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AN2 Therapeutics Reports Fourth Quarter and Full Year 2025 Financial Results and Recent Business and Scientific Highlights

  • AN2 Therapeutics expects to initiate a Phase 2 study of oral epetraborole for polycythemia vera in Q3 2026 with potential data readouts in Q4 2026 2027
  • Enrollment for the Phase 2 investigator-initiated trial of epetraborole in M. abscessus complex lung disease is expected to begin in Q1 2026 with topline results anticipated in late 2027
  • The Phase 1 first-in-human trial of oral AN2-502998 for Chagas disease is nearing completion with initial data expected in Q1 2026 2026 Phase 2 proof-of-concept study initiation is planned pending Phase 1 results
  • The company plans to advance two boron-based oncology candidates into development in 2026 targeting PI3Kα ENPP1
  • A private placement announced in March 2026 raised approximately $40 million extending the company's cash runway into 2029
  • Full-year 2025 research development expenses were $24.8 million compared to $40.5 million in 2024 while fourth-quarter R&D expenses rose to $6.9 million from $5.4 million in the prior year period
  • General administrative expenses for 2025 were $13.3 million down from $14.1 million in 2024 with Q4 2025 expenses at $2.4 million compared to $3.2 million in Q4 2024
  • Net loss for the full year 2025 was $35.2 million compared to $51.3 million in 2024 with a fourth-quarter net loss of $8.7 million versus $7.5 million in the prior year period
  • Cash cash equivalents investments totaled $60.0 million as of December 31 2025