Cash conversion remains weak, as demonstrated by the -96.9% FCF margin in 2026Q2 and cumulative operating cash flow losses of ~-$150 million over ten quarters, indicating persistent cash burn despite intermittent profits.
AnaptysBio, Inc. (ANAB) cash flow statement — 13-year operating, investing & financing cash flows
| 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 |
|---|
| Cash from Operations | 18.08M | 19.7M | -135.34M | -120.8M | -73.59M | -45.92M | -14.16M | -69.52M | -48.51M | -19.44M | -9.03M | -9.67M | 14.6M | -5.8M |
| Operating CF Margin % | - | 8.4% | -148.27% | -704.09% | -715.4% | -72.69% | -18.88% | -868.96% | -970.12% | -194.38% | -54.12% | -55.03% | 92.2% | -105.71% |
| Operating CF Growth % | -32.57% | 114.55% | -12.03% | -64.15% | -60.26% | -224.36% | 79.64% | -43.32% | -149.54% | -115.26% | 6.61% | -166.21% | 351.95% | - |
| Net Income | 195.72M | 49.61M | -145.23M | -163.62M | -128.72M | -57.8M | -19.93M | -97.34M | -61.66M | -30.07M | -4.26M | -5.41M | 3.53M | -5.54M |
| Depreciation & Amortization | 2.18M | 2.42M | 2.4M | 2.38M | 2.33M | 2.09M | 559K | 514K | 315K | 183K | 233K | 274K | 308K | 580K |
| Stock-Based Compensation | 25.98M | 36.07M | 34.05M | 33.2M | 27.36M | 15.35M | 11.5M | 12.41M | 9.96M | 4.38M | 1.16M | 604K | 160K | 151K |
| Deferred Taxes | -183.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.23M | 1.38M | 757K | 1.28M | 62K | -621K |
| Other Non-Cash Items | 75.18M | 12.31M | 39.77M | 7.56M | 18.6M | 1.93M | 487K | -1.96M | 646K | 619K | 105K | 110K | 1.27M | 886K |
| Working Capital Changes | -97.29M | -80.72M | -66.33M | -324K | 6.84M | -7.49M | -6.77M | 16.85M | 3.46M | 4.08M | -7.03M | -6.53M | 9.27M | -1.25M |
| Change in Receivables | -7.46M | 6.92M | -33.91M | -5.43M | -543K | -876K | 0 | 174K | 1.43M | 1.23M | 1K | 229K | -1.46M | 268K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -237.97M | -5.34M | 343K | -489K | 132K |
| Change in Payables | -85.83M | -87.33M | -33.84M | 10.94M | 9.7M | -4.74M | 0 | 0 | 7.08M | 2.22M | 1.25M | 1.95M | 482K | -255K |
| Cash from Investing | 219.33M | 228.03M | 95.4M | 144.75M | -394.85M | 38.84M | 94.47M | 131.43M | -142.45M | -243.06M | -50K | -238K | -140K | -37K |
| Capital Expenditures | -13K | -87K | -358K | -807K | -358K | -1.37M | -569K | -805K | -1.06M | -290K | -50K | -238K | -145K | -37K |
| CapEx % of Revenue | 0.01% | 0.04% | 0.39% | 4.7% | 3.48% | 2.16% | 0.76% | 10.06% | 21.26% | 2.9% | 0.3% | 1.35% | 0.92% | 0.67% |
| Acquisitions | 0 | 0 | 0 | 0 | 394.49M | 0 | 0 | 0 | 347.54M | 290.9M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | -394.49M | 15K | 0 | 0 | -347.54M | -290.9M | 0 | 0 | 5K | 0 |
| Cash from Financing | -147.88M | -132.61M | 127.05M | -59.3M | 44.02M | 252.3M | -879K | -4.49M | 223.36M | 292.45M | 8.63M | 39.4M | 4.92M | 1.96M |
| Debt Issued (Net) | -72.7M | -76.8M | 34.77M | -11.73M | 0 | 0 | -1.38M | -7.5M | -6.88M | 0 | 10M | 0 | 5M | 1.96M |
| Equity Issued (Net) | 24.82M | -54.37M | 100.39M | -47.53M | 11.83M | 2.55M | 496K | 3.01M | 227.48M | 292.54M | -1K | 40.85M | 0 | 4K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -13.1M | -68.63M | -456K | -50M | 0 | 0 | 0 | 0 | 0 | 0 | -1K | 0 | 0 | 0 |
| Other Financing | -100M | -1.45M | -8.1M | -43K | 32.19M | 249.75M | 0 | 0 | 2.76M | -84K | -1.37M | -1.45M | -85K | 0 |
| Net Change in Cash | 89.53M | 115.12M | 87.11M | -35.34M | -424.42M | 245.21M | 79.44M | 57.42M | 32.41M | 29.96M | -452K | 29.5M | 19.38M | -3.87M |
| Free Cash Flow | 18.07M | 19.61M | -135.69M | -121.61M | -73.95M | -47.29M | -14.73M | -70.32M | -49.57M | -19.73M | -9.08M | -9.91M | 14.46M | -5.83M |
| FCF Margin % | 7.6% | 8.36% | -148.66% | -708.79% | -718.88% | -74.85% | -19.63% | -879.03% | -991.38% | -197.28% | -54.42% | -56.38% | 91.29% | -106.38% |
| FCF Growth % | 114.11% | 114.45% | -11.58% | -64.44% | -56.39% | -221.11% | 79.06% | -41.87% | -151.26% | -117.27% | 8.35% | -168.52% | 347.87% | - |
| FCF per Share | 0.50 | 0.63 | -4.78 | -4.52 | -2.63 | -1.72 | -0.54 | -2.60 | -2.01 | -1.00 | -3.44 | -3.88 | 5.83 | -5.24 |
| FCF Conversion (FCF/Net Income) | 0.09x | -1.49x | 0.93x | 0.74x | 0.57x | 0.79x | 0.71x | 0.71x | 0.79x | 0.65x | 2.12x | 1.79x | 62.94x | 1.05x |
| Interest Paid | 20.83M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 40K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying ANAB stock.
AnaptysBio, Inc. (ANAB) generated $19.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
AnaptysBio, Inc. (ANAB) generated $19.6M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
AnaptysBio, Inc. (ANAB) spent $0.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, AnaptysBio, Inc. (ANAB) spent $68.6M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Milestone Revenue Volatility
Metrics are mathematically derived from official filings.
Milestone-Driven Earnings Lack Cash Backing
In Q2 2026, AnaptysBio reported net income of $183.9 million, yet operating cash flow was negative $26.6 million according to quarterly financial statements, suggesting that recent profitability is not translating into actual cash generation due to non-recurring items.
This stark divergence indicates low earnings quality, as the positive net income appears driven by milestone recognition rather than sustainable operational cash inflows. The gap may be exacerbated by cash outflows in R&D and working capital, implying investors should monitor cash conversion metrics closely to assess underlying health.
Chronic FCF Burn Reliant on Milestone Peaks
AnaptysBio's free cash flow has been negative in nine of the last ten quarters, with a 2026Q2 FCF margin of -96.9% as per reported figures, highlighting a persistent cash burn that is only intermittently offset by milestone payments.
The trajectory suggests that without regular recognition of large milestones, such as the $98.0 million operating cash flow in 2025Q4, the company's cash position may erode rapidly. This pattern indicates structural cash burn from R&D activities, warranting scrutiny of the milestone pipeline to sustain operations.
Capital Prioritized for Pipeline and Buybacks
Capital deployment has focused on R&D and occasional share repurchases, with $51.1 million in buybacks during 2025Q2 as reported in financial data, suggesting opportunistic use of milestone inflows rather than dividends or acquisitions.
The absence of dividends and limited acquisitions align with a biotech in development phase, but buybacks in volatile cash flow periods may indicate suboptimal timing. This allocation pattern implies management is balancing pipeline investment with shareholder returns, though the sustainability is contingent on future milestones.
SBC and Lumpy Revenues Obscure Cash Reality
Stock-based compensation averaged $9.2 million per quarter based on SEC filings, which adds back to operating cash flow but represents a real dilutive cost that cash flow statements may not fully reflect, distorting true cash generation metrics.
Furthermore, the lumpiness of milestone payments means that quarterly operating cash flow can fluctuate dramatically, masking the underlying cash burn from R&D. Investors should adjust for SBC and milestone timing to evaluate sustainable cash flow, as these factors can create misleading signals about operational efficiency.
Cumulative Earnings-Cash Flow Gap Persists
Over the last ten quarters, cumulative net income is approximately $50 million while cumulative operating cash flow is around -$150 million based on aggregated quarterly data, revealing a substantial long-term gap between reported earnings and cash reality.
This divergence suggests that AnaptysBio's accounting profits have not consistently converted to cash, likely due to non-cash adjustments and volatile working capital changes. The trend indicates that the business model may generate paper income without near-term cash flow sustainability, emphasizing the need for milestone-driven cash infusions.