M | 171.02M | 113.6M | 81.19M | 51.23M | 51.68M | 22.19M | 2.81M |
| Short-Term Investments | 37.99M | 73.44M | 262.29M | 354.94M | 369.93M | 52.37M | 143.2M | 203.21M | 313.49M | 167.22M | 0 | 0 | 0 | 0 |
| Accounts Receivable | 25.75M | 33.85M | 40.77M | 6.85M | 1.42M | 876K | 0 | 0 | 174K | 1.6M | 5.34M | 1.23M | 1.46M | 0 |
| Days Sales Outstanding | 61.53 | 52.66 | 163.01 | 145.75 | 50.35 | 5.06 | - | - | 12.7 | 58.44 | 116.89 | 25.47 | 33.53 | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 3.91M | 4.76M | 5.74M | 9.08M | 4.54M | 0 | 0 | 0 | 0 | 0 | 0 | 554K | 758K | 0 |
| Total Non-Current Assets | 13.57M | 14.14M | 51.96M | 45.55M | 163.18M | 89.19M | 19.99M | 57.46M | 74.78M | 76.67M | 3.97M | 2.82M | 664K | 860K |
| Property, Plant & Equipment | 13.32M | 13.89M | 16.23M | 18.27M | 19.99M | 21.84M | 2.13M | 1.62M | 1.45M | 665K | 471K | 551K | 579K | 750K |
| Fixed Asset Turnover | 16.37x | 16.89x | 5.62x | 0.94x | 0.51x | 2.89x | 35.26x | 4.94x | 3.46x | 15.04x | 35.42x | 31.89x | 27.35x | 7.31x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 35.69M | 0 | 35.47M | 27.03M | 142.94M | 67.1M | 17.55M | 54.3M | 73.13M | 75.9M | 60K | 60K | 0 | 0 |
| Other Non-Current Assets | 256K | 256K | 256K | 256K | 256K | 256K | 318K | 1.54M | 208K | 106K | 3.44M | 2.21M | 85K | 110K |
| Total Assets | 329.68M | 364.39M | 483.83M | 452.39M | 610.38M | 643.07M | 416.55M | 435.2M | 509M | 329.36M | 62.18M | 56.28M | 25.07M | 3.91M |
| Asset Turnover | 0.67x | 0.64x | 0.19x | 0.04x | 0.02x | 0.10x | 0.18x | 0.02x | 0.01x | 0.03x | 0.27x | 0.31x | 0.63x | 1.40x |
| Asset Growth % | -96.57% | -24.69% | 6.95% | -25.88% | -5.08% | 54.38% | -4.28% | -14.5% | 54.54% | 429.69% | 10.48% | 124.54% | 540.39% | - |
| Total Current Liabilities | 41.7M | 38.63M | 45.43M | 37.44M | 26.05M | 16.1M | 19.82M | 29.54M | 21.84M | 14.09M | 5.71M | 7.38M | 11.68M | 3.16M |
| Accounts Payable | 7.52M | 3.87M | 4M | 4.7M | 2.78M | 1.74M | 4.22M | 16.24M | 5.44M | 2.32M | 2.28M | 1.52M | 415K | 197K |
| Days Payables Outstanding | -42.12 | 583.13 | 8.92 | 12.96 | 11.44 | 6.45 | 19.23 | 59.66 | 35.35 | 28.8 | 53.92 | 32.08 | 17.58 | 8.15 |
| Short-Term Debt | 2.12M | 2.08M | 0 | 0 | 0 | 0 | 0 | 1.38M | 7.57M | 6.88M | 0 | 0 | 0 | 818K |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8.7M | 4.86M | 3.43M | 2.94M | 10.09M | 1.29M |
| Other Current Liabilities | 26.53M | 32.67M | 39.5M | 23.77M | 5.38M | 4.18M | 3.69M | 2.15M | 2.42M | 1.59M | 973K | 772K | 588K | 485K |
| Current Ratio | 7.58x | 9.07x | 9.51x | 10.87x | 17.16x | 34.40x | 20.01x | 12.79x | 19.89x | 17.93x | 10.20x | 7.25x | 2.09x | 0.97x |
| Quick Ratio | 7.58x | 9.07x | 9.51x | 10.87x | 17.16x | 34.40x | 20.01x | 12.79x | 19.89x | 17.93x | 10.20x | 7.25x | 2.09x | 0.97x |
| Cash Conversion Cycle | 103.65 | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 275.24M | 288.56M | 367.54M | 326.84M | 322.23M | 270.54M | 0 | 654K | 796K | 7.69M | 17.2M | 6.57M | 7.39M | 607K |
| Long-Term Debt | 263.74M | 12.03M | 353.43M | 0 | 0 | 0 | 0 | 0 | 625K | 7.55M | 13.81M | 4.9M | 4.79M | 0 |
| Capital Lease Obligations | 49.19M | 0 | 14.11M | 16.04M | 17.81M | 19.45M | 0 | 654K | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -171K | -140K | -154K | -115K | 0 | 0 |
| Other Non-Current Liabilities | 0 | 276.53M | 0 | 310.81M | 304.41M | 251.09M | 0 | 0 | 171K | 140K | 3.4M | 1.66M | 569K | 607K |
| Total Liabilities | 316.94M | 327.19M | 412.97M | 364.29M | 348.28M | 286.64M | 19.82M | 30.19M | 22.63M | 21.78M | 22.91M | 13.94M | 19.07M | 3.77M |
| Total Debt | 277.36M | 14.11M | 369.46M | 17.81M | 19.45M | 20.95M | 342K | 2.9M | 8.26M | 14.45M | 13.81M | 4.92M | 4.92M | 932K |
| Net Debt | 28.89M | -224.08M | 246.38M | -18.15M | -51.86M | -474.77M | -250.11M | -168.12M | -105.34M | -66.74M | -37.42M | -46.76M | -17.27M | -1.88M |
| Debt / Equity | 21.76x | 0.38x | 5.21x | 0.20x | 0.07x | 0.06x | 0.00x | 0.01x | 0.02x | 0.05x | 0.35x | 0.12x | 0.82x | 6.43x |
| Debt / EBITDA | 6.42x | 0.28x | - | - | - | - | - | - | - | - | - | - | 0.95x | - |
| Net Debt / EBITDA | 0.67x | -4.45x | - | - | - | - | - | - | - | - | - | - | -3.33x | - |
| Interest Coverage | 0.62x | 0.60x | -1.90x | -8.69x | -5.10x | -39.86x | - | -92.65x | -36.44x | -15.94x | -8.30x | -10.45x | 3.76x | -5.26x |
| Total Equity | 12.75M | 37.21M | 70.87M | 88.1M | 262.1M | 356.43M | 396.73M | 405.01M | 486.37M | 307.58M | 39.27M | 42.34M | 5.99M | 145K |
| Equity Growth % | -797.7% | -47.49% | -19.56% | -66.39% | -26.46% | -10.16% | -2.04% | -16.73% | 58.13% | 683.29% | -7.25% | 606.44% | 4033.1% | - |
| Book Value per Share | 0.44 | 1.19 | 2.50 | 3.27 | 9.31 | 12.99 | 14.53 | 14.97 | 19.71 | 15.55 | 14.89 | 16.60 | 2.42 | 0.13 |
| Total Shareholders' Equity | 12.75M | 37.21M | 70.87M | 88.1M | 262.1M | 356.43M | 396.73M | 405.01M | 486.37M | 307.58M | 39.27M | 42.34M | 5.99M | 145K |
| Common Stock | 29K | 28K | 30K | 27K | 29K | 28K | 27K | 27K | 27K | 24K | 3K | 3K | 17K | 17K |
| Retained Earnings | -825.44M | -772.56M | -759.33M | -614.1M | -450.48M | -321.75M | -263.96M | -244.03M | -146.69M | -85.03M | -54.92M | -50.66M | -45.26M | -48.79M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -146K | -24K | 305K | -797K | -5.25M | -422K | -4K | 338K | -223K | -426K | -3.8M | -3.58M | -3.35M | -3.11M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
High Debt-to-Equity Volatility
As reported in financial statements, AnaptysBio's equity base has experienced extreme volatility, swinging from a positive $88.1 million in 2023Q4 to a deficit of $44.7 million by 2025Q2, underscoring the precarious nature of a balance sheet heavily dependent on lumpy, non-recurring milestone payments.
The trajectory of the balance sheet appears highly sensitive to the timing of clinical milestones, which prevents the accumulation of a stable equity base. Investors should monitor whether the company can transition toward a more predictable capital structure as its internal pipeline matures.
According to recent SEC filings, the company's debt-to-equity ratio reached a concerning 21.76 in 2026Q1, reflecting a significant reliance on debt financing that appears to be a necessity for bridging operational gaps rather than a strategic choice for capital optimization.
The sharp fluctuations in total debt, which surged from $15.1 million in 2025Q2 to $277.4 million in 2026Q1, suggest that the company may be utilizing debt to manage liquidity during periods of high R&D intensity. This level of leverage warrants further investigation into the terms of these obligations and their impact on future cash flow durability.
Based on ANAB's reported figures, the current ratio remains elevated at 7.58 as of 2026Q1, yet this metric may provide a false sense of security given the company's persistent negative retained earnings of $825.4 million and ongoing reliance on external capital to fund clinical development.
While the current ratio suggests sufficient short-term liquidity, the underlying cash position is volatile and subject to rapid depletion without consistent royalty inflows. The company's ability to maintain this liquidity buffer appears contingent on the successful execution of its partnership strategy rather than organic operational success.
As indicated by historical data, the company's accumulated deficit has ballooned to $825.4 million, a figure that highlights the significant capital intensity of the SHM platform and raises questions about the long-term sustainability of the current R&D-heavy business model.
The persistent growth in the accumulated deficit suggests that the company has yet to achieve a self-sustaining commercial model, making it highly vulnerable to any disruption in its partnership-driven revenue streams. This structural imbalance remains the most significant non-obvious risk to the company's long-term financial health.
Quick answers to the most common questions about buying ANAB stock.
As of 2025, AnaptysBio, Inc. (ANAB) had total assets of $364.4M including $350.3M in current assets.
AnaptysBio, Inc. (ANAB) carries total debt of $14.1M, offset by $311.6M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
AnaptysBio, Inc. (ANAB) has total shareholders' equity (book value) of $37.2M ($1.19 book value per share). Book value represents the net worth of the company belonging to common stock holders.
AnaptysBio, Inc. (ANAB) reported a current ratio of 9.07x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.