AnaptysBio's bid to extend PD-1 agonist rosnilimab into ulcerative colitis (UC) has fallen flat, with the experimental therapy failing to meet its primary or secondary goals in a mid-stage study. The company said the drug was safe and produced the expected depletion of pathogenic T cells, but remission rates didn't differ meaningfully from placebo after 12 weeks, so the trial will be discontinued. AnaptysBio shares tumbled about 14% Monday on the news.The study enrolled 136 patients with moderate-to-severe UC, all of whom had struggled with previous treatments, either failing to respond, losing response over time, or being unable to tolerate at least one conventional or advanced therapy. They received either 400-mg subcutaneous rosnilimab every four weeks or 800-mg every two weeks, or placebo.No matter what treatments patients had tried before, rosnilimab failed to outperform placebo after 12 weeks. Only about 7% of those receiving the drug achieved clinical remission, while 4% to 5% showed endoscopic remission. Although preliminary data did hint at remission improvements by 24 weeks, the results still fell short of what the company had hoped to see at the six-month mark.The setback comes nine months after Anaptys reported a Phase IIb win for rosnilimab in rheumatoid arthritis, with the drug achieving statistically significant benefits in disease activity across several measures. Those results fueled optimism that PD-1 agonism could reset a patient's immune system by dampening T cell activity, but industry observers were cautious about how far that mechanism could stretch (see – KOL Views Q&A: Plenty of reasons to be intrigued, dubious about AnaptysBio's PD-1 agonist in RA). "While the outcome is disappointing, our expectations for success were low to the relatively less validated role of PD-1 agonism in UC biology compared to rheumatoid arthritis," noted Leerink Partners analyst David Risinger, who had modeled only a 15% chance of success for the colitis trial. CEO Daniel Faga said AnaptysBio will provide an update on the rheumatoid arthritis programme in the first half of 2026, including "funding by strategic or other sources of capital without diluting our royalties." Elsewhere in the pipeline, he said the company is testing its CD122 antagonist ANB033 in Phase Ib for coeliac disease, and plans to announce another Phase Ib study in a different inflammatory condition next year.