F

AnaptysBio, Inc. — Earnings Quality Grade F

ANAB · Healthcare

Major red flags

Revenue
$235M
2025
Net Income
-$13M
2025
Gross Margin
Free Cash Flow
$20M
01

Screening Summary

11
Passed
2
Watch
1
Failed
M-Score

Management Signals

No recent CEO, CFO, board, or accounting leadership signals found in SEC 8-K filings.
02

Financial Trends

Revenue & Net Income ($B)

Margins (%)

03

18-Point Screening

01

Revenue Quality

A1DSO Change

DSO 53 days, change -110 days YoY

A2AR vs Revenue Growth

AR growth -17.0% vs revenue growth 157.0%

A3Revenue vs CFFO

Revenue 157.0%, CFFO 114.6%. Cash follows revenue

02

Expense Quality

B1Inventory vs COGS

No material inventory

B2CapEx vs Revenue

CapEx growth -75.7% vs revenue 157.0%. Normal

B3SG&A Ratio

Insufficient data

B4Gross Margin

Insufficient data

03

Cash Flow Quality

C1CFFO vs Net Income

CFFO < Net Income for 3 consecutive years

Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.

C2Free Cash Flow

FCF $0.0B, FCF/NI = -1.48

C3Accruals Ratio

Accruals ratio = -9.0%. Low accruals

C4Cash vs Debt

Cash $0.3B covers debt $0.0B

04

Balance Sheet Health

D1Goodwill + Intangibles

No goodwill. Clean balance sheet

!
D2Leverage

Interest coverage = 0.6x (<2x). Financial stress

D3Soft Asset Growth

Other assets 0.0% vs revenue 157.0%. Normal

D4Asset Impairment

No write-off data

05

Acquisition Risk

!
E1Serial Acquirer FCF

FCF after acquisitions negative for 2/3 years

E2Goodwill Surge

No goodwill

06

Manipulation Score

F1Beneish M-Score

Insufficient data

Portfolio monitoring

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05

Altman Z-Score

0.05
Distress Zone
0 Distress1.102.605.0+ Safe
0.8552
Liquidity
-2.1201
Cumulative profit
0.1834
Operating efficiency
0.1137
Leverage

Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25