AnaptysBio, Inc.
ANAB Healthcare Biotechnology
AnaptysBio, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $234.6 million, up 157.0% from fiscal 2024. In the quarter to March 2026, revenue fell 7.98%, EPS fell 43.8% and free cash flow fell 141.6%, each against the same quarter a year earlier. Revenue growth for three consecutive years.
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AnaptysBio, Inc. (ANAB) Beneish M-score
AnaptysBio, Inc.'s Beneish M-score for fiscal 2025 is −2.34; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.34 | (3.86) |
| FY2024 | 1.51 | 2.61 |
| FY2023 | −1.09 | (4.20) |
| FY2022 | 3.11 | 7.31 |
| FY2018 | −4.21 | (1.88) |
| FY2017 | −2.33 | (3.44) |
| FY2016 | 1.11 | (1.19) |
| FY2015 | 2.30 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.32 | — | 0.30 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 0.34 | — | 0.14 | |
| Sales growth index | 2.57 | — | 2.29 | |
| Depreciation index Depreciation not reported — index set to 1 | 1.00 | — | Set to 1 | 0.12 |
| SG&A index | 0.47 | — | −0.08 | |
| Total accruals to total assets | (0.09) | — | −0.42 | |
| Leverage index | 1.13 | — | −0.37 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.34 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| QURE uniQure N.V. compare | −3.0× |
| RARE Ultragenyx Pharmaceutical Inc. compare | −2.7× |
| IMCR Immunocore Holdings PLC Sponsored ADR compare | −2.4× |
| ANAB AnaptysBio, Inc. | −2.3× |
| KRSA Korsana Biosciences, Inc. compare | −2.0× |
| AAPG Ascentage Pharma Group International - Unsponsored ADR compare | 0.6× |
| ABSI Absci Corporation compare | — |
| RAPP Rapport Therapeutics, Inc. compare | — |
| MAZE Maze Therapeutics, Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI