AN2 Therapeutics Reports First Quarter 2026 Financial Results and Recent Business and Scientific Highlights
ANTX
Oral epetraborole program in polycythemia vera advancing toward Phase 2 Phase 2 investigator-initiated trial with epetraborole for M. abscessus lung disease underway Data expected in 2Q/2026 from two studies of oral AN2-502998, under development for chronic Chagas disease: a Phase 1 first-in-human clinical trial and a non-human primate efficacy study Declared ENPP1 candidate for solid tumors advancing from early research into development
Published on 05/11/2026 at 04:02 pm EDT
AN2 Therapeutics, Inc. (Nasdaq: ANTX), a clinical stage biopharmaceutical company focused on the discovery and development of novel small molecule therapeutics derived from its boron chemistry platform, today reported financial results for the first quarter ended March 31, 2026.
“This was an important quarter for AN2 as we announced an exciting new program in polycythemia vera that is planned to enter Phase 2 development in the third quarter of 2026. This program is supported by what we believe is a robust package of epetraborole preclinical and clinical enabling data. We commenced an investigator-initiated Phase 2 study in M. abscessus lung disease, completed dosing in a Phase 1 study for our Chagas disease program, and declared our ENPP1 candidate for the treatment of solid tumors, as well as strengthened our balance sheet,” said Eric Easom, Co-Founder, Chairman, President and CEO of AN2 Therapeutics. “Looking ahead, we expect to advance three programs into Phase 2 development this year and report multiple data readouts within our cash runway into 2029. I couldn’t be more excited about our progress and the potential to substantially improve the lives of patients across our diverse portfolio that is enabled by our boron chemistry pipeline.”
First Quarter & Recent Business Updates:
Polycythemia vera
M. abscessus complex lung disease
Chagas disease
Boron chemistry pipeline
Selected First Quarter Financial Results
About AN2 Therapeutics, Inc.
AN2 Therapeutics, Inc. is a clinical stage biopharmaceutical company focused on the discovery and development of novel small-molecule therapeutics derived from our boron chemistry platform. Our development pipeline spans hematologic diseases, infectious diseases, and oncology with three Phase 2 studies expected to be active in 2026, two preclinical candidates, as well as advanced research programs focused on targets in oncology, bone disorders, and infectious diseases. We are committed to delivering high-impact drugs to patients that address critical unmet needs and improve health outcomes.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “would,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “believe,” “estimate,” “predict,” “potential” or “continue,” or the negative of these terms or other similar expressions. Forward-looking statements expressed or implied in this press release include, but are not limited to, statements regarding: the potential of the Company’s boron chemistry platform and advancement of the Company’s development programs; support for the Company’s polycythemia vera program; expectations regarding the Company’s clinical trials, including initiation, enrollment, conduct, sites, leadership and investigators, the timing of data and related announcements, and regulatory proceedings; market size and sales potential; the predictivity of data; cash runway; and other statements that are not historical fact. These statements are based on AN2’s current estimates, expectations, plans, objectives and intentions, are not guarantees of future performance, and inherently involve significant risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, but are not limited to, risks and uncertainties related to: AN2’s ability to implement its plans for its internal boron chemistry platform and pipeline programs; timely enrollment of patients in AN2’s clinical trials and investigator-initiated clinical trials; AN2’s ability to procure sufficient supply of its product candidates for its clinical trials; the potential for results from clinical trials to differ from preclinical, early clinical, preliminary or expected results; the ability of particular preclinical models in non-human primates to predict safety and efficacy in humans; significant adverse events, toxicities or other undesirable side effects associated with AN2’s product candidates; the significant uncertainty associated with AN2’s product candidates ever receiving any regulatory approvals; AN2’s ability to obtain, maintain or protect intellectual property rights related to its current and future product candidates; implementation of AN2’s strategic plans for its business and product candidates; the sufficiency of AN2’s capital resources and need for additional capital to achieve its goals; global macroeconomic conditions and global conflicts and other risks, including those described under the heading “Risk Factors” in AN2’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and other reports filed with the U.S. Securities and Exchange Commission (SEC). These filings, when made, are available on the investor relations section of AN2’s website at www.an2therapeutics.com and on the SEC’s website at www.sec.gov. Forward-looking statements contained in this press release are made as of this date, and AN2 undertakes no duty to update such information except as required under applicable law.
AN2 THERAPEUTICS, INC.
CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(in thousands, except share and per share data)
(unaudited)
Three Months Ended March 31,
2026
2025
Operating expenses:
Research and development
$
6,743
$
7,690
General and administrative
3,808
3,847
Total operating expenses
10,551
11,537
Loss from operations
(10,551
)
(11,537
)
Interest income
523
888
Net loss
$
(10,028
)
$
(10,649
)
Net loss per share attributable to common stockholders, basic and diluted
$
(0.29
)
$
(0.35
)
Weighted-average number of shares used in computing net loss per share, basic and diluted
34,059,876
30,053,659
Other comprehensive loss:
Unrealized (loss) gain on investments
(62
)
17
Comprehensive loss
$
(10,090
)
$
(10,632
)
AN2 THERAPEUTICS, INC.
CONDENSED BALANCE SHEETS
(in thousands)
March 31, 2026 (unaudited)
December 31, 2025
Assets
Current assets:
Cash and cash equivalents
$
53,487
$
19,941
Short-term investments
31,801
38,060
Prepaid expenses and other current assets
2,203
1,936
Long-term investments
—
2,013
Total assets
$
87,491
$
61,950
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable
$
2,615
$
3,021
Other current liabilities
2,947
5,699
Total current liabilities
5,562
8,720
Other non-current liabilities
170
170
Total liabilities
5,732
8,890
Stockholders’ equity
81,759
53,060
Total liabilities and stockholders’ equity
$
87,491
$
61,950
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