According to the Complaint, Anaptysbio, Inc.is a clinical stage biotechnology company focused on the discovery and development of drugs for the treatment of inflammation and immuno-oncology conditions with unmet medical needs. During the Class Period, the Company's lead drug asset was etokimab (formerly ANB020), a drug intended for the treatment of various inflammatory diseases.

The Complaint alleges that, throughout the Class Period, Defendants made false and misleading statements regarding the purported efficacy of etokimab, touting data from the Company's Phase 2a trial in peanut allergies as showing a "remarkable efficacy result" and describing the drug as having a "pretty profound efficacy" in its treatment of patients with atopic dermatitis based on AnaptysBio's Phase 2a trial data for that indication. Specifically, the Complaint alleges Defendants provided misleading clinical trial data which failed to disclose key information and used questionable analysis, making the trial results regarding etokimab's efficacy and its prospects appear far better than they were.