Corporate Overview Jefferies 2019 Healthcare Conference - June 7, 2019

 
Corporate Overview Jefferies 2019 Healthcare Conference - June 7, 2019
Corporate Overview

Jefferies 2019 Healthcare Conference

June 7, 2019

Nasdaq: ANAB
Corporate Overview Jefferies 2019 Healthcare Conference - June 7, 2019
Safe Harbor Statement

 This presentation and the accompanying oral presentation contain “forward‐looking” statements within the meaning of the "safe
 harbor" provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to: the timing of the release of
 data from our clinical trials, including etokimab’s Phase 2b clinical trial in moderate-to-severe adult atopic dermatitis patients,
 etokimab’s Phase 2 clinical trial in adult chronic rhinosinusitis with nasal polyps patients and ANB019’s Phase 2 trials in GPP and PPP
 patients; the design of and our ability to launch a Phase 2b clinical trial of etokimab in eosinophilic asthma patients; the timing of an
 IND filing for ANB030, our new wholly-owned anti-inflammatory antibody program; the timing of a BLA filing for TESARO’s
 dostarlimab product candidate; and the milestones and success of our partnerships with TESARO (recently acquired by
 GlaxoSmithKline) and Celgene. Statements including words such as “plan,” “continue,” “expect,” or “ongoing” and statements in the
 future tense are forward-looking statements. These forward-looking statements involve risks and uncertainties, as well as
 assumptions, which, if they do not fully materialize or prove incorrect, could cause our results to differ materially from those
 expressed or implied by such forward-looking statements. Forward-looking statements are subject to risks and uncertainties that
 may cause the company’s actual activities or results to differ significantly from those expressed in any forward-looking statement,
 including risks and uncertainties related to the company’s ability to advance its product candidates, obtain regulatory approval of
 and ultimately commercialize its product candidates, the timing and results of preclinical and clinical trials, the company’s ability to
 fund development activities and achieve development goals, the company’s ability to protect intellectual property and other risks
 and uncertainties described under the heading “Risk Factors” in documents the company files from time to time with the Securities
 and Exchange Commission. These forward-looking statements speak only as of the date of this presentation, and the company
 undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date
 hereof.
 Certain information contained in this presentation may be derived from information provided by industry sources. The Company
 believes such information is accurate and that the sources from which it has been obtained are reliable. However, the Company
 cannot guarantee the accuracy of, and has not independently verified, such information.
 The trademarks included herein are the property of the owners thereof and are used for reference purposes only. Such use should
 not be construed as an endorsement of such products.

                                                                                                                                             2
Corporate Overview Jefferies 2019 Healthcare Conference - June 7, 2019
AnaptysBio: Clinical-Stage Antibody Development Company
  Focused on Novel Antibody Medicines for Severe Inflammatory Diseases

                            Wholly-Owned                                                            Rapid Antibody Generation
                     Anti-Inflammatory Pipeline                                                       Platform Technology

                      Etokimab (ANB020, Anti-IL-33)
         Atopic Dermatitis, Eosinophilic Asthma & Chronic Rhinosinusitis with Nasal Polyps       Antibody             Preclinical &           IND or
                                                                                                 Discovery            Translational       Equivalent Filing
                      ANB019 (Anti-IL-36R)
             Generalized Pustular Psoriasis & Palmoplantar Pustulosis

                                                                                                                                 ~2.5 years
             ANB030 (PD-1 Agonist)
                       Inflammatory Diseases

                                                                 Antibody Medicines
                                                                 For Severe Diseases
                                                                                              Multiple Efficacy Readouts Anticipated
             Validating Product Partnerships                                                      From Wholly-Owned Pipeline
                  Generated ~$80MM*
                                                                                              ANB019 Generalized Pustular Psoriasis Phase 2: Top-line data
                                                                                               in mid 2019
                                 TESARO                                                      Etokimab Atopic Dermatitis Phase 2b: Top-line data in H2 2019
                                                                                              Etokimab Chronic Rhinosinusitis With Nasal Polyps Phase 2:
                                 Celgene                                                      Top-line data in H2 2019
                                                                                              ANB019 Palmoplantar Pustulosis Phase 2: Top-line data in H1
                                                                                               2020

* As of March 31st 2019

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Corporate Overview Jefferies 2019 Healthcare Conference - June 7, 2019
Wholly-Owned and Partnered Product Pipeline
  6 AnaptysBio-Generated Antibodies Advanced to Clinic Since Q1 2016

                                                                                          Development Stage & Anticipated Milestones
      Program              Therapeutic Indication                                                                                                                                                  Commercial Rights
                                                       Discovery        Preclinical               Phase 1                                       Phase 2                                  Phase 3

                                                                                                                        Phase 2a Data Presented at        ATLAS: Phase 2b Top-Line
                             Atopic Dermatitis
                                                                                                                           AAD and EAACI 2018                  Data H2 2019

 Etokimab (ANB020):                                                                       Phase 1 Data Presented at     Phase 2a Data Presented at       Phase 2b To Be Initiated in
                            Eosinophilic Asthma
      Anti-IL-33                                                                            AAD and AAAAI 2017                 EAACI 2019                          2019

                         Chronic Rhinosinusitis With                                                                  ECLIPSE: Phase 2 Top-Line Data
                                Nasal Polyps                                                                                     H2 2019

                            Generalized Pustular                                                                      GALLOP: Phase 2 Top-Line Data
                                 Psoriasis                                                                                     Mid 2019
                                                                                           Phase 1 Data Presented
 ANB019: Anti-IL-36R
                                                                                               at EAACI 2018
                                                                                                                      POPLAR: Phase 2 Top-Line Data
                          Palmoplantar Pustulosis
                                                                                                                                H1 2020

 ANB030: Anti-PD-1
                           Inflammatory Diseases                    IND Filing H2 2019
     Agonist

Dostarlimab (TSR-042):
                             Immuno-Oncology                                                                                                         BLA Filing Anticipated in H2 2019
      Anti-PD-1

 TSR-022: Anti-TIM-3         Immuno-Oncology                                                                          TSR-042 Combination Trial Ongoing

                                                                                          TSR-042 Combination Trial
 TSR-033: Anti-LAG-3         Immuno-Oncology
                                                                                                  Ongoing

 TSR-075: Anti-PD-1/                                               IND-Enabling Studies
                             Immuno-Oncology
   LAG-3 Bispecific                                                     Ongoing

 CC-90006: Anti-PD-1
                                  Psoriasis                                                       Ongoing
       Agonist

     Undisclosed               Inflammation                              Ongoing

                All programs generated internally using AnaptysBio’s proprietary antibody generation platform technology

                                                                                                                                                                                                                4
Corporate Overview Jefferies 2019 Healthcare Conference - June 7, 2019
Wholly-Owned Pipeline:
Etokimab (ANB020, Anti-IL-33)
Moderate-to-Severe Atopic Dermatitis
Moderate-to-Severe Eosinophilic Asthma
Chronic Rhinosinusitis with Nasal Polyps
Corporate Overview Jefferies 2019 Healthcare Conference - June 7, 2019
Atopic Diseases: Large Unmet Medical Need
IL-33-driven Disease Mechanism Affects Multiple Organ Systems

                                               Atopic Dermatitis
             Skin                              • 1.4 million adult atopic dermatitis patients in the US
                                               • Estimate ~280,000 adults with moderate-to-severe atopic dermatitis

                                               Eosinophilic Asthma
             Lung                              • 19 million adult patients diagnosed with asthma in the US
                            Inflammatory
                                               • Estimate ~1.1M adults with severe asthma insufficiently controlled
                             Response to          through standard-of-care
                               Allergen

                                               Chronic Rhinosinusitis with Nasal Polyps
             Sinus
                                               • 1.3 million adults diagnosed in the US
                                               • Estimate ~400,000 adults inadequately controlled with standard-of-care

      Atopic diseases occur through a common inflammatory response to an allergen, leading
           to concomitant incidence of multiple atopic diseases amongst some patients

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Corporate Overview Jefferies 2019 Healthcare Conference - June 7, 2019
Etokimab: First-in-Class Anti-IL-33 Antibody
Broadly Applicable to Atopic Diseases

 • IL-33 is an upstream driver of
   atopic disease
    –   Human genetics validate key role of IL-33 in
        atopic dermatitis and asthma
    –   Pro-inflammatory cytokine released upon
        allergen contact with epithelium
    –   Activates downstream release of IL-4, IL-5
        and IL-13
    –   Modulates IgE-mediated mast cell and
        basophil degranulation

 • Etokimab is a potentially first-in-
   class anti-IL-33 cytokine
   antibody
    –   Phase I healthy volunteer trial completed
        without dose-limiting toxicities               IL-33 acts as a gatekeeper of allergic response with demonstrated
    –   AnaptysBio pursuing development in             activity in the initiation (activation of ILC2 cells)1, propagation (activation
        moderate-to-severe atopic dermatitis,          of allergen-specific T and B cells)2 and amplification (degranulation of
        moderate-to-severe eosinophilic asthma         mast cells and basophils)3.
        and chronic rhinosinusitis with nasal polyps
                                                                                                      1. Cayrol et al. Curr Opin Immunol (2014) 31:31
                                                                                                      2. Peine et al. Trends Immunol (2016) 37(5):321
                                                                                                      3. Saluja et al. Clin Transl Allergy (2015) 5:33

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Corporate Overview Jefferies 2019 Healthcare Conference - June 7, 2019
Etokimab Atopic Dermatitis Phase 2a Clinical Trial
Single Dose of Etokimab Administered on Day 1

                                                                                                                                          Day 113

                                                                                                                                                    Day 140
                   Day -21

                                                                                                                        Day 78
                                                                         Day 15

                                                                                      Day 29

                                                                                                       Day 57
                             Day -7

                                                       Day 1
      Enrollment

                                       Placebo             Etokimab
        n=12

                                      IV Single Dose       300mg IV Single Dose

               Patient                             Adult Moderate-to-Severe Atopic Dermatitis Patients
              Population                           Average baseline EASI score of 32

                                                   Clinical: EASI, 5-D pruritus, SCORAD, IGA, DLQI, safety
        Key Endpoints                              Biomarkers: Circulating eosinophils, ex-vivo IFN-g PD, granulocyte skin infiltration

                                                                                                                                                              8
Corporate Overview Jefferies 2019 Healthcare Conference - June 7, 2019
EASI Scores Following Single Etokimab Dose
Rapid Response & All Patients Achieved EASI-50 On Or Before Day 57

90%                                                % Patients Achieving EASI-50
                                                   % Patients Achieving EASI-75                                      Average            % Patients   % Patients
                                                   Average % EASI Score Reduction        Timepoint                 % EASI Score         Achieving    Achieving
80%                                                                                                                 Reduction*           EASI-50*     EASI-75*

                                                                                          Day -21
                                                                                                                           0%               0            0
70%                                                                                      (Baseline)

                                                                                          Day 1
                                                                                                                           4%               0            0
60%                                                                                 (Etokimab Dosing)

                                                                                                                                         9 of 12      3 of 12
                                                                                           Day 15                         58%
50%                                                                                                                                      (75%)        (25%)

                                                                                                                                         10 of 12     4 of 12
                                                                                           Day 29                         61%
40%                                                                                                                                       (83%)       (33%)

                                                                                                                                         9 of 12      5 of 12
                                                                                           Day 57                         62%
30%                                                                                                                                      (75%)        (42%)

                                                                                                                                         9 of 12      2 of 12
                                                                                           Day 78                         62%
20%                                                                                                                                      (75%)        (17%)

                                                                                                                                         8 of 12      2 of 12
                                                                                          Day 113                         55%
10%                                                                                                                                      (67%)        (17%)

                                                                                                                                         5 of 12      3 of 12
                                                                                          Day 140                         45%
0%                                                                                                                                       (42%)        (25%)
      Day -21   Day 1   Day 15   Day 29   Day 57   Day 78      Day 113    Day 140
                                                                                    * Relative to baseline upon enrollment at Day -21

                                          Time

                                                                                                                                                             9
Corporate Overview Jefferies 2019 Healthcare Conference - June 7, 2019
Additional Efficacy Data
5-D Pruritus, SCORAD, DLQI and IGA Scores

              60%
                                                                                                                           Average % 5-D Average %          Average %
                                                                                                           Timepoint       Pruritus Score SCORAD               DLQI
                                                                                                                            Reduction* Reduction*           Reduction*

              50%
                                                                                                             Day -21
                                                                                                                                  0%               0%          0%
                                                                                                            (Baseline)

                                                                                                             Day 1
              40%                                                                                          (Etokimab             10%               3%          21%
                                                                                                            Dosing)

                                                                                                             Day 15              28%              37%          43%
              30%
 Percentage

                                                                                                             Day 29              32%              40%          45%
              20%

                                                                                                             Day 57              21%              38%          48%

              10%
                                                                                                             Day 78              25%              40%          55%

              0%                                                                                             Day 113             17%              38%          35%
                     Day -21    Day 1     Day 15     Day 29      Day 57    Day 78   Day 113   Day 140
                                                          Time
                     Average % 5-D Pruritus Score Reduction          Average % SCORAD Reduction              Day 140             21%              32%          43%
                     Average % DLQI Reduction
                                                                                                        * Relative to baseline upon enrollment at Day -21

                    IGA scores of zero or 1 (clear/almost clear skin) observed in 25% (3/12) of patients
                                                                                                                                                                 10
Biomarker Data
         Clinical Efficacy Consistent With Reduction of Blood Eosinophil Levels and Ex Vivo
         Pharmacodynamic Assay

                                                                                                                                                                    % Ex Vivo IL-33-
             100%                                                                                                                                       % Blood                        % Patients   % Patients
                                                                                                                                                                    Mediated IFN-g
                                                                                                                                     Timepoint         Eosinophil                      Achieving    Achieving
                                                                                                                                                                       Release
                                                                                                                                                       Reduction*                      EASI-50*     EASI-75*
             90%                                                                                                                                                      Reduction*

             80%                                                                                                                       Day -21
                                                                                                                                                          0%              0%              0%           0%
                                                                                                                                      (Baseline)

             70%
                                                                                                                                      Day 1-4**           25%            98%              0%           0%
             60%
Percentage

             50%                                                                                                                       Day 15             37%       Not measured          75%         25%

             40%
                                                                                                                                       Day 29             40%       Not measured          83%         33%

             30%
                                                                                                                                       Day 57             39%            86%              75%         42%
             20%
                                                                                                                                       Day 78             18%       Not measured          75%         17%
             10%

                                                                                                                                      Day 113      Not measured          27%              67%         17%
              0%
                    Day -21     Day 1-4        Day 15        Day 29         Day 57       Day 78       Day 113       Day 140
                                                                      Day                                                             Day 140             16%            29%              42%         25%
                       % Patients Achieving EASI-50                             % Patients Achieving EASI-75
                       % Eosinophil Reduction                                   % Ex Vivo IFN-g Release Reduction                    * Average relative to baseline upon enrollment
                                                                                                                                     ** 6 to 72 hours post-etokimab dose

                       Etokimab-mediated eosinophil reduction is aligned with genotypic data from prior human IL-33 loss-of-function studies#
                       Inhibition of ex vivo IL-33-mediated interferon-gamma (IFN-g) release consistent with Phase 1 pharmacodynamic results
 #   Smith et al. (2017) A rare IL33 loss-of-function mutation reduces blood eosinophil counts and protects from asthma. PLoS Genet 13(3): e1006659.

                                                                                                                                                                                                         11
Etokimab Atopic Dermatitis Phase 2a Clinical Trial
Summary

 • Rapid and persistent EASI score improvement following single dose of etokimab
   -   Rapid efficacy observed as early as Day 15
   -   Efficacy was maximized between Day 29 and Day 57
   -   All patients achieved at least EASI-50 response on or before Day 57
   -   EASI responses consistent with 5-D pruritus, SCORAD, DLQI and IGA scores

 • Etokimab improved EASI scores irrespective of disease severity
   -   Etokimab showed similar improvement in the seven of 12 patients with higher baseline EASI scores (treated with systemic
       immuno-modulators pre-study) versus the five of 12 patient with lower baseline EASI scores that did not require systemic
       therapy pre-study

 • Biomarker data consistent with etokimab EASI score improvement
   -   Etokimab-mediated eosinophil reduction is aligned with genotypic data from prior human IL-33 loss-of-function studies
   -   Ex vivo IL-33-mediated IFN-g release consistent with Phase 1 pharmacodynamic assay results

 • Etokimab was well-tolerated and no drug-related safety signals observed
   -   Most frequent adverse event was dizziness in 17% of patients post-placebo versus headache in 25% of patients post-
       etokimab
   -   A single serious adverse event of depression reported on Day 140 post-etokimab, which was consistent with the patient’s
       pre-trial history of depression, and was deemed not drug-related

                                                                                                                                  12
ATLAS: Etokimab Atopic Dermatitis Phase 2b Trial
Top-line Data Anticipated in H2 2019

                                                 Treatment Period                           Monitoring Period

                                                                                  Week 16

                                                                                                                Week 24
                            Week 0
                                            Etokimab 600mg SC Loading Dose +
                                             300mg SC q4w Maintenance Dose

                                            Etokimab 300mg SC Loading Dose +
            Randomization

                                             150mg SC q4w Maintenance Dose
               n=300

                                            Etokimab 300mg SC Loading Dose +
                                             150mg SC q8w Maintenance Dose

                                         Etokimab 20mg SC q4w Maintenance Dose

                                                        Placebo

           Patient                   Moderate-to-Severe Adult Atopic Dermatitis
          Population                 Baseline EASI ≥16, BSA ≥10%, IGA ≥3

        Key Endpoints                Primary: % change in EASI
              Week 16                Secondary: EASI-50, EASI-75, IGA, SCORAD, Pruritus NRS, safety
       ClinicalTrials.gov: NCT03533751

                                                                                                                          13
Etokimab Eosinophilic Asthma Phase 2a Trial
  Single Dose of Etokimab or Placebo Administered on Day 1

                                    Day 1 (Baseline)

                                                                                                                                               Day 127
                                                                                                                                     Day 106
                                                                         Day 36

                                                                                         Day 64

                                                                                                               Day 85
                                                                Day 22
                                                        Day 8
                                    Day 2
                    Randomization

                                         Etokimab 300mg IV Single Dose + High Dose ICS/LABA                                    n=12
                        n=25

                                         Placebo Single Dose + High Dose ICS/LABA                                              n=13

                                                       Adults with severe asthma (according to GINA 2016)
                                                       Pre-bronchodilator FEV1
FEV1 Improvement Relative to Baseline After Single Dose
                                   Rapid and Sustained Lung Function Improvement In Etokimab Arm

                                   18%
                                                                                                                                                                  FEV1 Improvement
                                                                                                                                                                  Relative to Baseline
                                   16%                                                                                                        Timepoint
                                                                                                                                                          Etokimab       Placebo         Net

                                   14%
                                                                                                                                                Day 2       12%            4%            8%

                                   12%
                                                                                                                                                Day 8       9%             5%            4%
Improvement Relative to Baseline

                                   10%
                                                                                                                                               Day 22       16%            8%            8%

                                   8%
                                                                                                                                               Day 36       14%            8%            6%

                                   6%                                                                                                          Day 64       15%            4%            11%

                                   4%                                                                                                          Day 85       9%             7%            2%

                                   2%                                                                                                          Day 106      11%           11%            0%

                                   0%                                                                                                          Day 127      13%            8%            5%
                                         12   8   15   22   29   36   43   50   57   64     71   78   85   92   99    106   113   120   127

                                                                                      Day                       Etokimab          Placebo

                                                                                                                                                                                         15
ACQ-5 Score Reduction Relative to Baseline After Single Dose
                                 Etokimab Arm Achieved Minimal Clinically Important Difference (MCID) of 0.50 Score
                                 Reduction Relative to Baseline

                                      -
                                                                                                                                                                 ACQ-5 Score Reduction
                                                                                                                                                                  Relative to Baseline
                                                                                                                                                Timepoint
                                   (0.10)
                                                                                                                                                            Etokimab    Placebo          Net

                                   (0.20)
                                                                                                                                                  Day 8      -0.62        -0.09          -0.52
Reduction Relative to Baseline

                                   (0.30)
                                                                                                                                                 Day 22      -0.48        -0.25          -0.24

                                   (0.40)
                                                                                                                                                 Day 36      -0.60        -0.12          -0.48

                                   (0.50)                                                                                                MCID
                                                                                                                                                 Day 64      -0.67        -0.12          -0.54

                                   (0.60)
                                                                                                                                                 Day 85      -0.67        -0.18          -0.48

                                   (0.70)
                                                                                                                                                 Day 106     -0.72        -0.44          -0.27

                                   (0.80)                                                                                                        Day 127     -0.77        -0.36          -0.41
                                            1   8   15   22   29   36   43   50   57     64   71   78   85   92   99   106   113   120   127

                                                                                       Day                        Etokimab           Placebo

                                                                                                                                                                                          16
Blood Eosinophil Reduction Relative to Baseline After Single Dose
                    Consistent With Phase 2a Atopic Dermatitis Trial

                                 20%
                                                                                                                                                          Blood Eosinophil Reduction
                                                                                                                                                              Relative to Baseline
                                                                                                                                            Timepoint
                                 10%
                                                                                                                                                        Etokimab    Placebo       Net

                                  0%                                                                                                          Day 2      -22%         9%         -31%
Reduction Relative to Baseline

                                                                                                                                              Day 8      -34%         -15%       -19%
                                 -10%

                                                                                                                                             Day 22      -30%         -10%       -20%

                                 -20%
                                                                                                                                             Day 36      -43%         1%         -44%

                                 -30%                                                                                                        Day 64      -40%         6%         -46%

                                                                                                                                             Day 85      -36%         -7%        -29%
                                 -40%

                                                                                                                                             Day 106     -19%         -13%        -6%

                                 -50%
                                        12   8   15   22   29   36   43   50   57   64     71   78   85   92   99   106   113   120   127    Day 127     -24%         -16%        -8%

                                                                                         Day                   Etokimab         Placebo

                                                                                                                                                                                 17
Etokimab Eosinophilic Asthma Phase 2a Trial
Summary

   • Single dose of etokimab resulted in rapid and sustained improvement in FEV1 and
     ACQ-5 score reduction through at least Day 64
      -   Eosinophil reduction data consistent with prior atopic dermatitis Phase 2a trial

   • Clinical trials to date support infrequent dosing of etokimab across atopic diseases
   • Asthma exacerbations were observed post-Day 64 in one etokimab-dosed patient and
     two placebo-dosed patients
      -   Rescue therapies, including short-acting beta agonist (SABA) and oral corticosteroids, were utilized in the
          management of each exacerbation occurrence

   • Etokimab was generally well-tolerated and no serious adverse events reported
      -   No treatment-emergent adverse events were deemed to be etokimab-related
      -   The most frequent treatment-emergent adverse events reported in the etokimab arm were moderate strep throat
          in two patients
      -   Placebo-dosed patients reported the most frequent treatment-emergent adverse events as mild vomiting in two
          patients, mild and moderate asthma exacerbations in two patients and mild cough in two patients

            Company plans to conduct a Phase 2b multi-dose, subcutaneously-administered,
          placebo-controlled, double-blinded clinical trial to test multiple dose levels and dosing
                   frequencies of etokimab in 300-400 eosinophilic asthma patients

                                                                                                                        18
ECLIPSE: Etokimab CRSwNP Phase 2 Trial
Top-Line Data Anticipated in H2 2019

                                                  Treatment Period                             Monitoring Period

                                                                                     Week 16

                                                                                                                     Week 24
                              Week 0

                                              Etokimab 300mg SC Loading Dose +
             Randomization

                                           150mg SC q4w Maintenance Dose + MFNS
                n=100

                                              Etokimab 300mg SC Loading Dose +
                                           150mg SC q8w Maintenance Dose + MFNS

                                                      Placebo + MFNS

                                                                                  MFNS = mometasone furoate nasal spray

           Patient                     Adult Chronic Rhinosinusitis with Nasal Polyps
          Population                   Baseline NPS ≥5 and SNOT-22 >7

       Key Endpoints                   Primary: change in NPS relative to baseline
              Week 16                  Primary: change in SNOT-22 relative to baseline
       ClinicalTrials.gov: NCT03614923

                                                                                                                               19
Wholly-Owned Pipeline:
Anti-IL-36R (ANB019)
Adult Generalized Pustular Psoriasis
Adult Palmoplantar Pustulosis
IL-36 Dysfunction Mediates Severe Inflammatory Disease
Genetic Association with Generalized Pustular Psoriasis

              Normal Individuals                          Disease Patients                                Treated Patients
                                                  Uncontrolled signaling due to dysfunctional
           IL-36 cytokine signaling balanced by                                                   Anti-IL-36R antibody has the potential to
                                                  IL-36 receptor antagonist or elevated IL-36
             function IL-36 receptor antagonist                                                 dampen disease by blocking the IL-36 receptor
                                                                cytokine levels

                        Balanced                    Generalized Pustular Psoriasis or                        Dampened
                 Inflammatory Response                 Palmoplantar Pustulosis                         Inflammatory Response

                                                                                                                                                21
Generalized Pustular Psoriasis (GPP)
Orphan Disease Associated with IL-36 Receptor Antagonist Mutations

  • GPP is a systemic, life-threatening
    inflammatory disease characterized by
    widespread pustules
     - Patients have a high fever and elevated levels of
       serum CRP and inflammatory cytokines (e.g. IL-8)

  • Severe GPP patients can die from
    cardio-pulmonary failure, exhaustion,
    toxicity and infection
     - No approved therapies for treatment of GPP

  • Affects approximately 3,000 patients in
    the United States

                                                                     22
Palmoplantar Pustulosis (PPP)
Orphan Disease Associated With Elevated IL-36 Cytokine Levels

  • Severe inflammation of hands
    and feet
     – Significant pain and inability to stand,
       walk or work

  • No approved therapeutic options
    in this indication

  • PPP is an orphan disease that
    affects approximately 150,000
    patients in the United States

                                                                23
ANB019 Phase I Healthy Volunteer Clinical Trial
Favorable Safety, Pharmacokinetic and Pharmacodynamic Profile

  • 72 healthy volunteers dosed in single ascending dose (SAD) and multiple ascending dose
    (MAD) cohorts
      -   36 dosed with a single subcutaneous or intravenous ANB019 doses ranging between 10mg to 750mg
      -   18 dosed with 4 weekly intravenous ANB019 doses ranging between 40mg to 300mg
      -   18 dosed with placebo across SAD and MAD cohorts

  • Safety
      -   No dose limiting toxicities or serious adverse events observed
      -   Most frequent adverse events in SAD cohorts were upper respiratory tract infections in 10 of 36 (28%) subjects
          dosed with ANB019 versus 6 of 12 (50%) subjects dosed with placebo, and headache in 10 of 36 (28%)
          subjects dosed with ANB019 versus 3 of 12 (25%) subjects dosed with placebo
      -   In MAD cohorts, most frequent adverse event was headache in seven of 18 (39%) subjects dosed with
          ANB019 versus one of six (17%) subjects dosed with placebo

  • Pharmacokinetics
      -   Half-life of 28 days, similar between subcutaneous and intravenous route of administration

  • Pharmacodynamics
      -   Complete inhibition of ex vivo IL-36 cytokine stimulus for 85 days post-single dose of ANB019 at certain dose
          levels

                          Phase 1 data supports advancement into patient studies

                                                                                                                           24
GALLOP: ANB019 Generalized Pustular Psoriasis Phase 2 Trial
Top-Line Data Anticipated Mid 2019

                                             Treatment Period                            Monitoring Period

                                                                               Week 16

                                                                                                             Week 24
                          Week 0
            Screening

                                      ANB019 750mg IV Loading Dose
              n=10

                                    + 100mg SC q4w Maintenance Dose

            Patient                Adult Generalized Pustular Psoriasis Patients
           Population              Baseline JDA Score ≥7

          Key Endpoints            JDA Severity Score Improvement
            Week 4 & 16            Safety

                                                                                                                       25
POPLAR: ANB019 Palmoplantar Pustulosis Phase 2 Trial
Top-Line Data Anticipated H1 2020

                                             Treatment Period                          Monitoring Period

                                                                             Week 16

                                                                                                           Week 24
                           Week 0
          Randomization

                                       ANB019 200mg SC Loading Dose +
                                       100mg SC q4w Maintenance Dose
              n=50

                                                  Placebo

             Patient
                                    Adult Moderate-to-Severe Palmoplantar Pustulosis
            Population

         Key Endpoints              PPPASI Score Improvement
                 Week 16            Safety

                                                                                                                     26
Wholly-Owned Pipeline:
Anti-PD-1 Agonist (ANB030)
Inflammatory Diseases
ANB030: PD-1 Agonist Antibody
Novel Anti-Inflammatory Mechanism Through Inhibitory Checkpoint Receptor

 • PD-1 is a key inhibitory immune                                                                   Increase T cell
                                                                                                       activity for
   checkpoint receptor responsible for                    PD-1 antagonist                          immuno-oncology
   down-regulating T-cell mediated immune                 antibodies block
                                                           PD-1 signaling
   responses                                                                          Compensate for
                                                                                        high PD-L1
 • Insufficient PD-1 signaling is associated                                           expression by
   with human inflammatory diseases                    Activated T Cell                 tumor cells
     - Genetic mutations in the PD-1 pathway can
       increase susceptibility to various
       inflammatory conditions*
 • We hypothesize that augmenting PD-1                                         PD-1
   signaling through ANB030 treatment has
   the potential to suppress human
   inflammatory diseases
                                                                                      Compensate for
     -      Designed to down-regulate autoreactive T                                    low PD-L1
                                                            PD-1 agonist
            cells by mimicking the function of PD-L1     antibodies increase            expression
 • We anticipate filing an ANB030 IND in                   PD-1 signaling
                                                                                                       Decrease T cell
   H2 2019                                                                                             activity to treat
                                                                                                        inflammatory
                                                                                                           diseases

         * Okazaki and Honjo. Intern Immunol. 2007.

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ANB030: PD-1 Agonist Antibody
Augments PD-1 Signaling To Suppress Inflammatory Diseases

                         Activated T Cell                       Antigen Presenting Cell

                                                      Antigen
                                               TCR          MHC                           Activated T cells are down-
       Healthy                                                                            regulated by PD-1 mediated
                                                                                          negative signaling, leading to
     Individuals                                                                          controlled immune responses in
                          Negative Signal      PD-1 PD-L1                                 healthy individuals

                                                                                          Insufficient negative signaling,
                                                                                          which could occur due to low PD-L1
    Inflammatory                                                                          expression, leads to excess T cell
   Disease Patients                                                                       activity and inflammatory diseases
                         Insufficient Signal   PD-1         Low
                                                           PD-L1

  Anticipated Effect                                                                      ANB030 mimics the function of
                                                                                          PD-L1, restoring PD-1-mediated
    of ANB030 In                                                                          negative signaling on activated T
    Inflammatory                                                                          cells, and has the potential to
                                                                                          suppresses human inflammatory
   Disease Patients        Negative Signal                                                diseases
                                                ANB030

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ANB030: Generated Using AnaptysBio’s Technology Platform
Challenging Antibody Profile; Key Preclinical Properties De-Risked

                                        ANB030 Property                  Preclinical Profile
  • AnaptysBio’s somatic
    hypermutation platform is          Binding potency to                 Picomolar KD,
    uniquely positioned to                human PD-1               ~10,000x stronger than PD-L1
    discover novel therapeutic
    antibodies                          In Vitro Functional
                                                                 >100x more potent IC50 than PD-L1
                                              Activity
  • PD-1 agonist antibodies are
    challenging to discover due to       Binding epitope        Does not block PD-1 binding to PD-L1
    the unique binding properties
    required to augment signaling
    through checkpoint receptors                                   Demonstrated in xenogeneic
                                         In Vivo Efficacy
                                                              mouse model of graft-versus-host disease
  • ANB030 has been preclinically
                                                                   High expression, stable at high
    de-risked for key                   Manufacturability
                                                                          concentrations
    pharmacological and
    manufacturability properties
                                       Non-Human Primate         Robust half-life and subcutaneous
                                         Pharmacology                     bioavailability

                                                                                                         30
Proprietary Technology Platform
Somatic Hypermutation (SHM) Platform
Proprietary Platform Incorporates in vitro SHM and Iterative Antibody Evolution

                  In Vitro SHM                           Iterative Antibody Evolution

              In vitro SHM permits access to biological targets that have been difficult
                            to address with prior antibody technologies

                                                                                           32
Somatic Hypermutation (SHM) Platform
Advantages Over Competing Antibody Technologies

  • Unprecedented antibody diversity through SHM
    – In situ antibody diversity generation outside of the constraints of an in vivo environment

  • High potency & functional activity
    – Only small doses may be required to convey therapeutic effect in vivo

  • Reliable manufacturability
    – Increased probability of successful clinical and commercial manufacturing

  • Speed: ~2.5 years from novel target to IND (or equivalent) filing
    – Enables rapid development of potentially first-in-class therapeutic antibodies to emerging
      target biology

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Successful Partnership Track-Record
Received ~$80MM in Cash from Partnerships Through March 31st 2019

                            • 3 mono-specific and 1 bi-specific programs under
       TESARO                 development
     Immuno-Oncology        • Potential milestone payments of ~$1.1 billion
       Partnership
                            • Tiered single-digit royalties

                            • 2 programs under development
       Celgene
       Inflammation         • Potential milestone payments of ~$106 million
        Partnership
                            • Single-digit royalties

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Summary
Anticipated Milestones
Multiple Additional Efficacy Readouts Anticipated From Wholly-Owned Pipeline

      Program                          Milestone                                        Timing
                                 Moderate-to-Severe Adult                 Top-line data announced October 2017
                              Atopic Dermatitis Phase 2a Trial        Detailed data presented at AAD and EAACI 2018

                             ATLAS: Moderate-to-Severe Adult
                                                                           Top-line data anticipated in H2 2019
                              Atopic Dermatitis Phase 2b Trial

        Etokimab                 Severe Adult Eosinophilic               Top-line data presented September 2018
       (anti-IL-33)               Asthma Phase 2a Trial                   Detailed data presented at EAACI 2019

                              Moderate-to-Severe Eosinophilic
                                                                                  To be initiated in 2019
                                 Asthma Phase 2b Trial

                         ECLIPSE: Adult Chronic Rhinosinusitis with
                                                                           Top-line data anticipated in H2 2019
                               Nasal Polyps Phase 2 Trial

                                                                         Top-line data announced November 2017
                          Healthy Volunteer Top-line Phase I Trial
                                                                          Detailed data presented at EAACI 2018
        ANB019
      (anti-IL-36R)             GALLOP: GPP Phase 2 Trial                  Top-line data anticipated in mid 2019

                                POPLAR: PPP Phase 2 Trial                  Top-line data anticipated in H1 2020

         ANB030
                                         IND Filing                                      H2 2019
   (anti-PD-1 Agonist)

       Cash, cash equivalents and investments of approximately $484MM as of March 31st 2019

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AnaptysBio: Clinical-Stage Antibody Development Company
 Focused on Novel Antibody Medicines for Severe Inflammatory Diseases

                            Wholly-Owned                                                            Rapid Antibody Generation
                     Anti-Inflammatory Pipeline                                                       Platform Technology

                      Etokimab (ANB020, Anti-IL-33)
         Atopic Dermatitis, Eosinophilic Asthma & Chronic Rhinosinusitis with Nasal Polyps       Antibody             Preclinical &           IND or
                                                                                                 Discovery            Translational       Equivalent Filing
                      ANB019 (Anti-IL-36R)
             Generalized Pustular Psoriasis & Palmoplantar Pustulosis

                                                                                                                                 ~2.5 years
             ANB030 (PD-1 Agonist)
                       Inflammatory Diseases

                                                                 Antibody Medicines
                                                                 For Severe Diseases
                                                                                              Multiple Efficacy Readouts Anticipated
             Validating Product Partnerships                                                      From Wholly-Owned Pipeline
                  Generated ~$80MM*
                                                                                              ANB019 Generalized Pustular Psoriasis Phase 2: Top-line data
                                                                                               in mid 2019
                                 TESARO                                                      Etokimab Atopic Dermatitis Phase 2b: Top-line data in H2 2019
                                                                                              Etokimab Chronic Rhinosinusitis With Nasal Polyps Phase 2:
                                 Celgene                                                      Top-line data in H2 2019
                                                                                              ANB019 Palmoplantar Pustulosis Phase 2: Top-line data in H1
                                                                                               2020

* As of March 31st 2019

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