AN2 Therapeutics

Overview

• Clinical-stage biopharmaceutical company developing small-molecule therapeutics from a boron chemistry platform.
• Focus areas: hematologic diseases, infectious diseases, and oncology.
• Development pipeline includes three Phase 2 studies expected to start in 2026, two preclinical candidates, and ongoing advanced research programs in oncology, bone disorders, and infectious diseases.
• Strategy: advance boron-based compounds through clinical development, pursue non-dilutive funding for global health initiatives, and build a pipeline of future candidates.

Pipeline at a glance

• Epetraborole (oral) — lead boron-based candidate
  • Hematology: planned Phase 2 expansion for polycythemia vera (PV) in adults; India Phase 2 trial planned for Q3 2026 with potential readouts beginning in late 2026 and into 2027.
  • Infectious disease: investigator-initiated Phase 2 trial for Mycobacterium abscessus complex lung disease in collaboration with Oregon Health & Science University; enrollment expected across ~10–15 U.S. sites beginning Q1 2026 with topline results anticipated in late 2027.
• AN2-502998 (oral) — candidate for Chagas disease
  • Phase 1 in healthy volunteers completed; Phase 2 proof-of-concept in chronic Chagas disease planned for 2026, subject to Phase 1 outcomes. Initial Phase 1 data expected in Q1 2026.
• Oncology programs (two candidates)
  • Preclinical programs targeting a selective pan-mutant PI3Kα inhibitor and ENPP1 inhibition to enhance tumor immune activation.
• Global health programs
  • Programs for melioidosis and tuberculosis funded through non-dilutive grants and partnerships, including support from the Gates Foundation and GSK, with an emphasis on access in underserved regions.

Global health and partnerships

• Global Health Agreement with Adjuvant Global Health Technology Fund to support development of epetraborole for melioidosis and tuberculosis; Adjuvant holds predefined rights if certain funding or compliance milestones are not met.
• Licensing and collaboration framework:
  • Anacor Pharmaceuticals (Pfizer): worldwide exclusive license for epetraborole and related rights, including manufacturing and certain know-how licenses, with milestone, royalty, and other financial terms.
  • Brii Biosciences: exclusive, perpetual license to develop and commercialize epetraborole in China, Hong Kong, Taiwan, and Macau; AN2 retains rights elsewhere, with potential development and sales milestones and royalties.
  • University of Georgia Research Foundation (UGARF): exclusive license to develop and commercialize Chagas disease products, including milestone and royalty provisions.
• Intellectual property approach centers on in-licensed patents and associated applications covering compositions, uses, manufacturing, and related trade secrets.

Intellectual property and risk management

• In-licensed patent portfolio for epetraborole (via Anacor/GSK lineage); licenses include diligence obligations, potential royalties, and termination risk if obligations are not met.
• Pending and issued patents are expected to expire between 2028 and 2046, excluding possible extensions; Hatch-Waxman patent term extensions may apply to U.S. patents covering approved products.
• The global IP landscape includes potential challenges such as inter partes review, reexamination, and foreign patent validity disputes, and the company relies on licensees and partners for maintaining certain patent rights.

Manufacturing and product supply

• Does not own or operate manufacturing facilities.
• Outsources manufacturing to third-party contract manufacturers for raw materials, drug substance, and finished drug product.
• Internal staff manage third-party manufacturing relationships; supply risks include capacity, quality control, and regulatory compliance.

Corporate and regulatory

• Public company since IPO in March 2022; Nasdaq ticker: ANTX.
• Principal offices: Menlo Park, California.
• Regulatory pathway includes FDA IND/NDA processes for U.S. approvals and international regulatory considerations for non-U.S. trials and approvals.

Financial snapshot

• Employees: 21 full-time as of March 17, 2026.
• Revenue: $0.
• Net loss: $35.2 million (2025); $51.3 million (2024).
• Accumulated deficit: $241.0 million as of December 31, 2025.
• Cash and funding:
  • Company believes existing cash, cash equivalents, and investments will fund operations for at least 12 months from the date of the provided information.
  • March 2026 financing: $40.0 million completed; additional non-dilutive and/or dilutive funding is anticipated to support operations and planned trials.

Summary takeaway

AN2 Therapeutics is building a boron-chemistry small-molecule drug company with a diversified pipeline across hematology, infectious disease, and oncology. The company is anchored by epetraborole and AN2-502998, maintains multiple licensing and collaboration agreements, outsources manufacturing, and is pursuing both equity fundraising and non-dilutive global health funding to advance its programs.